Special Features
DFM bleeds, ADSM down
More bloodshed on the UAE markets with DFM suffering a particularly nasty fall today. If it’s any consolation, stock markets in the rest of the region, and the world, are going through similar turbulence.Curiously, the ADSM seemed to recover early in the session after a big drop on opening, but then slid away again, while the DFM was more consistent in its bloodletting. Du Telecom and IAIC Salama fell more than 10%, while Tamweel was the only DFM listing to rise, only slightly though. On the ADSM, Oasis Leasing was the only stock to rise on active trading, while Al Dar Properties stood out in the losers’ list.
On the DIFX, DPW shares briefly dipped below $1 for the first time, but recovered slightly to close at $1.02, still more than 5% down for the day.
Aabar Petroleum announced that their subsidiary Pearl Energy (which they wanted to sell last week) had been awarded 2 exploration contracts in the Gulf of Thailand.
DP World said that container throughput grew by 18% in 2007. If that can be used as an indicator of profits, then growth is about in line with expectations, and their shares still look expensive based on earnings even after the recent fall in price.
Emaar MGF said they hope to raise up to AED 6.6 billion (US$1.8 bn) in their upcoming IPO in India. The IPO runs from 01-06 February 2008.
NanoDynamics cleared up last weeks DIFX listing questions by announcing an IPO from the end of January. Just over 9m shares will be offered with a price range of $10-12.50. Listing date was not supplied. Mork from Ork will do some analysis later, Nano Nano.
Spice Corp, an Indian conglomerate said they may list in Dubai in 2010. Or they may list in Singapore.
Last year, Damac Properties gave away a plane as a Dubai Shopping Festival prize. This year, they’ve topped that by offering an island in the Caribbean this year. Which could be a nice place to stay while you wait for them to finish the apartment you bought.
And for one of those "biggest in the world" announcements, we turn to Abu Dhabi’s Masdar energy company - saying they plan to build the world’s biggest hydrogen power plant with a capacity of 500 MW, in keeping with their drive to develop green energy. It probably won’t be called the Hindenburg Power Plant.
