Middle East ETF News Older than One Year
IIF Sees Robust Growth and Progress on Diversification in the GCC
Banking system is sound and has fully recovered from the spillovers of the global financial crisis
Gross foreign assets to exceed $2.5 trillion by end-2013, reinforcing economic resilience if oil prices drop
Sound macroeconomic policy and structural reforms must be sustained for continued strong economic performance
May 15, 2013--The Gulf Cooperation Council (GCC) countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, registered an average growth of 5.8% in 2012.
Growth is projected to moderate to 3.8% in 2013, due to flattening crude oil production. Growth of nonhydrocarbon sector, more representative of economic activity, is forecast to stay robust at around 5% this year, said the Institute of International Finance (IIF). The IIF is the leading global association of financial services firms with more than 470 member institutions, including more than 100 members in the Middle East and North Africa region.
Source: DIFC
Saudi Stock Exchange knows no halt
May 14, 2013--The Tadawul All-Share Index fell to a 2-week low, ending down 0.27% at 7,139.3 points amid a bearish market breadth.
Saudi Hotels & Resort Areas Co. finished off 1% at SR29.80. The hospitality firm announced that it has completed Tuesday the purchase of land which located in Riyadh (Tuwaiq) with total area of 5345 square meters at cost of SR6.738m which is internally financed. The company is planning to construct staff housing building for its staff in Riyadh. Only 26 shares advance din Riyadh, while a whopping 122 declined in value. Market bellwether Sabic added 0.27% to reach SR91.25.
Source: AME Info
MENA in Focus
May 14, 2013--In Focus 1: UAE Banks: 1Q2013 Earnings Wrap-up
In this section, we analyze the 1Q2013 performance of the key players in the UAE banking sector. The main takeaways of the 1Q2013 results were sluggish loan growth, declining margins, elevated cost of risk and strong, but less sustainable investment gains.
Despite a 44% YTD surge in performance of our sample universe, UAE bank valuations are not demanding in the regional context, however we believe that investors will remain selective and choose names that offer top quartile growth with limited downside risk.In Focus 2: Saudi Arabian Food and Beverage 1Q2013 Performance RecapIn this section, we analyze the 1Q2013 performance of seven key players in the Food and Beverage (F&B) sector that operate in Saudi Arabia. We focus on the company’s revenue, operating profit and net profit results for the quarter. In addition, we examine the key drivers of the Saudi F&B market, including Saudi’s young and growing population; government plans (i.e. job creation and Saudization), and easing commodity prices.
Source: Zaywa
Tadawul market falls back amid bearish market breadth
May 13, 2013--The Saudi Arabian equity index Tasi ended down 0.51% at 7,158.75 points Monday as 24 shares advanced, while 120 declined.
Saudi Basic Industries Corp. or Sabic also lost half a percentage point, finishing at SR91, a 2-week low. Jabal Omar Development Company gained the most, closing 2.36% higher at SR26.
Source: AME Info
DP World gains, upgrades ports asset management
May 13, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 0.14% higher at 2,500.08 points Monday.
Dubai Ports (DP) World gained 0.32% to reach $15.62. Yesterday, the world's third biggest maritime port operator said it transformed the asset management of its entire global port network. "The new Asset Management Framework brings together all assets under one system, from quay and yard cranes, terminal yards, and berth equipment, to energy supply outlets and plant machinery." DP World Group Chief Executive Mohammed Sharaf said the programme will roll out over three years, "and it will establish a consistent and co-ordinated approach to manage our substantial assets across our global portfolio."
Source: AME Info
Bahrain Bourse closes at 1-year high
May 13, 2013--The Bahrain All-Share Index added 0.31% to reach 1,142.31 points Monday.
Inovest gained the most, ending up 9.80% at $0.28. Bahrain Telecom, better known as Batelco, closed flat at 0.368. in Q1 this year, Batelco earned a net profit of BD13.4m, down from BD16.1m in the corresponding period in 2012. Islamic investment bank Gulf Finance House posted the largest decrease (down 3.33% at $0.145).
Source: AME Info
Eshraq Properties advances as Q1 profit rises 10-fold
May 13, 2013--The Abu Dhabi equity market measure ADX General Index ended up 0.43% at 3,418.93 points.
Eshraq Properties advanced 1.72% to hit Dhs0.57. Earlier in the day, Eshraq sait it earned in the first quarter an audited profit of Dhs103.4m, up from Dhs10.77m in the same period last year. The result was boosted from higher revenues from the sale of land and because Eshraq managed to slash the general and administrative expensed by 57%. Shares of Ras al-Khaima (RAK Ceramic closed flat at Dhs1.83. In the first three months this year, the world's biggest manufacturer of ceramics achieved a net income of Dhs54.3m, up 8.8% year-on-year. Regarding the future outlook, RAK Ceramics said it aimed to expand its export markets and it was confident that the "recovery in Europe" would pave way for speedy collections and better realizations. Some 240m shares were traded in Abu Dhabi, valued at Dhs250m.
Source: AME Info
DGCX Trading Volumes Cross $1 Trillion Mark in Value
Total volumes traded on Exchange since inception reaches 24.5 million contracts, valued at $1.025 trillion
April 2013 volumes total 1.3 million, up 139% from 2012
Indian Rupee futures volume increases 145% year-on-year
The Dubai Gold and Commodities Exchange (DGCX) achieved a significant growth milestone in April when its cumulative trading volumes since inception crossed $1 trillion in value. Since its launch in 2005, the Exchange has traded 24.5 million contracts, valued at $1.025 trillion.
May 13, 2013--
The major milestone, achieved in its eighth year since inception
comes on the back of a substantial year-on-year volumes growth of 139% in April.
Volumes in April totalled 1,336,942 contracts, valued at $48.73 billion.
Source: DGCX
Waha Capital Q1 profit rises 5-fold, shares gain
May 12, 2013--The Abu Dhabi equity market measure ADXGI closed up 1.05% at 3,404.46 points Sunday.
Leasing, civil aviation and maritime investment specialist Waha Capital ended 1.22% higher at Dhs0.83. Earlier in the day, Waha (Arabic for Oasis) said it generated in the first quarter a net income of Dhs85.31m, up from Dhs15.86m in the same quarter last year.
Source: AME Info
DP World shares rise 50 pct-in the last 12 months
May 9, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed at 2483.50 Thursday, up 12.580 or 0.51%.
Dubai Ports (DP) World advanced to new 4.5-year high at $15.72, up 0.32%. The world's third biggest maritime port operator gained around 50% in value. On April 25, DP World said DP World handled 12.8 million TEU (twenty-foot equivalent units) across its global portfolio in the first quarter of 2013. "Whilst this was 7.0% lower than the same period last year, when adjusted for the divestments and monetisation across our portfolio, the decline was 3.5% on a like for like basis," said DP World. Shares of interior design firm Depa Limited closed flat at $0.40.
Source: AME Info
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