Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Tadawul bourse loses insignificantly
November 24, 2010-The Saudi Stock Exchange's Tasi composite ended 0.07% lower Wednesday, closing at 6,291.3 points. Shares of Middle East Specialized Cables Co. bucked the fickle trend by ending 2.95% higher at SR15.70.
Saudi Arabia, which currently has a 38% share of the total construction projects in the region, is expected to launch contracts worth $86bn in 2011, according to MEED research. Saudi Arabian Mining Company lost 3.60%, ending at SR21.40. The stock gained over 40% between May and Ocotber 4, when it topped out at SR23.45.
Qatar Exchange recovers on banking and services
November 24, 2010-The Doha-based Qatar Exchange (QE) advanced 0.33% to close at 8,148.30. Qatar National Bank (QNB), the country's largest lender gained 0.11% to finish at QR174.70. Shares of Nakilat, the leading Qatari gas transport company,
jumped 5.21%, ending at QR20.20. As parts of Europe were surprised by an early winter outbreak this week, the demand for liquified natural gas (LNG) is expected to rise.
Banks fuel Kuwait bourse's rebound
November 24, 2010--The KSE Market or Price Index added a quarter percentage point, closing at 6,935 straight. Shares of National Bank of Kuwait (NBK) gained 1.53% to end at KD1.320.
Islamic Bank Kuwait Finance House (KFH) rebounded 1.69% after a recent fall from its double-2010-top at KD1.280. But from a chartechnical point of view the KFH shares still moves in a downward channel.
Taqa rises on restart of North Sea Rijn oil production
November 24, 2010-The ADX General Index in Abu Dhabi ended flat at 2,755.87 points. While most sectors advanced, losses in the real estate segment weighed on the market. Shares of Abu Dhabi National Energy Co., also known as Taqa, ended 1.39% higher at Dhs1.46.
Earlier in the day Taqa announced the successful restart of crude oil production from the Rijn field offshore the Netherlands, 12 years after being shut down. Taqa has a 38.27% operating interest in the Rijn field. The current production rate from the Rijn field is approximately 3,500 barrels of oil per day. Real estate bellwether Aldar Properties dipped 1.33% to finish at Dhs2.23.
Global Connectivity In Islamic Financial Markets - The Need Of The Present
November 24, 2010--The appetite for financial products that comply with Shari'ah or Islamic law is on the rise; with estimates for the total value of Islamic financial assets globally standing at approximately USD1 trillion. However, the development and progress of the Islamic finance market has not been uniform by any means and is characterised by its fragmented nature within several regions across the globe. Bursa Malaysia's Global Head of Islamic Markets, Raja Teh Maimunah further illustrated this scenario at the World Islamic Banking Conference in Bahrain today, where she presented a paper on "Establishing Global Connectivity".
She elaborated that sukuk origination is predominantly in Malaysia, UAE, Bahrain and Saudi Arabia,Islamic funds are mainly concentrated in Malaysia and the GCC, whilst Islamic ETFs are mostly concentrated in EuropeToday, the largely-fragmented Islamic finance industry is further exhibited by 10,000 Shari'ah compliant companies, which are listed in 40 different markets worldwide. It is believed that this geographical divide between Islamic markets, if not eliminated, will continue to hamper the growth in globalising Islamic finance. The sustainability of the industry hinges on its ability to present itself as a viable alternative financial market.
"Currently, Islamic markets worldwide are insular and highly focused within their domestic markets. Not only are products not accessible across markets, the absence of a uniformed regulatory framework and price opacity further dissuades participation from non-faith based players," quipped Raja Teh.
Morocco could Lead Economic Integration around the Mediterranean
November 24, 2010--World Bank Managing Director Sri Mulyani Indrawati wrapped up her first visit to the Middle East and North Africa region with appreciation for Morocco’s impressive economic performance and commitment to achieve greater competitiveness in the Mediterranean and global economy.
