Middle East ETF News Older than One Year
Aldrees Petroleum soars on joint venture with ENOC
August 28, 2012--The Saudi stock market closed flat at 7,137.81 points Tuesday.
Market bellwether Sabic, the world's largest petrochemicals producer, closed likewise unchanged at SR92.50. Shares of Aldrees Petroleum & Transport Services Co. surged 4.21% to hit SR37.10. Earlier in the day, Aldrees and Emirates National Oil Company (ENOC) said they entered into a joint venture in order to set up a common network of 40 jointly operated petrol stations throughout Saudi Arabia. Both firms invest together SR45m. Aldrees already operates 450 petrol filling stations in the kingdom. ENOC, owned by the Dubai government, will bring in its experience in running retail businesses such as convenience stores and repair garages adjacent to the petrol stations.
Source: AME Info
DP World shares remain stuck at $10.20
August 28, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1654.51 Tuesday, off 1.45% from the previous close.
The gauge tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai. It has been designed as a hedging and investment mechanism for GCC and international investors. Shares of global maritime port operator DP World ended even for the second day straight, at $10.20. DP World will publish half-year financial results on August 29. On August 1 DP World said container volumes handles at its ports rose 7.5% in the first six months of 2012.
Source: AME Info
Qatar Islamic Bank adds slightly on $50m Murabaha for Turkey's Is REIT
August 28, 2012--The Qatar Exchange 20 Index fell 0.17% to 8,483.59 points Tuesday.
While most financial shares declined, Qatar Islamic Bank, known as QIB, bucked the trend, ending up 0.13% at QR78. Earlier in the day, QIB said its subsidiary Q.Invest acted as Sole Book runner in a $50m Murabaha facility and Structuring Advisor to Is REIT Company,a Turkish Real Estate Investment Trust engaged in the investment and development of real estate projects in Turkey. QIB was the initial mandated lead arranger and is also acting as the Investment Agent with Barwa Bank, First Gulf Bank and Mashreq Bank, taking the Mandate Lead Arranger roles. Is REIT is listed at the Istanbul Stock Exchange and has a market capitalization of $431m as of 26 August 2012. The company is 42% owned by the public, 42.2% by Is bank and 15.8% by other shareholders.
Source: AME Info
Developers tear Abu Dhabi bourse down
August 28, 2012--The ADX General Index declined 0.60% to 2,574.11 Tuesday.
Like in Dubai, real estate shares remained under pressure. Aldar Properties and Sorouh lost 2.44% and 0.93%, respectively. Emirates Telecommunications Corporation or Etisalat, which published its corporate governance report earlier in the day, bucked the general downtrend, closing 0.32% higher.
Source: AME Info
Emaar falls to three-week low
August 28, 2012--The Dubai Financial Market General Index (off 0.86% at 1,546.40) corrected further Tuesday on rising trading volumes.
Among the 18 declining securities, real estate bellwether Emaar Properties ended off 1.50% at Dhs3.30, while Islamic developer Deyaar dived 3.60% to 0.351. Eight shares gained, among them Islamic banks Ajman Bank and Dubai Islamic Bank (both up one percent). Some 164m shares were traded, valued at Dhs171.6m.
Source: AME Info
Kuwait's Jazeera Airways advances on green light for rights issue
August 27, 2012--The Kuwait Stock Exchange Market Index gained 0.35% to hit 5,787.19 points Monday.
Shares of Jazeera Airways soared 1.22% to reach KD0.415. On Saturday the budegt carrier said said it had received green light to raise its capital base by 91% to KD42m through a rights issue. The private airliner Jazeera is expected to exercice the right issue at the end of 2012. 200m shares will be allocated to existing shareholders.
Source: AME Info
DP World closes flat ahead of half-year results
August 27, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed at 1678.81 Monday, off 0.76%, from the previous close.
Dubai Ports (DP) World clsoed unchanged at $10.20. DP World announced earlier in the day half-year financial results will be published Wednesday, August 29.
Source: AME Info
Abu Dhabi bourse ends 11-day gaining streak
August 27, 2012--The ADX General Index fell 0.44% to 2,589.60 points Monday.
Market heavyweights Aldar Properties (down 1.60%) and telecom giant Etisalat (off 0.52%) were mostly sold. RAK White Cement bucked the trend and gained two percent
Source: AME Info
Profit booking continues at Dubai market
August 27, 2012--The DFM General Index slipped 0.92% Monday to close at 1,558.83 points.
Bank Emirates NBD fell 3.26% to Dhs2.97. Real estate maintenance specialist Drake and Scull International or DSI dclined 2.10% to Dhs0.891. Earlier in the day, DSI said it decided to postpone its annual general meeting, which was scheduled to be held on August 28, to October 15. Emaar dropped by 1.20% to Dhs3.35. Gulf General Investment Co., known as GGICO, gained the most (up 6.25% at Dhs0.34).
Source: AME Info
Saudi Arabia sees inflation down to 4.7%
August 27, 2012--Kuwait Finance House (KFH) has said the strong performance of the oil sector in Saudi Arabia is expected to reinforce the growth of the GDP during 2012 to reach 6%, while inflation rate is to drop during the second half to 4.7%, Kuna has reported.
The kingdom’s quarterly GDP growth has eased slightly to 5.9% year-on-year in the first quarter of this year from 7.4% year-on-year in the fourth quarter of 2011, due to a moderate growth in the manufacturing sector. However, the quarterly real GDP growth is still considered robust supported by an expansion in the oil sector, KFH said.
Source: AME Info
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