Middle East ETF News Older than One Year
Although growing in global value, sukuk still lack liquidity
May 11,2010--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.
Source: AME Info
Abu Dhabi Securities Exchange calls for operational consolidation between markets in region
May 10, 2010--Operational consolidation between the region's stock exchanges including the creation of investable products with common themes and the creation of a single central depository in the form of a virtual central depository through the deployment of information technology and the synchronization of account handling and collateral management systems can be the best answer to the markets fragmentation issue, according to Elie Ghanem, Head of Market and Product Development Department (MPD) at Abu Dhabi Securities Exchange (ADX).
Ghanem gave these remarks today at the TradeTech Middle East Summit, taking place in Dubai on May 10-11, 2010, with more than 40 speakers representing 15 countries in discussing a wide range of issues including the challenges of low liquidity levels, regulatory issues, coordination, transparency and the methods to improve trading and trading technologies in the Middle East markets.
Source: AME Info
Egypt economic growth accelerates
May 11, 2010--Egyptian economic development minister, Osman Mohamed Osman has said that economic growth accelerated to 5.8% in the first three months of 2010
It is the fastest pace in almost two years, Reuters has reported.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views-May 9, 2010
May 9, 2010-Commodities Overview
Commodities prices should be expected to remain very volatile this week. Financial market stability remains tenuous in Europe. The meeting early next week involving European government officials and the International Monetary Fund could serve as a focal point for investor nervousness. Instead of seeing the meeting as a sign that government financial officials are moving to quell sovereign debt problems, the meeting may generate more investor concerns that the debt issues facing Europe (as well as the United States and Japan) are seemingly intractable.
It will take a highly skilled diplomat to convince financial markets that government finance ministers have a credible solution to the debt and deficit problems they are facing. In light of this, gold and silver prices may move even higher this week. Petroleum prices may not move much lower, having already been hammered hard. Crude oil may recover slightly, but remain low compared to recent price levels. Regardless of these directional calls, all commodities prices should be expected to continue to trade in very volatile fashions.
Currencies Overview
Global currency markets will remain volatile this week. The dollar should be expected to gain against the euro and pound, as investors remain concerned about sovereign debt and deficit issues in Europe. Some of the concerns related to Greece have spread through other European countries, even lapping on the pound’s shores. These conditions should be expected to keep investors interested in the dollar as a safe haven. The yen also may benefit from this trend, to some smaller extent. The rupee could recover from last week’s weakness as investors focus on emerging economies as being more attractive than Europe. The problem is that the demand for government bonds from emerging economies has depressed yields on these bonds, reducing their attractiveness to investors.
Source: Dubai Gold And Commodities Exchange (DGCX)
Dubai International Financial Centre’s GDP Grows 47.1% To Reach US$2.8 Billion In 2008-DIFC Sub-Economy Accounts for 3.4 per cent of Dubai GDP
May 10, 2010--The Dubai International Financial Centre (DIFC) recorded a strong economic performance in 2008, with its nominal Gross Domestic Product (GDP) rising to US$ 2.8 billion, a 47.1 percent increase from its GDP in 2007, according to the latest Economic Note issued by DIFC’s Economics Unit.
The growth reflects the substantial expansion of banking, financial and related activities in DIFC in 2008 and the large influx of new companies that were attracted by the region’s growth prospects, which continue to be strong despite the global financial crisis. Calculated according to the ‘value-added’ of the DIFC sub-economy, the GDP of US$ 2.8 billion accounts for 3.4 per cent of Dubai’s GDP of AED 302 billion (US$ 82 billion).
The figures published in DIFC’s ninth Economic Note are based on the results of the second Survey of Economic Activity in DIFC conducted by the DIFC Economics Unit for the year 2008. Data for the survey were obtained from questionnaires answered by 404 of the 715 companies that were registered in the financial district in 2008. The sample covers about 57% of the total number of registered companies including the largest companies in DIFC by volume of activity. Companies that did not respond were the smallest and the newest, or those that were registered, but were not operational in 2008.
HE Ahmed Humaid Al Tayer, Governor of DIFC said: “DIFC’s achievements represent the success of the UAE’s dynamic economic diversification programmes that have been guided by the vision of HH Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE; and HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The 2008 GDP figures validate the significant impact that DIFC is having on the development of both Dubai and the UAE.”
view the Economic Note 9: DIFC 2008 Economic Activity Survey Results & Contribution to Dubai's GDP
Source: Dubai International Financial Centre (DIFC)
Foreign investors purchase Dhs475.3m worth of shares on DFM during the last week, and sold Dhs496.9m
May 6, 2010--United Arab Emirates: Dubai Financial Market announced today that the value of shares bought by foreign investors, or non-UAE nationals, during last week (2 - 6 May)
reached Dhs475.3m comprising 40.5% of the total value of stocks traded during the period.
Source: AME Info
ADX rises 0.45%
MAy 6, 2010--The Abu Dhabi Securities Exchange gained 0.45% to day to 2,791, led by the Energy sector, which gained 1.40%.
Market heavyweights Aldar and Dana Gas both ended the day unchanged. Overall, 17 stocks ended lower while six closed higher.
Source: AME Info
DFM slips 0.11%
May 6, 2010--The Dubai Financial Market fell 0.11% today to 1,733, with five stocks rising and 18 falling. Market heavyweight Emaar dropped 1.03% to Dhs3.85.
Du was the day's biggest gainer, rising 3.59% to Dhs2.60. Gulf Finance House had the largest decline, falling 3.61% to Dhs0.720.
Source: AME Info
Egypt's annual domestic consumption of plastic worth nearly $2bn
May 5, 2010--Worldwide production of plastic grew by more than 500% over the last 30 years. Current annual global production is estimated at over 80 million tonnes and is expected to increase by 3% a year.
The global and regional significance of these trends will be showcased during Plastex 2010, the 12th international African-Arabian exhibition for plastic industries running from May 13 to 16, 2010 at the Cairo International Fair Ground in Egypt.
Source: AME Infp
Bahrain Financial Exchange launches its membership campaign
May 4, 2010--The Bahrain Financial Exchange (BFX), the Multi-Asset exchange in the Middle East and North Africa, which will be internationally accessible to trade cash instruments, derivatives, structured products and Shariah-compliant financial instruments, today unveiled its plans for its membership activity to concentrate liquidity across the Mena region via its multi asset product portfolio.
The Greenfield International exchange owned by Financial Technologies Group of India, a leading global player in creating next-generation financial exchanges and ecosystem ventures, will be going live this year in October 2010.
Source: AME Info
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