Indrawati held talks with the Minister of Foreign Affairs, Taieb Fassi-Fihri, the Minister of Economy and Finance, Salaheddine Mezouar, the Minister of Energy, Mines, Water and Environment, Amina Benkhadra, the Minister of Economic and General affairs, Nizar Baraka and the Governor of the Central Bank, Abdelatif Jouahri. Their deliberations touched a wide agenda including social development issues, competitiveness, climate change, Morocco’s business environment, its trade regime and the potential of small and medium enterprises.
“I have great appreciation for the historical partnership between the World Bank and the Government of Morocco” said Indrawati ”I am very excited about some of the path breaking work I think we are tackling together in the area of energy supply and diversification as well as the government program to address the country’s acute vulnerability to climate change.”
Shamshad Akhtar, Vice President for the Middle East and North Africa, who accompanied Indrawati, said Morocco’s recent economic performance had been impressive considering the international situation. “The country’s stable macroeconomic stance and reform momentum will certainly help the Moroccan economy overcome the crisis,” said Akhtar. “We are fully committed to help expand the ongoing programs and support the government’s development agenda.”
Tadawul-listed shares weaken across the board
November 23, 2010--With an advance-decline ratio of 13 to 121, the Tadawul All Share in Index (Tasi) in Riyadh ended 1.09% lower at 6,295.49. Market bellwether and petrochemical giant Sabic dipped 1.99% to finish at SR98.75.
The Kingdom's largest Islamic Bank Al Rajhi Bank dipped 1.29%, closing at SR76.75. Al Sagr Co-operative Insurance Co. extended it rebound and posted the highest advance Tuesday, closing 5% higher at SR21.00.
Bullish Qatari bourse gains 83 points
November 23, 2010--The Qatari bourse continued its bullish run yesterday with strong backup from foreign institutional investors whose net buying was quite high as usual.
The main index of Qatar Exchange (QE) jumped more than 83 points, or a little more than one percent, to 8,273 at the close of trading yesterday -- a level close to October 14, 2008 record mark of 8,377.36 when there was a sudden and surprising 733 points jump due to the government's announcement that it would prop the local banks against risks lurking from the onset of the global recession.
Aramex leads Dubai market gains
November 22, 2010--The DFM General Index added half a percentage point Monday, closing at 1,711.27 points. Logistics provider Aramex recovered from a one-month slide,
surging 4.90% to finish at Dhs2.14. Financial ended mixed. While investment bank Shuaa Capital reached Dhs1.20 (up 4.35%), Emirates NBD lost 0.61% to end at Dhs3.25. Some 94.24m shares changed hands.
Banks push Abu Dhabi bourse up
November 22, 2010--Lifted by gains in the financial and real estate sector, the ADX General Index ended 0.42% higher at 2,753.94 points. The sheikhdom's largest bank National Bank of Abu Dhabi (NBAD) added two percent, closing at Dhs12.45. RAK Properties (up 2.13% at Dhs0.48) posted the largest advance among the real estate developers. Abu Dhabi Ship Building Co. (ADSB) plummeted 5.14% to close at Dhs2.77. ADSB announced today, that Richard Turner has joined ADSB as Chief Financial Officer.
Turner joins ADSB from Qatar Insurance Services L.L.C in Doha - Qatar where he held the position of Chief Financial Officer. After the closing of the ADX market, Standard & Poor's Ratings Services said in a press statement that it has affirmed its 'AA' long-term and 'A-1+' short-term sovereign credit ratings on the Emirate of Abu Dhabi. The outlook is stable. "Our Transfer & Convertibility assessment is unchanged at 'AA+. "The ratings on Abu Dhabi are supported by the government's very strong asset position, which provides significant financial flexibility, and that has allowed the emirate -through strong countercyclical policies and preemptive support to the financial sector- to face the global economic downturn with a high degree of resilience," said Standard & Poor's credit analyst Luc Marchand. Around eight percent of the world's proven oil reserves are located in Abu Dhabi.
