Middle East ETF News Older than One Year
Abu Dhabi saw the fastest economic growth in seven years in 2011
October 15, 2012--The Statistics Centre Abu Dhabi (SCAD) has said the emirate's economy grew 6.8% in inflation-adjusted terms in 2011, the fastest rate since 2004 and more than double the pace of the previous year, thanks to stronger activity in both oil and non-oil sectors, Reuters has reported.
"Growth in GDP at constant prices during 2011 surpassed all the forecasts and estimates made by local and international parties," the SCAD said.
Source: AME Info
SABIC shares gain as petrochems giant expands Jubail port capacities
November 14, 2012--The Riyadh-based equity index Tasi decreased by 0.16% to 6,816.93 points.
Market bellwether SABIC added 0.56% to reach SR90.25. SABIC said in a statement to the Tadawul exchange that its affiliate, Jubail Chemicals Storage and Services Company (JCSSC) has awarded Engineering Procurement and Construction a contract for a new storage and shipping terminal at King Fahd Industrial Port in the Arabian Gulf port city of Jubail to China National Chemical Engineering Corporation on November 13. The total investment is estimated to be $400m. "The project will enable the continued growth of the petrochemical and downstream industries in Saudi Arabia," said SABIC. Once commissioned early 2015, the storage capacity of the terminal will be approximately 250,000 cubic meters.
Source: AME Info
Qtel adds slightly, announces date for bond-coupon payments
November 14, 2012--The QE Index in Doha gained a quarter percentage point Wednesday to close at 8,466.06 points.
The country's first telco firm Qatar Telecom or Qtel, which added 0.10% to QR105, said earlier in the day it will transfer interest payments to its bondholders
Source: AME Info
First Gulf Bank dips after announcing new $900m syndicated loan
November 14, 2012--Struggling with the 2,700-resistance level, the Abu Dhabi market measure ADX General Index closed 0.13% lower at 2,691.34 Wednesday.
ADX heavyweights Etisalat (telecom), Aldar and Sorouh (both real estate) closed even. First Gulf Bank or FGB ended down 1.42% at Dhs10.55. On Tuesday, FGB said it signed up for a 3-year, unsecured $900m term loan. The facility would be used for general financing purposes, the UAE's third largest lender by assets said.
Source: AME Info
Bahrain Bourse back to square one
November 14, 2012--In the last three days, the Manama-based Bahrain All-Share Index almost completely erased gains from the start of the month.
The gauge fell Wednesdy by 0.61% to 1,057.22 points. Financials such as Islamic bank Ithmaar (off 8.82%) or Ahli United Bank (down 0.91%) weighed on the measure in particular. Since Jan. 1 2012, the bourse lost 7.56% of its value. Earlier in the week, the IMF said Bahrain's real GDP growth would increase in 2013 to 2.8%, up from an estimated 2% in 2012.
Source: AME Info
Financials push Kuwait market index higher
November 13, 2012--The KSE Market Index extended its week-long gaining streak and closed half a percentage point higher to reach 5,815.80 points Tuesday.
While the country's largest lender National Bank of Kuwait ended even, Islamic banks Burgana and Kuwait Finance House gained slightly, as well as Kuwait International Bank. Thanks to its recent gains shortly before the parliamentary elections in December, the KSE Market Index broke even today on year-to-date basis. Since January 1, the gauge advanced by 0.03%.
Source: AME Info
Saudi Stock Exchange index decline halted
November 13, 2012--The Riyadh-based Tadawul All-Share Index ended a four-day losing streak Tuesday by closing unchanged at 6,828.19 points.
Petrochemical giant SABIC also ended even at SR89.75. Sanad Insurance & Reinsurance Cooperative Company gained 8.84% to hit SR32.
Source: AME Info
SABIC and Shell to expand partnership
November 12, 2012--Declining oil prices weighed on the Saudi equity index Tasi, closing Monday trading off 0.80% at 6,829.53 points.
Oil (WTI) fell 0.60% as investors were hit by surprise on Japan's shrinking GDP, indicating the world's third largest economy might fall into a recession. In Riyadh, market bellwether SABIC, the world's first petrochems firm, closed half a percentage point lower at SR89.75. Earlier in the day, SABIC said it will expand its partnership with Royal Dutch Shell through their Saudi Arabia Petrochemical Company (SADAF) 50/50 joint venture. "SABIC and Shell will jointly conduct the necessary studies on the SMPO (Styrene Monomer/Propylene Oxide) and polyols projects before taking a final investment decision," the firm said in a statement to the Tadawul bourse. SABIC and Shell have also agreed to build on their strong long-term relationship to explore international petrochemical opportunities beyond SADAF and Saudi Arabia, SABIC added.
Source: AME Info
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.
Source: IMF
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.
Source: AME Info
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