Kuwait-based Gulf Investment House has announced that it has recorded a loss of KD 2 million in the first quarter of this year.
The sources said that bank's assets in the end of March amounted to KD 121 million, while the value of the foreign debts was twice as much.
The sources further added that the company has described the loss as 'a positive development,' compared to the losses posted in the fourth quarter of last fiscal, which amounted to 16.24 fils per share.
Though the global crisis has not hit bottom, still there are opportunities for investing in firms with potential, expressed Dubai International Capital (DIC), an investment firm owned by the ruler of Dubai.
The Company’s Chief Executive Sameer Al Ansari said that he doesn’t think that the company is in a major depression; however he did agree that the company is in a serious recession that will take a few years to take through.
KKR & Co., the leveraged buyout firm run by Henry Kravis and George Roberts, which is preparing to expand in the Middle East, is busy examining possible investments in Saudi Arabia.
Makram Azar, who joined KKR in September as head of the firm’s Middle Eastern operations said that it’s the biggest market and has scale, it has 28 million people, it has lots of corporates and industries and family businesses that the company could support and give growth capital to.
If adhered to a new report, the stimulus needed to restore confidence in the emirate's economy would be provided by the $20 billion (Dh73.4bn) bond issue launched by the Dubai Government in response to the global financial crisis.
The study carried out by the Dubai Chamber of Commerce and Industry says that the bond sale has actually come as a way for Dubai to raise money at a cheap rate apart from providing the government with the much required funds to alternate for the liquidity that has dried up globally and meet all upcoming financial obligations.
A net profit of Dhs269m for the three months ended 31 March 2009 ('the Period') was reported by Dubai Investments PJSC ('DI'), with consolidated total income of Dhs831m.
An increase in total assets as on 31 March 2009 was seen to Dhs14.36bn, a growth of 25 per cent over the total assets of Dhs11.47bn as at 31 March 2008.
For the same day, Net Worth increased to Dhs7.53bn, a growth of 39 per cent over the Net Worth of Dhs5.42bn as at 31 March 2008.
33% is the annualized return on Share Capital was achieved for the Period.
The A3/P2 rating shows the growing clout of the real estate finance provider in the ever-growing Islamic finance market in the UAE, said Moody recently.
With a strong outlook on all the ratings, Moody's Investors Service, Tamweel, that is also UAE's largest real estate financer, reiterated its A3/P2 rating of the firm. Moody says that Tamweel is a government-related issuer, trying to function like Dubai Governments stakes.
Merger talks have commenced between the two leading real estate financiers in the UAE - Amlak Finance and Tamweel in order to ease the liquidity crunch affecting the region.
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