Middle East ETF News Older than One Year
Qatar Islamic Bank acquires IBQ's Islamic Banking corporate unit Al Yusr, QIB shares end H2 on a high note
December 28, 2011--The Qatar Exchange gauge gained 0.10% Wednesday, closing at 8,812.46 points. Qatar National Bank or QNB advanced 0.66% to reach QR152, while Qatar Islamic Bank or QIB dipped 0.10% to QR84. During the second half of the year, QIB gained over seven per cent. Earlier in the day,
QIB announced it has acquired International Bank of Qatar (IBQ)'s Islamic banking corporate portfolio Al Yusr (Arabic for resolution). Under the terms of the agreement, the sale includes IBQ’s Islamic corporate financing facilities and deposit account portfolios. Ahmad Meshari, Acting CEO of QIB commented: "“We will ensure that Al Yusr’s corporate clients will receive the best banking services as is the case with our current and prospective customers. We have a long-standing track record in serving corporate customers that spans three decades, and we are proud that we have helped many clients build successful businesses in Qatar and beyond." The Qatar Central Bank has separated Islamic and conventional bank earlier this year. From 2012 on, conventional banks are not allowed to operate "Islamic windows" any more, a move which Sheikh Dr. Hussein Hassan, one of the leading Shari'ah scholars, called a step into the right direction to support the development of Islamic financial institutions.
Source: AME Info
Insurers, petrochemicals lift Saudi Stock Exchange
December 28, 2011--The Tadawul market index gained 0.30% to reach 6,418.13 points. Market bellwether Sabic edged 0.78% higher and closed as the most liquid share at SR97.
Wataniya Insurance Company surged 10%, finishing at SR68.75. Islamic insurer Al-Rajhi Company for Cooperative Insurance jumped nine per cent to close at SR52.75. The advance-decline ratio ended at 64 to 64, while 17 stock finished unchanged.
Source: AME Info
Saudi needs $74 oil price to balance budget - research firm
December 28, 2011--Saudi research firm, Jadwa Investment has said the kingdom will need a breakeven crude oil price of $74 per barrel to generate the funds required to meet its widening expenditure next year, Saudi Gazette has reported.
“The oil price level necessary for revenues to balance our forecast level of government spending is $74 per barrel for Saudi export crude,” Jadwa said, adding it would amount to about $70 per barrel for West Texas Intermediate (WTI) and $78 per barrel for Brent. Expenditure is expected to overshoot the budget to reaching SR733bn, the Riyadh-based investment firm said in a report.
Source: AME Info
Kuwait Stock Exchange stabilizes at 5,800 points
Monday, December 26, 2011, 7:36:08 AM
The KSE Market Index closed unchanged at 5,801.40 points Monday, as advances in the real estate and services sectors
were neutralized by losses among banks. The country's largest lender Kuwait National Bank or NBK closed likewise even at KD1.120.
Source: AME Info
Dubai GREs' face risks in 2012 - S&P
December 27, 2011--Standard & Poor's Ratings Services has said rated Dubai government-related entities are up against significant risks, although the Dubai economy is beginning to bounce back, Reuters has reported.
S&P rates five Dubai-based companies that it considers to be GREs under its criteria: Dubai Electricity and Water Authority, DP World, Emaar Properties, DIFC Investments, and Jebel Ali Free Zone. "Risks linked to the weakening global economic outlook, the Arab Spring, and volatile equity and bond markets have raised concerns as Dubai GREs face large debt maturities and refinancing needs next year," said S&P’s credit analyst Tommy Trask.
Source: AME Info
Gains in Emaar, Arabtec fail to uplift Dubai bourse
December 27, 2011--The DFM General Index rose slightly after the opening but eventually headed down and closed off 0.77% at 1,319.42 points. Arabtec Construction surged 2.61% to Dhs1.57
while Emaar Properties, as the most liquid share, advanced 0.40% to reach Dh2.48. Banks took a beating and weighed on the DFM gauge. Universal bank Emirates NBD and investment house Shuaa Capital both dived 6.90%, closing at Dhs2.70 and Dhs0.50, respectively. Some 54.1m shares were traded, valued at Dhs64.9m.
Source: AME Info
Damas Jewellery soars on year-end buying spree, hits $0.20
December 27, 2011--While the FTSE NASDAQ Dubai UAE 20 Index (off 1.07% at 1333.92) fell for the sixth consecutive day, shares of Damas International jumped 4.72% higher to close at $0.20.
The Dubai-based jewelry trader Damas benefits from a comeback in spending, as retail outlets in Dubai reported double-digit sales increased during the festive season, The National reported. Interior designer Depa Limited ended 1.20% at $0.42. Port Operator DP World plummeted 2.6%, finishing at $9.53.
Source: AME Info
Qatar Exchange consolidates above 8,800 points
December 27, 2011--The QE Index added 0.21% Tuesday and improved the year-to-date performance to 1.41%.
As only two trading days are left in 2011, Doha might finish the year of the Arab Spring as the only gaining market. Qatar and the UAE were the only two Arab countries which did not see any form of uprising or demonstrations during the turmoil in the MENA region.
Source: AME Info
FTSE NASDAQ Dubai UAE 20 Index falls for the fifth day straight
December 26, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed off 1.09% at 1348.35 Monday. The index 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 jewelry trader Damas International extended its year-end rally, adding half a per cent to reach $0.191. Shares of global maritime port operator DP World declined 0.91% to $9.80. Earlier in the day, DP World Limited announced the periodic coupon distribution for DP World Limited $1,750,000,000 Notes due in the year 2037. "The coupon distribution for the period of 180 Days from 1 July 2011 to 31 December 2011 will be distributed to Note Holders on 3 January 2012 Distribution is for Coupon rate of 6.85% for the total amount of USD 59,937,500," the statement says.
Source: AME Info
Mashreqbank soars, closes second syndicated facility for Sri Lanka's Bank of Ceylon
December 26, 2011--The DFM General Index added 0.12% to reach 1,329.69 points. Mashreq Bank, the UAE's only privately-held bank with zero shareholdings by the state, was the stock of the day, gaining 8.57% to close at Dhs95.
Earlier in the day, Mashreq Bank announced it successfully closed its second syndicated facility in 2011, for Sri Lanka’s largest bank, Bank of Ceylon (BOC).In an e-mailed statement, the bank added: "The $140m, which was successfully concluded during a time of substantial disruption in financial markets, reflects the syndicate members’ faith in the financial standing of BOC. The deal involved 10 participating banks from around the region, namely Bank Sohar, Doha Bank, The Arab Investment Company, Union National Bank, Askari Bank Limited, Bank Al Falah Limited, Burgan Bank, Emirates NBD and Bank Dhofar." Mashreq acted as the Mandated Lead Arranger, Book runner and Facility Agent for syndication. Shares of Emaar Properties declined 0.80% to Dhs2.47. Some 46.3m shares were traded, valued at Dhs51m.
Source: AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
