Middle East ETF News Older than One Year
Although growing in global value, sukuk still lack liquidity
May 18, 2010--The global volume of sukuk crossed the symbolic level of $100bn in 2009, but will banks be able to raise Islamic Bonds at common sense levels? While the risk of defaults remains, the possibilities for a global sukuk "currency" are taking shape.
Global Islamic bond issuances last year more than doubled to $31bn compared to 2008. On March 7, Saudi real estate giant Dar Al-Arkan paid back a $600m sukuk. National Bank of Abu Dhabi, the largest bank in the oil-rich emirates, also sold a $750m five-year sukuk in March.
This is good news for the sector, and it comes after a tricky year. In 2009 two sukuk defaulted, one from Kuwait-based The Investment Dar (TID), and the other from Saudi Banking group Saad.
Source: AME Info
Lebanon GDP growth to slow to 4%
May 18, 2010--A draft budget from Lebanon's finance ministry has shown that the country's economy is projected to grow 4% in 2011, slowing from an expected 4.5% expansion this year, Reuters has reported.
Budget deficit is also expected to drop to 9.9% of gross domestic product next year, from an estimated 10.7% this year, while inflation will drop to 3.2% by the end of 2011, the ministry said.
Source: AME Info
UAE non-oil foreign trade at $17bn
May 17, 2010--The UAE's non-oil foreign trade reached AED53 billion in terms of value in February 2010, according to a preliminary report issued by the Federal Customs Authority (FCA). Out of this amount, imports amounted to AED 35.2 billion, exports were AED 4.9 billion, while re-exports reached AED12.9 billion.
The total non-oil foreign trade weighed 5.4 million tonnes, out of which 3.3 million were imports, 1.5 million were exports and 0.6 million tonnes were re-exports.
Khalid Ali Al Bustani, Acting Director General of the Authority, said a reading of the February figures in 2009 and 2010 indicated a sustained growth of exports at 1 per cent to AED 4.9 billion in February 2010 against AED 4.8 billion for February 2009, while re-exports grew at 2 per cent from AED 12.92 billion to AED 12.95 billion. Imports declined by 1 per cent from AED 35.6 billion to AED 35.2 billion for the month under review.
''The steep rise in exports and drop in imports indicate to the marked improvement in the balance of trade of the UAE with its foreign trade partners. It shows the growing strength of UAE competitive edge in global markets despite the impact of the world financial crisis which hit the global economies at that time", he added.
Regarding the geographic distribution of foreign trade, the authority's report said India, China, US, Germany, Japan, UK, Italy,South Korea, France and Switzerland were the top 10 countries the UAE imported from in February, with a total value of AED 22.1 billion amounting to 63 per cent of total imports.
Meanwhile, India , Saudi Arabia , Oman , Qatar , Iran , Switzerland , Turkey , Pakistan , Kuwait and Iraq were the top importing countries from the UAE for non-oil exports, which totalled AED 3.6 billion accounting for 74 per cent of the total exports.
India, Iran , Qatar , Saudi Arabia , Afghanistan , Bahrain , Belgium, Kuwait, and Hong Kong were the top re-export markets taking commodities valued at AED 9.1 billion or 70 per cent of total re-exports.
Non-oil foreign trade with GCC countries stood at AED 4.7 billion in February with Saudi Arabia having the lion' share of AED 1.7 billion, followed by Qatar at AED 1.2 billion, Oman at AED 809 million, Bahrain at AED 515 million and Kuwait at AED 498 million.
Source:UAE FCA
DFM records 98% compliance in Q1-2010 result disclosures of UAE companies
May 17, 2010--Dubai, May 17th 2010: Dubai Financial Market (DFM) announced today that its UAE listed companies have achieved a solid 98% compliance to disclose their quarterly results for the first quarter of 2010 ending on March 31st, within the 45 days deadline from the stated period end.
