Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Egypt foreign reserves see first improvement since 2010 uprising
May 07, 2012--According to data by Egypt's central bank, the country's foreign reserves rose in April for the first time since December 2010, Reuters has reported.
The reserves have tumbled by more than half since a popular uprising toppled Egypt's president in February 2011 and sent the economy into a tailspin. Foreign reserves edged up to $15.21bn at the end of April from $15.12bn at the end of March, the central bank said.
Batelco shares rebound further while market index stagnates
May 07, 2012--The Manama-based Bahrain All-Share Index dipped insignificantly Monday, closing at 1,161.43 points.
Gulf Hotels Group lost the most, closing down 9.72% at BD0.65. Islamic financial institution Ithmaar Bank posed the largest advance (up nine percent at $0.24). Bahrain Telecom or Batelco added 1.30% to reach BD0.468. Batelco reached a 11-month high two weeks ago when it climbed to BD0.486, but retreated thereafter on profit booking. Year-to-date the Bahrain gauge added 1.55%. [AMEInfo.com]
Egyptian Exchange (EGX) Board Approves A Proposal To Exempt Companies From Listing Fees And Submit A Proposal To EFSA Concerning A Mechanism For Large Volume Deals
May 7, 2012--The Egyptian Exchange (EGX) board approved exemption of companies from the listing fees of the first time. This exemption is provided that companies finished all listing and offering procedures within a period not exceeding three months from 1/7/2012 to 30/9/2012.
EGX listing sector will facilitate the documentation and procedural cycle for listing and public offering. This decision came as a part of EGX marketing policy aiming to attract new companies to list on the stock market.
IMF working paper-Natural Resources, Volatility, and Inclusive Growth: Perspectives from the Middle East and North Africa
May 7, 2012--Summary: This paper takes stock of the economic performance of resource rich countries in the Middle East and North Africa (MENA) over the past forty years. While those countries have maintained high levels of income per capita, they have performed poorly when going beyond the assessment based on standard income level measures.
Resource rich countries in MENA have experienced relatively low and non inclusive economic growth as well as high levels of macroeconomic volatility. Important improvements in health and education have taken place but the quality of the provision of public goods and services remains an important source of concerns. Looking forward we argue that the success of economic reforms in MENA rests on the ability of those countries to invest boldly in building inclusive institutions as well as high levels of human capacity in public administrations.
DGCX Establishes New Monthly Volumes Record in April
Exchange registers 559,781 contracts in April, valued at $22.42 billion, a growth of 146% from April
Exchange crosses 2 million mark in 82 trading days; Year-to-date volumes on DGCX exceeds 2.1 million contracts, a 131% rise from 2011
Indian Rupee Futures establish new monthly volumes record of 499,478 contracts in April
New Copper Futures contract gets off to a good start with 15,582 contracts in the first seven trading days
April 5, 2012--April volumes on the Dubai Gold and Commodities Exchange (DGCX) registered a 146% growth from the same month in 2011 to reach 559,781 contracts,
the highest ever monthly volumes registered by the Exchange.
This is the second consecutive month in which DGCX has achieved record-breaking monthly volumes. April volumes represent a value of $22.42 billion.
On April 25, year-to-date volumes on DGCX surpassed the two million contracts mark. Achieved in 82 trading days, this is the earliest it has crossed this figure in any year since inception. Year-to-date volumes on the Exchange, at the end of April, reached 2,105,680 contracts, valued at $86.5 billion, a 131% rise from 2011. Average daily volume (ADV) in April increased 146% year-on-year to reach 27,989 contracts.
Visit http://www.dgcx.ae for more information.
UAE economy ministry considers bourse with 'easier' regulations code
May 05, 2012--The UAE economy ministry is considering setting up another market to list shares of private companies, Bloomberg has reported, citing a ministry document.
“The regulations code would be easier than those in the main market, and will guarantee sufficient safeguards for traders in the market through proper disclosure of information and financial data and control of the trading and monitoring,” the circular said.
FALCOM announce rebalancing of ETF Petrochemical Fund
April 4, 2011- Reference to The Saudi Stock Exchange (Tadawul) announcing the free float shares of the listed companies as of 28/04/1432 AH corresponding to 02/04/2011 AC.
And their update of FSPI index to reflect new market capitalization. Accordingly, FALCOM Financial Services has conducted on 03/04/2011 rebalancing process on the components of the FALCOM Petrochemical ETF basket. For further information and to obtain the updated components of the new Basket please visit the Fund website: http://etf.falcomwatch.com
Saudi lender Banque Saudi Fransi mulls first dollar sukuk
May 03, 2012--Saudi Arabia's fifth-biggest lender by market capitalisation, Banque Saudi Fransi plans to issue its first dollar-denominated Islamic bond, depending on market conditions, and has selected banks to arrange investor meetings, Reuters has reported.
The lender has picked Citi, Deutsche Bank and Credit Agricole to arrange global roadshows starting in the Saudi capital Riyadh on May 7, the banks said. Banque Saudi Fransi's existing $650m 4.5% conventional bond, maturing 2015 was bid at 104.25 levels on Wednesday, to yield 2.7%. It was trading at a zero-volatility spread (z-spread) of about 210 basis points. [AMEInfo.com]
Kuwait Stock Exchange advanced the fourth day straight
May 03, 2012--The KSE Makret Index added 0.60% to reach 6,479.1 Thursday, based on gains in the banking and real estate segment.
All sector indexes landed in the green. Investors Holding Group gained the most (up 11.6%) while NBK added 1.69% to reach KD1.080
Taqa receives approval for Bergermet Gas project
May 03, 2012--The ADX General Index slipped 0.16% to hit 2,501.44 points Thursday. While Etisalat, the UAE's first telecom firm, added slightly, real estate firms weighed o the gauge. Dana Gas closed unchanged, while Abu Dhabi National Energy or Taqa dived 2.50%.
Earlier in the day, Taqa said in a statement to the ADX it has received approval from the Dutch council of state for the development of the Bergermeer Gas Storage facility. Preparatory work is scheduled to commence in July. The project has a volume of 4.1bn cubic metres which is the average annual gas consumption of 2.5m households in the Netherlands.
