RAKBank shares surge on nine-month results

24 October 2010

With a gain of 0.48% the ADX General Index started the last week of October (closing at 2,821.01). Shares of National Bank of Ras al-Khaima (Rakbank) jumped 6.58% to finish at Dhs4.70. Rakbank has reported a net profit of Dhs729.8m for the nine months ended 30th September 2010, reflecting a 37.50% growth compared to the same period in 2009. As oil prices stagnate at $81 per barrel, shares of Abu Dhabi National Oil Company, also known as Taqa, weakened 1.96% to finish at Dhs1.49. Dr. Masood Ahmed, Director of the Middle East and Central Asia Department at the IMF, told AMEinfo.com earlier in the day, that MENAP oil exporters such as the UAE will see considerably improvement in economic activity. “With the rebound in worldwide demand, crude oil production is projected to grow to 25m barrels per day (bpd) in 2010 and 26m bpd in 2011”, Dr. Masood Ahmed said. He added that he expects the UAE economy to grow 2.4% in 2010 and 3.2% in 2011. During the last four weeks oil prices gained 9.32%. During the last 12 months the price for the black gold surged 4.17%, trading in a range between $70 per barrel and %85 per barrel.

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