Shuaa Capital unit's managed assets soar

Shuaa Capital PSC said its asset management unit oversees more than Dh1 billion. The unit increased assets under management from Dh672 million to over Dh1 billion during last year, the company said in an e-mailed statement yesterday. Gulf Navigation Gulf Navigation Holding PJSC posted a second-quarter loss after the only publicly traded oil-tanker owner in Dubai set aside money to cover costs related to the sale of its Probos vessels. Article continues below The loss was Dh24.8 million ($6.8 million) after a profit of Dh20.5 million a year earlier, Gulf Navigation said in a statement to the Dubai bourse yesterday. Operating revenue fell 4 per cent to Dh78.6 million. Gulf Navigation has sold all its Probos ships, designed to carry oil products, bulk and ore, to avoid losses due to a glut in the market. The company is now in discussions with potential equity partners to invest in its very large crude carrier venture in Saudi Arabia, and with Chinese companies on two orders for VLCCs, according to the statement. Maaden Saudi Arabian Mining Co (Maaden) said on Friday it has started the construction of the rolling mill and alumina refinery at its planned aluminium joint venture complex with US-based Alcoa Inc (AA). The rolling mill is expected to have an initial capacity of 380,000 metric tonnes a year, while the alumina refinery will have an initial annual capacity of 1.8 million tonnes, Maaden said in a statement. The two projects are part of the $10.8 billion fully integrated aluminum complex Maaden is developing with Alcoa, which will include an integrated alumina refinery, aluminum smelter and rolling mill at Ras Azzour on Saudi Arabia's eastern coast on the Arabian Gulf. The planned complex will be the world's lowest-cost supplier of primary aluminum, alumina and aluminum products as well as the Middle East's first food-grade can-sheet rolling mill. Operations at the smelter and rolling mill will begin in 2013, while the mine and refinery are expected to come online in 2014. Saudi wheat purchase Saudi Arabia bought 660,000 tonnes of hard wheat from the US, Europe, Australia and Canada for delivery from November to February, the Grain Silos and Flour Mills Organisation said. The average price is $346 per tonne, including cost and freight, it said. Alexandria Mineral Alexandria Mineral Oils Co, an Egyptian petroleum products maker, said it plans to distribute a 9 Egyptian pound dividend in two phases. The Alexandria, Egypt-based company plans to pay a dividend of 7 pounds per share and a 2 pound dividend per share to shareholders as of Aug-ust 24, it said in a regulatory filing with the Egyptian Exchange yesterday. EFIC profit Egyptian Financial and Industrial Co (EFIC), the North African country's biggest publicly-traded phosphate-based fertiliser producer, said its six-month profit dropped 47 per cent. Net income decreased to 25.9 million pounds in the six months ended June 30 compared with 48.7 million pounds a year- earlier, the Gharbaya, Egypt-based company said in a regulatory filing. Ezdan Real Estate Ezdan Real Estate Co, Qatar's largest developer by market value, said first-half profit fell to 103.6 million riyals from 117.3 million riyals a year earlier. The company made the announcement in a statement to the Qatar bourse yesterday. Turkcell Turkcell Iletisim Hizmetleri, Turkey's biggest mobile operator, agreed to buy Global Iletisim, a tele-communications data operator, from Yildiz Holding, it said.Global Iletisim was valued at 17.5 million liras, Turkcell said in an e-mailed statement. The actual purchase price will be determined by evaluating Global's debts, loans and cash position at the close of the transaction, it said. Global Iletisim will be integrated with Turkcell Superonline, Turkcell's fiber-optic and internet services provider unit.