DP World is set to benefit in the long term from its presence in regions that have been less hit by the economic downturn and from investments in its existing and new facilities, Credit Suisse said. The brokerage upgraded DP World to "outperform" from "neutral", and said it expects a softer slowdown of global container volumes growth. DP — which is relying on its emerging markets focus to offset a potential economic slowdown — is geographically hedged as growth has resumed at most of its markets, including the UAE and Latin America, which saw milder downturns, analyst Vincent Resillot said.
Drydocks World LLC will rely on its operations in Dubai to make up for the "challenge" posed by its investments in Far East, a Dubai government official said. "In reality the main money generator is Dubai, and Dubai is doing really well," Mohammad Al Shaibani, Director-General of the Dubai Ruler's Court, said in an interview yesterday. "They are very busy, almost 100 per cent occupancy. They have a huge business in the pipeline." Drydocks World, a unit of state-controlled Dubai World, borrowed $2.2 billion (Dh8.07 billion) to finance two acquisitions in Singapore to gain ships and Asian shipbuilding sites. Chairman Juma Bu Amim said in December the company hasn't asked for government support on the debt.
Dubai Aerospace Enterprise Ltd said its acting Chief Executive Officer George Mushahwar left the company. Dubai Aerospace's core management team, led by the chief operating officer, remains intact and committed to enhancing shareholder value, the company said in an emailed statement yesterday. Mushahwar left to start an independent business venture, it said.
Kuwait Finance House
Kuwait Finance House (KFH), the country's largest Islamic bank, said yesterday its profit fell by 24 per cent in 2011, as the lender put aside money to meet investment losses. Profit for the year fell to 80.3 million Kuwaiti dinars (Dh1.06 billion) from 106 million dinars in 2010, the lender said in a statement. The bank made 9.6 million dinars in the fourth quarter last year, based on Reuters calculations, compared with an estimated profit of 20 million for the period. The lender said its board is recommending the distribution of a cash dividend of 15 fils per share, and bonus shares representing 15 per cent of paid up capital. The Sharia compliant partnered with Grosvenor Investment Management US (GIM) to invest up to $600 million in health care-related real estate, it said in October.
Union National Bank (UNB) Egypt, a Cairo- based lender, said its six-month profit rose 24 per cent. Net income for the period that ended Dec-ember 31 was 17.5 million Egyptian pounds (Dh10.6 million) compared with 14.1 million pounds a year earlier, it said in a filing to the Egyptian bourse yesterday.
Turkiye Is Bankasi
Turkiye Is Bankasi, Turkey's biggest bank by assets, is assessing plans to open branches in Baghdad, Batumi in Georgia, Karachi, and Baku in Azerbaijan. Isbank is also evaluating opportunities in Kosovo, it said in press release to reporters before a news conference in Istanbul yesterday. Isbank had 48 branches in 12 countries outside Turkey, with a total asset size of 28.3 billion liras (Dh58.8 billion) at the end of 2011, according to the statement. The bank opened 65 branches in Turkey in 2011 and will expand its network more this year, it said.
Yapi & Kredi Bankasi
Yapi & Kredi Bankasi, the Turkish bank owned by Italy's UniCredit and Koc Holding, will sell 30 million liras (Dh62.4 million) of six-year coupon bonds to investors via private placement. The issue will be part of 300 million liras of bonds Yapi Kredi plans to sell via private placement, under a plan approved by the market regulator in May, to offer as much as 3.5 billion liras of bonds, it said in a statement to the Istanbul Stock Exchange yesterday.