DP World shareholders have approved a plan to buy back "a limited number of shares." The shareholders also "authorised the company to reduce its share capital by cancelling any or all of the ordinary shares purchased," the Dubai-based company said in a statement to Nasdaq Dubai yesterday.

DP World's request for the "renewal of an existing authority allowing the company to allot, or issue, up to a limited number of shares — 5 per cent of the nominal value of the issued and unconditionally allotted share capital of the company — free of pre-emption rights" was also approved by the shareholders, it said.

DP World also said yesterday that gross container volumes handled at its terminals rose 9.5 per cent to 13.8 million twenty-foot equivalent units in the first quarter. Excluding the contribution from new capacity, like-for-like growth was 7.4 per cent, it said.

Jebel Ali Free Zone

Jebel Ali Free Zone FZE said profit last year climbed 73 per cent as revenue rose. Net income increased to Dh241.6 million from Dh139.7 million a year earlier, the company said in a statement to Nasdaq Dubai yesterday. Revenue rose to Dh1.34 billion from Dh1.25 billion. The free zone also said it is in "advanced discussions" with a group of financial institutions to refinance a Dh7.5 billion Islamic bond maturing in November. The company made the announcement in a statement to Nasdaq Dubai yesterday.

Adnoc

Abu Dhabi National Oil Company (Adnoc) will supply full contracted crude volumes to buyers in Asia for June, said two refinery officials who were notified by the Middle East producer of its plans and who declined to be identified because the information is confidential. The shipments will mark the fourth consecutive month for full delivery. Arabian Gulf oil producers such as Adnoc sell their crude to refiners under long-term agreements that allow the buyer to ask for more fuel or the seller to hold back some quantities.

Adnoc is subject to output limits set by the Organisation of Petroleum Exporting Countries (Opec). Opec, provider of about 40 per cent of the world's crude, is producing more than the ceiling of 30 million barrels a day that was set at its December 14 meeting in Vienna.

Orascom

Shareholders of Orascom Construction Industries, Egypt's largest publicly-traded builder, will vote May 17 on a plan to demerge the company's construction and fertiliser businesses. Orascom received the approval of Egypt's markets regulator to hold the general assembly meeting, the Cairo-based company said in a statement on its website yesterday.

CBK

Commercial Bank of Kuwait (CBK), the state's fourth largest lender, has named Ali Al Mousa as its new chairman, the company said in a statement posted on the bourse website yesterday. In February CBK reported a sharp drop in full-year net profit and trading in its stock had been suspended until after the bank's annual general meeting, held on Sunday. Shares of several other companies in Kuwait have also been suspended after firms were unable to report earnings on time.

Qatar Airways

Qatar Airways plans to have a fleet of 170 aircraft in three years, chief executive officer Akbar Al Baker told a conference in Dubai.

Al Arafa

Al Arafa Investment and Consulting, Egypt's biggest publicly traded garment exporter, said its profit for the year that ended January 31 was $7.91 million (Dh29.05 million) compared with $17.1 million a year earlier. The Cairo-based company made the statement in a filing to the Egyptian bourse yesterday.

Sidi Kerir Petrochemicals

Sidi Kerir Petrochemicals Company, an Egyptian chemicals manufacturer, said its first-quarter profit fell 8.8 per cent. Net income for the period that ended March 31 was 203.1 million Egyptian pounds (Dh122.8 million) compared with 222.7 million pounds a year earlier, the Alexandria company said in a filing to the Egyptian bourse yesterday.

— Compiled from agencies