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Saudi Arabia pours $4.7bn into State Street ETFs
August 18, 2020--Saudi Arabia's sovereign wealth fund, the Public Investment Fund, poured nearly $4.7bn into three State Street Global Advisors exchange traded funds during the second quarter.
PIF has built positions of $1.6bn in the $2.3bn Real Estate Select Sector SPDR, $1.9bn in the $12bn Utilities Select Sector SPDR and $1.2bn in the $3.3bn Materials Select Sector SPDR, disclosures show.
The stakes were assembled between the end of March and the end of June, and mean the Saudi fund has joined other government investors such as the US Federal Reserve in deciding to pump assets into ETFs.
Chimera Capital lists ETF in Dubai, Abu Dhabi stock exchange
August 17, 2020--The Index is structured and built by S&P and monitored by a Shariah board
Abu-Dhabi-based asset management firm and subsidiary of Chimera Investments,, Chimera Capital, listed its Umbrella Exchange Traded Fund (ETF)-Chimera S&P UAE Shariah ETF-on Abu Dhabi Securities Exchange and Dubai Financial Market.
The fund replicates the S&P UAE Domestic Shariah Liquid 35/20 Capped Index, including the UAE largest stocks by market capitalization. The Class B units have been listed on the DFM under the trading symbol (CHAESHIN).
Markaz announces net loss of KD 10.05 million in H1 2020
August 15, 2020--Kuwait Financial Centre "Markaz" reported its financial performance for the first half of 2020, with revenue of KD (1.71) million as compared to KD 12.47 million in H1 2019. Net Loss attributable to shareholders of Markaz was KD (10.05) million for H1 2020 reflecting an EPS of (21) Fils.
The decline in revenue and profits is attributable mainly to the unprecedented events witnessed during the first half of the year due to the spread of the COVID-19 pandemic across the world. The GCC equity market growth momentum that we saw last year dissipated in February 2020, with the rise in cases of COVID-19 adding further pressure on oil prices.
Saudi stock exchange Tadawul to launch environmental index with MSCI,, says CEO
August 12, 2020--Saudi Arabia's stock exchange (TADAWUL) plans to launch an environmental, social or governance (ESG) index in cooperation with global index provider MSCI by the fourth quarter of this year or first quarter of 2021, the bourse's chief executive said on Wednesday.
The index will include at least 70 Saudi listed companies and will be based on MSCI standards, Khalid Al-Hussan said at a virtual event.
Nasdaq, DGCX sign landmark technology agreement
August 10, 2020--The marketplace solutions, delivered via the Nasdaq Financial Framework, include multi-asset trading and real time clearing capabilities.
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Most GCC stock markets gain in July on rising oil prices, easing lockdown
August 3, 2020--The S&P GCC composite index surged 1.7% during the month
Most GCC stock markets made gains in July as lockdown restrictions were eased and oil prices climbed, a monthly report by Kuwait Financial Centre 'Markaz' revealed.
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GCC corporates manage liquidity, but oil price, COVID-19 troubles remain: S&P
July 22, 2020--GCC corporates manage liquidity, but oil price, COVID-19 troubles remain: S&P
A number of corporates fully drew their available revolving credit facilities to hold on to cash, according to the ratings agency
Corporations and infrastructure players in the GCC successfully managed liquidity during the pandemic despite a weak operating environment.
However, a severe global credit downturn caused by the COVID-19 pandemic has affected the scope of recovery of many sectors in the economy, leading to negative employment trends and consumer spending, global ratings agency S&P said in a report.
As soon as the possibility of a lock down became a reality, a number of corporates fully drew their available revolving credit facilities to hold on to cash and manage uncertainty around the pandemic and business continuity.
Five Charts That Illustrate COVID-19's Impact on the Middle East and Central Asia
July 16, 2020--As many countries in the region begin to gradually reopen, policymakers will be tasked with mitigating the ongoing public health threat while also taking steps to rebuild economies and ensure that adequate social safety nets are in place.
"The immediate actions countries in the region took as COVID-19 began sweeping the globe helped save lives," said Jihad Azour, director of the IMF's Middle East and Central Asia Department. "Ensuring health systems are strong and well0resourced remains essential as countries consider what kind of economies they want to build for the future. The IMF will work with countries to help facilitate the economic recovery and aid the millions of people whose livelihoods have suffered in the pandemic's wake."
IMF-Regional Economic Outlook Update: Middle East and Central Asia
July 13, 2020--The Middle East and Central Asia (MCD) region has reacted to the global COVID-19 pandemic with swift and stringent measures that have saved lives. However, these policies have also had a large impact on domestic economic activity. With several countries in the region beginning reopening in past weeks, and a recent uptick in activity, rising infection numbers may pose risks. A sharp decline in oil prices together with production cuts among oil exporters and disruptions in trade and tourism added further headwinds.
As a result, growth in the region is now projected at -4.7 percent in 2020, 2 percentage points lower than in April 2020. The unusually high level of uncertainty regarding the length of the pandemic and its impact on firm closures, the resulting downside risks (including social unrest and political instability), and potential renewed volatility in global oil markets dominate the outlook.
Finance shake-up with Saudi derivatives market to launch in Q3
July 10, 2020--Launch of futures contracts to be made before the end of the third quarter of this year
Saudi Arabia's Capital Market Authority (CMA) plans to launch a derivatives exchange in the latest move to modernize the Kingdom's financial landscape.
An announcement about the launch of futures contracts will be made before the end of the third quarter of this year, Asharq Al-Awsat newspaper reported, citing CMA Chairman Mohammed El-Kuwaiz.
