Tamweel soars as Kingdom passes mortgage law

Tamweel Tamweel PJSC climbed to the highest level in almost two months amid investor speculation the Dubai-based mortgage provider may expand into Saudi Arabia after the kingdom passed a mortgage law. The shares advanced 2.4 per cent to Dh1.26, the highest intraday level since May 8, at 11.42am in Dubai. The benchmark DFM General Index rose 0.1 per cent. ”Investors are seeing the mortgage law in Saudi Arabia as an opportunity for Tamweel to expand outside the UAE,” said Samer Darwiche, a Dubai-based analyst at Gulfmena Investments Ltd. Saudi Arabia’s government approved a mortgage law this week after more than a decade of debate. The kingdom will issue the executive regulation for the mortgage law within three months, the official Saudi Press Agency reported, citing Finance Minister Ebrahim Al Assaf. Agility Agility climbed to the highest level in a month after the Kuwaiti storage and logistics provider said it won contracts valued at $500 million (Dh1.83 billion) at the Gorgon natural-gas project in Western Australia. The shares gained 1.3 per cent to 390 fils (Dh51.02), the highest intraday level since June 5, at 9.10am in Kuwait. The benchmark index rose 0.2 per cent. The company won a $238 million two-year contract to provide logistics, stevedoring and other related services to support the marine loading facility in Henderson, Perth, the company said in a statement to the Dubai stock market on Wednesday. It was also granted a two-year extension valued at $262 million on an existing contract. Etisalat Emirates Telecommunications Corp, the UAE’s most valuable company by market value, said the Bombay High Court appointed Solomon & Co, an Indian law firm, to manage Etisalat DB Telecom Pvt Ltd. The law firm was appointed to manage “a proper and an orderly end to the business,” Etisalat said in a statement to the Abu Dhabi stock market on Wednesday. National Shipping Co Saudi Arabia’s National Shipping Co, also known as Bahri, said on Tuesday it was taking an Islamic loan of 450 million Saudi riyals (Dh440.5 million) from the Public Investment Fund to part finance two cargo ships being built in South Korea. The repayment of the loan will be made in equal quarterly instalments over ten years from delivery of vessels, Bahri said in a statement posted on the Saudi bourse website. The Hyundai Mipo dockyard is building the two vessels, which are among six general-cargo ships that Bahri, a transporter for the kingdom’s petrochemical industry, commissioned for construction in March 2011. The ships are expected to be delivered starting early 2013 onward, the statement said. Kuwait National Petroleum Co State refiner Kuwait National Petroleum Co, or KNPC, plans to add new sulphur export facilities and upgrade existing ones at Mina Al Ahmadi refinery at a total estimated cost of 220 million Kuwaiti dinars (Dh2.8 billion), Kuwait-based Al Rai daily reported on Wednesday, citing an executive. The project is expected to be completed by September 2016, Mohammad Al Mutairi, KNPC’s deputy managing director for Mina Ahmadi refinery, told the paper. The aim is to boost the export capacity of the sulphur export facilities to 1,500 tonnes an hour in order to keep pace with modern sulfur export terminals in the Gulf region, he added. Kuwait Stock Exchange The Kuwait Stock Exchange said on Tuesday that shares of 23 listed companies are currently suspended from trading for various reasons. The bourse said in a statement posted on its website that 13 companies are suspended for failure to submit their financial results on time. The other reasons include accumulated losses exceeding the regulatory threshold of 75 per cent of a company’s capital and failure to hold general shareholder meetings by the deadline, according to the statement. Some companies were suspended because they are in the process of increasing their capital, while others were suspended pending a major announcement.