Middle East ETF News Older than One Year
Indxx US Clean Energy Tech Index Licensed by KSM Mutual Funds Ltd. for an Index Tracking Fund
August 10, 2021--Indxxis pleased to announce the licensing of their Indxx US Clean Energy Tech Index to KSM Mutual Funds Ltd. The index will serve as the underlying benchmark for KSM KTF (4A) Indxx US Clean Energy Tech Currency Hedged (Tel Aviv: 5133426).
The Indxx US Clean Energy Tech Index(Ticker: IUCETI) seeks to accurately and comprehensively measure the performance of companies that provide goods and/or services towards clean energy and related technologies that enable clean and/or low-carbon emissions.
Source: indxx.com
GCC Countries Back on Path to Economic Growth after Contraction Due to the Pandemic
August 4, 2021--More reforms needed to achieve economic diversification and to improve competitiveness
Following a year of economic distress, Gulf Cooperation Council (GCC) economies are expected to return to an aggregate growth of 2.2% in 2021, according to the latest issue of the World Bank Gulf Economic Update (GEU) titled "COVID-19 Pandemic and the Road to Diversification".
This growth is buoyed by the global economic recovery, projected at 5.6% and the revival of global oil demand and international oil prices.
The COVID-19 pandemic and the decline in global oil demand and prices dealt the GCC countries a health crisis and a commodity market shock causing a GDP contraction 4.8% in 2020.
Source: worldbank.org
GCC equity markets made small gains in July; Abu Dhabi flies high
August 2, 2021--Eid holidays hit trading volumes and values, says Kamco Invest
The GCC equity markets reported gains, albeit marginal for the ninth consecutive month during July 2021, as monthly performance, though mixed, was skewed towards the gainers.
According to the GCC Markets Monthly Report by Kamco Invest, Abu Dhabi and Kuwait markets had returns of 7.1 percent and 3.0 percent, respectively, while Saudi Arabia and Qatari benchmarks showed only marginal gains. Dubai, down 1.6 percent, was the biggest decliner.
Source: zawya.com
Indxx Global Digital Healthcare Index Licensed by KSM Mutual Funds Ltd. for an Index Tracking Fund
July 20, 2021--Indxx is pleased to announce the licensing of their Indxx Global Digital Healthcare Index to KSM Mutual Funds Ltd. The index will serve as the underlying benchmark for KSM KTF (4D) Indxx Global Digital Healthcare Dollar Hedge (Tel Aviv: 05133418).
The Index (Ticker: IGDHIN) seeks to accurately and comprehensively measure the performance of companies that provide Digital Healthcare services and making healthcare platforms available on internet.
Source: Indxx
UAE Central Bank plans to roll out digital currency
July 13, 2021--When a central bank introduces a digital currency it is expected to support the industry as assets will back it.
The UAE central bank is planning to roll out a digital currency as part of its 2023-2026 strategy, according to state news agency WAM.
Source: zawya.com
First Abu Dhabi Bank and State Street Announce Strategic Alliance
July 12, 2021--New Service Model Designed Specifically for Institutional Investors in the Middle East and North Africa
First Abu Dhabi Bank PJSC (FAB) and State Street Corporation (NYSE:STT) today announced a new strategic alliance that leverages FAB's regional securities services expertise, incorporating the largest direct custody network in the Middle East and North Africa (MENA), and State Street's global strength and capabilities.
The alliance will create a full-service enterprise offering for institutional investors in the region. It will provide MENA investors with extensive reach into more than 100 markets around the world, an unrivalled product range servicing all major listed and unlisted asset classes, delivered by in-country client service teams in the UAE, Saudi Arabia, Kuwait, Oman, Bahrain and Egypt.
Source: State Street Corporation
IMF Executive Board Concludes 2021 Article IV Consultation with Saudi Arabia
July 8, 2021--July 8, 2021--The Saudi economy entered the COVID-19-pandemic with strong policy buffers and reform momentum. The authorities responded quickly and decisively to the crisis with a range of fiscal, financial, and employment support programs that helped cushion the impact of the pandemic on the private sector.
As the lockdown eased and the economy recovered in the second half of 2020, the government withdrew or increasingly targeted the temporary fiscal and employment support. SAMA's borrower support has been retained.
The economy is recovering well. The non-oil recovery that started in the second half of 2020 is expected to continue with non-oil growth projected at 4.3 percent this year. While central government fiscal consolidation will be a drag on growth, it is expected to be offset by higher Public Investment Fund investment and strong private demand. Real oil GDP growth is projected at -0.4 percent in 2021 as production is assumed to remain in line with the OPEC+ agreement and overall real GDP is expected to grow by 2.4 percent. Over the medium-term, growth is expected to accelerate as the economic reform agenda begins to pay dividends.
Source: IMF
Middle East and North Africa: Looking Forward
July 1, 2021--The decade following the so-called "Arab Spring" of 2010-2011 was marked by both successes and setbacks for countries of the Middle East and North Africa (MENA) region. An initial wave of reforms supported macroeconomic stability in some countries.
But the fact that youth and female unemployment remain unacceptably high reflects deep-seated human capital and governance challenges, often stemming from the influence of the state in economies.
Conflict persists in several countries, severely setting back development progress. Even prior to COVID-19, MENA was the only region in the world to see an increase in extreme poverty (measured at $1.90 per day), driven by conflicts in Syria and Yemen.
Source: worldbank.org
Egypt: EGX Shows Mixed Performance Monday, Market Cap. Loses Le 107.98 Million
June 1, 2021--The Egyptian Exchange (EGX) ended Monday's session on mixed note, losing around LE 107.98 million of market capitalization, amid foreign selling.
The benchmark EGX30 inched up 0.07 percent, or 7.48 points, to end at 10,309.06 points.
The small and mid-cap index EGX 70 rose 0.51 percent, or 11.5 points, to close at 2,278.33 points, and the broader index EGX 100 jumped 0.50 percent, or 16.12 points, to close at 3,215.84 points.
On the other hand, the equally weighted index EGX 50 decreased 3.26 percent, or 3.26 points, to end at 2,195.51 points.
Source: allafrica.com
GCC investors need to look wider for growth opportunities
May 23, 2021--Modest 2021 recovery forecasts for the GCC have increased the focus on diversification from the hydrocarbon sector, potentially opening up some less traditional growth opportunities, according to Aberdeen Standard Investments (ASI).
Source: sharjah.io
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