Dubai Market

Bloomberg 11th Apr 2010 - Dubai’s benchmark stock index rallied by the most in more than two weeks. DFM General Index rose 3.4 percent, the most since March 25, to close at 1,824.97 in Dubai

Arabtec Holding Co., the United Arab Emirates’ biggest construction company rallied 6.3 percent
Emaar, the developer of the world’s tallest tower in Dubai rose 6.8 percent.

Emmar chairman: "The company doesn’t need Dubai government help as its India unit planned a share sale. The situation of the developer is healthy and that it hasn’t pulled out of a tourism project in Indonesia. property prices in Dubai are stable and that Emaar will not need assistance from the sheikhdom’s government."

Mashreqbank PSC fund manager: "There is value in the region as a whole and definitely in the U.A.E. Saudi was pretty strong yesterday, so that’s positive from a sentiment perspective. The first few earnings that have come out in the region have been interesting.”

First Quarter Earnings -
1.Saudi Arabian Fertilizer Co., a unit of Saudi Basic Industries Corp., yesterday said quarterly profit rose 33 percent to 698 million riyals ($186 million)
2.Riyad Bank, Saudi Arabia’s third-largest lender by market value, today said first-quarter profit rose 55 percent to 684 million riyals from a year earlier.
3. Saudi Hotels & Resorts Areas Co., an operator of hotels and housing compounds in the kingdom, said profit in the quarter gained 10 percent to 31.1 million riyals on income from a new project.