Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Kuwait's budget surplus hits $42bn
January 05, 2012--According to data by Kuwait’s finance ministry, the Gulf country’s budget surplus has reached KD11.6bn ($41.6bn) in the first eight months of its 2011-12 fiscal year,
double than a year ago on higher than expected oil revenue and lower spending, Reuters has reported. The surplus accounted for 33% of Kuwait’s 2010 gross domestic product, at KD5.9bn. Revenue of the world's sixth-largest oil exporter was KD18.7bn in April-November, while spending came at KD7.1bn, 36.6% of the full-year plan, the data showed.
DGCX 2011 annual volumes rise 110% to record over 4 million contracts
January 04, 2012-- Annual volumes for 2011 on the Dubai Gold and Commodities Exchange (DGCX) registered a substantial growth of 110% from 2010 to reach 4,044,138 contracts,
the highest ever annual volumes achieved by the Exchange since inception. The annual volumes represent a value of $185.13bn. [AMEInfo.com]
Investors fail to honour Arabtec'sDhs561m Dubai airport award
January 04, 2012--The Dubai Financial Market (DFM) General Index fell 0.30%, closing at 1,346.60 points.
Shares of Arabtec Construction ended 1.82% lower at Dhs1.62. Earlier in the day, Arabtec said it has received a letter of award from Dubai Aviation City Corporation (DACC) to carry out expansion works at Dubai International Airport's Terminal2 (Phase 3), worth Dhs561m. The project's duration is 25 months. Emaar Properties ended off 0.78% at Dhs2.53. Islamic real estate company Deyaar Development rebounded 2.36% to reach Dhs0.217. The share lost around 30% of its value last year. Some 36.3m shares were traded, valued at Dhs42.4m.
NASDAQ Dubai bellwethers end roller-coaster day in the green
January 04, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed flat at 1378.930 Wednesday. Dubai Ports (DP) World gained 1.52% to close at $10.00.
Jewelry trader Damas International soared 13%, closing at $0.26. Both aforementioned shares started the day deeply in the red but eventually rebounded, albeit amid low trading volumes. Depa, the Dubai-based interior designer who created the interior decoration in the seven-stars hotel Burj al Arab as well as in the 828 meters tall Burj Khalifa, closed even at $0.42.
Banks lift Bahrain Bourse slightly
January 04, 2012--Bahrain: The Bahrain All Share Index added 0.13% to reach 1,136.08 points. Islamic financial institution Ithmaar Bank surged 7.69%, ending at $0.07.
Telecom heavyweight Bahrain Telecom or Batelco saw its shares closing unchanged at BD0.394. Commercial bank and wealth manager BBK advanced one per cent, finishing like Batelco at BD0.394.
Etisalat, Taqa help Abu Dhabi bourse to rebound
January 03, 2012--The ADX General Index advanced half a per cent to reach 2,408.49 points, as bellwether Etisalat, the UAE's first telecom provider, gained 1.75% (closing at Dhs9.28).
Abu Dhabi National Energy Co., known as Taqa (up 1.69% at Dhs1.20) also helped the sentiment to improve. Around 39m shares were traded, valued at Dhs44m.
Qatar Exchange gains as banks prepare for annual reporting
January 03, 2012--Amid rising trading turnover, the Doha-based QE Index closed one per cent higher at 8,880.43 points, as stock gained across the board. Doha Bank surged 2.33%, while the country's largest lender
Qatar National Bank added 1.60%. According to Dr. Giyas Gokkent, Chief Economist and Head of Research at National Bank of Abu Dhabi, Qatari banks continue to grow in the personal loan segment. Personal loans grew 8% month-on-month last November and 25.7% year-on-year. Meanwhile, a number of lender announced board meetings scheduled for January in order to discuss the financial statements of 2011.
Damas, DP World shine at NASDAQ Dubai
January 03, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed 1.18% higher at 1,378.52 today.
Bellwether shares Dubai Ports (DP) World advanced 1.44% to reach $9.85, while Damas Jewellery surged four per cent, closing at $0.23. Dubai-based Damas has gained 50% in value since November 15 2011. Interior designer Depa Ltd. ended flat at $0.42. Some 1.13m shares changed hands at the NASDAQ Dubai, the Middle East's only capital market by international standards.
Dubai total trade with the world exceeds Dhs814bn at the end of 3rd Q 2011
January 03, 2012--United Arab Emirates: Dubai's non-oil total trade, which includes direct trade, free zone trade, and customs warehouse trade, exceeded Dhs814bn at the end of third
quarter in 2011, an increase by 23% compared to the same period of 2010 which reached Dhs661bn. [AMEInfo.com]
Oil prices, reform policy help Saudi Stock Exchange to advance
January 03, 2012--Saudi Arabia: The Riyadh-based Tadawul market surged a quarter per cent to reach 6,413.88 points. Arriyadh Development Co., a developer of of commercial , office and residential buildings, facilities and service buildings, posted the largest advance (up 5.78% at SR23.80).
Sabic gained half a per cent, reaching SR96.75. Rising oil prices (up 1.90% (U. S. crude)) along with the new economic reform policy of HH King Abdullah Bin Abdulaziz Al-Saud, Custodian of the Two Holy Mosques, fuel the Saudi market's recovery. The Tadawul insurance sector, which gained significantly in recent weeks, posted losses today, as investors booked profits here and there. Gulf General Cooperative Insurance Company fell 3.19% to SR39.40.
