Middle East ETF News Older than One Year
Fickle oil prices weigh on Kuwait Stock Exchange
February 3, 2014--The KSE Market Index lost 0.30 per cent to 7,786.72 points in Monday, February 3.
Oil prices (US crude) traded 0.75 per cent lower at approximately $97.50 per barrel, weighing on the sentiment. Kuwait, which produces more crude oil per day than Algeria and Indonesia together, sources 95 per cent of its federal budget from...
Source: AME Info
QNB slips as shareholders give nod for 70 per cent cash dividend
February 3, 2014--The Qatar Exchange 20 Index finished off by 0.33 per cent at 11,137.59 points (a two-week low) on Monday, February 3.
Qatar National Bank (QNB) closed 2.50 per cent lower to QAR179.90. Earlier in the day, QNB said shareholders approved the proposal of the board of directors to distribute to shareholders a cash dividend at ...
Source: AME Info
Aldar's Yas Mall announcement fails to lift Abu Dhabi market
February 3, 2014--The Abu Dhabi market index ADXGI declined by 0.31 per cent, closing at 4,678.38 points on Monday, February 3. Market bellwether Etisalat, slipped by 0.42 per cent to AED11.65.
Earlier in the day, Aldar announced that Yas Mall's opening will coincide with the final race of the 2014 Formula One World Championship. “The race puts..
Source: AME Info
UAE and Qatar set for a new challenge after MSCI markets upgrade
January 30, 2014--When it kicks in operationally in May, the upgrade of the stock exchanges of the UAE and Qatar to emerging market status will mark a long-awaited milestone for both nations- exposing them to billions of dollars of assets under management from across the world.
But it will also be a milestone for the listings body MSCI. This country and Qatar are the first markets to be upgraded from frontier to emerging since the former status was established in 2007. In this way, the Dubai Financial Market (DFM), Abu Dhabi Stock Exchange and Doha Securities Market are trailblazers.
Source: The National
Weakening Dubai developers weigh on market index
January 30, 2014--The Dubai Financial Market General Index closed 0.60 per cent lower to 3,770.38 points amid low trading turnover on Thursday, January 30.
Market bellwether Emaar Properties ended down by 1.23 per cent to AED8 Earlier in the week, Emaar confirmed that its CEO had been exchanged, but only days after media reports hinted at a..
Source: AME Info
FGB jumps as lender joins bank earnings rally
January 30, 2014--The Abu Dhabi market index ADXGI surged by 0.90 per cent, closing at 4,702.67 points on Thursday, January 30.
First Gulf Bank (FGB), the UAE's third lender by market value, posted the biggest advance, edging up by 5.67 per cent to reach AED20.50. In 2013, FGB recorded a 15 per cent increase in net profits..
Source: AME Info
Vodafone Qatar reduces net loss on Q3
January 30, 2014--The Qatar Exchange 20 Index lost 0.78 per cent to 11,155.73 points on Thursday, January 30.
Vodafone Qatar declined by 0.26 per cent to QAR11.42. Earlier in the day, Vodafone revealed its Q3 results (the firm's current fiscal year goes from April 1, 2013, to March 31, 2014). The Q3 financial results revealed a net..
Source: AME Info
Bahrain bourse remains on the gaining track
January 30, 2014--The Bahrain All Share Index advanced by 0.35 per cent to 1,294.33 points on Thursday, January 30.
Ahli United Bank surged by 1.96 per cent to BD0.29, ending the session as a top gainer. Bahrain Telecom (Batelco) fell by 1.97 per cent to BD0.298. Gérard Al-Fil
Source: AME Info
Financials lift Tadawul bourse
January 30, 2014--The Tadawul All Share Index closed 0.65 per cent higher at 8,760.62 points on Thursday, January 30.
Saudi British Bank (SABB) surged five per cent to SAR46.50. Market bellwether SABIC slipped by 0.90 per cent to SAR111.50.
Source: AME Info
Statement at the Conclusion of the January 2014 IMF Staff Visit to the United Arab Emirates
January 30, 2014--An International Monetary Fund (IMF) mission led by Harald Finger visited the United Arab Emirates during January 22-30 to review macroeconomic and financial sector developments. The mission met with H.E. Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank of United Arab Emirates; H.E. Younis Haji Alkhoori, Undersecretary, Ministry of Finance; other senior government officials, and representatives from the business and financial community.
At the conclusion of the visit,Mr. Finger issued the following statement today in Abu Dhabi:
"Economic growth in the United Arab Emirates is expected to remain strong. The economy is estimated to have grown by 4½ percent in 2013, supported by tourism, hospitality, and real estate. The real estate sector in particular has seen a steep recovery, with prices in the Dubai residential real estate market having increased rapidly in selected areas. We expect real GDP growth to remain firm at 4½ percent this year, driven by ongoing momentum in the non-oil economy. By contrast, further growth in oil production could be limited in the context of an amply supplied global oil market. Inflation is expected to increase moderately, driven by rising rents.
"Looking ahead, growth in the coming years will benefit from a number of megaprojects and Dubai's successful bid for the Expo 2020. The total cost, pace of execution, and financing of the new megaprojects remain uncertain. If not implemented prudently, these projects could exacerbate the risk of a real estate bubble. Moreover, these projects may create additional financial risks for Dubai’s government-related entities (GREs) and the banking system in light of the still considerable debt overhang from the 2009 crisis.
Source: IMF
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