Middle East ETF News Older than One Year
Riyad Bank gains on SR400m Islamic loan for Abdullah A. M. Al Khodari
November 20, 2012--The Saudi equity index Tasi closed unchanged at 6,662.04 Tuesday.
Riyad Bank advanced 0.44% to reach SR22.80. Earlier in the day, real estate maintenance firm Abdullah A. M. Al-Khodari Sons Co. said it signed an Islamic credit facilities agreement with Riyad Bank amounting to SR400m ($106m). "The purpose of these credit facilities is to provide bonding commitments and to fund capital requirements and working capital needs for the company's specific projects under modes of Islamic financing," the firm said in a statement to the Tadawul bourse. Abdullah A. M. Al-Khodari, whose shares closed flat at SR26.40, also said it received an award letter from the Ministry of Municipal and Rural Affairs for the construction of storm water drainage network in the Tuwaiq District in the Saudi capital. The firm's share in the project is valued at SR71.6m ($19m).
Source: AME Info
FTSE NASDAQ Dubai UAE 20 Index ends five-day losing streak
November 20, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1752.73 Tuesday, up 0.48%.
Interior designer DEPA Ltd. surged 4.90% to close at $0.30. Global maritime port operator DP World slipped 0.60% to $11.53. Earlier in the day, the NASDAQ Dubai's regulator DFSA said it notified the bourse that it suspended the securities of Man Industries (India) Limited (ISIN US56164P1084) from the Official List of Securities of the DFSA. Trading of the secondary listed shares was halted as of today and would remain until further notice.
Source: AME Info
Bahrain Bourse's year-to-date loss widens to nine percent
November 20, 2012--Not a single share gained in Manama, with the Bahrain All-Share Index falling by a quarter percentage point Tuesday to close at 1,040.49 points.
The Gulf kingdom hit the news Tuesday after Bahrain lawmaker Osama al-Tamimi burned an Israeli flag in the Bahraini parliamant in order to protest against the Israeli bombardement of Gaza. Shares of Bahrain Telecom or Batelco declined by 0.50%, while Islamic financial institiuon Ithmaar Bank managed to finish flat.
Source: AME Info
Qatar's Al-Meera advances on buying Safeer stores in Oman
November 20, 2012--The Doha-based Qatar Exchange 20 Index added 0.20% to close at 8,396 points Tuesday amid higher trading turnover than Monday.
Shares of Al Meera Consumer Goods Co. gained 0.32%, closing at QR157. While banks mostly advanced, shares of insurers lost, weighing on the gauge. Earlier in the day, Al Meera said it signed a Sale and Purchase Agreement to purchase the business and assets of Safeer stores in the Sultanate of Oman. The statement to the QE did not disclose a price for the purchase.
Source: AME Info
Aldar, Sorouh discontinue lock-step decline
November 19, 2012--The ADX General Index closed 0.76% lower at 2,660.17 points.
Developers Aldar Properties and Sorouh Real estate ended at Dhs1.24 (off 2.36%) and at Dhs1.22 (3.15% lower), respectively. Both firms are in the final stage of a merger for which they seek approval from the Abu Dhabi government.
Source: AME Info
While gold and oil rise, Dubai shares dive
November 19, 2012--As the war in Palestine/Gaza continues, the price of oil and gold increased by one percent and half a percentage point, respectively, 1.40% to 1,579.12 points.
Emaar fell likewise 1.40% to Dhs3.57. Drake and Scull International or DSI plummeted 4.27% to Dhs0.718. Earlier in the day, DSI, which suffered a 93% net profit decline Q3, quoted in a statement its CFO Osama Hamdan, saying "The Q3 results reflect an overall slowdown in the construction sector in the region. Productivity rates dropped across all our projects in the GCC and Africa." Investment bank Shuaa Capital bucked the downtrend and gained 1.80% to reach Dhs0.57.
Source: AME Info
Bahraini shares lose across the board
November 19, 2012--The Manama-based Bahrain All-Share Index closed 1.03% lower at 1,043.18 points, bring the year-to-date loss down to 8.79%.
Bahrain Middle East Bank lost the most (off 19.70%). Gulf Hotel Group climbed 4.76% to BD0.66. The hospitality group was the only share which added value.
Source: AMEInfo.com
Abu Dhabi's GDP estimated to rise 5.7% in 2013-2016
November 19, 2012--Abu Dhabi Department of Economic Development (ADDED) has said the emirate's gross domestic product (GDP) is estimated to grow from this year's estimated 3.9% at an average annual rate of 5.7% between 2013-2016, Gulf News has reported.
“Forecasts for non-oil GDP reflect an average growth rate of 6.5% in the same period, indicating the steady progress among the government diversification program, supported by the compilation of infrastructure projects and joined with growing private sector investments,” said the undersecretary of the ADDED, Mohammad Omar Abdullah.
Source: AME Info
Saudi stocks exchage falls to 6,666 points
November 19, 2012--Saudi shares lost across the board Monday, triggering a 1.46% loss at Tadawul All-Share Index which finished at 6,666.46.
The ongoing war between Israel and the Hamas in Gaza spoiled the investors' mood. Shares of Saudi Basic Industries Corp or Sabic ended off 1.40% at SR.88.75. Shares of Yanbu National Petrochemical Company dived two percent to close at SR43.10. In a statement to the Tadawul bourse, Yanbu said it had to shut down an ethylene glycol unit to carry out the periodic maintenance and some technical repairs starting from 25th of November 2012. The shutdown is expected to last about ten weeks. With today's trading action, the Saudi stock market fell for the ninth consecutive day.
Source: AME Info
Qatar's Mazaya gets $107m loan for residential project
November 19, 2012--The Doha-based QE Index added 0.04% to hit 8,380.92 points.
Shares of Mazaya Qatar Real Estate Development declined 0.40% to QR10.88. Earlier in the day, Qatar Islamic Bank (QIB, flat at QR76) announced that Mazaya has signed a dual-currency, $106.7m 8-year syndicated facility to finance the development of the Sidra Village Residential Project. The cluster will consist of two-storey buildings, green spaces and a community club. Each building will host one-bedroom and two-bedroom units. Upon completion, the project will offer 1,165 residential units. QInvest acted as Financial Advisor to Mazaya Qatar Real Estate Development Company and Sole Bookrunner for the facility. Qatar Islamic Bank took the Investment Agent and Mandated Lead Arranger roles.
Source: AME Info
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