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Divergent Economic Performance Continues Across the Middle East
November 11, 2012--The economic outlook for the Middle East and North Africa region is mixed. Most of the region's oil-exporting countries are growing at healthy rates while the oil importers face subdued economic prospects, the IMF says in its latest assessment.
The IMF’s Regional Economic Outlook for the Middle East and Central Asia http://www.imf.org/external/pubs/ft/reo/2012/mcd/eng/mreo1112.htm, released November 11 in Dubai, projects growth in the Middle East and North Africa region at 5.1 percent in 2012, up from 3.3 percent in 2011.
Owing to higher oil prices and production, the region’s oil-exporting countries—Algeria, Bahrain, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and Yemen—are forecast to expand by 6.6 percent in 2012 before moderating in 2013.
Reduced Saudi Arabian growth prospects drag Tadawul bourse down
November 11, 2012--The Saudi Stock Exchange's benchmark index Tasi fell by half a percentage point Sunday and closed trading at 6,884.29 points.
Earlier in the day, the International Monetary Fund (IMF) said the kingdom's real GDP growth would slow down to 4.2% in 2013 from an estimated 6% in 2012. The IMF warned MENA oil exporters' combined current acccunt surpluses which reached $400bn this year could decline significantly if oil-rich nations would not reduce spending. "Increasing expenditure on wages and salaries in the GCC rose dramatically in recent years," said Masoud Ahmed, the IMF director for the Middle East and Central Asia on Sunday in Dubai.
Bahran Bourse buoyant on bank gains
November 11, 2012--The Bahrain All-Share Index gained 0.40% Sunday, finishing at 1,072.87 points.
Islamic bank Gulf Finance House surged 4%, while its rival Al Baraka Banking Group surged 3.11%. Earlier in the day, Al Baraka said its that it has achieved a net income of $183m in the first nine months of 2012, an increase of 10% on the net income achieved in the first nine months of 2011. "Similarly, statement of financial positions witnessed good increases," the bank added. Total assets increased by 7%, investments and financing portfolio by 13%, deposits by 7% and total equity by 7% as at the end of September 2012 as compared with the end of December 2011, Al Baraka said in a statement to the Manama-based exchange in its home market Bahrain and to the NASDAQ Dubai.
NBAD Enhances Region First ETF
November 11, 2012--The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, will implement enhancements to the region's first exchange trade-fund (ETF), the NBAD OneShare Dow Jones UAE 25 ETF (1UAE), all of which are in step with advances in the industry.
The enhancements to the ETF, which resulted from consultations with regional and international investors, brokers, and authorised participants, will shift the benchmark provider to MSCI UAE IMI 10/40 Index from Dow Jones UAE 25 Total Return Index (Local); and will also move to physical replication from swap based replication.
Moody's maintains Kuwait credit rating
November 8, 2012--Credit ratings agency Moody's Investors Services has said political unrest in Kuwait is unlikely to affect its strong credit fundamentals, maintaining the Gulf country's 'Aa2' rating with a 'Stable' outlook, AFP has reported.
"The recent escalation in political protests in Kuwait is not, in our view, likely to affect the government's very strong credit fundamentals,” Moody's said. "In our view, a credit-negative situation could only develop if there were a severe turn for the worse in Kuwait's political and social stability that would paralyse government fiscal operations or undermine domestic financial system stability,” it said. "At this juncture, we consider such an outcome unlikely.”
Gulf Warehousing rises, reaches out to Algeria
November 8, 2012-The Qatar Exchange Index closed even at 8,572.75 points.
Shares of Gulf Warehousing Co. advanced 0.73% to reach QR41.30. Earlier in the day, the logistics firm said it reached an agreement with the Algerian Agency for real estate brokers to establish a logistics village project in the North African country, which celebrates an economic comeback amid rising revenues from oil and gas exports. The total area of these sites almost 4.5 million square meters. Under the memorandum, Gulf Warehousing Company would own a 49% stake in the joint company's capital, which will be established after the signing of the final later, the firm said in a statement to the Qatari stock market.
Kuwait's telecom giant Zain gains on R&D announcement
November 8, 2012--The Kuwait Stock Exchange (KSE) Market Index advanced 0.80% to close at 5,772.17 points Thursday.
Gulf Bank of Kuwait jumped 3.80% to KD0.410. Earlier in the day, National Bank of Abu Dhabi's research said the Kuwait banking sector assets were $166.4bn (+8.9% year-on-year, +0.1% month-on-month) in September. Loans and advances were up by +0.5% month-on-month and up by +5.3% year-on-year to $97.8bn. Mobile Telecommunications, known as Zain Group, surged 2.70% to KD0.760. The National reported earlier in the day that Zain plans to invest $5.5bn in research and development over the next five years in order to develop mobile internet connections that run 10 times faster than current technologies, citing Hisham Akbar, the deputy chief executive and chief operating officer of Zain. Year-to-date, Zain has lost 12% of its valu
Etisalat saves Abu Dhabi bourse from plummeting
November 8, 2012--The ADX General Index declined 0.10% to 2,647.39 points Thursday.
While merger candidates Aldar Properties and Sorouh Real Estate by 2.27%, market bellwether Etisalat added slightly. Dana Gas, the most actively share by volume fell 2.33%. Some 83.8m shares were traded, valued at Dhs92m.
Tadawul bourse has 7,000 points in sight
November 7, 2012--Buying power remained solid in Riyadh Wednesday as the equity benchmark index Tasi rose the fifth day straight and closed 0.33% higher at 6,941.97 points.
Shares of Kingdom Holding Company, whose majority is owned by Saudi prince and global investor HRH Prince Al-Waleed Bin Talal Al Saud, gained the most, gaining 9.32% to reach SR17.00. Profit takings in the insurance segment prevented the Riyadh-based gauge to rise towards 7,000 points.
FTSE NASDAQ Dubai UAE 20 Index adds value for the fourth consecutive day
November 7, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed up 0.31% at 1815.23 points Wednesday.
The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai.DP World shares rose to a 17-month high at $13 (4% higher).
