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Rising Competitiveness Gap between Gulf Economies and the Rest of the Arab World
Over the past five years, many Arab world economies have improved their competitiveness, but the gap between Gulf countries and the rest of the region is growing
Morocco takes second place in the North Africa region, after Tunisia
Financial markets, labour markets and education remain key challenges
October 25, 2010--The Arab World Competitiveness Review 2010 finds that the global economic crisis has further widened the competitiveness gap between the countries of the Gulf Cooperation Council (GCC) and the rest of the Arab world region. The review, published ahead of the 2010 World Economic Forum on the Middle East and North Africa, sees Qatar, Saudi Arabia and Kuwait outperforming other economies at a similar level of development in terms of competitiveness. In the overall ranking of 139 economies, they place 17th, 21st and 35th.
United Arab Emirates is the only economy from the region that has reached the most advanced innovation-driven stage of development because of its diversified structure. It places 23rd within this group and 25th overall. Kuwait places second among the factor-driven economies (lowest stage of development).
Tunisia and Morocco (efficiency-driven) rank 32nd and 75th in the overall ranking and outperform Egypt (81), Algeria (86) and Libya (100), which remain in the factor-driven stage of development.
The Arab world’s competitive strengths lie in sound and transparent institutions, macroeconomic stability and business sophistication. Countries will need to accelerate efforts in raising the efficiency of their labour markets, furthering the development and stability of financial markets, and reforming education.
GCC countries have reached OECD levels on a number of categories of the index, such as institutions, infrastructure, as well as efficiency of goods, labour and financial markets. North Africa outperforms the Levant region in terms of infrastructure, macroeconomic stability, market size and innovation. The Levant region outperforms North Africa in terms of education, efficiency of goods, labour and financial markets, and business sophistication.
view the report The Arab World Competitiveness Review 2010
Growth Rebounds in Middle East, North Africa
Upturn in worldwide demand, oil prices spurs regional recovery
Addressing financial sector vulnerabilities remains a priority
Job growth, competitiveness are key to region’s development
October 25, 2010--The Middle East and North Africa (MENAP) region is experiencing a robust recovery, aided by rising oil prices and higher oil production levels, a new IMF report says.
The IMF’s Regional Economic Outlook for the Middle East and Central Asia, released October 24, says the MENAP region’s output is projected to expand by some 4.2 percent in 2010, up from 2.3 percent in 2009.
“We expect most countries in the region to grow faster in 2010 and 2011 than in 2009,” IMF Middle East and Central Asia Director Masood Ahmed told a press conference in Dubai. “With the economic recovery taking hold, the region needs to resume its focus on medium-term challenges: diversification and financial market development for the oil exporters, and tackling unemployment through faster, job-creating growth in the emerging markets.”
view the RegionalEconomic Outlook: Middle East and Central Asia report
UAE ranks second worldwide in HSBC Trade Confidence Index
October 24, 2010-Traders in the Middle East reported high levels of confidence in the market once again, according to the HSBC Trade Confidence Index released in the region today. The UAE results showed a slight drop from the first half of the year, when the Emirates reported the highest levels of confidence globally, to report an index score of 125, in second place behind India.
Saudi Arabia registered a score of 118, above the global average of 116, and in line with the overall emerging markets average of 120.
In the UAE, which has a trade turnover to GDP ratio of 140%, there has been a significant move by the Federal Government to build activity in the trade sector to benefit the wider economy. These initiatives have been well received in the Emirates, with 47% of respondents indicating that government trade regulation is likely to have a favorable impact.
Dubai Gold And Commodities Exchange Weekly Views-October 24, 2010
October 24, 2010--Economic Data Overview
In the final week of October, the economic data may have a little trouble keeping market attention as the November 2 - 3 FOMC
meeting nears. None of it is likely to sway opinion that further easing
in policy is on the way in the form of large-scale asset purchases,
but should the numbers on housing and consumer confidence be stronger than expected, it will add an element of uncertainty.
For most financial markets, the data on the housing market will probably dominate the week with existing homes set for release on Monday and sales of new single-family homes on Wednesday.
Home prices data includes the S&P/Case-Shiller Home Price Index and the FHFA House Price Index on Tuesday.
Consumer confidence is struggling to regain ground in the last few months. The onset of the election season with its attendant heightening of uncertainties in regard to the future will make it difficult to see any improvement in overall conditions. The Conference Boards Consumer Confidence Index is due on Tuesday, and the final Reuters/University of Michigan Consumer Sentiment Index is due on Friday.
