Middle East ETF News Older than One Year
Bahrain "Most Open Economy" in GCC, KPMG Report Says
July 24, 2011--Bahrain's comparative lack of hydrocarbons has lead to its status as one of the Gulf State's most "financially forward-thinking" countries, according to a new KPMG report.
In KPMG's "Succeeding in a Changing World" survey of 1,500 executives across 22 European, Middle Eastern and African countries, Bahrain earned the reputation of "regional trailblazer" with the "GCC's most open economy."
"Having long since realized that it cannot rely on oil and gas exports to ensure its continuing prosperity, the kingdom has strived over the past several decades to diversify its economy away from the extraction of natural resources and towards a more sustainable model of development based on manufacturing and the provision of services, especially finance," the report said.
In fact, the building blocks of Bahrain's economy remain intact despite recent unrest, and investors are optimistic about the country's future, according to the report.
"Going forward, government and regional investments are expected to have an immediate impact on Bahrain's economic recovery," it said.
The report added that Bahrain's expected revision of the national economic strategy will be a vital measure to ensure long-term prosperity. To this end, organizations are reviewing their internal structure to enhance performance efficiency and are concentrating on business performance management.
Compared to other countries, Bahraini executives place a higher weight on mitigating risk throughout organizations at 42 percent versus the average 30 percent. KPMG Fakhro and Bahrain's Head of Advisory Narayanan Ramachandran says this demonstrates Bahrain's "increasing emphasis on corporate governance and financial risk management."
SOURCE Kingdom of Bahrain
Dubai Gold & Commodities Exchange Weekly Market Commentary-
July 24, 2011-- Economic Data Overview
The July 25 week finishes up with the release of the preliminary US estimate for second quarter GDP on Friday. So far markets expectations are for sluggish growth in line with the first quarter performance. While the data is likely to be disappointing overall, it does put the first half of 2011 in the rear view, and markets will be ready to move on to see how the second half of the year is shaping up. Before Friday arrives, however, there are a number of other reports that will round out the outlook for the housing market, manufacturing, and consumer confidence.
The second quarter earnings season continues with a large number of releases on the calendar. These will include a number of companies in the oil industry, aircraft manufacturers, and some drug and chemical companies. The preliminary estimate of second quarter GDP will be released on Friday. The number will include some assumptions for changes in inventories, net exports, and consumer spending since the available data for the quarter is not complete. Expectations are for growth similar to the anaemic 1.9% pace of the first quarter, albeit with a somewhat different composition for growth. This is a disappointing pace, but markets are prepared for a soft number.
The last monthly reports on consumer confidence in July will be released next week. The Conference Board's Consumer Confidence Index is due on Tuesday, and the final Reuters/University of Michigan Consumer Sentiment Index is at 9:55 ET on Friday (preliminary reading 63.8). Data available so far for July indicates that consumers' outlook took a turn downward at the start of the month. It may have regained some ground as July progressed, but overall should be down compared to June. Initial jobless claims for the week ended July 23 on Thursday should be past any distortions that might have been apparent in the seasonal adjustment factors early in July and the influx of government workers in Minnesota due to a government shutdown. The Employment Cost Index (ECI) for the second quarter on Friday will get lost behind the release of the GDP numbers at the same time. It should be consistent with slow growth in most wages and salaries, and show some moderation in rises in benefits. Data for the manufacturing sector will include the next round of surveys from the Fed District Banks. The Richmond Fed's Manufacturing Survey for July is set for 10:00 ET on Tuesday, and is the most closely watched after the New York and Philadelphia indexes. It tends to lead the other surveys by a month or two. In June, the Richmond general activity index moved back into positive territory after briefly turning negative in May. It will likely confirm..
Source: DGCX
DGCX Daily Volume Surpasses 20,000 Contracts for the First Time
July 24, 2011--Exchange Trades 20,112 contracts on July 21, valued at US $ 996.12 million
Trading on the Dubai Gold and Commodities Exchange (DGCX) surged to a new daily volume high of 20,112 contracts, valued at US $ 996.12 million on Thursday, July 21, 2011. The new record surpasses the previous best of 19,819 contracts set on July 12, 2011.
