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World Economic Forum and OECD Launch Arab World Competitiveness Report 2011-2012
2.8 million young people enter the Arab world’s labour market every year
25 million new jobs required over the next decade to maintain current unemployment levels
Private sector development is essential to creating sustainable, gainful employment
Region needs better education, more competition and entrepreneurship, and institutional reform
The low participation of women is a missed opportunity for economic development
October 21, 2011--
The World Economic Forum and Organisation for Economic Co-operation and Development (OECD) today released the Arab World Competitiveness Report 2011-2012. Recent developments in the Arab world have heightened awareness of key socio-economic challenges, particularly the need for gainful, formal employment opportunities for the 2.8 million young people who enter the labour market each year.
To reduce unemployment, there must be a heightened and sustained focus on the three most disproportionately affected groups – the young, the educated and women.
Enhancing overall competitiveness should be part of the reform agenda. Particularly necessary are measures to support a vibrant and competitive private sector, which remains stifled by a business environment that is not conducive to the development of enterprises, healthy competition and entrepreneurship.
Corruption, a lack of transparency and trade barriers distort markets, hinder competition and lower efficiency. Additionally, low female participation is considered a missed opportunity for economic development in the region.
“Competitiveness-enhancing reforms are needed to fulfil aspirations of Arab citizens and address the key priority faced by the region, which is to create gainful and sustainable employment for the population,” said Børge Brende, Managing Director, Government Relations and Constituents Engagement, World Economic Forum.
view the Arab World
Competitiveness Report 2011-2012
DGCX surpasses the three million contracts mark in 2011
Exchange crosses a significant milestone on October 18, 2011
105% increase in year-to-date volume compared to 2010
October 20, 2011--The Dubai Gold and Commodities Exchange (DGCX) today announced that its total traded volume for 2011 surpassed the three million contracts mark on October 18, 2011, a significant milestone achieved in the history of the Exchange.
Trading volumes stood at 3,012,888 contracts on October 18, 2011 representing a total value of US $144 billion and a 105% increase on the YTD volume of 1,473,265 contracts achieved within the same period last year. The new volume mark takes the total volume achieved since inception to 9.11 million contracts, valued at $434.28 billion.
At this historic moment, Ahmed Bin Sulayem, Chairman of DGCX said, “Crossing this milestone demonstrates growing acceptance of DGCX as an exchange of choice for market participants. Exceeding three million contracts in just 205 trading days is further evidence of the vast rise in demand for DGCX’s currency and commodity derivative products. As global market volatility and economic uncertainty continue to prevail, DGCX offers some of the best tools in the region to manage currency and commodity price risks through a robust, secure and regulated environment. As our achievements grow, we can confidently say that the market participants are satisfied with our approach of introducing the right products at the right time. This accomplishment augurs well for a strong annual performance.”
Last minute swing lifts Dubai marker slightly higher
October 20, 2011--The DFM General Index added 0.22% to reach 1,366.34 points, thank to a sharp rise in buying power in the last minutes of trading. Arabtec Construction was the most liquid share, ending 1.56% higher at Dhs1.30. Emaar dipped 0.40% to close at Dhs2.47.
Shares of Emirates NBD or ENBD recovered further (up 0.82% at Dhs3.71). Earlier in the day, ENBD CIO Private Banking Gary Dugan said in his weekly comment on global markets, "Global equities have rebounded close to 10% from their lows. Opinions are split between those investors who see a potential break out to the upside and those who fear a further fall back in markets." Over the week the DFM fell 1.30%.
Al Baraka Bank: Libya private banking license pending
October 20, 2011--The Bahrain Bourse lost a quarter percent and closed at 1,144.29 points. Islamic Bank Al Baraka Banking Group (not traded today) has reacted to media reports and has said it has not not yet got a license to establish a private bank in Libya and the public and shareholders will subsequently be notified once the license is obtained. However, "the group’s representative office in Libya began to work officially which was previously announced by the Group.
It should be noted that the opening of the representative office is the first step in line with ABG’s policy for expansions in foreign markets."
Kuwait Market knocks at 5,900 points
October 20, 2011--The KSE Market Index added 0.20%, closing at 5,895.8 points. Aref Energy Holding surged 14% to reach KD0.106. Gulf Bank of Kuwait hut a four-month high at KD0.350. (up 3.77%).
International Financial Advisors or IFA was the most active share in relation to trading volumes, ending down 1.14% at KD0.043. Over the week, the KSE Market Index gained half a percent.
Gulf Warehousing shares dip, as 9-month profit rises threefold
October 20, 2011--The QE Index ended down 0.16% at 8,362.59 points. Al Ahli Bank gained the most (up 4.76% at QR66.00. Shares of Gulf Warehousing Co. fell 0.29% to QR33.95.
Earlier in the day, the logistics specialist disclosed nine-month net profit of QR45.8m, 200% higher in comparison to a net profit of QR15.3m for the corresponding period last year.
Aldar shares soar on Yas Mall deals
October 20, 2011--The Abu Dhabi market ADX dipped 0.07% to 2,444.07 points on Thursday. Abu Dhabi Commercial Bank added 0.36%, closing at Dhs2.79.
Real estate bellwether Aldar Properties jumped two percent, reaching Dhs1.02. Earlier in the day Aldar named the five UAE retail groups, that have committed to Yas Mall, a new retail development on Yas Island set to open in Q4 2013. The five retail groups are Landmark Group, Dubai Holding Group, M.H. Alshaya Co, RSH (Middle East) LLC and Liwa Trading Enterprises. Yas Mall will feature 235,000m2 of retail trading area.
S &P downgrades Egypt
October 20, 2011--Standard & Poor's has cut Egypt's credit ratings deeper into junk territory, saying the transition to a new government has increased risks to macroeconomic stability, Reuters has reported. S&P cut the country's foreign currency rating to BB-minus from BB. The local currency rating was cut by two notches, to BB-minus from BB-plus.
All the ratings have a negative outlook. The rating agency warned another downgrade is possible if the political transition is less smooth than expected, making it more difficult to finance the government's borrowing requirements or the country's external needs.
Kingdom Holding announces third quarter results
October 19, 2011--The Saudi Arabian Tadawul exchange's benchmark index Tasi fell 0.71% to 6,106.74 points.
Shares of Kingdom Holding ended unchanged at SR7.25. During third quarter, Kingdom Holding achieved a net income of SR197.7m compared to the net income of SR160m for the same quarter in 2010, representing an increase of 23.6%, and compared to the net income for the last quarter of SR163.5m, representing an increase of 20.9%.
Agility gains on China contract award
October 19, 2011--The KSE Market Index declined 0.22%, closing at 5,884.1 points.
Logistics provider Agility Public Warehousing Co. added 1.31% to reach KD0.385. Earlier in the day, Agility announced that it was awarded a five-year contract by Henkel China to be the exclusive logistics partner for its HUB project named “Project Dragon.” Henke, a leading cosmetics and chemicals producer from Dusseldorf in Germany, aims to increase its operations in China.
