Middle East ETF News Older than One Year
Kuwait's GIH soars as Islamic bank converts property into cash
May 28, 2013--The Kuwait Stock Exchange market index gained 0.44% to hit 8,430.73 points.
Gulf Investment House or GIH surged 7.35%, closing at KD0.073. Earlier in the day, the Shari'ah-compliant bank said it has exited a stake worth KD2.23m ($7.77m) in a real estate investment portfolio, Gulf News reported. GIH added it realiesed a profit of KD274,000 ($957,205) through the divestment. [AMEInfo.com]
Source: AME Info
Sabic shares miss Saudi market rise
May 28, 2013--The Tadawul All-Share Index rose 0.70% to hit 7,378 points on Wednesday.
111 shares advanced, while 28 declined. Tabuk Cement gained the most, ending up 6.17% to reach SR32.70. The world's biggest producer of petrochemicals Saudi Basic Industries or Sabic closed unchanged at SR93.50. Salama Cooperative Insurance Co. fell 0.50% to SR51. Earlier in the day, Salama said it received gree light from the Saudi Monetary Agency (Sama) to open 25 points of sales throught Saudi Arabia.
Source: AME Info
NASDAQ Dubai plans platform for trading Sukuk and bonds on-exchange
May 27, 2013--NASDAQ Dubai, the Middle East's international financial exchange, is preparing to open a platform on which investors can trade Sukuk (Islamic bonds) and conventional bonds.
Trades will be automatically and exclusively routed for settlement at Euroclear Bank. The tradable securities will initially comprise at least 12 Sukuk and bonds that are listed on the exchange, with a nominal value of 10.9 billion dollars.
The platform will be available to institutional and high-net worth investors and will be opened and gradually developed in coming weeks.
Source: NASDAQ Dubai
Aldrees Petroleum rises, signs MoU with Swiss Bertschi AG
May 27, 2013--The Tadawul All-Share Index ended 0.10% higher at 7,326.93 points on Monday.
Aldrees Petroleum & Transport Services Co. gained 1.63% to hit QR37.40. Earlier in the day, Riyadh-based Aldrees said it signed a Memorandum of Understanding with Bertschi AG from Switzerland "to establish a new company engaged in providing Chemical Logistics ,transport management, warehousing management, cleaning facility of chemical tanks and related services." The new entity will be managed by a joined team from Aldress and Bertschi. Bertschi AG is a worldwide Swiss company operating in the field of logistics and transport of chemicals by ISO tanks on road, sea and trains in Europe, China and Singapore.
Source: AME Info
Greater Confidence in Economic Growth and Resilience for MENA Region
MENA economies compare favourably with those of southern Europe
Governments urged to give greater role to private sector
May 25, 2013--Prime Minister of the Hashemite Kingdom of Jordan Abdullah Abdulkarim Hamdan Ensour said that Jordan is on a long-term growth track, after years of deep economic, political and social challenges in the region.
“We are already seeing positive signs with stronger foreign reserves, fiscal consolidation and higher growth rates,” he said at in the opening plenary of the World Economic Forum on the Middle East and North Africa.
Source: WEF
WEF-Arab World Competitiveness Report 2013
May 24, 2013--The Arab World Competitiveness Report 2013 is a World Economic Forum-EBRD collaboration which analyses and benchmarks countries' competitiveness in the Arab world.
This joint Report attempts to contribute to understanding the key factors determining future prosperity and economic growth in the Arab world. It offers policy-makers and business leaders an important tool in improving economic policies and implementing institutional reforms.
view the The Arab World Competitiveness Report 2013
Source: WEF (World Economic Forum)
DP World shares stuck below $16
May 23, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed at 2,555.38 points, down 1.25% from the previous close.
Shares of Dubai Ports (DP) World lost 0.40% to $15.55. Since April 4, the share has been trading in a narrow range between $15 to $15.72.
Source: AME Info
Doha Bank jumps on UAE's SME bandwagon
May 23, 2013--The QE 20 Index closed 0.41% lower at 9,048.62 points on Thursday.
Doha Bank fell 0.21% to close at QR47. Ealier in the day, the globally operating lender announced its intentions to support Small and Medium Enterprises (SMEs) and corporate clients in the United Arab Emirates (UAE) through the Doha Bank’s branches in Abu Dhabi and Dubai, "including support for companies in the infrastructure development and construction sectors." Doha Bank Group CEO Dr. R. Seetharaman said in Dubai the Bank was seeking to participate in the resurgence of the UAE which is building its commercial economic platforms at a steady pace after the property market bubble which impacted the UAE. Dr. R. Seetharaman also added that Doha Bank is earmarking $12bn for lending to high-potential clients in the GCC between Qatar, UAE and Kuwait.
Source: AME Info
Bonds weak on rand ahead of MPC
May 23, 2013--South African bonds were weak in midday trade on Thursday due to a soft rand ahead of the monetary policy committee (MPC) decision due shortly after 15:00.
None of the economists polled by I-Net Bridge expects a change in the repo rate.
“The soft rand is the main reason behind this morning’s weakness. We expect a fairly hawkish MPC statement to provide some support for the rand‚ but all talk and no action does not get you anywhere‚” a local bond trader said.
Source: AME Info
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.
Source: AME Info
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