Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Abu Dhabi bourse loses the fourth day straight
May 23, 2013--The ADX General Index suffered from another session of profit booking, finishing 1.23% lower at 3,460.36 points on Thursday.
Aldar Properties was the most liquid shares declined 2.06% in value, ending at Dhs1.90. Shares of Fujeirah Cement Industries hit a near limit up (14.42% higher) at Dhs1.19.
Arabtec advances, invites shareholders to sign up for capital increase
May 23, 2013--The Dubai Financial Market (DFM) General Index ended the week with a day-loss of 0.76%, closing at 2,305.62 points.
Emaar fell to Dhs5.81 (down 1.02%). Arabtec rose by 1.70% and reached Dhs2.41. Earlier in the day, Arabtec said in a statement to the DFM it invited its shareholders to subscribe to shares of the firm's share capital increase. An EGM on 13 April 2013 decided to increase the current share capital of the Company of Dhs1,569,750,000 up to Dhs3,139,500,000 by an increase of up to Dhs1,569,750,000 through the issuance of new shares in a number up to 1,569,750,000 new shares with a nominal value of Dhs1 and an issuance premium of Dhs0.50 per share. The total issuance premium shall amount up to Dhs784,875,000. "Shareholders who are registered in the share register of the company at the DFM as at the end of the official working hours on Thursday 30 May 2013 are entitled to subscribe for the Increase shares," said Arabtec which is owned 21% by the Abu Dhabi sovereign wealth find Aabar.
Bahrain Bourse gains on IMF's GDP growth forecast
May 22, 2013-The Bahrain All-Share Index finished the trading session on Wednesday with a gain of 0.14%, closing at 1,168.86 points.
In its spring update on the Middle East and North Africa, the IMF uograded real GDP growth prospects fro the Bahrain to 4.2% for 2013 from 2.8% amid increased political stability in the Kingdom. In 2014, the IMF said Bahrain's econmy would grow by 3.3%. Shares of Inovest surged 8.93% to reach $0.305. Islamic bank Gulf Finance House hit a 1-year year, closing at $0.175.
Samba soars after Fitch afffirms Saudi bank's investment grade rating
May 22, 2013--The Saudi Stock Exchange consolidated at a 1-year high, closing 0.11% higher at 7,363.13 points.
Samba Financial Group gained 0.44% to reach a 3-week high at SR45.90. Earlier in the day, Capital Intelligence (CI), the international credit rating agency, today announced that it has affirmed the ratings of Samba. "n view of the Bank's very strong capital ratios, strong liquidity and continually improving asset quality, the Financial Strength Rating is maintained at 'AA-'", said Fitch. At year-end 2012, Riyahd-based Samba ranked as KSA's third-largest bank, with total assets of SR199bn (equivalent to $53.1bn and a market share of about 12%). By total capital (SR31.7bn) the Bank ranked fourth in size among Saudi banks. At the close of the year, Samba operated a network of 72 branches and employed 3,329 full-time direct staff (2011: 3,057).
Bahrain Bourse gains on IMF's GDP growth forecast
May 22, 2013--The Bahrain All-Share Index finished the trading session on Wednesday with a gain of 0.14%, closing at 1,168.86 points.
In its spring update on the Middle East and North Africa, the IMF uograded real GDP growth prospects fro the Bahrain to 4.2% for 2013 from 2.8% amid increased political stability in the Kingdom. In 2014, the IMF said Bahrain's econmy would grow by 3.3%. Shares of Inovest surged 8.93% to reach $0.305. Islamic bank Gulf Finance House hit a 1-year year, closing at $0.175.
Qatari shares gain across the board
May 22, 2012--The QE 20 Index added 0.54% to close at 9,085.90 points Wednesday.
Qatar National Bank (up 0.35%), Industries Qatar (0.36% higher) and Ooredoo (gainiing 1.35%) led the gauge's advance. Islamic Holding posted the biggest decline (down 2.87%).
IMF-Regional Economic Outlook Update: Middle East & Central Asia
May 21, 2013--Two years after the onset of the "Arab Spring," many countries in the Middle East and North Africa continue to undergo complex political, social, and economic transitions. Economic performance across the region was mixed in 2012: although most oil-exporting countries grew at healthy rates, economic growth remained sluggish in the oil importers.
In 2013, these differences are expected to narrow because of a scaling-back of hydrocarbon production among oil exporters and a mild economic recovery among oil importers. Many countries face the immediate challenge of re-establishing or maintaining macroeconomic stability amid political uncertainty and social unrest, but the region must not lose sight of the medium-term challenge of diversifying its economies, creating jobs, and generating more inclusive growth.
Caucasus and Central Asia: Favorable Near-Term Outlook Provides Opportunities for Reform
For the countries in the Caucasus and Central Asia region, the near-term outlook remains broadly favorable, reflecting high oil prices for the oil and gas exporters and strong non-oil commodity prices and robust remittances in the oil and gas importers. Risks to this favorable outlook could stem from still-subdued world demand, domestic political uncertainties, and geopolitical risks in the region. Policymakers, particularly in the oil-importing countries, should take advantage of the favorable outlook to re-establish fiscal policy buffers that were eroded in the aftermath of the global crisis. Across the region, countries should reinvigorate their reform efforts to address longstanding structural issues, with a view to improving governance, building an investor-friendly environment, developing a more inclusive financial system, and fostering regional trade and finance integration.
view the IMF-Regional Economic Outlook Update: Middle East & Central Asia report
Kuwait Stock Exchange bucks global markets' retreat
May 21, 2013--The KSE Market Index advanced 1.43% to close at 8,242.31 points Tuesday.
Kuwait Finance House or KFH added 1.26%, finishing at KD0.800. National Bank oF Kuwait or NBK, the country's biggest lender in relation to assets and market value, ended flat at KD0.980. [AMEInfo.com]
Islamic Finance: where next for the industry
May 21, 2013--While the comeback of stock market rallies investment banking, the Shari'ah-compliant industry faces its toughest test since it entered its boom phase a decade ago.
I got puzzled when I received a tweet from @Worldmuslimnews on May 11 saying "Islamic finance is out". Are issuances of Islamic bonds (sukuk) not going through the roof as we can read day by day? Could first quarter results published by Islamic financial institutions (IFIs) be better? Inspecting the tweet I realized with relief that @Worldmuslimews simply announced the latest edition of an electronic newspaper on Shari'ah banking.
Dar Al Arkan slips as developer kicks off sukuk roadshow
May 21, 2013--The Tadawul All-Share Index ended up 0.66% at 7,355.27 Tuesday.
While market heavyweight Sabic gained 1.62% to hit SR94.25, Dar Alarkan Real Estate Development Company fell 0.56% to SR8.90, after hitting an 8-month high last Saturday. Dar Alarkan started a roadshow to raise $500m through a greenback bond. The firms said yesterday it will laucnh the Islamic bond through several tranches within the next 12 months. The developer which plans to build 50,000 houses in the Kingdom until 2017 has appointed Bank Al Khair, Goldman Sachs, Deutsche Bank, Emirates NBD, Masraf Al Rayan and Qatar's Qinvest to manage the first tranche issuance. Saudi Arabia, the biggest GCC country by population, has a housing gap of 5 million units
