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May 28, 2015

Abu Dhabi’s Etihad Airways reports 52 pct jump in annual profit

DUBAI, May 28 (Reuters) – Abu Dhabi’s Etihad Airways, one of
three Gulf airlines that U.S. rivals say benefit from state
subsidies, reported a 52 percent rise in annual profit on higher
passenger numbers and increased revenue from cargo and partner

Etihad made a net profit of $73 million in 2014, up from $48
million a year earlier, the government-owned carrier said in an
emailed statement on Thursday.

May 28, 2015

Qatar’s UDC to focus on finishing 60-tower Pearl development -exec

DUBAI, May 28 (Reuters) – Qatar’s United Development Co
(UDC) will prioritise building its half-finished Pearl
development in Doha, a 60-tower residential project situated on
a manmade island, a senior executive told Reuters.

UDC’s move shows how soaring land values are leaving
developers in the Gulf state with little option but to build
high-end properties in their search for higher margins, even if
most of Qatar’s foreign workers, who constitute about 85 percent
of its 2.2 million population, cannot afford them.

May 20, 2015

Dubai house prices to fall further this year – Cluttons

DUBAI, May 20 (Reuters) – Dubai house prices are likely to
fall further this year as tougher mortgage lending rules, higher
transaction fees and rising living costs dampen demand, a report
from consultants Cluttons predicted on Wednesday.

The emirate’s property sector, which went from boom to bust
to boom again, has steadied since the government introduced
measures last year to cool the market.

May 20, 2015

Dubai’s Emaar plans to float 13 pct Egypt unit on Cairo exchange

DUBAI, May 20 (Reuters) – Dubai’s Emaar Properties
plans to list a 13 percent stake in its Egyptian unit on Cairo’s
stock exchange, the largest listed developer in the United Arab
Emirates said on Wednesday.

The share sale will comprise of a public offering to retail
investors in Egypt, plus a private placement to local and
international institutions, according to a filing to the Dubai
Financial Market.

May 19, 2015

Zain Iraq seeks to sell 25 pct of shares after Baghdad listing

DUBAI, May 19 (Reuters) – The owners of Zain Iraq, the
country’s biggest mobile phone operator by subscribers, aim to
sell 25 percent of the company’s shares after it joins Baghdad’s
bourse, parent firm Zain said on Tuesday.

Iraq’s three mobile firms were required to float a quarter
of their shares and join the Iraq Stock Exchange (ISX) by August
2011 as part of their 15-year licences awarded in 2007.

May 14, 2015

Abu Dhabi’s Aldar Q1 net profit rises 36 pct

DUBAI, May 14 (Reuters) – Abu Dhabi’s Aldar Properties
reported a 36 percent rise in first-quarter net profit
on Thursday as costs fell and earnings from its rental business

The state-linked builder of Abu Dhabi’s Formula One circuit
made a profit of 618 million dirhams ($168.3 million) in the
three months to March 31, it said in a bourse statement.

May 10, 2015

Apartment sales at Jeddah’s Kingdom Tower to start this year -CEO

DUBAI, May 10 (Reuters) – Residential apartments at Saudi
Arabia’s Kingdom Tower, which is slated to become the world’s
tallest building on completion in 2018, will likely go on sale
later this year, the developer’s chief executive told Reuters on

The tower in Saudi Arabia’s second biggest city Jeddah has
the backing of billionaire Prince Alwaleed bin Talal, whose
investment firm Kingdom Holding owns about a third of
the project’s master developer Jeddah Economic Company (JEC).

May 7, 2015

Airbus surges past Boeing in orders, lags in deliveries

PARIS/DUBAI (Reuters) – Airbus (AIR.PA: Quote, Profile, Research, Stock Buzz) has moved ahead of U.S. rival Boeing (BA.N: Quote, Profile, Research, Stock Buzz) in their race for aircraft orders thanks to a large Latin American win, setting the tone for what could be a fiercely competitive Paris Airshow next month.

The European planemaker won orders for 229 aircraft between January and April. After cancellations, net orders totaled 209, it said on Thursday.

May 7, 2015

Emirates airline 2014 profit up 40 pct on lower oil price

DUBAI, May 7 (Reuters) – Fuel savings helped Dubai’s
Emirates post a 40 percent jump in annual profit on
Thursday as the state-owned firm’s chairman rejected claims by
U.S. rivals that it benefited from subsidies.

The airline, one of the world’s largest carriers of
international passengers, posted a profit of 4.56 billion
dirhams ($1.24 billion) for the financial year to March 31, up
from 3.25 billion dirhams from a year earlier.

May 6, 2015

Qatar Air eyes stake in India’s IndiGo, wary on A380neo

By Matt Smith

(Reuters) – Qatar Airways would be interested in buying up to 49 percent of India’s IndiGo though the owners of the sub-continent’s largest carrier by market share have no immediate plans to sell, the Doha-based airline’s chief executive said on Wednesday.

IndiGo, owned by hospitality and travel company InterGlobe Enterprises and founded in 2006 by entrepreneur Rahul Bhatia and ex-U.S. Airways chief executive Rakesh Gangwal, is preparing to file a draft prospectus by May for a stock listing to raise $300 million to $400 million, sources told Reuters in March.