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Petrochems lift Saudi index to 3-month high
Saudi Arabia’s index TASI hit a three-month high, led by petrochemical stocks, with the market buoyed by higher oil prices in the absence of a local catalyst. “Petrochemicals are currently the most favored by investors with heightened oil prices keeping the sector over a solid floor despite some stock specific profit taking activity,” said Amro Halwani, a senior trader at Shuaa Capital in Riyadh.
Diary of an armchair investor
There’s plenty of ammunition for taking cheap shots at Aldar Properties. For a start, the company lost more than AED1bn every month last year after a massive writedown of property assets. There’s the continued weakness of the Abu Dhabi property market. Then there’s Ferrari World. Aldar’s flagship theme park was barely a quarter full last Saturday when I took my 11-year-old nephew, who was bored within an hour.
Aldar to build 2,600 homes on Al Raha beach in 2011, CFO says
Aldar Properties, Abu Dhabi’s biggest property developer, will build 2,600 homes in two projects on Al Raha Beach, Chief Financial Officer Shafqat Malik said in a phone interview late Monday. The townhouses and apartments are part of the Al Zeina and Al Muneera projects on Al Raha beach, he said.
Abu Dhabi’s Aldar posts $129.4m Q2 net loss
The company said first-half loss was AED789.5m after a profit of AED1.14bn a year earlier. “The decrease was principally due to lower property sales recognised,” Aldar said in an e-mailed statement. “The second half of this financial year is expected to be different due to the revenue generated from the delivery of Aldar’s projects at Al Raha Beach and Al Gurm.”
Laing O’Rourke to close Mideast division
However, it was confirmed that Laing O’Rourke will maintain its relationship with Aldar, with whom it is working on the AED54bn ($14.7bn) Al Raha beach project.
