Egypt’s biggest publicly traded property developer, Talaat Moustafa, said first-half net income fell 11% in 2012, vs a year ago. The company is facing a renewed court challenge over the ownership of its flagship development, Madinaty, a residential and business development on the outskirts of Cairo.
Telecom Egypt staff pay demands weigh on profit. The landline monopoly reported a 25% drop in second-quarter net income.
Aldar Properties, the struggling Abu Dhabi property developer, reported a three-fold increase in net profit, buoyed by delivery of high-end residential beach units.
Qatar National Bank signs for a $1.8 billion loan. The country’s largest lender said the loan was expanded from its original amount after attracting strong demand from banks during a marketing period. It was an unusual transaction because the loan pays a margin of just 1% over the London interbank offered rate (Libor) per annum, a figure which would be below the cost of funding for many banks on the deal.
Civil unrest boosts Egypt sugar export opportunities – the North African nation is a major importer of raw sugar, but it looks like Arab unrest elsewhere is opening a window to export refined sugar to markets such as Libya, Sudan and potentially Syria.
Tabreed, an Abu Dhabi district cooling company, has named Jasim Thabet as the new chief executive replacing Sujit Parhar. Thabet previously worked for Mubadala Development Co., the investment arm of the Abu Dhabi government.