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Saudi bourse extends record-long gaining streak
June 5, 2013--For the 8th consecutive session, the Tadawul All-Share Index added value, closing half a percentage point higher at 7,613.35 on Wednesday.
Food and beverages producer Savola Group gained the most, finishing up 5.26% at SR52. Sabic fell 0.53% to SR94.50. Mobile Telecommunications Company Saudi Arabia, better known as Zain KSA, declined by 1.52% to SR9.70. Earlier in the day, Zain KSA said it has completed a new SR2.25bn long-term borrowing facility with three years maturity. This facility was provided by a syndicate of Arab National Bank, Banque Saudi Fransi, Gulf International Bank and Samba Financial Group. "This facility is subordinated to the main Murabaha facility amounting to SR9bn ($2.4bn), and will benefit from an unconditional and irrevocable guarantee by Zain KSA," said the telecom provider. On May 29, the maturity of the Murabaha (Islamic cost-plus financing) facility which was due on that day had been extended to June 26 2013 by the creditors.
Qatar Navigation gets nod for 5pct share re-purchase
June 5, 2013--The QE 20 Index ended Wednesday 0.05% lower at 9,305.81 points.
Qatar Navigation or Milaha (Arabic for navigation) jumped 4.12% to reach QR78.40. Milaha said it has received an approval from the Qatar Financial Markets Authority (QFMA) with regards to the company’s share re-purchase program. "Milaha’s Board of Directors had previously approved the share re-purchase program of up to 5% of the outstanding shares of the company," the firm said in an e-mailed statement. Milaha plans to fund this re-purchase by using its significant investment portfolio.
Aldar shares rebound ahead of Al Isra Wa Al Miraj
June 5, 2013--The ADX General Index closed 0.76% to reach 3,599.29 points ahead of the long weekend.
Aldar Properties bounced back by 2.29% to reach Dhs2.23. Dana Gas lost 1.67% to Dhs0.59. Like in Dubai, tradng volumes plummeted as 148.5m shares were traded, valued at Dhs276.8m.
Dubai-listed shares swing between gains and losses
June 5, 2013--The Dubai Financial Market General Index ended a rollercoaster week 0.22% higher at 2,421.64 points on Wednesday.
Those investors who went long, betting for a rebound were desperately struggling to lift the gauge into the green in the last hour of trading, and they succeeded to do so despite sustained selling pressure on the bourse's bellwether Emaar Properties which ended off 1.70% at Dhs5.79. Arabtec surged 3.33% to hit Dhs2.17. The UAE's first construction firm said it won a contract worth Dhs810m ($221m) to build a 5-star hotel and serviced apartments in the Business Bay in the heart of Dubai. The 2-year project is set for completion by Q2 2015. Arabtec also said it targets a dividend payout of 10% p. a. DFM, the sole Arab market listed on an exchange, was the most liquid share, finishing 3.06% higher at Dhs2.03. Thirteen shares advanced, while 11 declined. On the occasion of Al Isra Wa Al Miraj, it has been decided that Thursday June 6 is an official holiday for the DFM. Trading will resume on Sunday, June 9.
No let-up at buoyant Bahrain Bourse
June 5, 2013--The Manama market measure ended up 0.72% at 1,209.32 points on Wednesday.
National Bank of Bahrain or NBB advanced 8.33% to hit BD0.65. Islamic financial institution Al Salam Bahrain ended off 1.92% to BD0.102.
UAE economy is 'impressively resilient': HSBC
June 4, 2013--According to the HSBC UAE Purchasing Managers' Index, business activity in the UAE's non-oil private sector rose to a three-month high in May as growth in new orders improved, Reuters has reported.
The index, which measures the performance of the manufacturing and services sectors, grew to 55.3 points last month from 54 in April. “The UAE is proving to be impressively resilient, gaining speed even as other emerging markets have softened,” said Simon Williams, chief economist for the Middle East at HSBC. “I expect activity to slow into the summer months, but the good readings for new orders and employment suggest the underlying economy is well placed to maintain momentum, and that any moderation will be muted,” he said.
Saudi Arabia's Sipchem, Sahara Petrochemical eye merger
June 4, 2013--A volatile but resilient Saudi market index Tasi closed the trading session on Tuesday 0.26% higher at 7,576.63 points.
Sahara Petrochemical gained 0.67% to reach SR15, while Saudi International Petrochemical Co. (Sipchem) ended up 2.74% at SR22.50. After the closing bell rang at the Riyadh bourse, both firms said they would undergo a feasibility study to merge. "Both Companies in the next five months starting today will undergo technical, financial, and regulatory studies."
Banking rally continues at Bahrain Bourse
June 4, 2013--The Manama-based Bahrain All-Share Index advanced the 6th day straiyght on Tuesday, closing 0.15% higher at 1,200.69 points.
Islamic investment bank Gulf Finance House added another 2.78%, reaching $0.185. On Monday, GFH said Khaleeji Commercial Bank (up 8.16% at BD0.053) in which it owns the majority has signed a Memorandum of Understanding with Bank Al Khair, an Islamic Bank incorporated in Bahrain, "to evaluate the feasibility of merging the two institutions into a larger financial institution." Aluminium Bahrain, known as Alba, slipped 0.93% to BD0.535. Alba's two UAE rivals DUBAL and Abu Dhabi-based EMAL announced on Monday theyr would merge to form the world's 5th biggest aluminium production firm. Under the terms, the $15bn jount venture Emirates Global Aluminium is created through EMAL's mother compant Mubadala Development Co., which acquires a stake in state-owned Dubal.
Transforming Arab Economies: Towards Knowledge and Innovation-Driven Development Strategies
June 4, 2013--A new World Bank-CMI-EIB and ISESCO report titled "Transforming Arab Economies: Traveling the Knowledge and Innovation Road" shows how an economy based on innovation and knowledge can help promote greater economic growth and spur competitiveness.
The report, launched today in Rabat at an event organized with the Islamic Educational, Scientific and Cultural Organization (ISESCO), underlines that greater investment in a knowledge-economy model will be needed to meet the job creation challenge common to the region.
“We hope this report can help countries of the Arab world imagine a new kind of development strategy with a knowledge and innovation-driven model at its very heart,” said Inger Andersen, Vice President for the Middle East and North Africa at the World Bank. “The report lays out helpfully how this approach can help Arab countries diversify their economies and innovate, creating new enterprises and jobs.”
view moreview the "Transforming Arab Economies: Traveling the Knowledge and Innovation Road” report
Egyptian economy up 2.2% in Q1
June 4, 2013--Egyptian planning ministry has said the country's economy grew by 2.2% in the first quarter of 2013, unchanged from the previous quarter but slower than the 5.2% recorded a year earlier, Reuters has reported.
In the nine months to end-March, gross domestic product rose by 2.3%, up from 1.8% from the same nine months a year earlier, the ministry said. Egypt's financial year begins on July 1.
