Middle East ETF News Older than One Year
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.
Source: AME Info
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."
Source: AME Info
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.
Source: AME Info
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
Source: World Bank
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.
Source: AME Info
Zain KSA soars, Tadawul index consolidates above 12-month high
June 3, 2013--The Saudi Stock Exchange's market measure Tasi ended up 1.14% to reach 7,557.24 points on Monday, the highest level since April 30 2012.
The sentiment was lifted by a rebound in oil prices (U. S. crude) which advanced 1.24% to trade at $93.11 per barrel on late Monday. Mobile Telecommunications Company Saudi Arabia, known as Zain KSA, jumped 9.66% to reach SR9.65. Earlier in the day, Zain KSA launched its new offer for prepaid packages, which allows subscribers to enjoy unlimited Internet browsing from their smartphones all day for a daily fee of SR3 (three Saudi Riyal) without any additional costs, the Saudi Gazette reported. Sabic added 0.53%, finishing at a 6-week high, at SR95.
Source: AME Info
National Bank of Kuwait approaches 1-year high
June 3, 2013--The Kuwait Stock Exchange market index recorded an increase of 1.90% on Monday, closing at 8,201.89 points.
The northern Gulf state's biggest lender by assest and market value National Bank of Kuwait (NBK) surged 1.04% to close at KD0.970. Last Saturday, NBK was recognized as the 'Best Bank in the Middle East' and the 'Best Bank in Kuwait' for 2013 by Euromoney, the renowned international finance magazine.
Source: AME Info
Abu Dhabi developers weigh on buoyant market index
June 3, 2013--The ADX General Index closed 0.10% higher at 3,591.75 points on Monday.
harjah Cement and Industrial Development Co. rose 14.29% to hit Dhs1.44. Aldar Properties (off 0.90% at Dhs2.21) and Eshraq Properties (down 6.56% at Dhs0.57) weighed on the gauge. Figures compiled by National Bank of Abu Dhabi (flat at Dhs12) revealed that in Abu Dhabi, the average listed residential sales price was Dhs1,128 per square foot in May, an increase of 20.4% y-o-y. Shares of United Arab Bank or UAB jumped 6%, ending at Dhs4.40. On May 29, Forbes Middle East has ranked UAB at 22nd position amongst all the companies in the UAE and at 12th position in the list of local banks with an overall 117th rank in the top 500 companies in the Arab world representing Middle East and North Africa.
Source: AME Info
Gulf Finance House soars on subsidiary's merger plans
June 3, 2013--The Manama-based Bahrain All-Share Index closed even at 1,198.94 points on Monday.
Islamic investment bank Gulf Finance House, known as GFH, ended 9.10% higher at $0.18. Earlier in the day, GFH said Khaleeji Commercial Bank 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." GFH added a steering committee with members from both banks had been set up to conduct the due diligence and to pursue the transaction, subject to obtaining the respective shareholder's approval and seeking the necessary regulatory consents.
Source: AME Info
Qatar bourse rises to 2.5-year high
May 30, 2013--The QE 20 Index finished Thursday 0.90% higher at 9,238 points straight as Doha-listed banks and transport firms fueled the rally.
The gauge hit the highest level since Jan. 2011. Al Khalij Commercial Bank failed to jump on the bullish bandwagon as the lender lost slightly to close at QR17. Earlier in the day, Al Khaliji said it extended contract financing facilities to a venture between Midmac Contracting Co. W.L.L. (Midmac) and Yuksel Insaat A.S. (Yuksel) for their recently awarded Lusail Development for Primary Infrastructure project (CP4) for the amount of QR1.66Bn.
Source: AME Info
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