The total number of UAE public joint stock companies listed at DFM which disclosed their annual results stood at 40 companies out of 41 companies, with the exception of Amlak Finance and Tamweel, in addition to Al Firdous Holding with its financial year ending on March 31st .
DFM suspended trading on JEEMA Mineral Water due to not disclosing its results.
Furthermore, DFM suspended trading on 5 foreign listings that missed the deadline including: BAYAN Investment, GOLBAL, GRAND, IIG and KFIC. Foreign listings on DFM recorded a 77% compliance, as 17 out of 22 companies disclosed their results within the legal timeframe. DFM also submitted a detailed report to the UAE Securities and Commodities Authority (SCA) which covers the disclosure dates and its observations on the disclosures.
Source: Dubai Financial Market
Dubai Gold And Commodities Exchange Weekly Views-May 16, 2010
May 16, 2010--Commodities Overview
Financial markets woke up last week to a major effort by central banks around the world to stanch market concerns about European sovereign debt. European central bankers had agreed to buy government bonds from anyone who was concerned about holding them.
The European central banks joined with the U.S. Federal Reserve to re-establish swap arrangements, which in essence will allow the European banks to swap their European sovereign debt assets for U.S. dollars, providing the liquidity needed in Europe. These moves do not represent a solution to the problem, but they demonstrate the extent to which major industrialized nations’ governments are ready to try to calm markets through interventions.
Currencies Overview
Global currency markets are expected to remain volatile this week. European governments have not been able to persuade investors that sovereign debt problems have been adequately addressed. Demand for European currencies may remain low over the short term until there is firmer indication that financial and economic conditions are improving. The euro zone posted a 0.4% year-on-year gross domestic product increase in the first quarter of this year while the United Kingdom expanded at a 0.2% rate. That said, investor sentiment over recent actions from developed economy governments may continue to shift. While the recent European government bond buying program may eventually calm investors’ concerns over sovereign debt problems in the near term, many nations in Europe will have to address their fiscal imbalances in the longer term.
Source: Dubai Gold And Commodities Exchange (DGCX)
Nasdaq Dubai equities trading value rises 100% in first four months of 2010
May 16, 2010--Equities trading value on Nasdaq Dubai rose by 100% in the first four months of 2010 to $574m, compared to $286m in the same period of 2009.
Equities volumes rose by 2%, to 1 .26 billion shares from 1.23 billion.
Measured by percentage change, Nasdaq Dubai's equity value and volume figures were the best performing of any UAE stock exchange in the first four months of 2010 and in the month of April 2010, compared to the same periods in 2009.
Citigroup was the most active Member of the exchange by equities volume in the first four months of 2010, followed by Deutsche Bank and then HSBC. EFG Hermes was the most active regional Member during the period, followed by Shuaa Capital and then Arqaam Capital.
Equity derivatives contracts traded on Nasdaq Dubai rose 29% in the first four months of 2010 to 19,210, up 29% from 14,867 traded in the first four months of 2009.
In April 2010 equity derivatives trading reached 2,100 contracts, down 72% from 7,575 contracts in April 2009.
Nasdaq Dubai launched its equity derivatives market in November 2008. Equity futures are listed on 21 individual UAE companies and on the FTSE Nasdaq Dubai UAE 20 share index, which was designed as a hedging and investment mechanism for GCC and international investors.
The FTSE Nasdaq Dubai UAE 20 index fell in April 2010 to end the month at 1,900, 3.5% lower than at the end of March 2010 but 2.5% higher than at the start of the year.
Source: Nasdaq Dubai
Tasil climbs 0.03%
May 13, 2010--Saudi Arabia's Tadawul all Share Index (Tasil) edged up 0.03% today to 6,691. Gulf General enjoyed the biggest gains, rising by 9.54%, while Al-Ahlia dropped the most, by 9.93%.
Saudi Kayan was the stock most active by value and rose 0.72%.
