Middle East ETF News Older than One Year
Italy's Azimut and China Universal team up on Abu Dhabi ETF link
December 19, 2024----Azimut will launch a fund in Abu Dhabi to invest in a China Universal ETF in Shanghai and vice versa
Fidelity Investments will become the first asset manager to convert an index mutual fund into an ETF, according to industry analysts.
Italian asset manager Azimut Group and China Universal Asset Management are teaming up to launch an exchange traded fund that will be listed in Abu Dhabi as well as a second ETF in Shanghai to give Chinese and United Arab Emirates investors access to each other’s equities markets.
Source: ft.com
IMF-Kuwait: Selected Issues
December 9, 2024-Summary
The economy remains in recession, but a recovery has begun in the non-oil sector, and inflation is moderating. Lower oil prices and production have weakened the external and fiscal balances, while financial stability has been maintained.
The risks around the outlook are skewed to the downside, but substantial financial buffers are a source of resilience to external shocks.
These are accumulating share classes in which the returns are reinvested.
Source: IMF.org
BlackRock gets Abu Dhabi license to tap into region's capital markets
November 18, 2024--The US asset manager's Abu Dhabi move comes weeks it announced plans to set up its regional headquarters in Saudi Arabia
The world's biggest asset manager BlackRock Inc has obtained a commercial license in Abu Dhabi and has revealed plans to seek regulatory approval to operate in the Abu Dhabi Global Market (ADGM).
The news comes weeks after the US asset manager, with $11.4 trillion in AUM, announced its plans to set up its regional headquarters in Saudi Arabia.
BlackRock said the Abu Dhabi move will allow it to work with sovereign wealth funds, wealth managers and investment vehicles based in the UAE capital, with a focus on AI infrastructure and transition focused solutions.
Source: zawya.com
Mideast Stocks: Saudi bourse falls on oil; Qatar gains
November 10, 2024--Saudi Arabia's benchmark index fell 0.2% in a choppy trade
Saudi Arabia's stock market ended slightly lower on Sunday after a fall in oil prices at the end of last week, while banking shares helped lift Qatar's benchmark index.
Saudi Arabia's benchmark index <.TASI> fell 0.2% in a choppy trade, hit by a 4.6% fall in ACWA Power Company <2082.SE> and a 3.3% decline in Saudi Arabian Mining Co <1211.SE>.
Oil prices-a catalyst for the Gulf's financial markets- settled more than 2% lower on Friday as traders grew less fearful of prolonged supply disruptions from a hurricane in the U.S. Gulf of Mexico, while China's latest economic stimulus packages failed to impress some oil traders.
Source: zawya.com
ETF tracking HK-listed equities debuts on Saudi Exchange
November 1, 2024--A new exchange-traded fund (ETF) tracking Hong Kong-listed stocks,the SAB Invest Hang Seng Hong Kong ETF,has debuted on the Saudi Exchange on Thursday,following the launch of Saudi Arabia's first ETF tracking the Hong Kong equity market on the Saudi bourse on Wednesday.
Observers said the listings marked a milestone in strengthening the financial connections between the Chinese and Middle East markets.
Source: globaltimes.cn
Duo dream big with Abu Dhabi's first tokenised treasuries fund
October 31, 2024--Fund launched on ADGM
Blockchain-based token
Targeting crypto users
The first tokenised treasury bill fund licensed in the Abu Dhabi Global Market launched on Thursday, with its creators hoping to attract $100 million from investors within a year.
Such funds buy United States treasuries, which are US government bonds, and then create a blockchain-based token to represent these assets, thereby enabling digital, fractional ownership that may prove more liquid and accessible.
Source: agbi.com
UAE non-oil economy to grow 4% in 2025, driven by a surge in investment inflows
October 18, 2024-Non-oil growth will drive the UAE's economy in 2025, with a 4% growth projection, driven by higher investment inflows, which will partly be channelled through the financial and real estate markets.
The 'UAE Macro Outlook' by the National Bank of Kuwait (NBK) also highlights a robust expansion in private credit in 2024 that will maintain a positive momentum next year, coupled with a looser monetary policy, low inflation and a rising population that will prove supportive of consumer activity over the forecast period.
Source: zawya.com
Modest Growth Forecast for Economies in the Middle East and North Africa Amid Rising Uncertainty
October 16, 2024--While GDP is subdued in 2024, accelerating reforms would spur inclusive growth
Growth continues to be subdued in the Middle East and North Africa (MENA) because of uncertainties heightened by the conflict in the region, says the World Bank in its latest semi-annual MENA Economic Update, entitled Growth in the Middle East and North Africa.
The report forecasts the region's overall gross domestic product (GDP) growth to rise modestly to 2.2 percent in 2024 in real terms, up from 1.8 percent in 2023. This uptick is driven by Gulf Cooperation Council (GCC) countries, where growth is projected to rise from 0.5 percent in 2023 to 1.9 percent in 2024. In the rest of MENA, growth is expected to decelerate. Oil importers' growth is forecast to slow from 3.2 percent in 2023 to 2.1 percent in 2024, and that of non-GCC oil exporters to decline from 3.2 percent to 2.7 percent.
Source: worldbank.org/
Saudi Arabia leads in stock lending as short selling grows
September 25, 2024--Short selling requires stock lending
Lending fee revenue rising
Saudi companies dominate
Saudi Arabia is the Middle East's most active market for stock lending- an important part of the process of short selling-and demand from borrowers is likely to increase as more sophisticated investors start trading, new research suggests.
In stock lending, an entity-usually a broker or financial institution-pays a fee to borrow shares in a company from an investor in that company. The borrower uses the shares for short selling or other hedging strategies.
Source: agbi.com
ADX logs $506.4mln in ETF trading Jan-Aug 2024
August 30, 2024-The total value of ETF trading on the exchange reached AED1.863 billion in the first eight months of 2024
The Abu Dhabi Securities Exchange (ADX) has recorded significant value and volume of trading in exchange-traded funds (ETFs) since the beginning of this year, making it the most active and liquid ETF market in the Middle East and North Africa (MENA) region.
According to data obtained by the Emirates News Agency (WAM) from ADX, the total value of ETF trading on the exchange reached AED1.863 billion in the first eight months of 2024.
This strong activity and significant growth reinforces ADX's position as a preferred destination and a major regional hub for ETFs, while supporting its ambitious goals of attracting and listing ETFs from global issuers.
Source: zawya.com
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