Middle East ETF News Older than One Year
Tamweel shares to resume trading on May 10
May 5, 2011--Tamweel PJSC, the UAE Islamic home finance provider, announced today that its shares will resume trading on the Dubai Financial Market (DFM) on May 10, 2011, subsequent to approval from the Securities and Commodities Authority (SCA).
For the first quarter of 2011, Tamweel reported a net profit of AED 27 million, compared to Dhs5m in the same period last year. In February, Tamweel reported an annual profit of AED 26 million for year 2010, bouncing back from an annual net loss of Dhs54m in 2009. Dubai Islamic Bank owns a 57.7% share in Tamweel, whose long-time CEO Wasim Saifi resigned on November 11 2010. He was succeeded by Acting CEO Varun Sood. The Islamic home financing company was hit hard by the real estate crash due to the global financial crisis. Commenting on the resumption of share trading, Abdulla Ali Al Hamli, Chairman of Tamweel, said: "The resumption of share trading is a very positive sign of Tamweel's long-term sustainable growth outlook. We would like to thank the Government of Dubai, under the guidance of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, and our shareholders and other stakeholders for their patience and continued support of Tamweel. The company now looks forward with confidence to delivering value to its shareholders through its strong, proven business model."
Source: AME Info
Kuwait Exchange gains a quarter percent
May 5, 2011--Thanks to gains in the banking and insurance sector, the KSE finished 0.25% higher at 6,516.00 points.
Al Qurain Holding Co. posted the largest advance (up 7.81% at KD0.0345). Global Investment House stabilised at a 2.5-month-high at KD0.049 (1.03% higher).
Source: AME Info
GCC Bonds & Sukuk Market Survey - 2010 Highlights
May 4, 2011--The aggregate primary issuance of bonds and sukuk in the GCC totaled USD57.0 billion in 2010, a 27.6% decrease from its peak value in 2009.
The month of October witnessed the highest issuance frequency and value with 23 issuances raising a total of USD9.1 billion, representing 16.0% and 11.9% respectively of total 2010 issuances.
view the report-GCC Bonds & Sukuk Market Survey 2010 Highlights
Source: Markaz
Jordan passes draft law on sale of Islamic bonds
May 4, 2011-- Jordan's finance minister has said a draft law paving the way for the sale of Islamic bonds is to be sent to the parliament in June, Bloomberg has reported.
"Once it's ratified, we will then take a decision based on our needs as to if we will issue conventional bonds like we did last year or sukuk," Mohammad Abu Hammour said. The sale amount "won't be less than $500m, but if we see there is an appetite and market conditions are favourable we may go higher," he said.
Source: AME Info
Thin trading weighs on Dubai market
May 4, 2011--The DFM General Index dipped 0.71% amid low trading activity, closing at 1,618.23 points. shares of Islamic insurer Takaful Emarat posted the largest gain (up 3.76% at Dhs0.69).
A week ago, Takaful Emarat announced its new partnership with Reliance Asset Management (Malaysia) Sdn. Bhd. Market bellwether Emaar declined 0.61% to Dhs3.24. Seven stock gained, 19 lost and three ended flat. Some 58m shares valued at Dhs83.9m changed hands.
Source: AME Info
Abu Dhabi bourse adds 0.39%
May 4, 2011--The ADX General Index closed at 2,699.88 points on Wednesday. Sudan Telecommunications, known as Sudatel, ended flat at Dhs2.10. Earlier in the day,
Sudatel announced an unaudited net profit for the first quarter attributable to equity holders of $11.55m compared to $24.34m in the same quarter of 2010. Aldar shares closed 0.63% higher at Dhs1.56.
Source: AME Info
Lacklustre trading pulls Qatar Bourse down
May 4, 2011--The QE Index closed 0.20% lower at 8,493.12 points as only 7,2m shares valued at QR217.6m changed hands.
Barwa Real Estate shares dipped 0.16% to QR31.75. Earlier in the day, Barwa announced the appointment of Mr. Khalid Abdulla Al-Hitmi as CEO of Barwa Financial District, and Mr. Ahmad Abdulrahman Al-Sayed as Acting General Manager of Barwa Village.
Source: AME Info
Kuwait Stock Exchange closes flat
May 4, 2011--The KSE Market Index ended at 6,499.8 points Wednesday. Lebanese Al-Safwa Group posted the largest advance (up 14.7% at KD0.0195).
Financial bellwether National Bank of Kuwait declined 1.5% to KD1.240. The vast majority of listed shares did not post any price change.
Source: AME Info
Tadawul bourse declines 0.17%
May 4, 2011--The Saudi Stock Exchange closed 0.17% lower at 6,682.61 points.
Whilst the majority (70) of the 145 traded stocks gained, market bellwether Sabic (off 0.23% at SR110.75) weighed on the index. According to Kuwait's Global Investment House Saudi listed companies had positive 1Q2011 financial results, posting their best quarterly results since the third quarter of FY2008. "Aggregate net profit of Saudi corporate stood at SAR21.76bn, up by 23.7 percent and 13.5 percent, YoY and QoQ respectively," Global's statement says.
Source: AME Info
Tadawul bourse bucks fickle regional trend
May 2, 2011--The Saudi Stock Exchange rose on Sunday by 0.53%, closing at 6,719.53 points.
Market heavyweight Sabic added 0.90%, finishing at SR112.00. Al-Ahli Takaful Co. plummeted 3.15% to SR76.75. Ninety-six shares gained, 29 lost and 20 remained flat.
Source: AME Info
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