Thursday, Feb 02, 2012
The following is a list of top 10 business stories published by Zawya Dow Jones on Thursday at 1330 GMT.
1. IMF'S LAGARDE SEEKING SAUDI MONEY FOR EUROPE BAILOUT FUND
International Monetary Fund managing director Christine Lagarde faces a tough but not impossible sell when she visits Saudi Arabia later this week to discuss a contribution from the oil-rich kingdom to the IMF's $500 billion fundraising effort to fight the European debt crisis.
By Ellen Knickmeyer
2. ETISALAT: MAY SELL AFRICAN MOBILE TOWERS,CONSIDER INFRASTRUCTURE SHARING
Abu Dhabi's Emirates Telecommunications Co., or Etisalat, the Middle East's biggest telecom provider by market value, said Thursday it may sell the mobile phone towers it owns in Africa and consider infrastructure sharing with other operators.
By Shereen El Gazzar
3. SOCGEN'S PRIVATE BANK TO CLOSE BAHRAIN OFFICE TO CUT COSTS
Societe Generale's (SGCLY) private banking arm is set to close its Bahrain office in a bid to cut costs, a spokesperson for the French lender said Thursday.
By Nicolas Parasie
4. DANA GAS SUKUK DUE OCT WILL LIKELY BE RESTRUCTURED -EXOTIX
Investment bank Exotix says there is a high probability that Dana Gas' $920 million sukuk due October 2012 will be restructured.
By Nikhil Lohade
5. DUBAI ISLAMIC BANK 2011 NET PROFIT UP 25%; 15% CASH DIVIDEND
Dubai Islamic Bank (DIB.DFM) Thursday reported a full-year net profit of 1.01 billion U.A.E. dirhams ($275 million), an increase of 25% compared to the previous year, and said it would pay a 15% cash dividend.
By Nicolas Parasie
6. DUBAI ARAMEX 4Q NET UP 4% ON YEAR AT AED57.2M ON GCC ECON GROWTH
Dubai-based Aramex Thursday posted a 4% increase in net profit at 57.2 million U.A.E. dirhams ($15.57 million) in the fourth quarter of 2011 versus AED55 million in the corresponding period of 2010 aided by strong economic growth in the Gulf Co-operation Council, or GCC, countries.
By Tahani Karrar-Lewsley
7. UNION PROPERTIES 2011 NET LOSS WIDENS TO AED1.57B ON PORTFOLIO WRITEDOWN
Dubai-based Union Properties said Thursday its full year net loss widened to 1.57 billion U.A.E. dirhams ($427 million), from AED1.53 billion in the year before, as the value of its property portfolio deteriorated.
By Tahani Karrar-Lewsley
8. EGYPT'S OTMT UNIT ACQUIRES 51% OF GROUP DISCOUNT WEBSITE DARE N DEAL
OT Ventures, a unit of Egypt's Orascom Telecom Media and Technology Holding (OTMT.CI), said Thursday it has acquired 51% of group discount website Dare n Deal.
By Shereen El Gazzar
9. GCC ROAMING RATES CUT NEGATIVE FOR GULF TELCOS -MOODY'S
A reduction in roaming rates for voice calls across the GCC will have a negative impact on all telecom operators in the region, says Moody's Investors Service.
By Shareen El Gazzar
10. GULF STOCK MARKETS END MIXED; 4Q EARNS IN FOCUS
Persian Gulf stock markets end mixed Thursday as fourth-quarter company earnings drive trading.
By Nikhil Lohade
-Dubai Bureau, Dow Jones Newswires; +9714 3748044; djnews.dubai@dowjones.com
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(END) Dow Jones Newswires
02-02-12 1331GMT
