Middle East ETF News Older than One Year
Business counts the cost of Arab Spring
June 23, 2011--Six months on from the start of the Arab Spring*, businesses around the world are counting the cost of unrest in the Middle East and North Africa.
The latest research from Grant Thornton’s International Business Report (IBR) reveals that as the region continues to experience major political change, globally, more than a fifth (22%) of privately owned companies say that the unrest has had a negative impact on their business.
This figure is highest in North America where a quarter (26%) of businesses report a negative impact. However, when asked if the situation is affecting their plans to do business in the region, only 10% globally said they are now less likely to do business there. Grant Thornton believes that, despite the upheaval, the region should be viewed by businesses as one with real opportunities for the future.
Source: Grant Thorton
UAE Investment Map to create level playing field for investors
No plans to raise 49% foreign ownership limit for listed firms
June 20, 2011--The UAE Ministry of Economy Monday unveiled the UAE Investment Map, a federal-level initiative to attract private sector investment.
"The initiative will promote the sustainable and balanced development of the UAE, and contribute to the GDP growth by stimulating the investment environment and attracting investment and technology that drive the knowledge economy in addition to reducing the dependence on oil by diversifying revenue streams," said Mohammad Ahmad Bin Abdul Aziz Al Shehhi, undersecretary in the Ministry of Economy.
The programme will provide equal opportunities for all seven emirates to attract investments based on each one's competitive advantages.
International investors
The new move is aimed at introducing international investors to the investment opportunities in all sectors of the UAE economy.
Al Shehhi said the UAE Investment Map is in line with the strategic plans of the ministry for 2011-2013 to enhance the investment environment and the competitiveness of the national economy.
Although all efforts will be made to increase foreign investment, Al Shehhi said there were no plans to raise the 49 per cent foreign ownership limit for listed firms.
Source: Gulf News
Greece worries weigh on Tadawul market
June 20, 2011--Due to global worries about a possible default of Greece, Saudi investors followed global and regional investors and dumped bank-, insurance- and investment shares in particular, sending teh Tadawul market down one percent to 6,377.71 points
Malath Insurance dived 4.20% to SR15.95 while Saudi Industrial Investment Group declined 1.81%, finishing at SR21.65. Sixteen shares gained, 124 declined and five ended even.
Source: AME Info
National Bank of Kuwait dives 3.33%
June 20, 2011--The Kuwait Stock Exchange closed at 6,250.5 points (off one percent) on Monday.
Amid worries about a possible default of Greece, investors worldwide sold financial shares. Market bellwether National Bank of Kuwait declined over three percent to finish at KD1160. Islamic bank Ithmaar from Bahrain bucked the trend by closing 2.1% higher at KD0.024.
Source: AME Info
Qatar investors dump bank shares
June 20, 2011--The QE Index in Doha declined 1.41%, ending at 8,217.32 points.
The two largest banks in the country, Commercial Bank of Qatar (down 2.58% at QR68) and Qatar National Bank (off 2.07% at QR137.00) weighed on the market index. Islamic Holding posted the largest advance (up seven percent at QR27.85.
Source: AME Info
Dubai bourse DFM falls 1.65%
June 20, 2011--Real estate-related shares and the DFM share itself weighed on the Dubai market on Monday, ahead of the U. S. central bank's open market committee meeting which kicks off on Tuesday.
The DFM General Index ended off 1.65% at 1,572.46 points. Emaar plummeted 2.17% to Dhs3.15. The DFM stock dived 4.58%, finishing at Dhs1.25. Logistics specialist Aramex bucked the trend by closing half a percent higher at Dhs1.85. Trading volumes remained stable as 101m shares were traded, valued at Dhs130.34m. Five stock gained and 22 lost.
Source: AME Info
Abu Dhabi's Insurance House jumps on debut
June 20, 2011--The ADX General Index lost 0.66% to 2,757.12 points.
Shares of Insurance House were the only gaining securities as the real estate and insurer marked its first day of trading. Insurance House almost doubled to Dhs2 during the first hours of trading, Bloomberg reported, and eventually closed at Dhs1.05. With its IPO in March, Insurance House raised $18m. Aldar dived 2.14% to Dhs1.38.
