Middle East ETF News Older than One Year
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
NBAD shares dip as net income growth lags behind rival
January 29, 2014--The Abu Dhabi market index ADXGI surged 1.63 per cent, closing at 4,660.74 points on Wednesday, January 29.
The biggest lender of the sheikhdom, National Bank of Abu Dhabi (NABD), declined by 1.56 per cent to AED15.80. On Tuesday, NBAD said its net income in 2013 climbed by 9.3 per cent, amounting to AED4.73 billion...
Source: AME Info
Qatari stocks gain across the board
January 29, 2014--The Qatar Exchange 20 Index edged up by 0.65 per cent to 11,243.35 points on Wednesday, January 29.
Qatar National Bank advanced by 1.86 per cent to QAR186.40. Mannai Corporation dived by 2.87 per cent to QAR98.10, finishing as the top loser. Gulf Drilling International (GDI) fell by 0.77 per cent to QAR77.40. Earlier in...
Source: AME Info
Batelco net income dives on acquisitions
January 29, 2014--The Bahrain All Share Index closed 0.95 per cent higher at 1,289.87 points on Wednesday, January 29.
Bahrain Telecom (Batelco) jumped by 3.40 per cent to BD0.304. Earlier in the day, Batelco said its net profits of BD43.6 million ($115.6m) from BD60.3m (US$160m) for 2012 -a decrease of 28 per cent year over year..
Source: AME Info
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