Source: AME Info
DFM up 0.20%
May 13, 2010--The Dubai Financial Market (DFM) has risen by 0.20% to 1,718. Telecoms firm Du was the biggest gainer of the day rising 4.72% by the market's close. GGICO suffered the biggest loss, tumbling 5%.
The telecoms sector enjoyed the biggest gains, rising by 4.73%, while transportation dropped 0.51%.
Source: AME Info
Direct Foreign Investment / Survey
May 13, 2010--Direct foreign investment, except in real estate and housing sectors, stood in 2008 at 3, 27 percent of Syria's Gross Domestic Product, according to a survey conducted by Central Bureau of Statistics (CBS), in collaboration with Syria's Investment Commission (SIC), and the United Nations Developmental Program (UNDP).
According to the survey, most of the investment projects were in the governorates of Damascus (33, 7 %), Aleppo (18, 5 %), and Damascus Countryside (16, 3 %). Processing Industries came first as far as number of investment projects (41 %).
Syrian investors came first as far as the nationality of investors (32, 8 %), followed by Jordanians (8,8 %), Iraqis (7, 6 %) and Saudis (7,1 %).
The biggest capital according to investors' nationality, after the Syrians, was for Kuwaitis, British, and then for Canadians.
The value of direct foreign investment stood at / 75022338 / SYP, for 140 companies included in the survey. (1 US Dollar equivalent to about 46 SYP). / 229152929000/ SYP is the amount of direct foreign investment, the highest amount of which invested in communications sector (85 %).
The value of investment shares according to economic activities were as follows: communications sector: (25, 98 %), finance brokers (17, 27 %), electricity supplies (11, 28 %), extracting industries (6,98 %), hotels and restaurants (5, 88 %).
Direct foreign investment shares according to industrial classification were distributed as: (29, 28 %) in communications sector, (19,42 %) in banking sector, and (10,97 % ) in insurance sector.
13494 foreign and domestic workers work in investment projects; of whom the foreign ones are / 300/ with a percent of 2, 22.
Food industry projects realized the biggest exports volume with a percentage of (24, 77). Oil companies registered the biggest imports volume with a percentage of 67 of the total imports volume.
Al-Ibrahim
Source: SANA
Proposed change to OQD final day daily settlement window length
May 12, 2010--This Consultation Paper has been issued to provide market participants with an opportunity to comment on proposed changes to the final settlement period.
Application of the Consultation Paper
Consultation Paper 10-003 is directed primarily at DME Members/Customers and/or prospective DME Members/Customers. DME also welcomes any comments from any organisation which represents groups of such users or prospective users.
Proposed change
In response to feedback from market participants, the DME is considering the reduction of the length of the final day daily OQD settlement window, from thirty (30) minutes to five (5) minutes, to put it in line with non-final day daily settlement procedures.
Please note: All references to the time are expressed on a 24-hour clock and refer to the local times in Dubai "DST" and Singapore "SGT".
Currently, the final trading day of the month has a thirty (30) minute daily settlement window from 12:00 – 12:30 DST (16:00 – 16:30 SGT) as opposed to all other trading days which have a five (5) minute daily settlement window from 12:25 – 12:30 DST (16:25 – 16:30 SGT). The proposed change would lead to the daily OQD settlement window for all trading days being five (5) minutes long, from 12:25 – 12:30 DST (16:25 – 16:30 SGT).
How to provide comments
The deadline for providing comments on the proposals in this Consultation Paper is twelve (12) calendar days from the date of this Consultation Paper. For the avoidance of doubt, all comments must be received by the Exchange on or before 24th May 2010 at 18:00 DST (22:00 SGT). All comments on the proposed changes should be addressed to:
Mohammed Hussein Ismail,
Director Strategy & Business Development
Dubai Mercantile Exchange
P.O. Box 66500, Dubai, United Arab Emirates
mohammed.ismail@dubaimerc.com
Source: Dubai Mercantile Exchange Limited ("DME"),
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