Middle East ETF News Older than One Year
KSA's Gulf General Coop Insurance with new acting CEO
July 30, 2013-The Tadawul All-Share Index rose 0.90% to reach 7,863.83 points on Tuesday.
Zain KSA was the most liquid share (up 0.50% at SR10.20). Gulf General Cooperative Insurance Company closed unchanged at SR44.90. Earlier in the day, the insurance firm said it appointed Geoffrey Blofeld as Acting CEO as of July 30 2013. "Mr. Blofeld has a great experience in the Insurance industry which allowed him to take over top executive levels in many insurance companies in the region such as the New Omani Insurance and Re-insurance Company, Omani Qatari Insurance Company and Saudi National Insurance Company," said the firm in a filing to the Tadawul bourse.
Source: AME Info
KSA's Gulf General Coop Insurance with new acting CEO
July 30, 2013--The Tadawul All-Share Index rose 0.90% to reach 7,863.83 points on Tuesday.
Zain KSA was the most liquid share (up 0.50% at SR10.20). Gulf General Cooperative Insurance Company closed unchanged at SR44.90. Earlier in the day, the insurance firm said it appointed Geoffrey Blofeld as Acting CEO as of July 30 2013. "Mr. Blofeld has a great experience in the Insurance industry which allowed him to take over top executive levels in many insurance companies in the region such as the New Omani Insurance and Re-insurance Company, Omani Qatari Insurance Company and Saudi National Insurance Company," said the firm in a filing to the Tadawul bourse.
Source: AME Info
Qatar bourse gains despite Industries Qatar share price dip
July 30, 2013--The Doha-based QE 20 Index ended up 0.28% at 9,667.36 points.
Market bellwether Industries Qatar fell 2.90% to QR158.20. Earlier in the day, IQ said its reviewed semi-annual statement revealed a net profit of QR4.6bn in comparison to QR4bn for the same period last year. IQ has with interests in the production of petrochemical, fertiliser and steel products. Abdulrahman Ahmad Al-Shaibi, Chief Coordinator IQ said "The robust year-on-year financial results can be primarily attributed to strong sales volumes following the launch of the group’s new facilities in the petrochemical and fertiliser businesses, and resilient petrochemical and steel EBITDA margins."
Source: AME Info
Agthia shares up and away as sales boost H1 profit
July 30, 2013--The ADX General Index closed 0.40% higher at 3,822.40 points on Tuesday.
Agthia Group PJSC, one of the UAE’s biggest food and beverage groups, soared 1.83% to hit Dhs3.34. Agthia achieved in the first six months a net profit of Dhs87m, an increase of 56 percent from a year earlier, "due to higher sales and improved margins," the firm said in an e-mailed statement. Abu Dhabi National Hotels lost the most (down 9.24% at Dhs2.16). Some 123m shares worth Dhs258m changed hands.
Source: AME Info
IMF United Arab Emirates: Selected Issues Report
July 30, 2013--MACROPRUDENTIAL POLICY IN THE UNITED ARAB EMIRATES
A. Introduction
1. The global financial crisis triggered major changes in the approach to financial regulation with the recognition that in order to ensure macroeconomic stability, economic
policy has to include financial stability as an additional objective.
The crisis highlighted the need for a better understanding of macrofinancial linkages and underscored the importance of macroprudential policies in addition to microprudential regulation and supervision, as well as strong fiscal and monetary policy frameworks.
A general goal of macroprudential policy is to limit the risk of systemwide distress that has significant macroeconomic costs (Borio and Drehmann, 2009). The other major objective is to strengthen the resilience of the financial system to shocks. It is important to note that macroprudential policy complements but does not substitute for sound microprudential and macroeconomic policies.
2. In small open economies with fixed exchange rate regimes in particular, risks are not easily contained by traditional monetary policy instruments. Instead, they require more targeted prudential intervention that acts more directly to constrain excessive credit and leverage as well as exposure to aggregate shocks, such as changes in exchange rates and asset prices. The challenge of containing financial risks is exacerbated in commodity-based economies that are subject to potentially large swings in commodity prices, thus the use of macroprudential tools can be particularly helpful.
view the IMF United Arab Emirates: Selected Issues Report
Source: IMF
Kuwait bourse drops on post-election day
July 29, 2013--The KSE Market Index fell 0.38% to 8,080.18 points on Monday, the day after a new parliament was elected in the Northern Gulf state.
Yesterday's pols saw Shia deputies losing more than half of their seats, while liberals made slight gains. Shares of National Bank of Kuwait lost KD0.10, closing at KD0.910. Alnawadi Holding gained the most (up 8.47% at KD0.128).
Source: AME Info
Dubai property boom boosts Emaar Q2 profit
July 29, 2013--At the Dubai Financial Market (DFM), shares of market heavyweight Emaar Properties, builder of the world's tallest tower Burj Khalifa (828 meters) gained 0.17% on Monday, closing at Dhs5.74.
After the DFM's closing bell, Emaar said it clocked in the first half 0f 2013 a net profit of Dhs1.231bn ($335.7m), up 1% year on year. The Q2 net income amounted to Dhs675m ($184m), up 10 percent year on year, and 21 percent higher quarter on quarter. The divisions hospitality, leisure, shopping malls and retail businesses of Emaar contributed 45 percent to the group's total revenues of Dhs2.326bn ($633m). Mohammed Alabbar, chairman Emaar, said "The remarkable gains made by these three core businesses (real estate, hospitality, retail business) also underscore Emaar’s contribution to the socio-economic growth of Dubai by catalysing the key economic sectors including retail, hospitality, tourism and construction." Emaar shares posted an 80.61% 12-month return.
Source: AME Info
Egypt reports 2.2% GDP growth in Q2
July 28, 2013--Egyptian finance ministry has said the second quarter of 2013 saw a 2.2% growth of the country's gross domestic product (GDP), Daily News Egypt has reported.
The increase, however, was less than the first quarter, which saw an increase of 2.4% of the GDP, the ministry said. "Between May and July 2013, the budget deficit rose to 11.8% to reach EGP204.9bn, compared with EGP136.5bn during the same period last year," it said. "In addition, it is expected that the budget deficit reaches 9.1% as a percentage of GDP during the fiscal year budget 2014/2013, to become approximately EGP186bn," the ministry said in its report.
Source: AME Info
CFTC Announces that Mandatory Clearing of iTraxx CDS Indices for Category 2 Entities Begins Today
July 25, 2013--The Division of Clearing and Risk (Division) of the Commodity Futures Trading Commission (Commission) announces that the second phase of required clearing for certain iTraxx credit default swap (CDS) indices begins today for Category 2 Entities.
Category 2 Entities include commodity pools, private funds, and persons predominantly engaged in activities that are in the business of banking, or in activities that are financial in nature, except for third-party subaccounts. These entities are required to begin clearing iTraxx CDS indices that are subject to the clearing requirement under section 2(h) of the Commodity Exchange Act (CEA) and Regulations 50.2 and 50.4(b) executed on or after July 25, 2013.
Source: AME Info
Tadawul bourse, SABIC finish the week flat
July 25, 2013--The Tadawul All-Share Index closed on Thursday insignificantly lower at 7,770.45 points.
Market breadth turned in to the red as 44 shares advanced while 95 declined. The world's first producer of petrochemicals (and metals) Sabic closed unchanged at SR93.50. Islamic insurance firm Al Jazira Takaful gained the most (up 9.93% at SR16.05). Gulf Union Cooperative Insurance Company posted the biggest drop (off 7.31% at SR27.90).
Source: AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
