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Aug 2, 2015

Dubai’s Emaar Properties Q2 net profit rises 16 pct

DUBAI, Aug 2 (Reuters) – Dubai’s Emaar Properties,
builder of the world’s tallest tower, reported a 16 percent rise
in second-quarter net profit on Sunday as other income increased
and it received more money in income tax credits.

The developer, in which Dubai’s government owns a minority
stake, made a net profit of 1.18 billion dirhams ($321.3
million) in the three months to June 30, up from 1.02 billion
dirhams on the prior-year period, Emaar said in a statement.

Aug 2, 2015

Saudi Mobily swings to Q2 net loss due to Zain dispute

DUBAI, Aug 2 (Reuters) – Saudi Arabia’s Etihad Etisalat
(Mobily), which last week slashed 27 months of
profits, swung to a second-quarter net loss on Sunday that
missed forecasts as it took provisions relating to a dispute
with rival telecom operator Zain Saudi.

Mobily, an affiliate of the United Arab Emirates’ Etisalat
, made a net loss of 900.9 million riyals ($240.2
million) in the three months to June 30, it said in a bourse
statement.

Jul 30, 2015

Saudi’s Mobily restates profits over last 27 months, cutting $470 mln

DUBAI, July 30 (Reuters) – Saudi Arabia’s Etihad Etisalat
(Mobily) restated results for the last 27 months on
Thursday, slashing total profits over the period by nearly 1.76
billion riyals ($470 million) in its latest attempt to resolve
an accounting scandal.

The telecom operator, whose largest shareholder is Abu
Dhabi-listed Etisalat, shocked investors in November
when it first restated some earnings – for 2013 and the first
half of 2014 – which it blamed on accounting errors.

Jul 29, 2015

Qatar’s Ooredoo 2nd-qtr net profit falls 39 pct on Iraq, forex

DUBAI, July 29 (Reuters) – Qatari telecom operator Ooredoo
reported a 39 percent fall in second-quarter profit on
Wednesday, its sixth decline in eight quarters as foreign
exchange losses and plunging earnings from war-torn Iraq
outweighed a strong domestic performance.

The former monopoly, which operates in about 13 territories
across the Middle East, Africa and Asia, made a net profit of
501 million riyals ($137.6 million) in the three months to June
30, it said in a statement.

Jul 29, 2015

Saudi Telecom Q2 net profit falls 8.7 pct, misses estimates

DUBAI, July 29 (Reuters) – Saudi Telecom Co (STC),
the Gulf’s biggest telecom operator by market value, blamed
rising costs as it posted an 8.7 percent fall in second-quarter
profit on Wednesday to extend a profit slump and miss analyst
estimates.

The firm, which competes domestically with Etihad Etisalat
(Mobily) and Zain Saudi, made a net profit
of 2.56 billion riyals ($683 million) in the three months to
June 30, down from 2.80 billion riyals in the prior-year period,
according to a bourse statement.

Jul 29, 2015

Dubai home sales plunge after officials move to ease volatility

DUBAI, July 29 (Reuters) – Dubai home sales shrank by about
two-thirds in the first half of 2015, and prices also slipped,
with further declines expected over the rest of the year,
property consultants JLL said in a report on Wednesday.

The real estate sector in Dubai, one of the seven United
Arab Emirates, has been among the most volatile globally over
the past decade, swinging from boom to bust to boom again. Home
prices had recovered to near peak values last year after falling
by about half from their 2008 highs, but are now again in
retreat.

Jul 29, 2015

Kuwait’s Zain Q2 net profit falls 33 pct

DUBAI, July 29 (Reuters) – Zain, Kuwait’s biggest
telecom operator by subscribers, reported a 33 percent fall in
second-quarter profit on Wednesday, extending a sustained
earnings slump as difficulties in Iraq and a strong dollar hurt
earnings.

The former monopoly, which operates in eight countries in
the Middle East and Africa, made a net profit of 39.2 million
dinars ($128.8 million) in the three months to June 30, it said
in a statement.

Jul 28, 2015

Etisalat’s net profit falls 40 pct

DUBAI, July 28 (Reuters) – Abu Dhabi-listed telecoms firm
Etisalat missed analyst estimates by reporting a 40
percent fall in second-quarter net profit on Tuesday that it
blamed on its troubled Saudi Arabia affiliate Mobily
and foreign exchange losses.

Etisalat, which operates in about 19 countries across the
Middle East, Africa and Asia, made a net profit of 1.5 billion
dirhams ($408.4 million) in the three months to June 30, the
company said in a statement.

Jul 26, 2015

Ooredoo Kuwait Q2 net profit falls 30 pct

DUBAI, July 26 (Reuters) – Mobile operator Ooredoo Kuwait
reported a 30 percent fall in second-quarter profit on
Sunday, mainly due to losses in Algeria and Tunisia, extending a
lengthy earnings slump.

The subsidiary of Qatar’s Ooredoo, which competes
domestically with Zain and Saudi Telecom
affiliate Viva, had reported falling profits in 11 of the
previous 14 quarters.

Jun 24, 2015

Qatar building materials costs to surge ahead of 2022

DUBAI (Reuters) – The cost of construction materials in Qatar is likely to jump as the host nation intensifies infrastructure building ahead of the 2022 World Cup, and other building projects could finish late as a result, industry experts say.

Qatar is set to spend more than $200 billion on the soccer tournament as part of a 2030 development plan, although tough contract terms and state bureaucracy have left some contractors in difficulties.