Middle East ETF News Older than One Year
Egypt to allow foreign investment in Sinai Peninsula
August 31, 2012--Egypt's legal affairs minister Mohamed Mahsoub has said the cabinet has agreed to allow foreigners to invest in the Sinai Peninsula, Ahram has reported.
Foreign investors, however, will only be allowed to hold a maximum 45% stake in any Sinai-based venture, Mahsoub said. And while foreigners still can’t fully own assets in Sinai, they can obtain concession contracts from the government, he added. "The decision will revive investment in the region, which declined markedly following the revolution," said Sami Soliman, head of the Taba-Nuweiba Investors Association. "Especially since local banks aren't keen to provide financing for projects in Sinai."
Source: AME Info
Egyptian stocks recover lost ground
August 31, 2012--Egypt's stock market has bounced back from last year's political turmoil, rising at a rate that has piqued the interest of foreign investors and reinforced optimism about the country's financial future.
In fits and starts, the benchmark EGX 30 has grown 45 per cent this year, winning back some of the heavy losses sustained after the revolution. The only stock market worldwide that has outperformed it has been Venezuela’s, which has leapt 151 per cent.
Source: FT.com
Lenders lift Bahrain Bourse
August 30, 2012--The Bahrain All-Share Index posted the largest increase in the GCC Thursday, advancing 0.80% to reach 1,086.32 points.
National Bank of Bahrain (NBB) soared six percent to hit BD0.535. Bank of Bahrain and Kuwait or BBK hit a one-month high at BD0.40 (4.71% higher). Islamic investment bank Ithmaar dived 2.94% to $0.165.
Source: AME Info
Taqa bucks downtrend, Abu Dhabi developers trade steady
August 30, 2012--The Abu Dhabi market measure fell 0.51% to 2,561.61 points Thursday.
Abu Dhabi National Energy Co., known as Taqa, was one of the three gaining securities (up 0.77% at Dhs1.32). Aldar Properties, Sorouh Real Estate and RAK Properties finished trading unchanged.
Source: AME Info
Qtel retires $3bn loan, shares advance
August 30, 2012--The QE 20 Index advanced half a percentage point to reach 8,483.64 points Thursday.
Qatar Telecom or Qtel gained 1.32% to hit QR107.90. Earlier in the day, Qtel said has retired its $3.0 billion syndicated term loan facility. Existing funds were used to repay the facility.
Source: AME Info
DP World shares continue to trade in yo-yo mode
August 30, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1653.30, off 0.73%, from the previous close.
DP World failed to extend the rebound from Wednesday which happened as a reaction on positive half-year results. DP World fell Thursday back to $10.20 (off 1.10%).
Source: AME Info
Dubai market fails to find ground
August 30, 2012--The DFM General Index fell half a percentage point to 1,547.82 points Thursday.
During the last week of August, the gauge lost 2.5% as investors started to cash in on the summer rally. EFG Hermes correctly anticipated that "some sideways trading is still expected around that index suport zone of 1,540 - 1,530 before a reliable rebound occurs." Emaar fell 0.90% today, while Takaful Emarat gained the most (up 5.41%).
Source: AME Info
Lenders lift Bahrain Bourse
August 30, 2012--The Bahrain All-Share Index posted the largest increase in the GCC Thursday, advancing 0.80% to reach 1,086.32 points.
National Bank of Bahrain (NBB) soared six percent to hit BD0.535. Bank of Bahrain and Kuwait or BBK hit a one-month high at BD0.40 (4.71% higher). Islamic investment bank Ithmaar dived 2.94% to $0.165. [AMEInfo.com]
Source: AME Info
Kingdom Holding Company shares soar, hit five-year high
August 29, 2012--The Tadawul All-Share Index added a tiny 0.02% to hit 7,139.01 points, ending flat for the second day straight.
Shares of Kingdom Holding Co. or KHC, the investment vehicle and company portfolio of H. H. Saudi Prince Al Waleed Bin Talal, jumped 9.84% to hit SR13.40, the highest valutation since August 2008. A week ago, KHC reported a net income for the second quarter was SR178.9m compared to the net income of SR163.5m for the same quarter in 2011, representing an increase of 9.4%, and compared to the net income for the last quarter of SR100.8m, representing an increase of 77.5%. KHC said "The increase in net income for the second quarter is due to an increase in income from investments, an increase in dividends received, and a reversal of impairment loss, despite the slight decrease in income from investments and international hotel companies as a result of current events in the Middle East."
Source: AME Info
DP World shares gain on half-year results
August 29, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1665.41, uo 0.66%, from the previous close.
DP World gained 1.10% to hit $10.31. Earlier in the day, the world's third largest port operator said in the first six months the net profit attributable to owners of the company was $247m, up 0.4% year-on-year. Revenues climbed 1.8% to reach $1.529bn.
Source: AME Info
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