Bloomberg News

Gulf Stocks: Abu Dhabi National Energy and Qatar Telecom Shares

August 23, 2009

The Dubai Financial Market General Index (DFMGI) added 2.5 percent and Abu Dhabi’s ADX General Index (ADSMI) gained 1 percent. Saudi Arabia’s Tadawul All Share Index (SASEIDX) fell 0.6 percent.

Abu Dhabi National Energy Co. (TAQA) climbed to its highest in a week, adding 1.8 percent to 1.66 dirhams. The state-controlled power and oil producer known as Taqa signed an agreement with OAO Gazprom, Russia’s gas export monopoly, for gas storage services at the Bergermeer storage site in the Netherlands.

Qatar Telecom QSC (QTEL QD) added the most since July 15, gaining 4.1 percent to 144 riyals. The Qatari company which provides phone services from North Africa to Asia said its $1.5 billion of so-called forward-start loans is currently in general syndication.

To contact the reporter on this story: Vivian Salama in Dubai vsalama@bloomberg.net.

To contact the editor responsible for this story: Claudia Maedler at cmeadler@bloomberg.net.


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