DGCX reached its overall highest ever daily total open interest of 16,530 on the July 22, 2011 beating the previous record of 16,257 set on July 21st, 2011. DGCX Indian Rupee futures also achieved its highest daily total open interest of 9,795 on the day.
Source: Dubai Gold and Commodities Exchange (DGCX)
Kuwait banks lift local stock market
July 21, 2011--The KSE Market Index surged 0.74% to reach 6,077.9 points, as National Bank of Kuwait,
known as NBK, re-captured the level at KD1.200 (up 1.69%) and Gulf Bank of Kuwait (gaining 2% at KD0.500.
Source: AME Info
Qatar Exchange index knocks at 8,400 points
July 21, 2011--The QE Index ended up 0.06% at 8,393.25 points. A partial recovery in banking and services shares helped the Doha-based market to stabilise.
The country's second largest lender by assets Commercial Bank of Qatar closed 1.12% higher at Dhs0.80. Gulf Warehousing surged 2.25%, finishing at QR34.10. The firms reviewed financial statements for the period ending June 30, 2011 revealed a net profit of QR30.5m in comparison to QR 7.4million for the same period last year.
Source: AME Info
Sharjah Islamic Bank ends flat despite rise in net profits
July 21, 2011--The Abu Dhabi-based ADX General Index ended up 0.18% at 2,693.27 points.
Sharjah Islamic Bank closed flat at Dhs0.88 after reporting a net profit of Dhs123.3m for the second quarter, up from Dhs118.5m in the same period last year. Shares of National Bank of Abu Dhabi (NBAD), the largest lender in the emirate, posted the highest advance, by climbing 1.81% to Dhs11.35. NBAD's net profit in Q2 was up 2.5%, reaching Dhs1.03bn. Only 21m shares valued at Dhs32.19m were traded.
Source: AME Info
Aramex shares fail to benefit from profit rise
July 21, 2011--The DFM General Index closed the third week of July at 1,523.42 points, down 0.16%. Shares of logistics provider Aramex closed even at Dhs1.85.
Earlier in the day, the company reported a 3% rise in net profits to Dhs56.5m for the second quarter 2011. Emaar Properties landed at Dhs2.94, off 0.34%, while its rival Union Properties added 1.27% to reach Dhs0.40. Some 68.9m stock were traded, valued at Dhs60.6m.
Source: AME Info
S&P raises Kuwait credit rating to AA
July 21, 2011-Standard & Poor's Ratings Services has raised the long-term credit rating for Kuwait to 'AA,' the third-highest grade, from 'AA-' and said the country's public finances remain "exceptionally strong," Bloomberg has reported.
"The rating actions are supported by Kuwait's high GDP per capita and strong external and fiscal balance sheet positions, which carry a larger weight under Standard & Poor's recently revised sovereign rating criteria," S&P said.
Source: AME Info
Yemen political unrest to cost trade and industrial sectors $17bn
July 21, 2011--The deputy chairman of the Yemeni Chamber of Commerce, Mohamed Salah has said months of political unrest in Yemen have cost the country's industrial and trade sectors at least $17bn, Saudi Press Agency has reported.
The IMF last month also reversed its view on the economic outlook for Yemen, forecasting GDP will shrink this year but did not give a precise forecast, against a forecast in April for 3.4% growth. In 2010 the economy grew 8%, while GDP totalled $28.3bn.
Source: AME Info
Saudi market finishes the week positively
July 20, 2011--The Tasi index in Riyadh added 0.76% to reach 6,489.5 points. Sabic extended its recovery (up 2.40% at SR106.75).
Shares of Dar Alarkan Real Estate Development Company soared two percent, ending at SR7.50. Dar Alarkan reported earlier in the day, an interim net income generated during the first six months of SR570.9m, compared to SR835.6m for the same period last year, a decrease of 31.7%. But the net income generated during the second quarter reached SR297.8m, an increase of 9% quarter-on-quarter. Dar Alarkan commented the result by saying in a statement to its shareholders: "The decrease of 31.7% in net income during the six months period this year compared with the same corresponding period of last year is mainly due to the lower sales given the company seeks to enhance the gross profit margin of its land bank." Over the third week of July, the Tadawul bourse lost 0.16%.
Source: AME Info
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