Middle East ETF News Older than One Year
Al Khaliji Commercial Bank installs FIFA 2022 related contract division
November 02, 2011-The QE Index closed 0.59% higher at 8,579.97 points Wednesday. Shares of Al Khaliji Commercial Bank advanced 0.29% to reach QR17.07.
Earlier in the day, the bank announced it has established a specialized contracting finance division for contracts related to the FIFA Football World Cup in 2022 in Qatar. "Qatar is expected to spend a staggering $150bn on hosting FIFA world cup 2022," Al Khaliji Commercial Bank said in a statement. "The major projects include development of Metro Rail, state of art stadiums, hotels as well as other infrastructure projects. Major contractors and sub contractors involved in these projects will need to resort to bank finance. Al Khaliji has introduced a Specialized Contracting Finance Division to cater the requirements seamlessly and efficiently for Contractors and subcontractors awarded with subject projects” said Robin McCall, Group Chief Executive Officer, Al Khaliji.
Source: AME Info
National Bank of Kuwait hits five-month high
November 02, 2011--The Kuwait Stock Exchange closed even at 5,916.8 points.
The country's largest lender National Bank of Kuwait or NBK gained 1.75% to reach KD1.160. Al-Safat Investment posted the largest decline (off 5.9% at KD0.079).
Source: AME Info
Qatar not planning to raise T-bill issue
November 02, 2011--Qatar's central bank governor Sheikh Abdullah bin Saud Al-Thani said the country has no plans to raise the monthly issuance of treasury bills from a current QR2bn ($550m),
Reuters has reported. The Gulf country's central bank has been issuing treasury bills with various maturities ranging from three to nine months to drain excess liquidity from its banking sector.
Source: AME Info
DGCX trades 441, 975 contracts in October
Monthly volumes increase 110% year-on-year to 441, 975 contracts, valued at US
$18.36 billion
Year-to-date (YTD) volumes rise 104% to reach 3,205,464 contracts
November 2, 2011--October volumes on the Dubai Gold & Commodities Exchange
(DGCX) grew 110% year-on-year to reach a total of 441, 975 contracts, valued at US $18.36 billion.
The month of October saw the Exchange surpassing the three million contracts mark, the first time it has crossed this milestone in its history. Year-to-date (YTD) volumes traded at the end of October were 3,205,464 contracts, a 104% increase from last year. Average daily volume in October rose 110% to reach 21,046 contracts valued at US $ 903 million.
Source: DGCX
UAE says $80-$100 oil price is 'reasonable'
November 01, 2011--United Arab Emirates: The UAE oil minister, Mohammed bin Dhaen Al-Hamli has said a reasonable price for crude oil is between $80 and $100 a barrel, Reuters has reported.
A high oil price would lead to more investment in alternative energy and also more investment in crude production capacity, which would mean less volatile prices, he said. "The higher the capacity, the less fluctuation in prices, except that capacity that is not in used is very expensive," Al-Hamli said.
Source: AME Info
Greek shockwaves felt at Saudi Stock Exchange
November 01, 2011--The Saudi Stock Market Tadawul posted the second largest loss in the GCC (after the DFM in Dubai) on Tuesday, closing down 1.11% at 6,155.10 points. Market bellwether Sabic fell the third day straight, ending off 1.81% at SR94.75. Shares of Abdullah A. M. Al-Khodari Sons Company dived 3.69% to SR52.25.
Earlier in the day the firm announced it received an award letter from the Ministry of Municipal & Rural Affairs for cleaning of cities and villages at Jazan for a period of 1095 days at SR70m. "A further announcement will be made upon contract signing including the expected start of the financial impact," the statement says.
Source: AME Info
Qatar Telecom shares slip amid a lower third quarter profit
November 01, 2011--The Qatar Exchange Index ended 0.76% lower at 8,529.29 points. Al Ahli Bank posted the largest advance, closing up 5.42% at QR75.90, but the majority of the financial shares declined in value. Qatar Telecom or Qtel disclosed its interim financial statements for the period ending September 30, 2011.
The interim financial statements revealed for the third quarter a net profit of QR567m, a 13% decline year-on-year. "Seasonal promotions and foreign exchange losses impacted Q3 2011 net profit," the firm said in a statement posted on the QE website. Qtel shares closed off 0.34% at QR146.50.
Source: AME Info
Kuwait's inflation rises to 4.5% in September
October 31, 2011--Kuwait: According to data from Kuwait's central statistics office, the country's annual inflation rate rose slightly to 4.5% in September, compared to the same month in 2010, whereas it increased 1.1% compared to August of 2011, Kuna has reported.
The report said that the monthly consumers' price index for September 2011 showed a rise of 150 points, compared to the recorded 148.4 points in August 2011 and 143.5 points in September of 2010. The food index jumped 9.2%, while the clothing and footwear index rose 3%, the report added.
Source: AME Info
Gulf Union Cooperative Insurance Co. dips, signs MoU
October 31, 2011--The Saudi Arabian Tadawul bourse closed 0.10% lower at 6,224.3 points. Sabic declined a quarter per cent, ending at SR96.50. Allianz Saudi Fransi Cooperative Insurance Company jumped 10% to reach SR29.70.
Shares of Gulf Union Cooperative Insurance Co. fell 1.03% to SR19.20. Earlier in the day, Gulf Union and Services Claims and Risks Company Ltd had signed the Memorandum of Understanding (MOU) for the settlement of medical claims for Gulf Union Cooperative Insurance Company clients.
Source: AME Info
Kuwait Stock Exchange advances slightly
October 31, 2011--The Kuwait Stock Exchange closed 0.19% higher at 5,919.6 points. Automated Systems Co. posted
the largest gain (up 8.8% at KD0.222). IFA Hotels & Resorts lost the most (down 6.7% at KD0.345.
Source: AME Info
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