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[February 21, 2013]
AME Info, Abu Dhabi, United Arab Emirates, finance and economy briefs [AME Info, Abu Dhabi, United Arab Emirates]
(AME Info (Abu Dhabi, United Arab Emirates) Via Acquire Media NewsEdge) Feb. 21--JULPHAR REPORTS HIGHER NET PROFIT: The ADX General Index gained 0.40 percent to hit 3,022.48 points. The UAE's first telecom giant Etisalat was the most liquid share (up 0.10 percent at Dhs10.20). Julphar shares were not traded, the last closing price stood at Dhs3.05. Earlier in the day the Ras al-Khaima-based pharmaceuticals producer said in 2012 its net profit increased to Dhs200.195m, up from to Dhs170.18m in the year before.
DUBAI MARKET PINNED DOWN AT 1,923: The DFM General Index closed flat Thursday amid lackluster trading. Emaar added 0.40 percent to reach Dhs5.03. Al Salam Bank Bahrain lost the most (off 5.35 percent at Dhs0.83). Some 163m shares were traded, valued at Dhs312m.
NEARLY HALF OF UNEMPLOYED SAUDIS NEVER APPLIED FOR JOBS: STUDY: According to a survey by the Saudi labour ministry, 49 percent of unemployed citizens have never attempted to apply for jobs, Arab News has reported. The study, which was conducted on random samples of 16,000 Saudis, 82 percent of whom were females, found that the majority of job seekers are high school degree holders (37 percent), while only 1 percent are diploma degree holders.
CONSUMER SPENDING DROVE EGYPTIAN ECONOMY GROWTH IN H2 2012 : The Egyptian government has said the country's economy grew 2.4 percent in the last six months of 2012, citing consumer spending as a main driver for an economy battered by two years of political turmoil, Reuters has reported. Egypt is seeking a $4.8bn loan from the International Monetary Fund (IMF), though many economists expect a deal will not be concluded until after parliamentary elections due to get under way in April or May. The cabinet said it expected to complete a revised economic programme "within a few days" for presentation to "the Egyptian and international community" and the IMF, but did not say when it would send it to the international lender.
UAE SET TO PASS COMPANIES LAW EARLY MARCH: The UAE Federal National Council (FNC) has completed reviewing 377 articles of a draft companies law after a four-day session, Gulf News has reported. However, the council is set to meet on March 6 to further discuss certain clauses related to corporate social responsibility and the system of excluding companies from the law, among other issues. The legislation will be enacted three months after it is published in the official gazette, by the end of this year, according to members of the council.
RESILIENT SAUDI BOURSE DEFENDS KEY LEVEL AS OIL PRICES STABILISE: The Tadawul All-Share Index finished a volatile Wednesday session 0.13 percent higher at 7,034.74 points. After declining sharply on Monday, oil prices (DME Oman Crude) resovered slightly, adding $0.19 to trade at $112.18 during settlement (12.30pm Dubai time). Sabic gained 0.54 percent to reach 7,034.74 points. Al Alamiya for Cooperative Insurance Company jumped 5.62 percent to SR65.75. In 2012, the Islamic insurer said earned a net profit before Zakat of SR3.763m compared to a net Loss of SR18.008m for the previous year.
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