DUBAI, 16 August 2007 — Dana Gas, Middle East’s first private sector regional natural gas company, has achieved first half year of operating profits, with total revenues rising to AED443 million in 171 days of gas production operations, resulting in gross operating cash profit of AED226 million. The financial results reflect consistent operating performance during the second quarter. The first half of 2007 ended June 30 saw Dana Gas complete the $1.1 billion acquisition of Centurion Energy International in early January, establishing Dana Gas as the 6th largest gas producer in Egypt and launching the company into the exploration and production sector of the Middle East’s natural gas industry.
Amanah Seeks $112m in IPO
Reuters
KUWAIT — Kuwait’s Amanah Warehousing Co. will start selling 60 percent of its shares on Monday in an initial public offering to raise 31.5 million dinars ($111.7 million), the lead manager of the sale said yesterday. Amanah, a logistics company which operates according to Islamic law, will sell 300 million shares at 105 fils each. The IPO will close on Sept. 17, Ghadeer Al-Omran, vice president at Amwal International Investment Co. told Reuters. Amwal is the IPO’s lead manager.
Kuwaiti Firms Face Trading Suspension
Reuters
KUWAIT — The Kuwait stock exchange said yesterday it will suspend trading in the shares of three listed firms from Saturday if they do not report second-quarter earnings. Kuwait Finance and Investment Co., International Investor and Industrial and Financial Investments Co. have until 8.30 a.m. (0530 GMT) on Saturday to submit the reports, the bourse said in a statement on its website. Kuwaiti companies have 45 days from the end of the quarter to report earnings.
Qatar Bank Calls Off Bid for Ahli United
Reuters
DUBAI — International Bank of Qatar (IBQ) effectively called off its $6.1 billion takeover bid for Ahli United Bank, Bahrain’s largest lender, saying yesterday that further talks were unlikely to succeed. IBQ, an affiliate of National of Bank of Kuwait, said the two sides could not agree over who would do due diligence on Ahli or for how long.
Barwa Real Estate Raises $600 Million
Reuters
MANAMA — Qatar’s Barwa Real Estate Co. yesterday said it had raised $600 million through an Islamic loan to fund real estate projects. Bahrain’s Gulf International Bank was the lead arranger of the loan, structured as a Murabaha facility. “The loan is for one year, with the possibility of renewal for another year,” Barwa official Sir El-Khatim said. In a Murabaha deal a lender buys a commodity and sells it to a customer at a higher price, locking in a profit.
British Jobless Rate Steady at 5.4 Percent
Agence France Presse
LONDON — Britain’s unemployment rate stood at 5.4 percent in the three months to June, unchanged from the three months to May, official data showed yesterday. Under the International Labor Organization measure of unemployment, the claimant count fell by 45,000 during the three months to June to 1.65 million — the biggest fall since October to December 2003.
