DUBAI, April 28 (Reuters) – Du, the United Arab
Emirates’ No.2 telecom operator, reported a 0.6 percent fall in
first-quarter profit on Tuesday, missing analysts’ estimates as
it paid a higher tax rate than a year earlier and its mobile
subscriber base shrunk slightly.
The company, which ended rival Etisalat’s domestic
monopoly in 2007, made a net profit of 487.1 million dirhams
($132.6 million) in the three months to March 31, down from
490.3 million dirhams in the year-earlier period.
DUBAI, April 22 (Reuters) – Dubai’s DAMAC Properties
reported a 38 percent fall in first-quarter net
profit on Wednesday, despite surging revenue, because of the
effect of a big one-off gain a year ago.
The privately run developer, which listed on Dubai’s bourse
in January, reported a net profit of 792.9 million dirhams
($215.8 million) in the three months to March 31.
DUBAI, April 21 (Reuters) – Lower oil prices are likely to
cause Abu Dhabi’s residential property sector to stabilise in
2015 following a two-year price boom as sentiment weakens and
government spending in some areas slows, industry consultants
A slew of new residential units was released in 2009-12,
just when demand was hit by the global financial crisis,
creating oversupply and sending prices tumbling. The sector then
rallied in 2013-14 because of broad economic growth and the
United Arab Emirates’ status as a safe haven in the Middle East.
DUBAI, April 20 (Reuters) – Saudi Telecom Co
(STC), the Gulf’s No.1 telecom operator by market value,
reported a 4.7 percent rise in first-quarter profit on Monday
that beat estimates but was smaller than an increase in revenue
as costs grew.
The firm, which competes domestically with Etihad Etisalat
(Mobily) and Zain Saudi, made a net profit
of 2.50 billion riyals ($667 million) in the three months to
March 31, up from 2.39 billion in the prior-year period.
DUBAI, April 19 (Reuters) – Abu Dhabi-listed Etisalat
reported a 7.6 percent rise in first-quarter profit on
Sunday, with its acquisition of a majority stake in Maroc
Telecom having helped to lift revenue by nearly a third
and its subscriber base by a fifth.
Etisalat, which operates in 19 countries across the Middle
East, Africa and Asia, made net profit of 2.18 billion dirhams
($593.6 million) in the three months to March 31, the company
said in a statement, against 2.02 billion dirhams a year
DUBAI, April 16 (Reuters) – Pakistan Telecommunication Co
(PTCL), a unit of Abu Dhabi-listed Etisalat,
reported an 84 percent drop in first-quarter net profit as
operating and finance costs rose and its revenue and customer
PTCL is Pakistan’s former telecom monopoly. As well as
running a fixed line network it also owns Ufone, the country’s
number four mobile operator by subscribers.
DUBAI, April 14 (Reuters) – Middle East sovereign wealth
funds (SWFs) cut their new investments in real estate in the
rest of the world by almost a third last year because of the
plunge of oil prices, consultants CBRE estimated.
Outbound property investment by the SWFs, the vast majority
of which are from the wealthy Gulf Arab oil exporters, dropped
31 percent to $5.84 billion in 2014 from $8.45 billion in 2013,
CBRE wrote in a report on Tuesday.
DUBAI, April 13 (Reuters) – Dubai housing prices fell
slightly and rents were flat in the first quarter of 2015
compared with the final three months of last year, a report by
property consultants JLL showed on Monday.
The real estate sector in Dubai has been among the most
volatile globally over the past decade, swinging from boom to
bust to boom again. Prices recovered to near peak values after
falling by about half from their 2008 highs, but are now
DUBAI, April 2 (Reuters) – Dubai-listed Arabtec
has agreed terms with Egypt’s Ministry of Housing for the first
phase of a 280 billion Egyptian pounds ($36.70 billion) plan to
construct one million homes across the country, the builder said
Arabtec will sign a contract with the ministry “at the
earliest opportunity” for this first phase, according to a
statement to Dubai’s bourse.
DUBAI, April 1 (Reuters) – A Kurdish Internet company
expects to open a long-delayed $100 million broadband cable
running from Turkey to Iraq’s Gulf coast by the end of 2015,
after spending an extra $30 million to replace lines and
equipment overrun by Islamic State.
IQ Networks, a wholesale Internet provider based in the
northern autonomous region of Kurdistan, aims to carry
international traffic through Iraq to link Asia and Europe,
boosting Iraq’s hopes of becoming an international hub for
Internet traffic despite the country’s internal chaos.