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Abu Dhabi Council for Economic Development launches dynamic economic model for the Emirate
December 21, 2010-- The Abu Dhabi Council for Economic Development (ADCED) launched a state-of-the-art economic modeling platform, developed in partnership with leading modelling network ECOMOD, today in the presence of representatives from the government and private sector and media representatives.
The new model, ADMOD, is meant to provide impact results for various economic policies taking into consideration different economic sectors, population segments and the overall economy of the emirate.
MENA countries look to the East to strengthen trade, investment and knowledge links
December 21, 2010-- Increased cooperation with India and China has been crucial for the Middle East and North Africa region, allowing it to sustain growth despite difficult economic times and fully benefit from the dynamics of the two high-growth regions, according to Al Masah Capital's latest research report,
which explores the depth of the relationship between the three trading partners and the future potential still untapped.
Taqa secures $3bn revolving credit facility
December 21, 2010--Abu Dhabi's main index ADX lost 0.66% Tuesday, ending at 2,698.46 points. Shares of Abu Dhabi National Energy Co., known as Taqa, declined 0.68% to finish at Dhs1.44.
Earlier in the day Taqa announced in a statement to the ADX that it has secured a $3bn revolving credit facility. This facility will be used for "general corporate purposes". It replaces an existing $3.15bn revolving credit facility from August 2008. Since October 31st, Taqa shares have been trading in a range between Dhs1.40 and Dhs1.50. Oman and Emirates Investment Holding was the main gaining share, closing 6.38% higher at Dhs1.00.
Qatar market rebounds 0.38%
December 21, 2010--The QE Index closed Tuesday slightly higher at 8,664.15 Shares of Al Khaliji Commercial Bank gained 1.86% to reach QR16.40. Earlier in the day, Al Khaliji and International Bank of Qatar (IBQ) have today announced progress in the proposed merger discussions that began earlier this year.
An Integration Steering Committee (ISC) which brings together the combined expertise of both institutions has been formed to complete the process required for the proposed merger. One day after its Annual General Meeting, Doha Bank lost 1.67% to end at QR64.70. Doha Bank said in a statement to the QE it is committed to issue unconditional and irrevocable guarantee for bonds issued by a subsidiary company fully owned by the bank up to $500m.
Kuwait bourse gains slightly
December 21, 2010--The KSE Price index added 0.32% to close at 6,819.5. Al-Ahleia Holding Company gained 9.67% to reach KD0.017. All sector indices added value, except the industrial sector.
Aref Investment Group hit the bottom of today's charts, closing 7.56% lower at KD0.061.
Tadawul market consolidates above 6,600
December 21, 2010--The Saudi Stock Exchange's lead index Tasi added 0.15% to reach 6,605.47. Mouwasat Medical Services Company posted the largest gain, ending 5.88% higher at SR72.00.
Al Rajhi Bank, the GCC's largest Islamic Bank, added 0.31% to end at SR81.25. KSA plans to invest Dhs528bn or $144bn in 2011 in education and infrastructure projects to create more jobs, Gulfnews reported.
Bahrain central bank to stop managing bourse
December 21, 2010-The central bank of Bahrain (CBB) is to stop managing the kingdom's stock exchange to focus on its role of regulating the bourse, Reuters has reported.
The CBB will continue to regulate the exchange but will not be involved in managing it," a CBB spokeswoman said, declining to provide a date for the transfer of management or further details.
Lebanon issues seven-year bonds
December 20, 2010--Lebanese lender Banque Byblos has said the country has issued $1bn in seven-year government bonds, the longest period for local currency bonds, AFP has reported.
The bonds, which mature in 2017 and carry interest of 7.9%, aim to "help the government deal with debt in Lebanese pounds rather than foreign currency," the lender said.
Qatari investors cash in profits
December 20, 2010--On its first trading day after the 39th National Holiday on Sunday, the Doha-based QE Index lost 1.17% to end at 8,631.16 points. Financial shares posted the largest losses.
The QE suspended trading on Doha Bank shares on Monday, December 20, 2010 due to its Annual General Meeting (AGM) being held on that day. Industries Qatar was on of the few blue chips which bucked the trend, climbing 0.23% higher to reach QR133.30.
Kuwait banking stocks end mixed
December 20, 2010--Despite positive growth prospects, the Kuwait market KSE does not find momentum for a year-end rally. Citi expects the Kuwait economy to grow 4.5% in 2011 (after 3.1% in 2010).
The KSE Market index lost 0.73% to end at 6,798. Financial heavyweights National Bank of Kuwait (NBK) and Islamic bank Kuwait Finance House (KFH) ended flat at KD1.340 and KD1.180 respectively. Gulf Bank of Kuwait (GBK) declined 1.8% to finish at KD0.540 as investors cash in profits. GBK gained over 86% year-to-date.