The manufacturing sector will get another look at October with the Dallas Fed Texas Manufacturing Outlook on Monday and the Richmond Fed's Manufacturing Index on Tuesday. The New York and Philadelphia Fed report have already signalled some recovery after the downturn in late summer, and these next two are likely to follow that lead. The Kansas City Fed Manufacturing Survey is also on Thursday, but this report does not have an overall index.
Three DGCX currency futures set volume records on same day
Trading hits new highs in Indian Rupee, Canadian Dollar and Australian Dollar futures on October 19, 2010
Total daily volume reaches 15,350 contracts valued at US $786 million on October 19, the third highest ever
October 24, 2010--Daily volume records were set by three DGCX currency futures
contracts on October 19, 2010, contributing to what is set to be one of the most active monthsvof trading for the Dubai Gold & Commodities Exchange (DGCX).
So far, the month of October
has seen several trading days with daily volumes surpassing 10,000 contracts and the third highest overall daily volume of 15,350 contracts.
Continuing its ongoing growth, the DGCX Indian Rupee futures contract traded a record 6,043 contracts worth US $270.61 million on October 19, 2010 beating the previous high of 5,376 contracts worth US $242.83 million. On the same day, two of the new currency futures contracts launched in June this year also achieved record highs; Canadian Dollar futures traded a record 606 contracts worth US $29 million eclipsing the previous peak of 528 lots worth US $26 million while Australian Dollar traded 498 contracts worth US $24 million surpassing the previous record of 285 contracts worth US $12 million.
Tadawul awaits listing of Abdullah A. M. Al-Khodari Sons Co.
October 21, 2010--The Saudi Stock Exchange, which remained closed on Thuursday, did not add value over the third week of October. The Tasi index closed at 6,230.15 on Wednesday.
The Capital Market Authority announced that the listing and trading of Abdullah A. M. Al-Khodari Sons Company. will take place on Saturday, October 23 within the building and construction sector with the symbol 1330, with an unrestricted price limit for the first day of trading only.
Batelco shares decline on nine months results
October 21, 2010--The Bahrain Stock Exchange's lead index eased 0.05% to close at 1,465.39. Shares of Bahrain Telecom, better known as Batelco, lost 2.83%, finishing at BD0.515. Earlier in the day, the firm has announced its net profit for the nine months ended September 30, 2010 has dropped 17% to BD66m ($175m) on a year-on-year basis.
Third quarter net profit stood at BD19.3m ($51.1m), while gross revenues for the nine months ended September 30, 2010 reached BD256.1m ($679.3m).
Kuwait's Global shares surge on debt reduction
October 21, 2010--The KSE market index declined further (off 0.76% at 6,944.5), mostly due to losses in the investment and industrial sector. Shares of Global Investment House surged 5.55% to close at KD0.057, posting the highest volume among the top five ganing shares. Global said yesterday that it has made a principal repayment of $72.5m in relation to its bank debt value 21 October 2010.
To date the total principal repayments to the lending banks has reached $151.4m or 8.8% of the total debt to banks and financial institutions. CEO Bader A. Al-Sumait commented: "To date we have made principal repayments of $151.4m and interest payments of $31.9m, despite the continued market turbulence in GCC and rest of MENA markets where primarily Global has its principal investments book. This reflects our ability and commitment to honour the terms of restructured debt agreement."
Qtel shares end flat on third quarter results
October 21, 2010--The local Qatar stock market saw its QE Index adding 0.07% to close at 7,728. Shares of state-controlled Qatar Telecom (Qtel) closed unchanged at QR177. Qtel reported Q3 profits today on October 21st of QR651.9m, down 8.3% on a year-on-year basis.
During the first nine months Qtel earned QR2.43bn or 3.7% more than during the corresponding period in 2009. Qtel announced further that its customer base surged 30.6% to 68.9m. Qtel added that it benefits from strong momentum in the foreign markets of Indonesia, Iraq and Algeria where the firm operates.
Ras al-Khaima shares losses weigh on Abu Dhabi bourse
October 20, 2010--After hitting a six-month high Tuesday, the ADX General Index dipped 0.76% on Wednesday, closing at 2,786.40. Union National Bank (UNB) gained two percent to reach Dhs3.57. Earlier in the day, UNB reported for the third quarter an unaudited interim income attributable to shareholders of Dhs459.2m ($125.1m), up 28% from the same period in 2009. Shares of firms based in Ras al-Khaima (RAK) performed less successful,
as RAK White Cement (off 3.36% at Dhs1.15) and RAK Properties (down 2.13% at Dhs0.47) landed among the top five losing shares.
