Middle East ETF News Older than One Year
Abu Dhabi exchange gains insignificantly
December 22, 2010--The ADX General Index ended up 0.05% to close at 2,699.73 points, as slight losses in the construction and real estate sector were offset by gains in the industrial segment.
Ras Al Khaimah White Cement jumped 9.66%, ending at Dhs1.59. The cement producer was only topped by Abu Dhabi-based Finance House (up 10% at Dhs5.50). The firm has revealed plans to relocate to a 22-story tower in Capital Centre, Gulf News reported.
Source: AME Info
DP World jump 6.31% on new Australia partnership
December 22, 2010--The Nasdaq Dubai FTSE UAE 20 Index gained 1.38% to reach 1,789.23. Shares of container port operator DP World jumped 6.31%, closing at $0.64, a new 2010 high.
Earlier in the day DP World and Citi Infrastructure Investors (CII), together with one of CII's major investors, have today formed a strategic partnership to invest in, operate and manage DP World's five marine terminals in Australia. DP World Australia operates container terminals in Brisbane, Sydney, Melbourne, Adelaide and Fremantle with capacity to handle in excess of 3.5m TEU per annum, approximately 50% of the total Australian container market. For the twelve months to 31 December 2009, DP World Australia generated equity-adjusted EBITDA of A$96m. Interior designer Depa Ltd. ended flat at $0.70.
Source: AME Info
Al Khalij Commercial Bank touch six-month high
December 22, 2010--The Doha-based QE Index dipped 0.11% to close at 8,654.57. The country's largest lender by assets and market capitalisation Qatar National Bank, known as QNB, declined 0.81% to end at QR184.50.
Al Khalij Commercial Bank surged 9.76% to reach a six-month high at QR18 after the lender revealed progress in its merger talks with International Bank of Qatar (not listed).
Source: AME Info
Kuwait bourse recovery continued
Decemeber 22, 2010--The KSE Market Index closed Wednesday at 6,865.8 points. Ajwan Gulf Real Estate Co. topped the charts by closing 12.5% higher at KD0.090. National Bank of Kuwait (NBK) ended even at KD1.340 as well as blue chip and telecom provider Zain (flat at KD1.520).
The UAE's first telecom firm Etisalat revealed recently that it still working on becoming a majority shareholder in Zain. Year-to-date, the KSE lost 1.99%.
Source: AME Info
Saudi stock investors slow down year-end rally
December 22, 2010--Despite oil prices hitting $90 per barrel for the first time since Q3 2008, the Tadawul market added just 0.06% to reach 6,609.53 points. Nevertheless energy and utilities shares were outperforming. Saudi Electricity surged 1.43% to close at a two-month high SRR4.20. Commenting on the Kingdom's budget for 2011,
Kuwait's Global Investment House said in an analysis today, that "the Saudi government continues to show its commitment towards enhanced public spending with budgeted government expenditure showing an annual increase of 7.4% to reach SR580bn ($154.7bn), and deficit of SR40bn ($10.7bn) in 2011." The study adds that "the oil revenues for Saudi Arabia contribute more than 85% to the government revenues and thus relatively higher oil prices and production levels in 2010 supported the revenues. In the challenging global economic environment, Saudi Arabia's generous government spending and various initiatives facilitated its economic expansion. KSA is estimated to record real GDP growth of 3.8% and nominal GDP growth of 16.6% in 2010. We forecast the economic expansion in KSA to record real GDP growth in the range of 4.0% to 4.5% in 2011." Year-to-date, the Tadawul market posted among the GCC countries the second highest rate of return of 7.97% after the exchange in Qatar which gained 24.41%.
Source: AME
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.
Source: AME Info
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.
Source: Al Masah Capital Limited
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.
Source: AME Info
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.
Source: AME Info
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.
Source: AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
