Middle East ETF News Older than One Year
IMF Note on Economic Transformation in MENA: Delivering on the Promise of Shared Prosperity
May 27, 2011--Executive Summary
The spark ignited by the death of Mohammed Bouazizi has irretrievably changed the future course of the countries in the Middle East and North Africa (MENA). But each country will change in its own way and at its own speed. Nor will they necessarily have a common political or economic model when they reach their destination.
The response to the recent popular protests in the MENA clearly entails a political dimension. But social and political stability will only be assured if the region creates 50–75 million jobs over the next decade for the people joining the labor force and to reduce unemployment, and if the economic model is seen as fair and inclusive.
Incremental changes in economic management will not deliver this outcome. A substantial increase in the pace of economic growth is needed, which calls for policies that support an enabling environment for the private sector. Change must also build on successes and achievements. In particular, the region’s hard-won gains in macroeconomic stability need to be preserved during the coming period of structural transformation. To secure wide support among all stakeholders, growth strategies also need to deliver broadly shared gains to overcome skepticism grounded in past experiences where “reforms” were seen as imposed from above to benefit a privileged few.
view the IMF Note on Economic Transformation in MENA: Delivering on the Promise of Shared Prosperity
Source: IMF
"No major impact on Islamic finance due to Arab Spring"
May 26, 2011--The Islamic Finance industry does not suffer major setbacks due to the political turmoil the Middle East and North Africa (MENA) goes throuh, sayd John H. Vogel, senior corporate and finance partner at the international law firm Patton Boggs LLP, based in Washington D. C. Speaking at the Luxembourg Financial Forum 2011,
Vogel, an legal expert in Islamic finance, added that the industsy has grown globally to $1.2tr, and that growth in the GCC, Southeast Asia and Europe mitigates possible setbacks in the MENA region. "The range in Shari'ah finance is so broadm regionally and in relation to products, that its annual growth rate of 15% is not in danger," Vogel concluded.
Source: AME Info
Kuwaiti banks lift stock market
May 26, 2011--The KSE Market Index ended 0.07% higher at 6,374.10 points on Thursday.
Al-Ahili Bank of Kuwait jumped three percent to reach KD0.680. National Bank of Kuwait, the largest lender in the country, closed flat at KD1.220. Gulf Franchising Holding lost the most (down 10.87% at KD0.0205.
Source: AME Info
Qatar bourse ends series of losses
May 26, 2011--The Qatar Exchange Index posted the first gain this week (up 0.71% at 8,400 points) as bargain hunters entered the scene.
Doha Bank closed 1.08% higher at QR51.60. Vodafone Qatar failed to join the rebound and finished off 0.63% at QR7.90.
Source: AME Info
Abu Dhabi market dips insignificantly
May 26, 2011--The ADX General Index closed 0.08% lower at 2,598.23 points.
Aldar Properties bucked the trend and gained 0.75% to close at Dhs1.34 after Abu Dhabi's first real estate developer said it need no further financial suport from the government. RAK Ceramics lost the most, ending 7.84% to Dhs.92.
Source: AME Info
GCC Corporate Earnings - 1Q11 -Earnings surge by 19% backed by Kuwait & Saudi-Markaz Report
May 25, 2011--As of third week of May 2011, we have 96% visibility in terms of market cap and 78% visibility in terms of number of companies to measure the performance of GCC corporate earnings.
Qatar enjoys nearly 100% market capitalization visibility, closely followed by Saudi Arabia with 99% visibility. Bahrain’s visibility at 70% is the lowest in GCC region.
view report-GCC Corporate Earnings-Q1-2011-Earnings surge by 19% backed by Kuwait & Saudi
Source: Kuwait Financial Centre "Markaz"
Tadawul bourse stays firm, despite regional index losses
May 25, 2011--The Tadawul market in Riyadh gained 0.19% to reach 6,723.64 points
It was the only gaining index in the GCC on Wednesday. Jouf Cement was the most liquid sharea and the top gainer on Wednesday (up 7.35% at SR16.80). Building companies benefit form a planned spending spree amounting to SR130bn HH Saudi King Abdullah, Custodian of The Two Holy Mosques, announced in mid-March. The budget is aimed to build schools, hospitals, roads and to create jobs for young Saudi nationals. Over the week, the Tadawul market added 0.56%. The market will remain closed on Thursday, marking the first day of the Saudi holiday but a debate about shifting the weekend to Friday and Saturday has received momentum this week.
Source: AME Info
Prices, trading volumes dip at Doha bourse
May 25, 2011--The QE Index ended at 8,340.84, down 0.48%. Al Khalij Commercial Bank declined 1.23% to QR17.66.
Trading turnover dived alomst 50% as 4.7m shares valued at QR180.18m changed hands.
Source: AME Info
Kuwait Stock Exchange loses the third day straight
May 25. 2011--The KSE Market Index lost 0.64% on Wednesday, closing at 6,369.6 points.
National Bank of Kuwait (NBK) ended flat at KD1.220. Gulf Investment House declined 7.24% to KD0.032. The insurance and industry sectors indices were the only composites which gained, adding 0.26% and 0.13%, respectively.
Source: AME Info
UAE stock markets remain under pressure
May 25, 2011--The local Dubai market DFM declined 1.16% to 1,526.39 points.
In Abu Dhabi the ADX General Index dipped 0.61% to 2,600.28 points. Abu Dhabi National Energy Co., known as Taqa, lost the most, closing off 4.84% at Dhs1.20. For Abu Dhabi National Takaful the only way remains upwards (gaining 9.90% at Dhs5.44%), despite rallying since the start of the week.
Source: AME Info
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