Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Sabic reaches 1-month high
May 20, 2013--A lacklustre Tadawul All-Share Index closed 0.10% higher at 7,307.36 points.
The gauge stabilised above the important level of 7,300 as oil prices (U. S. crude) stabilised near $97 per barre (up 0.80%). Sabic, the world's first producer of petrochemicals, gained 0.54% to finish at SR92.75. Market breadth ended in the neutral zone as 73 shares advanced, while 70 declined.
Qatar Electricity and Water rises, launches power investment firm
May 20, 2013--The Doha-based Qatar Exchange 20 Index rose 0.61% to close at 9,064.31 points on Monday.
Qatar Electricity and Water Company (QEWC) added 0.70%, finishing at QR144.50. Earlier in the day, QEWC said that a partnership agreement will be signed with Qatar Petroleum International and Qatar Holding to establish a new Qatari shareholding company. The company "will be working in investment outside the State of Qatar, in the fields of power generation, water desalination and treatment, heating and cooling systems, provision of fuel as well as fuel loading and unloading equipment." The agreement was signed today at the office of H. E. the Minister of Energy and Industry Dr. Mohamed bin Salih Al Sada.
Abu Dhabi developers dip on profit booking
May 20, 2013--The ADX General Index declined 1.15% to 3,523.34 on Monday.
Like in Dubai, real estate firms weighed on the gauge. The two merging developers Aldar Properties and Sorouh Real Estate fell by 1.50% and 4.10%. Eshraq Properties and RAK Properties lost 3.20% and 3.40%, respectively. News that building workers employed by Dubai-based Arabtec Construction were on a strike for a wage hike since last Saturday derogated the sentiment. Abu Dhabi-based sovereign wealth fund Aabar holds 22% in Arabtec which appointed a new head of human resources last Thursday. National Bank of Umm al-Qaiwain gained the most, finishing up 7% at Dhs3.20.
Bahrain posts 20% growth in nonoil trade
May 20, 2013--According to a report by Global Investment House (GIH), Bahrain's real GDP is estimated to have expanded 3.9% in 2012 from the 1.9% growth seen a year earlier, Arab News has reported.
Even as the oil sector shrank by around 8.5% in 2012 due to a temporary technical disruption at the country's main Abu Sa'afa oil field, strong growth in the nonoil sector drove economic growth, the report said. Nonoil GDP rose to an expected 6.7% in 2012 from 1.4% in 2011. The national accounts data for 2012 point to a relatively consistent increase in production virtually across the kingdom's nonoil economy. The fastest growing sectors have been hotels and restaurants, followed by social and personal services, and manufacturing, GIH said.
Depa shares soar after Arabtec influence clarified
May 16, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 0.10% lower at 2578.71.
Dubai-based interior design firm Depa Limited jumped 10% in value to close at $0.44. Arabtec Construction, which has a 25% stake in Depa Limited said earlier in the day, 4 Arabtec top managers, among them Arabtec CEO Hasan Abdullah Ismaik, have been voted to the board at Depa following the interior design firm's annual general meeting, Construction Weekly reported.
Depa shares soar after Arabtec influence clarified
May 16, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 0.10% lower at 2578.71.
Dubai-based interior design firm Depa Limited jumped 10% in value to close at $0.44. Arabtec Construction, which has a 25% stake in Depa Limited said earlier in the day, 4 Arabtec top managers, among them Arabtec CEO Hasan Abdullah Ismaik, have been voted to the board at Depa following the interior design firm's annual general meeting, Construction Weekly reported.
Qatar Exchange loses slightly
May 16, 2013--The QE 20 Index fell 0.20% to 8,916.90 points Thursday.
Qatar National Bank or QNB closed off 0.90% to QR141.70. Qatar Navigation gained the most (up 3.26% at QR69.60) .
Record gaining streak halted in Manama
May 16, 2013--The Bahrain All-Share Index slipped 0.05% to 1,147.85 in a dull trading session on Thursday.
The market measure advanced 8 consecutive sessions from May 2 to May 14. Al Salam Bank fell 2.38% to BD0.082. Islamic bank Ithmaar was the most liquid share, finishing flat at $0.25. Year-to-date, the Bahrain gauge has gained 7.72%.
Aldar Properties finishes week at 3-year high
May 16, 2013--The Abu Dhabi market measure ADX General Index consolidated at a 4-year high, closing up 0.10% at 3,514.17 Thursday.
The biggest developer in the sheikhdom, Aldar Properties, surged 4.30% to hit Dhs1.70, the higest level since Feb. 2010. Dr. Giyas Gokkent, the chief economist and head of research at National Bank of Abu Dhabi (off 0.80% at Dhs12.40) said earlier today inflation in the housing sector in Abu Dhabi was down 0.6% year-on-year in April, with a relative contribution of minus 0.2% to CPI (up 0.6% at 1.1% in April).
Dubai bourse near 2,300, GGICO rises 75% in 2 weeks
May 16, 2013--A volatile but resilient Dubai market opened lower Thursday but eventually closed 0.41% higher at 2,296 points.
For the 3rd day straight, Gulf Genera Investment Co, better known as GGICI gained the most, ending up 11.11% at Dhs0.56, the highest leevl since June 2010. Dubai Islamic Bank (DIB) added 1.28% to reach Dhs3.17. Investment reating agency Moody's ts affirmed DIB's Long Term Issuer ratings at Baa1 with a 'stable' outlook. Moody’s also affirmed the LTI ratings of Tamweel (1.54% higher at Dhs1.32) at Baa3 and with the recent move by DIB to take over the company, Tamweel’s outlook on ratings has been upgraded to 'positive.' DIB owns 86.5% in Tamweel. Commercial Bank of Dubai posted the largest loss, finishing off 2.68% at Dhs4.00.
