Middle East ETF News Older than One Year
KFH Group issues first Corporate Sustainability Report including its achievements in economy, society, environment -Applying Worldwide GRI Standards
September 15, 2011--Kuwait Finance House (KFH) issued a new report concerning its efforts in the field of sustainable development, which focuses on economic growth, preservation of environment and natural resources, and social development. It is worth noting that KFH is considered to be the first bank in Kuwait and the first Islamic bank worldwide to issue such a report based on Global Reporting Initiative criteria.
The report highlights other fields of information mentioned in other reports, such as the KFH Annual Report and the Corporate Social Responsibility reports, the activities and businesses of KFH from a sustainable development perspective. The report shed light on the outstanding success that KFH has achieved in the development of societies and their civilizations, protecting the environment, overcoming poverty, supporting social and voluntary work, awareness campaigns, and encouraging environment friendly initiatives.
The report that will be available soon on kfh.com for the public has highlighted in its introduction the assertion of KFH’s CEO Mohammed Al-Omar that KFH is taking giant steps in the field of sustainable development, in order to improve lives, which is evident by KFH’s presence in three continents. He stressed that KFH’s main strategic principles are clear and has not changed since the foundation of KFH, which is to abide by Shariah, support initiatives, take part in social and economic responsibilities in local societies; thus allowing KFH to play a pivotal role in the field of Islamic banking around the world.
Source: Kuwait Finance House (KFH)
Industrial shares lift Qatar Exchange modestly
September 15, 2011--The QE Index finished a more than disappointing week with a 0.34% advance, closing at 8,347.74 points.
QE heavyweight Industries Qatar surged 2.59% to reach QR122.60. Mannai Corp. dived 3.67% to QR99.70. Earlier in the day, Mannai announced that an Extraordinary General Meeting has approved the Board of Directors’ proposals for increasing the share capital of the Company by 20% from QR285.12m to QR342.14m by issuing 5,702,400 new shares and offering them to shareholders of the Company as at closure of business on September 13 2011 at the rate of 1 new share for every 5 held, at the price of QR 70 per share (QR10 nominal value plus QR60 premium).
Source: AME Info
Building Financial Institutions as Solutions to Frustration and Exclusion
September 15, 2011 – Financial systems across the Middle East and North Africa (MENA) proved resilient during the global financial crisis and subsequent political shocks but have failed to provide access to finance, contributing to the region’s relatively weak growth performance and inability to generate jobs. This in turn has contributed to the deep-seated frustrations of the region’s large youth populations, say the findings of a new World Bank report.
“We began work on this report with our partners in the Arab Monetary Fund, the Islamic Development Bank and the Union of Arab Banks, well before the Arab Spring,” says Roberto R. Rocha, Senior Adviser and principal author of Financial Access and Stability: A Road Map for the Middle East and North Africa. “Many of our findings now have even sharper relevance in the light of the protests that have reflected popular discontent with systems where opportunities are few, competition limited and access to finance constrained.”
The report describes MENA’s financial sectors as dominated by large, well-capitalized banks, but largely undiversified and uncompetitive. Essential non-banking financial institutions such as insurance companies, mutual and pension funds, leasing, and factoring, are not well developed with few exceptions. Equity markets are large in many countries, but mainly dominated by financial institutions and infrastructure companies. Private fixed-income instruments and markets remain negligible.
Source: World Bank
Industrial shares lift Qatar Exchange modestly
September 15, 2011, 7:31:05 AM
The QE Index finished a more than disappointing week with a 0.34% advance, closing at 8,347.74 points.
QE heavyweight Industries Qatar surged 2.59% to reach QR122.60. Mannai Corp. dived 3.67% to QR99.70. Earlier in the day, Mannai announced that an Extraordinary General Meeting has approved the Board of Directors’ proposals for increasing the share capital of the Company by 20% from QR285.12m to QR342.14m by issuing 5,702,400 new shares and offering them to shareholders of the Company as at closure of business on September 13 2011 at the rate of 1 new share for every 5 held, at the price of QR 70 per share (QR10 nominal value plus QR60 premium).
Source: AME Info
DP World shares rise back to $10
September 15, 2011, 7:27:10 AM
The FTSE NASDAQ Dubai UAE 20 Index closed at 1487.60 today, up 7.110, or 0.48%, from the previous close.
DP World finished 1.52% higher to reach $10.00. Jewelry trader Damas dived nine percent, hitting $0.10. Interior designer Depa Ltd. closed even at $0.49.
Source: AME Info
Fitch International Agency affirmes Ahli Bank's 'A-'-Rating
September 14, 2011--The QE Index declined by 0.18% to 8,319.17 points. The country's largest lender Qatar National Bank dipped 1.12% to QR141.20.
Shares of Al Ahli Bank ended flat at QR80.00. Earlier in the day, Fitch International affirmed Ahli Bank's 'A'-Long Term Default Rating. "Fitch has also affirmed Ahli bank’s Viability Rating at “bbb-”, short term IDR at “F2”, Individual Rating at “C” and Support Rating at “1”, the statement posted on the QE website says.
Source: AME Info
Kuwait bourse consolidates above 6,000 level
September 14, 2011--The KSE Market Index continues to attract buyers, closing 0.46% higher on Wednesday at 6,035.7 points. Al-Dar National Real Estate Co. posted the highest advance, closing up 20% (!) at KD0.015.
International Financial Advisors (IFA) surged 4.76% to reach KD0.044. Earlier in the day, IFA published the condensed consolidated financial results for the second quarter, revealing a loss for the period of KD4.4m, compared to KD13m in the same period the year before.
Source: AME Info
DP World gains further ground, but amid low turnover
September 14, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1480.49 today, up 11.120, or 0.76%, from the previous close. In line with the general rebound at international stock markets,
shares of global port operator DP World jumped 2.59% to reach $9.90. Interior design company DEPA Limited and jewelry trader Damas ended both flat at $0.49 and $0.11. Less than 1.1m shares changed hands at the NASDAQ Dubai
Source: AME Info
Dubai market index and trading volumes rise
September 14, 2011--Lifted by Dubai blue chip stocks, the DFM General Index added 0.33% on Wednesday, closing at 1,465.53 points. Emaar Properties gained 1.08% to reach Dhs2.81. According to Citigroup analyst Heidy Rehman,
"The UAE remains MENA’s 2nd largest real estate project market (at around $623bn). But this is down 33% yoy. Its total project awards have fallen (by $6bn in the year-to-end August) while its cancelled & delayed projects are up (+13% t$170bn)." Logistics specialist Aramex closed as the most liquid share 1.69% higher at Dhs1.81, while investment bank Shuaa Capital fell 1.90% to Dhs0.826. Some 87m shares were traded,
Source: AME Info
Lacklustre trading leaves Saudi Tadawul bourse unchanged
September 14, 2011--The Saudi equity market closed at 6,071.52 points, up 0.04%. Shares of the Saudi Industrial Investment Group (SIIG) ended even at SR18.95.
Earlier in the day, SIIG announced the shutdown of some of its production units at its Jubail site, starting from 1 of October 2011. "This is a previously planned shutdown for regular maintenance work, and is scheduled to last for 30 days. The shutdown will require stopping the production of Benzene, Cyclohexane, and Motor gasoline, while the production of styrene and propylene will continue to operate," the statement which is published on the Tadawul website says.
Source: AME Info
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