Middle East ETF News Older than One Year
Saudi economy to bounce back in 2021; S&P affirms A-/A-2 ratings
September 27, 2020--'Relatively strong' government, external balance sheets to support ratings
Ratings agency S&P has affirmed Saudi Arabia's sovereign ratings at A-/A-2 with a stable outlook, as it expects the kingdom to begin to bounce back from the slump caused by the coronavirus pandemic and low oil prices in 2021.
Source: zawya.com
Saudi inflation will remain high until mid-2021, hampering economy
September 17, 2020--The kingdom's headline inflation rate for August is the highest inflation reading since 2011.
Saudi's high inflation will remain elevated until the middle of next year and, combined with the suspension of the Cost of Living Allowance, will act as a major drag on households' real incomes, according to UK-based Capital Economics.
Based on these factors, the research firm has also warned of a weak economic recovery.
Source: zawya.com
Wealthy investors in Middle East prefer ESG investments-UBS
September 16, 2020--Wealth manager says sustainable investments can deliver similar or higher returns to traditional portfolios
The world's biggest wealth manager, UBS, said that sustainable investments are now the firm's preferred solution for private clients investing globally. UBS claims that it is the first major global financial institution to make this recommendation.
Source: zawya.com
Middle East's fintech market poised for growth despite COVID-19: KPMG
September 8, 2020--Investor interest remains strong despite overall slowdown in deal activity
Investor interest in the Middle East's fintech sector remains strong despite the uncertainty arising from the coronavirus pandemic.
The latest analysis from KPMG revealed that markets in Europe, Middle East and Africa (EMEA) saw deals worth $4.6 billion in the first half of 2020, with the region sprouting new early-stage fintech hubs. Across the globe, fintech investments hit $25.6 billion through the 1,221 deals recorded from January to June this year.
Source: zawya.com
Saudi GDP fell in Q2 and economic recovery will be slow-report
September 8, 2020--Saudi Arabia's economic recovery has faltered in recent months and it is likely to remain gradual, with Capital Economics, a London-based ecnomic research firm, estimating that the kingdom's GDP fell by 13 percent y-o-y in Q2.
Jason Tuvey, Senior Emerging Markets Economist, said, "Overall, after recording a contraction of 1.0 percent y-o-y in Q1, we estimate that the Saudi GDP fell by 13 percent y-o-y in Q2 (data due in late September).
Source: zawya.com
All GCC stock markets gain in August despite Q2-2020 earnings setback
September 2, 2020--Saudi Arabia and Oman benchmark indices had lowest YTD-2020 declines, says Kamco Invest
Source: zawya.com
GCC stocks in financial and real estate sectors most impacted by COVID-19, consumer non-cyclicals and utilities most resilient: Markaz
September 1, 2020--S&P GCC composite lost 15% for the year until July-end
Kuwait Financial Centre "Markaz" recently released its report titled 'Pandemic Resistant GCC Stocks' Markaz report stated that, the year 2020 has been a difficult one for GCC Stock markets and companies.
Coronavirus outbreak had the investors reeling as markets globally plunged. GCC markets were no different as the benchmark index - S&P GCC Composite lost 15% for the year until July-end. As investors await earnings report to understand the full picture of business implications, Markaz analyzed the stock performance to separate the winners and losers in the GCC markets.
Source: zawya.com
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.
Source: technocodex.com
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).
Source: zawya.com
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.
Source: menafn.com
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