Middle East ETF News Older than One Year
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
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.
Source: AME Info
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.
Source: AME Info
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).
Source: AME Info
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.
Source: AME Info
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