Sunday, Jul 15, 2012

The following is a list of top 10 business stories published by Zawya Dow Jones on Sunday at 0800 GMT.

1.SAUDI KAYAN 2Q NET LOSS WIDENS TO SAR328.32 MLN

Saudi Kayan Petrochemical Co. (2350.SA) said Sunday its net loss in the second quarter widened to 328.32 million Saudi riyals ($87.6 million), compared with SAR16.01 million a year earlier, reflecting the start of its commercial operations in October.

By Ellen Knickmeyer

2.U.A.E. LENDERS TOLD BY CTRL BK TO HOLD 10% OF LIABILITIES IN LIQUID ASSETS

Local lenders in the United Arab Emirates must hold 10% of their liabilities in liquid assets starting next year, according to new regulations posted on the central bank's website.

By Asa Fitch

3.FORMER DEYAAR CEO ZACK SHAHIN ON BAIL AFTER FOUR YEARS IN DUBAI PRISON

Zack Shahin, the former chief executive of Dubai's Deyaar Development, was freed on bail Friday after more than four years in prison awaiting a trial over fraud allegations.

By Asa Fitch

4.GULF MKTS TRADE MIXED; VOLS THIN AMID LIGHT NEWS FLOW

Persian Gulf stock markets trade mixed Sunday; volumes relatively light as cautious investors eye second-quarter earnings for direction.

By Nikhil Lohade

5.EMAAR SUKUK YIELD AT 6.4% SHOWS INVESTOR CONFIDENCE -TNI

The reduced coupon rate of 6.4% in the latest $500 million Emaar sukuk, compared to 8.5% in Emaar's previous issuance, signals a return of investor confidence in the Dubai master-developer, says Sebastien Henin, portfolio manager at The National Investor.

By Tahani Karrar

6.EGYPT'S SUEZ CANAL JUNE REVS SLIP 6.6% TO $415.9M VS YEAR AGO

Revenues from Egypt's Suez Canal, the country's main waterway and a vital source of foreign currency, fell 6.6% in the year to June to reach $415.9 million as a drop in the number of transits and cargo impacted earnings, according to data published on the Suez Canal Authority website.

By Farah Halime

7.SAUDI DAR AL ARKAN SAYS REPAYS $1 BLN SUKUK DUE THIS WEEK

Dar Al Arkan Real Estate Development Co. (4300.SA) said Saturday it has repaid a 3.75 billion Saudi riyal ($1 billion) Islamic bond, or sukuk, due this week.

By Ellen Knickmeyer

8.KUWAIT'S GLOBAL INVESTMENT HOUSE FUNDS EXIT LOCAL AL RAYAN HOLDING

Kuwait's Global Investment House (GLOBAL.KW) said Saturday that its Private Equity Fund and Global Opportunistic Fund I, along with other co-investors, have exited their investment in the local Al Rayan Holding Co.

By Shikrallah Nakhoul

9.SAUDI SIPCHEM 2Q NET PFT DN 17.7% ON LOWER PRODUCTION, SALES

Saudi International Petrochemical Co. (2310.SA), or Sipchem, said Saturday that second-quarter net profit fell 17.7% on year to 136.1 million ($36.3 million), mainly due to lower production and sales.

By Ellen Knickmeyer

10.SAUDI SAFCO 2Q NET PFT SLIPS TO SAR784 MLN, MISSING MOST FORECASTS

Saudi Arabian Fertilizer Co. (2020.SA), or Safco, said Saturday its second-quarter net profit fell slightly to 784 million Saudi riyals ($209.1 million), compared with SAR790 million a year earlier, due to lower production and sales volumes.

By Ellen Knickmeyer

-Dubai Bureau, Dow Jones Newswires; +9714 3748044; djnews.dubai@dowjones.com

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

15-07-12 0801GMT