Middle East ETF News Older than One Year
Kuwait to announce new oil discoveries
April 28, 2010--Kuwait's oil minister has said the government will announce new oil discoveries in the country, Al-Watan Daily has reported.
The new discoveries are not limited to the Burqan oil field, but include all the oil fields of Kuwait, Sheikh Ahmed Al-Abdullah Al-Sabah said.
Source: AME Info
Kuwait may decide on new refinery by year end
April 28, 2010--Bakhit Al-Rashidi, deputy managing director of planning at Kuwait National Petroleum Co, has said that the country may decide on plans to build a new refinery by the end of this year, Bloomberg has reported
A plan for what would be Kuwait's fourth oil refinery, to be located at Al Zour, was put on hold in March last year after the government cancelled contracts over political opposition.
Source: AME Info
THE ARABIA 50|500 – THE ENTREPRENEURS SPARKING JOBS AND Innovation In The Middle East And Africa
The Arabia 50 companies have doubled in employment since 2006; expect to continue rapid growth in 2010
April 27, 2010--AllWorld Network, a Boston-based global economic development firm, today released “The Arabia 50|500 Leading Indicators,” the first real-time data on the performance of growth companies in the Middle East and North Africa.
The release of this previously unavailable information is timed to coincide with President Obama’s summit conference to promote entrepreneurship in developing countries. Representatives of 40 countries in Southeast Asia, the Middle East and Africa will assemble in Washington to discuss “the role entrepreneurship can play in addressing common challenges while building partnerships that will lead to greater opportunity abroad and at home,” according to a government release.
AllWorld’s economic model gives great value to increasing the visibility of existing businesses. Visibility builds business clusters and creates an ecosystem of smart capital, talent and opportunities to continue to power companies forward. The American economy, the envy of the world, arguably does not have better entrepreneurs but a better ecosystem to power growth. The Arabia 500 will give the entrepreneurs of the Middle East and North Africa a global ecosystem for growth. AllWorld calls this Visibility EconomicsTM.
“Visibility EconomicsTM can change the economic trajectory of countries and continents,” said Anne Habiby, co-founder of AllWorld Network. “The inescapable fact is, it is the most effective way for countries to power up in the 21st century.” “The Arabia 50|500 Leading Indicators” are data collected from the top 50 applicant businesses based in Jordan, Lebanon, Tunisia, Saudi and the United Arab Emirates, with Saudi Arabia and Jordan leading the pack. The results show that the Middle East has the caliber of entrepreneurs that meet, and in some cases exceed, US standards for sophistication and intensity.
In 2008, co-founders Deirdre M. Coyle, Jr., Anne Habiby and chairman Harvard professor Michael Porter, an acclaimed expert on global competition, launched AllWorld Network, a for-profit firm whose model includes identifying the fastest-growing companies in emerging countries. First was Saudi Arabia where they developed a list called the Saudi Fast Growth 100 with partners the Saudi Arabian General Investment Authority (SAGIA) and AlWatan Newspaper.
Source: All World Network
Merger of UAE stock exchanges 'imminent', says report
April 28, 2010--A merger of the UAE's two main bourses is imminent, Reuters has reported, citing two people familiar with the matter.
The Abu Dhabi Securities Exchange (ADX) is seen as the driver of a merger with its domestic rival, the Dubai Financial Market (DFM). The exchanges are seeking to create a single market as trading revenue slumps.
Source: AME Info
ADX drops 0.90%
April 28, 2010--The Abu Dhabi Securities Exchange dipped 0.90% today to close on 2,777, led by the Real Estate sector, which fell 4.94%.
Market heavyweight Aldar Properties tumbled 5.30% to Dhs3.92. Abu Dhabi Commercial Bank had the day's biggest loss, falling 8.60% to Dhs1.72.
Source: AME Info
Tasi dips 0.64%
April 28, 2010--Saudi Arabia's Tadawul All Share Index (Tasi) moved down 0.64% to 6,867, led by the Energy & Utilities sector, which fell 2.72%.
Overall, 31 stocks ended higher while 96 closed lower. Saudi Kayyan, the day's most actively traded stock by value and by value, gained 0.90%% to SR22.35. Fellow market heavyweight Alinma Bank ended the day unchanged.
Source: AME Info
Barclays Egypt achieves 49% growth in 2009 profits
April 28, 2010--2009 results proved Barclays Egypt's successful strategy set earlier with the view of solidifying its presence and upholding its brand as a leading bank amongst gigantic global and local players.
Achieving LE280m net profit indicated a 49% increase versus 2008, also net interest income ramped up to LE864m and total deposits to LE15.1bn marking an increase of 28% and 14% respectively against 2008 and reflecting the growing customers' trust in Barclays performance.
Source: AME Info
Kuwait to issue KD70m bonds
April 27, 2010-- Kuwait's Central Bank is set to issue KD70m worth of one-year bonds with a coupon of 1.25%, Reuters has reported
Data showed that bids reached KD439.5m in its Monday auction, below KD504.5m in the previous tender a week ago.
Source: AME Info
UAE 2010 growth at 2.5%
April 27, 2010--UAE economy minister Sultan bin Saeed al-Mansouri has said that the country's economy is expected to grow by up to 2.5%, Reuters has reported. "Up to 2.5% GDP growth in 2010 depending on oil prices," Mansouri told reporters, when asked about growth this year.
"Definitely this is a positive supporting element to reinforce our performance in terms of the GDP." Last month the minister forecast 3.2% growth this year. The government revises its figures as often as every month and gave no reason for the downgrade.
Source: AME Info
Weekly Market Views - April 25, 2010
April 26, 2010--Commodities Overview
Prices for gold, silver, and crude oil rose last week, following a round of profit-taking in the previous week. Prices did not rally to the highs seen earlier this month, but these levels could be tested this week. Commodities prices have been consolidating over the past several weeks in broad ranges, reflecting shifting investor sentiment over financial markets and economic conditions.
Currencies Overview--The U.S. dollar is expected to move broadly sideways this week, following last week’s overall consolidation in currency markets. Shifting investor levels of concern over Greece’s fiscal problems have been influencing the euro while politics in the United Kingdom are increasingly guiding the pound. The yen continues to test support as investors look abroad for higher yielding assets.
Source: Dubai Gold And Commodities Exchange (DGCX)
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