Middle East ETF News Older than One Year
Egyptian economy seen to miss gov't forecasts
October 3, 2013--Economists have said Egypt's economy is expected to only grow 2.6% in the fiscal year ending June 2014, well below the 3.5% the government expects to achieve, Reuters has reported.
"Growth prospects for Egypt's economy have continued to sour over the past few months,"" said William Jackson, an economist with Capital Economics. On Monday, planning minister, Ashraf al-Arabi repeated his government's forecast of 3.5% growth this year, up from 2% in 2012/13.
Source: AME Info
Al Baraka Banking Saudi subsidiary pays out dividends on real estate fund
October 3, 2013--The Bahrain All-Share Index slipped 0.10% to 1,194.04 points on Thursday. Islamic bank Gulf Finance House fell 3.70% to $0.13.
Its rival Al Baraka Banking Group closed flat at $0.73. Earlier in the day, Bahrain's oldest Shar'iah-compliant bank said tqan Capital paid out 3.75% in dividends to its Real Estate Income Fund-I investors on Sept. 26, representative of the first half of the second year of operations and consistent with its first year's pay out. A pay out of 7.5% of the REIF-1 fund, which was launched in 2012 had already been distributed to its investors for the first year of operation. Itqan Capital is a Saudi Arabia-based investment company licensed by the Capital Market Authority, headquartered in Jeddah, Saudi Arabia. It is a subsidiary of Al Baraka Islamic Bank (Bahrain), and a member of Al Baraka Banking Group.
Source: AME Info
Shares fall as Dubai Financial Market Company 'cannot confirm or deny' merger talks
October 3, 2013--Dubai Financial Market Company's stock fell almost 6 per cent yesterday after the region's only listed bourse said it "cannot confirm or deny" a report that its controlling shareholder had hired banks to advise on a merger with the Abu Dhabi Securities Exchange.
Speculation over such a deal first surfaced in May 2010, but no progress has been made public since the initial announcements from both bourses.
Source: The National
Saudi investors more cautious ahead of earnings season, Eid holidays
October 3, 2013--Volatility came to a standstill on Thursday in Riyadh, as the Tadawul All-Share Index closed 0.04% higher at 8,017.77.
The gauge's relative strength, MACD and Bollinger bands indicate that investors are currently quite comfortable with trading in no-man's land, as corporate results for the third quarter will start to pour in next week. Earlier in the day, Arab News reported that Saudi Arabia has invested 73% of its total reserves in securities of foreign countries, quoting Al-Eqtisadiah. "Saudi total assets reached SR2.62 trillion last August while the invested portion in foreign securities reached SR1.92 trillion," said the report. Shares of Tabuk Cement Co. slipped 0.34% to SR29.50. Earlier in the day, Tabuk said in a filing to the Tadawul market, it secured a 7-year, Islamic finance of SR500m ($135m) for the funding to finance the second phase of the establishment of a new line, which represents 45% of clinker production line of 5,000 tons per day. The Tadawul bourse informed investors today that it will be closed for trading from Oct. 10 to Oct. 20 to mark the Islamic feast of sacrifice (Eid ul-Adha).
Source: AME Info
Gulf Warehousing Company appoints group CEO
October 3, 2013--The QE 20 Index advanced 0.65% to reach 9,761.03 points on Thursday, as shares on the market in Doha gained across the board.
Gulf Warehousing Co. added 0.87%, finishing at QR40.70. Earlier in the day, the logistics provider said in a filing to the bourse its board of directors has appointed Mr. Ranjeev Menon to the position of group CEO. Menon undertook the duties of his position as of Oct. 2.
Source: AME Info
Abu Dhabi bourse gains 0.50 percent over the week
October 3, 2013--The ADX General Index slipped 0.10% to 3,857.83 points on Thursday.
Eshraq Properties as the most liquid share advanced 1.70% to hit Dhs1.20. Market bellwether Etisalat, the first telecom provider in the UAE, finished flat at Dhs11.65. National Bank of Umm al-Qaiwain dived 10% to Dhs3.15. Around 346m shares were traded, valued at Dhs643m.
Source: AME Info
Tadawul market stabilises above 8,000 points.
October 2, 2013--The Tadawul All-Share Index added 0.10% in Wednesday closing at 8,014.39 points.
Sabic as the most liquid share edged up 0.52% to hit SR97.25. Saudi Ceramic Co. gained the most, finishing 4.66% higher at SR123.50. Saudi Arabian Mining Company, known as Maaden (Arabic for 'metals') ended flat at SR28. Earlier in the day, MEED reported Maaden planned to double its workforce by 2023.
Source: AME Info
Kuwait market stuck beneath 7,800 points
October 2, 2013--The KSE Market Index fell insignificantly on Wednesday, closing at 7,717.49 points.
National Bank of Kuwait or NBK closed flat at KD0.920. Kuwait Insurance Company gained the most, ending 9% higher at KD0.300. Safwan Trading and Contracting Co. plummeted 22% to KD0.530.
Source: AME Info
Saudi dairy giant Almarai raises SR1.7bn for perpetual senior sukuk
October 1, 2013--The Saudi Stock Exchange's market index Tasi gained 0.55% to reach 8,008.54 points on Tuesday.
Market leader Sabic added 0.52%, finishing at SR96.75. Almarai finished unchanged at SR54.75. Earlier in the day, Almarai said further to its announcement published on Tadawul dated Sept. 4, with respect to its first perpetual senior Islamic bond (sukuk), it raised an amount of SR1.7bn on Sept. 30 2013. "The current issue, which was made on a floating rate basis, is a perpetual senior sukuk callable after 5 years. This issue was a private offering to sophisticated investors resident in Saudi Arabia," said Almarai.
Source: AME Info
Depa advances,DP World declines at Nasdaq Dubai
October 1, 2013--The FTSE NASDAQ Dubai UAE 20 Index lost 0.50% at 2852.48 on Tuesday.
Regional interior design firm Depa Limited gained 1.06% to hit $0.475. Dubai Ports (DP) World, the world's third biggest maritime port operator, slipped 0.87% to reach $16.01.
Source: AME Info
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