Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Saudi Arabian Mining Company rises on new financing agreement
November 30, 2011--The Saudi Arabian Tadawul market ended 0.12% lower at 6,104.56 points. Sabic slipped 0.27% to SR92.50. Shares of Saudi Arabian Mining Company or Ma'aden (Arabic for metal) added 0.81% to reach SR25.00. Earlier in the day Ma'aden said that that its subsidiary,
SAMAPCO (Sahara and Maaden petrochemicals company) has signed today a financing agreement for the caustic soda and ethylene dichloride project. The subsidiary is a 50:50 joint venture with Sahara Petrochemical (down 2.70% at SR16.20). The agreement totaling $240m (SR900m) was signed with the Saudi Industrial Development Fund (SIDF).
Saudi GDP to grow 6.9% in 2011 - report
November 29, 2011--According to the Saudi American Bank Group (Samba), the kingdom's real GDP is expected to grow by almost 6.9% in 2011, its highest growth rate in eight years, due to a surge in oil production and public spending,
Emirates 24-7 has reported. “Saudi Arabia is set for the strongest rate of economic growth since 2003, driven by double digit growth in crude oil output and sizeable gains in government spending,” Samba said in its report. Non-oil sector growth is projected to grow by more than 5%, while the hydrocarbon sector could record double digit growth due to higher output and prices, the report said.
Kuwait cabinet resigns
November 29, 2011--The Kuwaiti cabinet has submitted its resignation yesterday in a bid to resolve demands from protesters and opposition deputies that the prime minister step down over corruption allegations, Reuters has reported.
The resignation comes after the country saw its greatest political crisis in years escalate sharply earlier this month, when demonstrators accompanied by opposition lawmakers stormed parliament to demand the resignation of prime minister Sheikh Nasser al-Mohammad al-Sabah.
First Gulf Bank rises after increasing foreign ownership to 25%
November 29, 2011--The Abu Dhabi bourse ADX added half a per cent Tuesday, closing at 2,436.21 points.
Shares of the UAE's fourth largest lender First Gulf Bank or FGB surged 2.43% to reach Dhs15.00. Earlier in the day FGB announced it increased its percentage of foreign ownership to 25%. Opening listed firms to foreign investors is a key demand from index provider MSCIm which is currently examing wether the UAE will be upgraded to Emerging Market status form Frontier Market end of year. Real estate giant Aldar and Sorouh both finished flat Tueday. Some 69m shares were traded, valued at Dhs8.4m.
First Gulf Bank rises after increasing foreign ownership to 25%
November 29, 2011--The Abu Dhabi bourse ADX added half a per cent Tuesday, closing at 2,436.21 points. Shares of the UAE's fourth largest lender First Gulf Bank or FGB surged 2.43% to reach Dhs15.00.
Earlier in the day FGB announced it increased its percentage of foreign ownership to 25%. Opening listed firms to foreign investors is a key demand from index provider MSCIm which is currently examing wether the UAE will be upgraded to Emerging Market status form Frontier Market end of year. Real estate giant Aldar and Sorouh both finished flat Tueday. Some 69m shares were traded, valued at Dhs8.4m.
DP World shares stay firm at $10 amid high trading turnover
November 29, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1414.07 today, up 1.06%, from the previous close.
DP World and jewelry trader Damas both closed even at $10 and $0.15, respectively, as 8.45m shares were traded at the NASDAQ Dubai.
Qatar Exchange on the way to break even year-to-date?
November 29, 2011--The QE Index added 0.30% Tuesday, closing at 8,601.73 points. While the country's largest lender Qatar National Bank or QNB dipped 0.1%, Al Ahli Bank jumped over three per cent. Year-to-date, the QE Index declined by 0.92%, the best performing Arab market in 2011 (as yet).
According to Kuwait's Global Investment House, "Qatari companies continued to achieve profits during the first nine months of 2011, where a total of 41 companies listed on Qatar Exchange reported an aggregate net profit of QR27.9bn for the nine months 2011 compared to a net profit of QR22.8bn achieved in 9M2010, a growth of 22.0 percent, which reflects the strength and rigidity of by the country's economy."
Saudi Cable soars on new orders worth $1bn
November 29, 2011--The Tadawul bourse slipped slightly, closing off 0.11% at 6,111.86 points. Sabic ended 0.27% lower at SR92.75. Saudi Cable Company advanced 5.35% to reach SR12.80.
Earlier in the day Saudi Cable announced it has secured new orders totalling $1bn. The statement says: "Saudi has won a Purchase Order from Dosan Company of Korea on amounting to SR63m and, has also won another purchase order from Hyundai amounting to SR 56 million (...) during this month a number of Purchase Orders amounting to about SR 1.1bn, with better rates than those prevailing in the earlier months; these include orders from Russia, Italy and England." The financial effect will be seen during the first quarter of 2012, Saudi Cable says.
DP World jumps 2.67% to reach $10
November 28, 2011--At the NASDAQ Dubai, the FTSE NASDAQ Dubai UAE 20 Index rose for the first time since November 13 and closed two per cent higher at 1399.30.
Global maritime port operator and market bellwether DP World ended up 2.67% at $10.00 amid rising trading volumes. Damas surged 4.47%, finishing at $0.15. Yesterday, Damas, the Middle East’s leading international jewellery and watch retailer, reported a net profit of Dhs26.5m for the period, compared to a net profit of Dhs4.2m for the same period last year. Depa Limited fell 0.44% to $0.448.
Banks, real estate firms drive Abu Dhabi bourse recovery
November 28, 2011--The ADX General Index advanced by 0.30%, closing at 2,423.25 points. The emirate's largest lender National Bank of Abu Dhabi,
known as NBAD (up two per cent at Dhs10.15), Abu Dhabi Islamic Bank or ADIB (gaining 2.24% at Dhs3.20) and First Gulf Bank (FGB, 1.40% higher at Dhs14.50) reflected new hopes in the financial sector tht France and Germany will enforce higher budget disciplinary measure within the crises-ridden Eurozone. Real estate firms Aldar and Sorouh added one per cent and 1.10%, respectively. Some 62.5m shares were traded, valued at Dhs64.5m.
