Dana Gas faces payment slowdown

Receivables at UAE-based Dana Gas are expected to balloon temporarily in the short term as the Egyptian government defers on payments, AlembicHC said, and cut its price target on the stock by 10 per cent. The Egyptian government, which is the main client of most major private sector exploration and production players in the country, is deferring payments following the recent unrest, the brokerage said. The brokerage, however, added that there were no disruptions in Dana Gas' operations in the country. AlembicHC expects Dana Gas to post strong earnings in 2011, but added that the non-payment issue in Kurdistan and the need to refinance a $920 million sukuk due in 2012 remain an overhang.

QFIB plans Al Noor IPO

Qatar First Investment Bank (QFIB) still plans to exit its investment in Abu Dhabi-based Al Noor Medical Co through an initial public offering but has not set a firm deadline, its chief executive said yesterday. "Nothing has changed with regard to the IPO. That's still on our agenda," Emad Mansour, QFIB's chief executive, told Reuters on the sidelines of a conference. "These transactions don't have a strict deadline. It's about getting the maximum value." Mansour said in February that the company planned to list Al Noor Medical on the Abu Dhabi bourse in May. QFIB has a 14 per cent stake in Al Noor through a consortium which holds 50 per cent.

Qassim profit rises

Qassim Cement Co posted a 1.3 per cent increase in first-quarter profit to 147 million riyals compared with the year-ago period on higher sales and product prices, according to a statement to the Saudi bourse yesterday.

Global Investment House

Kuwait's Global Investment House shareholders will vote later this month on cancelling a previous approval of a 76 per cent capital hike. Global's shareholders will vote on April 28 on "cancelling the approval of the general assembly on May 5, 2010, for the capital hike worth 100 million dinars", the firm said in a statement on the Kuwaiti bourse website yesterday. Global did not give a reason for the move. The increase was going to raise the firm's capital to 231.24 million dinars through issuing share at a nominal value of 100 fils per share.

Aramco contracts

Saudi Arabian Oil Co (Aramco) will supply full contracted volumes of crude to Asian refiners in May, according to refinery officials. Aramco will provide 100 per cent of cargoes sold under long-term contracts for an 18th month, according to refiners in Thailand and Japan who requested anonymity, citing confidentiality agreements with the Middle East's biggest producer.

Khalijia denies report

Saudi investment firm Khalijia Invest said it is operating with all its licences in the kingdom after Reuters reported last week that the firm planned to shut down most operations due to a cash crunch. "Khalijia Invest is proud to remain one of the operating investment companies with all its licences in Saudi Arabia, and its commitment to serving the investment public is steadfast," Hamad bin Ahmed Al Ameery, the firm's chairman, said in a statement.

Sabic selects Samsung

Saudi Basic Industries Corp (Sabic), the world's biggest petrochemicals maker, said one of its joint ventures selected Samsung Engineering to provide engineering, procurement, and construction services for an aluminum facility in Jubail, Saudi Arabia. Saudi Organometallic Chemicals Co, a joint venture equally owned by Sabic's Saudi Specialty Chemical Co and Albemarle Netherlands B.V., selected Samsung Engineering, the company said in an e-mailed statement yesterday.

Al Sewedy

Cairo Al Sewedy Electric, an Egyptian maker of cables, said its Qatar unit Doha Cables won a $440-million contract from the Qatar General Electricity and Water Corp, also known as Kahramaa. Doha Cables, which is 46 per cent owned by Al Sewedy and controlled by the Egyptian company, will supply Kahramaa with 42,000 tonnes of copper cables in the next two years.