The UAE had earlier tightened real estate investment rules and asked property agents, brokers, and law firms to report cash transactions worth Dh55,000 and above
business4 days ago
Core banking operating revenues exceeded investor expectations despite the booking of higher loan loss provisions. These results indicate that there is potential for improved bank earnings for the second half of 2009, Rasmala, a Dubai-based regional investment bank said. The UAE was the best performing market in July while Egypt continues to be the best performing Arab market so far this year.
The MSCI UAE Index gained 10.1 per cent driven by Abu Dhabi-based banks, which reported stronger than expected results despite a higher allocation of loan provisions. S&P lowered its credit ratings to three Dubai based banks - Emirates National Bank of Dubai, Mashreq Bank and Dubai Islamic Bank, because of the sharp correction in the real estate market increasing risks for Dubai’s economy and presenting additional challenges for the banks. UAE second quarter results were impacted by above average loan provisions and a once off write down by Emaar Properties. This provides an opportunity for a potential earnings recovery in the second half of 2009.
Globally, the S&P 500 gained 7.4 per cent in July as corporate results also surpassed expectations. This is the fifth consecutive monthly gain by the S&P 500. Approximately 75 per cent of the 148 companies in the S&P 500 that released second-quarter results exceeded investor estimates. However, overall the companies in the S&P 500 can still expect a record eighth consecutive decline in quarterly profits.
In Saudi Arabia, several banks increased their loan loss provisions in Q2 09 amid concerns over the solvency levels of two heavily indebted Saudi conglomerates. Kuwait was the second worst performing market in July as it fell by 5 per cent. The Omani market gained 4.2 per cent in July with Bank Muscat and Omantel leading the gains with 6.5 per cent and 6.2 per cent respectively.
The UAE had earlier tightened real estate investment rules and asked property agents, brokers, and law firms to report cash transactions worth Dh55,000 and above
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