Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Qatar Exchange rebound accelerates as Industries Qatar hits six-month high
October 15, 2012--The QE Index gained 0.42% to reach 8,522.91 points investors expect more earnings figures ahead of Eid holidays.
Market bellwether Industries Qatar hit a six-mony high at QR146.50 after the firm reported a slightly higher 9-month profit on Sunday.
IMF Outlook for Sub-Saharan Africa: "Maintaining Growth in an Uncertain World"
October 12, 2012--The International Monetary Fund (IMF) today released the October 2012 Regional Economic Outlook: Sub-Saharan Africa. Ms. Antoinette Monsio Sayeh, Director of the IMF's African Department, commented on the report's main findings:
"Economic conditions in sub-Saharan Africa have remained generally robust against the backdrop of a sluggish global economy.
Most low-income countries continued to grow soundly in 2012, although drought in many Sahel countries and political instability in Mali and Guinea-Bissau undermined economic activity. Middle-income countries, especially South Africa, slowed further, reflecting closer links to European markets. Inflation fell, as pressures on food and fuel prices eased following a surge during 2011.
“The near-term outlook for the region remains broadly positive, with growth projected above 5 percent a year in 2012–13.
view more view the IMF Outlook for Sub-Saharan Africa: "Maintaining Growth in an Uncertain World" October 2012 IMF Staff Report-Arab Countries in Transition: Economic Outlook and Key Challenges view IMF Staff report-Arab Countries in Transition: Economic Outlook and Key Challenges National Bank of Kuwait closes even, reports boost in net profits National Bank of Bahrain (NBB) reports slightly higher nine-month profit Qatar Exchange in mysterious standstill mode Abu Dhabi bourse remains in lackluster mode Arabtec regains ground, helps to lift Dubai market index Composition of TASE Corporate Bond Indices as of October 15th, 2012 Aluminum Bahrain gains on settling multi-million dollar fraud suit with Alcoa
October 12, 2012--REGIONAL ECONOMIC OUTLOOK AND KEY CHALLENGES
Political uncertainty in the Arab Countries in Transition (ACT) has continued in recent months, especially as the escalation of the conflict in Syria is creating negative regional spillovers.1
While transition governments have maintained macroeconomic stability thus far, serious short-term risks continue, and the authorities have made limited progress in building consensus for needed economic reforms. With the exception of Libya, the ACTs’ growth in 2012 has remained weak in light of continued policy uncertainty, regional tensions, the deteriorating global economy, and high food and fuel commodity prices. A moderate recovery is expected in 2013. The shrinking of fiscal and reserve buffers over the past year has left very little policy space and heightened vulnerabilities. Prompt policy action and timely and adequate international support are essential to maintain macroeconomic stability and address long-running structural deficiencies, to lay the foundation for inclusive growth and job creation for a young and growing population.
October 11, 2012--The Kuwait Stock Exchange (KSE) Market index fell by 0.44% Thursday, finishing a sluggish weak at 5,968.89 points.
The northern Gulf state's largest lender by assets National Bank of Kuwait or NBK finished flat at KD0.990. Earlier in the day, NBK said the net profit for the period from January to September was KD228.9m ($814.4m), up 15% year-on-year. As of end of September 2012, NBK Group's total assets reached KD16.34bn ($58.1bn), representing an increase by a fourth year-on-year. Ibrahim Dabdoub, NBK's Group Chief Executive Officer said "NBK managed to deliver another strong quarter notwithstanding the ongoing challenges. The operating environment continues to pose some barriers to our potential for growth. Government spending continues to be insufficient and the tendering of new projects has significantly lagged leading to a stagnant stock market performance and dormancy in economic activity. Moreover, the developing geopolitical tensions are also putting further pressures on the business sentiment both locally and in the region."
October 11, 2012--The Bahrain All-Share Index gained 0.18% to hit 1,065.86 points Thursday.
Shares of National Bank of Bahrain or NBB closed flat at BD0.52. Earlier in the day, NBB, the leading retail and commercial bank in the kingdom, said it recorded for the nine months period a net profit of BD37.03m ($98.48m), compared to BD35.95m ($95.61m) for the corresponding period of the previous year, an increase of 3.0%. The Earnings per share for the nine months of 2012 was 43.3 fils compared to 42.0 fils for the corresponding period of 2011.
October 11, 2012--The QE 20 Index in Doha closed flat for the second day straight and also during the week, the gauge remained pinned down at 6,478 points.
The country's largest lender Qatar National Bank or QNB advanced 0.30% to hit QR135. Industries Qatar, the share with the highest market capitalisation, added 0.14% to reach QR142.50. The firm said it will disclose quarterly earnings on Sunday, October 14.
October 11, 2012--The ADX General Index ended up 0.10% Thursday, closing at 2,654.33 points.
Like the Dubai market, the ADX added slightly over the week. First Gulf Bank, Sorouh Real Estate and Dana GAs closed unchanged, while the sheikhdom's first real estate developer Aldar Properties gained 0.76% to reach Dhs1.34. Some 37m shares were traded, valued at Dhs73m.
October 11, 2012--Investors in Dubai saw a roller-coaster week finshing with a small happy-end Thursday, as the market measure DFMGI closed 0.65% higher at 1,636.12 points.
Emaar as the most liquid share added 0.30% to close at Dhs3.68. After hitting a five-month low end of last month, Arabtec Construction stabilised. The share gained today 2.35% to hit Dhs2.61. Sharjah-based Air Arabia budget carrier slipped 0.30%. Over the week, the Dubai bourse's index added some seven points. Around 130m shares were traded, valued at Dhs136m.
October 10, 2012--As of October 15th, 2012 the composition of the corporate bond indices will be updated
view more
October 10, 2012--The Bahrain All-Share Index ended up 0.20% at 1,063.92 points.
Shares of Aluminum Bahrain or Alba added 1.24% to hit BD0.49. Earlier in the day Alba said settled a $447m fraud suit filed against U. S. based aluminum giant, Alcoa, in the United States District Court for the Western District of Pennsylvania. "This momentous achievement is the first case brought by a foreign business in a U.S. court, to recover losses resulting from alleged corrupt activity by corporations and individuals in the United States and elsewhere," Alba said in an e-mailed statement. The investigations were carried out by the US Department of Justice under the Foreign Corrupt Practices Act, which continued throughout the last four years since the case was filed on February 28th, 2008. They reported that Alba paid out $420m in inflated prices for operations between 1997 and 2009. "This is a remarkable achievement for any corporation to win against an industrial heavyweight for a multi-million dollar settlement," Alba added.
