Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Developers rebound, banks weigh on Abu Dhabi market
January 17, 2013--The ADX General Index slipped 0.19% to 2,764.48 points Thursday.
Aldar and Sorouh, the two largest developers in the sheikhdom closed 1.90% and 3.18% higher, respectively. Both companies closed at Dhs1.62. National Bank of Abu Dhabi and First Gulf Bank fell 3.08% and 0.42%, respectively.
Stock market run boosts DFM shares
January 17, 2013--The Dubai Financial Market (DFM) General Index ended the week at a 14-month high, closing 1.93% higher at 1,774.92 points.
Some 392.4m shares were traded, valued at Dhs417.4m. DFM, the only Arab bourse listed to the public, gained the most, ending up six percent at Dhs1.23 Real estate maintenance, water power and property energy specialist Drake and Scull International closed 5.62% higher at Dhs0.808, the highest level since Nov. 8 2012. At the NASDAQ Dubai, DP World shares fell back below $13, finishing off 2.20% at $12.90.
Egypt approves sukuk law
January 16, 2013--Egypt's finance minister has said the cabinet has approved a draft law to allow sovereign sukuk, as the government searches for new ways to finance an unsustainable budget deficit, Reuters has reported.
Demand is expected to be strong for the Islamic bonds, said minister Al-Mursi Al-Sayed Hegazy, adding that in recent days the Islamic Development Bank said it could be ready to buy around $6bn of them. "I imagine that Egypt, with its great human and material resources, will attract many investors," said Hegazy, who took up his post as finance minister earlier this month.
ASE Monthly Performance Round-up December 2012
January 16, 2013--The Amman Stock Exchange (ASE) General Index was relatively stable during the first three weeks of December ranging between 1930 and 1919, then at the last trading week of the month the index rose sharply to 1966.58 before dropping to 1957.60
by the end of the month, a 2.2% drop since the beginning of the year.
Al Rajhi Bank shares advance on FY earnings report
January 16, 2013--The Saudi Stock Exchange's lead index Tasi ended a three-day losing streak, closing 0.25% higher at 7,036.33 points.
Al Rajhi Bank gained 1.83% to finish the Saudi trading week at SR69.50. The largest Islamic bank in the GCC said Wednesday whilst its fourth quarter net profit improved insignificantly compared to Q4 2011, the full year net income surged 7% year-on-year, amounting to SR2.421bn. Main drivers were a higher net profit of financing and investments (up 5%) and a rise in customer deposits (24% higher).
Kuwait bourse consolidates above 6,100
January 16, 2013--The KSE market index added 11.51 points Wednesday to hit 6,128.11.
Islamic financial institution Burgan Bank gained 1.75% to reach KD0.580. After its shares hit a three-week high Tuesday, Mobile Telecommunications Co. or Zain slipped 1.22% to KD0.810.
GCC Markets Performance -2012
January 15, 2013--In stark contrast to the emerging markets, which surged in 2012 due to the large influx of liquidity, the GCC markets' performance was lackluster.
The US Fed continued its indefinite bond-purchase program to ensure that long-term interest rates remain low; similarly, the (ECB) embarked on an unlimited bond-buying program to keep interest rates under check in troubled Eurozone countries. While the MSCI World and Emerging Market indices increased 13.2% and 15.1%, respectively, in 2012, the GCC region indices grew between 20% (Dubai) and -7% (Bahrain) during the year. Saudi Arabia, the largest market in the GCC, recorded an increase of 6.0% in 2012. Political unrest in the Middle East continued for a second year and had an adverse impact on the markets in 2012.
Kuwait's Al Safat Real Estate soars on minister statement
January 15, 2013--The KSE Market Index added 9.7 points Tuesday to reach 6,116.6 points, mainly driven by banks and telecom firms.
Shares of Al Safat Real Estate Co. jumped 7.70%, finishing at KD0.035. Earlier in the day, Kuwait's Minister of Transportation and State Minister for Housing Affairs, Salem Al-Othaina said at the 16th Housing Exhibition which he opened that a new system would be implemented soon to reduce the waiting time for private real estate investors, Kuwait Times reported. "The automation system that will be made applicable soon will fasten the process of receiving the demands," said the minister. Submitting applications will also be faster through this system. We are not able to meet all the demand currently but we will reduce the waiting period, he pointed out.
Global sukuk issuance surged 54% in 2012
January 15, 2013--Kuwait Finance House-Research has said the total of sukuk issuance by end of 2012 has reached $131bn with 54% increase than 2011, where total sukuk issuance in December reached $8bn with a 61% increase compared to last year, Saudi Gazette has reported.
A total of 55 sukuk were issued in December versus 55 sukuk in November and 72 in October. Malaysia took the top spot among sukuk issuing countries, followed by Saudi Arabia, the UAE, and Indonesia. Governments remained the largest issuer type, representing 70.1% during December, while there were a number of significant issuances also issued in the financial services sector, the report said.
DP World shares hit 18-month high at NASDAQ Dubai
January 15,2013--The FTSE NASDAQ Dubai UAE 20 Index closed at 1991.44, up 0.27% from the previous close.
Dubai Ports (DP) World, globally the third largest maritime port firm, surged 2.47% to hit $13.29, the highest price since June 1 2011 amid a general bullish outlook for the world economy in 2013. Earlier in the week, Swiss private bank Sarasin said the upside potential was higher among the emerging markets this year as they benefit from lower sovereign debt levels and low interest rates. DP World, albeit having strong links to the develop has massively expanded its footprint in emerging regions such as Africa, East Asia and Latin America.
