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Union Properties rise to near 4-year high
September 12, 2013--The DFM General Index gained 0.27% to 2,538.56 n Thursday.
Over this most volatile trading week, the Dubai market measure gained 7.9% after a Russian initiative to solve the Syrian crisis triggered a relief rally on Tuesday. Shares of district cooling specialist Tabreed gained the most (up 3.03% at Dhs2.38), while Union Properties added 2.13% to reach Dhs0.672, the highest level since Jan. 2010. Earlier in the week, global real estate consultant Knight Frank said Dubai property prices rose most in the world in the period from June 2012 to June 2013, advancing by an an average of 21.7%. Emaar remained "nailed" at Dhs5.75, the second day straight that the UAE's first developer ended even. Around Dhs480m worth Dhs600m changed hands.
Al Salam Bank snatches stake in Saudi education company
September 11, 2013--The Bahrain All-Share Index declined by 0.11% to 1,183.59 points on Wednesday.
Al Salam Bank-Bahrain lost 2.15% to BD0.091. Earlier in the day, the Islamic bank said it acquired an equity stake in the Education Experts Company for Education & Training, one of the fastest growing education companies in the Kingdom of Saudi Arabia. Mr. Abdullah bin Mansour Al Qahtani, Chairman of the Education Experts Company expressed pleasure in partnering with the Bank, saying that "we endeavor, with Allah's guidance, to position the Company as the most trustworthy and professional expert centre in planning and implementing education and training projects in the Gulf and the Middle East."
CMA to authorise exchange traded funds
September 11, 2013--Egypt’s Capital Market Authority (CMA) stated Wednesday its goal to authorise exchange traded funds during the last quarter of the current fiscal year, in an attempt to to increase liquidity and attract new investors onto the local market.
Sharif Sami, Chairman of the Egyptian Financial Supervisory Authority (EFSA), said in a phone interview with Reuters: "I don’t think it will take more than two or three weeks to activate exchange traded funds on the Egyptian market; however our stated goal is to do so during the fourth quarter of the current fiscal year, if no unforeseen events prevent us from doing so."
DP World shares rise to 3-week high
September 11, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed on Wednesday 0.40% higher at 2712.19 points.
Shares of market bellwether DP World surged 2.83% to hit $16. After the market's closure, DP World chairman Sultan Ahmed Bin Sulayem said at the ongoing 3rd UAE counter-piracy summit in Dubai, DP World would be ready to invest in Somalia "if there is any help on the ground in need". DP World has been running operations in Somalia's northern neighbor Djibuti since 2000. The company has been supporting the fight against piracy since the summit's inception in 2011. According to Bin Sulayem due to the end of the civil war in Somalia and because of international efforts to fight piracy, attacks on ships have declined by 80 percent off the Somali coast in the last two years. The two-day summit will run through Thursday.
Northern Trust expands in Middle East
September 10, 2013--Northern Trust is expanding its global footprint with the opening of an office in Riyadh,
capital city of the Kingdom of Saudi Arabia, to serve its growing Middle East client base and to support opportunities for continued new business in the region.
CMA eyes expansion of Saudi sukuk market
September 10, 2013--Saudi Arabia's Capital Market Authority (CMA) has said it plans to expand the country's market in Islamic bonds by making it easier for companies to issue sukuk, Reuters has reported.
"We are not satisfied with the current situation of the sukuk market. It does not exceed 3% of gross domestic product," while overseas debt markets can account for 50 to 100% of GDP, said head of the CMA, Mohammed bin Abdulmalik Al al-Sheikh.
Almarai gets shareholders' nod for capital increase
September 10, 2013--The Tadawul All-Share Index jumped 2.9% to hit 7,864.56 points on Tuesday.
Shares of dairy food and beverages producer gained 1.37%, finishing at SR55.50 points. Earlier in the day, Almarai said shareholders approved the proposed increase in the share capital from SR4bn to SR6bn, representing an increase of 50% by issuing 200m shares totalling SR2bn. "This will increase the number of shares from 400m shares to 600m shares through the distribution of one bonus share for every two outstanding shares for existing shareholder", said Almarai in a filing to the Saudi Stock Exchange.
Bahrain Bourse fails to join GCC rally
September 10, 2013--While many GCC bourses rose the most in months or even in years on Tuesday on bets on a diplomatic solution in Syria, the Bahrain All-Share Index added a tiny 0.44%, closing at 1,184.91 points.
Islamic bank Gulf Finance House jumped 8.70%, closing at $0.125. Its rival Ithmaar Bank advanced 2.13% to hit $0.24. All traded shares in Manama landed in the green.
Egypt: Can Islamic Bonds Save the Economy?
September 10, 2013--Egypt is trying to attract foreign investors through Islamic bonds. But while others are cautiously optimistic, some are highly sceptical of the measure.
This May, in what would turn out to be one of its last actions, the Egyptian government under Mohamed Morsi approved a law allowing the state to issue Islamic bonds
DP World shares buck UAE downtrend
September 9, 2013--The FTSE NASDAQ Dubai UAE 20 Index fell by 1.82% to close at 2,500.65 points on Monday.
The gauge measures tracks 20 liquid stocks listed on the Dubai bourse DFM, the Abu Dhabi Securities Exchange ADX and Nasdaq Dubai. It has been designed as a hedging and investment mechanism for GCC and international investors. Shares of Dubai Ports (DP) World soared 2.40 percent to reach $15. Earlier last week, the world's third biggest port operator in relation to assets reported a 9 percent increase in half-year net profits, amounting to $264m.
