Middle East ETF News Older than One Year
Saudi minister claims Euro effects will be limited
November 08, 2011--Saudi Arabia's finance minister Ibrahim Alassaf has said the impact of Europe's economic woes on the kingdom will be "very limited" because of the "appropriate means" taken to guard against any financial shockwave, Reuters has reported.
"If there is a big decline in the economic conditions of Europe... it will affect all nations including the kingdom to some degree, but I stress that the impact would be very limited because we have the appropriate means to limit the negative effect on the kingdom's economy," Alassaf said.
Source: AME Info
Egypt receives $400m financing from Islamic Development Bank
November 08, 2011--Egypt has received $400m from the trade financing arm of the Islamic Development Bank (IDB) to help the country finance imports of petroleum products, wheat and other foodstuffs, Mena has reported.
The funds were offered by IDB's International Islamic Trade Finance Corp, which offers trade finance that conforms to Islamic principles. Egypt has said it is negotiating aid packages with the Gulf Arab states to provide budgetary and other financial support, but only some of those funds have flowed in so far.
Source: AME Info
Kuwait Finance House shares soar 2.24%
November 03, 2011--The Kuwait Stock Exchange (KSE) Market Index declined 0.11% to 5,910.2 points.
Shares of the country's largest Islamic bank Kuwait Finance House closed 2.24% higher at KD0.910. Bayan Investment declined the most, closing 6.41% lower at KD0.0365. The KSE gauge added eight points during the week. It has lost 15% since the beginning of the year.
Source: AME Info
Qatar Exchange Index near YTD break-even
November 03, 2011--The QE Index closed 0.60% higher to reach 8,631.11 points. Year-to-date, the QE has lost 0.56%, which is the best performance among all Arab stock exchanges.
Vodafone Qatar advanced 0.27%, finishing at QR7.50. Vodafone Qatar disclosed its semiannual financial statements for the period ending September 30, 2011. The reviewed financial statements for the period ending September 30, 2011 revealed a net loss of QR237.3m in comparison to a net loss QR312.4m for the same period last year. Vodafone Qatar’s financial year runs from 1 April 2011 to 31 March 2012.
Source; AME Info
Union Cement Company posts net loss in the third quarter
November 03, 2011--The ADX General Index declined 0.32% to 2,482.23 points. Aldar Properties gained one per cent to reach Dhs1.04. Abu Dhabi National Energy Co., known as Taqa closed 0.86% higher at Dhs1.17.
Shares of Union National Bank or UNB closed even at Dhs2.95. UNB said earlier today it has successfully closed a 5-year bond issue for $400m. Union Cement Co. was not traded, after the firm reported a third quarter net
Source: AME Info
Dubai bourse DFM closes the week before Eid holidays positively
November 03, 2011--Thanks to a last-minute upswing, the DFM General Index closed half a per cent higher at 1,384.28 points.
Deyaar Development reaped benefits from its comeback to profits, it reported yesterday and advanced 6.84% to reach Dhs0.25. District cooling specialist Tabreed was not traded, earlier in the day, Tabreed reported that its nine month net profit increased 12% year-to-date to Dhs129.8m. Tabreed's third quarter net profit rose to Dhs53.5m from Dhs36.3m. Trading volumes stood at Dhs52m valued at Dhs47m. The DFM will be closed from Sunday, November 6th, marking the Islamic Feast of Sacrifice Eid ul-Adha, and will resume trading on Thursday, November 9th.
Source: AME Info
OEIH posts OR2.9m loss
November 03, 2011--Oman and Emirates Investment Holding (OEIH) has said its profitability for the nine-month period ended September 30, 2011 has been hit by the weak performance of equity markets this year, Muscat Daily has reported.
The company made a net loss of OR2.93m for the nine-month period against a net profit of OR555,000 in the corresponding period of last year. “The adverse situation in the equity market had a negative impact on investment valuations and consequently on the profitability of the company,” said Awad Mohammed Faraj Bamkhalef, CEO of OEHI.
Source: AME Info
UAE issues draft rules on short selling
SCA is posting new draft regulation for consultation
November 3, 2011--SCA is pleased to announce to its stakeholder and the public, the posting of draft regulations on the market making, security lending and borrowing, short selling and liquidity providers.
Feedback and comments can be submitted during the period 03/11/2011 to 17/11/2011.
1. Market Making
2. Security Lending and Borrowing
3. Short Selling
4. Liquidity Providers
Source: Securities and Commodities Authority (SCA)
Samba Financial Group hits 18-week high
November 02, 2011--The Saudi Tadawul bourse rebounded Wednesday by one per cent and closed at 6,215.67 points. Higher oil prices (up one per cent at $93 (US crude)) supported the positive sentiment. Sabic
advanced 1.32%, closing at SR96.00. Shares of Samba Financial Group soared 3.81% to reach SR49.00, the highest value sind July 18. Losses
Source: AME Info
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
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