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GCC TodAy


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On the Radar


Kuwait’s Agility Q3 down 42% Kuwait-based logistics company Agility posted a 42 per cent decline in third quarter net profit as revenues from its freight forwarding business dropped. Net profit for the three months ending September 30 amounted to a total of $29.4 million, down sharply from the $50.5 million earned a year ago.


DDF in 16% sales spike


Dubai Duty Free (DDF) has posted a sales total of $1.16 billion for the first ten months of the year, a 16 per cent increase over the same period in 2010. Perfumes accounted for 14.6 per cent of all sales, generating $169 million, with gold close behind on $133 million.


Gemstone bathtub fetches Dhs6.4mn


The Le Grand Queen bathtub, made from the Caijou gemstone, managed to sell for Dhs6.4 million at this year’s Dubai International Jewellery Week. The gemstone is apparently known for its strong healing properties. Organisers claim that the luxurious bathtub is the first of its kind in the world.


16 / DECEMBER 2011


GCC TODAY – REgionaL nEws, pEopLE, nuMBERs anD EvEnTs Gulf IPO market remains flat


The market for initial public offerings (IPO) in the GCC remained sluggish during the third quarter of the year with only two listings in the region, according to PricewaterhouseCoopers (PwC). Both the IPOs were in Saudi Arabia and raised a total of $219 million, with Hail Cement raising $131 million and United Wire Factories raising $88 million. Steve Drake, head of PwC Capital Markets


Middle East, said that IPO activity in Q3 had followed the same sort of flat levels as had been seen in the second quarter. There were just three listings in the region during Q2.


diyAr offErs BAhrAin projECTs


aref hagras, the CEo of Diyar al-Muharraq, a kfh-Bahrain subsidiary, has stated the company will announce, towards the end of 2011, several new projects that will include four residential and commercial real estate developments. al-hagras also noted that the projects will


provide suitable housing for various segments in Bahraini society as well as provide a boost to the commercial development of the island state which has been a centre of political upheaval as part of the arab spring.


“This is to be expected over the summer


months and through Ramadan, with any IPO activity we are likely to see being in the fourth quarter or more likely into 2012,” Drake said, adding that Saudi Arabia was the strongest IPO market in the region. “The turmoil we are witnessing in Europe


and the US is having an inevitable impact on the regional credit markets as investor appetite in the two economic zones for Middle East debt has historically been strong,” Drake said. “It is likely that we will see lower debt issuance volumes or perhaps a shift towards a heavier Asian market bias for issuers,” he added.


SOAPBOX


“You can start an airline with one aircraft and i can make moneY for You in one month.”


Ghaith al Ghaith, CEO flydubai speaking at a media roundtable at the Dubai Chamber of Commerce and Industry.


gETTy iMagEs


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