RIYADH, 4 April 2006 — Qassim Cement Co. said yesterday its net profit reached SR81 million ($21.6 million) in the first quarter of 2006, up 38 percent from the same period last year. Its net profit in the first quarter of 2005 stood at SR58.6 million, the firm said in a statement posted on the bourse website.

Kuwait Approves 3rd Mobile Firm

KUWAIT, 4 April 2006 — Kuwait’s Parliament yesterday approved setting up a third mobile telecoms company, but the government said it would oppose this bill in the absence of a feasibility study. The parliamentary vote came a day after the Cabinet approved “in principle” the plan, but linked setting up the firm to a study into the need for another operator in the small Gulf state of 2.7 million people which already has two telecom firms.

DFM Tells Firms to Send Results

DUBAI, 4 April 2006 — The Dubai Financial Market (DFM) said yesterday it had asked listed companies to send their quarterly financial results to the stock market after the trading session ends at 13:00 p.m. local time (0:900 GMT). “A separate letter to this effect has been sent to all the listed companies on DFM on April 3, 2006 notifying them to abide by the specified timings,” the bourse said in a statement.

Gulf Cement Begins IPO

DOHA, 4 April 2006 — Gulf Cement Company began an initial public offering on Sunday to try to raise 632 million riyals ($173.7 million), the second Qatari company this year to launch an IPO. The company is offering 63.2 million, or 80 percent, of its shares at 10 riyals per share. Commercial Bank, the firm’s lead arranger, is distributing 40,000 applications per day during the first week of the IPO through local newspapers, and has also made applications available online, bank officials said.

UAE Keeps Markets Guessing

DUBAI, 4 April 2006 — The United Arab Emirates central bank kept markets guessing yesterday about its plans to convert 10 percent of its reserves from dollars to euros and declined comment after a meeting that was expected to discuss the issue.

Iran’s Foreign Reserves Hit $45.4 Billion

TEHRAN, 4 April 2006 — Iran had $45.4 billion deposited in foreign banks and international institutions by the end of January 2006, the central bank said yesterday.