Source: AME Info
Abu Dhabi Shares Rise to 7-Month High on Bets of MSCI Upgrade This Week
June 20, 2011--Abu Dhabi’s benchmark stock index advanced to the highest since November on speculation the United Arab Emirates will be upgraded to emerging market status by MSCI Inc. (MSCI) this week. Egypt’s stocks increased.
Abu Dhabi Commercial Bank PJSC (ADCB) climbed 1.9 percent after it said it will make a profit of about 1 billion dirhams ($272 million) from the sale of its stake in RHB Capital Bhd. Emirates Telecommunications Corp., the U.A.E.’s biggest phone company, gained for a 10th day, the longest winning streak since 2005. The ADX General Index (ADSMI) climbed 0.5 percent to 2,775.44, the highest since Nov. 1, at the 2 p.m. close in Abu Dhabi. Dubai’s DFM General Index (DFMGI) fell 0.1 percent after rising 2.8 percent last week.
Source: Bloomberg
Dubai Gold & Commodities Exchange Weekly Market Commentary - June 19, 2011
June 19, 2011--Economic Data Overview
The June 20 week has a light US data calendar with little to distract from the upcoming FOMC meeting on Tuesday and Wednesday. Among the economic data, it will be that related to the housing market that has the most impact on wider markets. The Richmond Fed's Survey of Manufacturing for June on Tuesday comes on the heels of soft reports from the New York and Philadelphia Districts. Last month the Richmond report's general activity index slipped back into a contractionary reading for the first time since September 2010.
The Richmond number tends to lead the other District Bank outlooks. If it turns higher, it may be consistent with temporary conditions that led to a brief slowdown in manufacturing. If it holds in negative territory, it will raise the possibility that the current slowdown will be more sustained. The advance report on durable goods orders for May on Friday should look a bit stronger than the 3.6% decline in April. Last month the transportation component was quite soft after declines in civilian aircraft orders. Aircraft orders advanced modestly in May, and should support overall orders. Nonetheless, there may be other disruptions from the supply chain or weather impacts that will restrain orders. The release of the third estimate of first quarter GDP on Friday will probably be a non-event. At this point the second quarter is well advanced, and any revisions to the first quarter are likely to be small.
Initial claims for the week ended June 18 on Thursday will be for the survey comparison week to May, and levels of new filings are likely to be lower than the 414,000 level in the May 14 week. The general trend for new and continuing claims is working its way..
Source: DGCX
United Arab Emirates: Selected Issues and Statistical Appendix
June 16, 2011--I. RISKS POSED BY GOVERNMENT-RELATED ENTITIES IN THE UNITED ARAB EMIRATES1
A. Introduction
1. Government-related entities (GREs) have been a major source of growth and
development for the United Arab Emirates (U.A.E.) economy. The U.A.E. economy is dominated by a web of commercial corporations, financial institutions, and investment arms,
owned directly by the Government of Dubai (GD), the Government of Abu Dhabi (GAD), or the ruling family under the umbrella of major holding companies (Figure I.1). Benefiting
from government transfers and from extensive borrowing-in light of a perceived implicit government guarantee-in 2004-08, Dubai Inc.2 funded a major push into large-scale commercial and residential property developments.
Dubai became a regional hub, and the economy achieved high growth rates. More recently, Abu Dhabi has also been developing major infrastructure projects through its GREs.
2. The global financial and economic crisis has, however, unveiled the fiscal and financial risks posed by GREs. Despite government support in 2008–09, the global financial crisis and the price correction in the local property market, combined with the maturity mismatch between short-term liabilities and long-term cash flows, forced Dubai World (DW), one of the main GREs in Dubai, to restructure its debt. The DW debt restructuring led to an increase in Dubai sovereign debt, with ramifications for the banking sector and financial markets. Other Dubai GREs are also in DW-style debt restructuring type negotiations with banks.3 There are also signs that some Abu Dhabi GREs heavily investing in the real estate sector are undergoing financial difficulties.4
view the United Arab Emirates: Selected Issues and Statistical Appendix report
Source: IMF
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