Middle East ETF News Older than One Year
Hopes rise for return of private equity deals
April 12, 2010--Last year, many regional private equity executives, though shocked at the scale of the financial crisis, were confidently forecasting a “vintage year” for investments in the Middle East.
Firms, after all, had plenty of “dry powder” to take advantage of the economic downturn and subsequent drop in asset valuations. Between 2006 and 2008, 85 funds concentrating on the Middle East and north Africa raised $18.2bn, according to Preqin, a data provider, and much of it had yet to be invested when the crisis struck.
Source: FT. com
Dubai Government forms finance team
April 12, 2010--The Dubai Government Media Office said a decision was issued by His Highness Sheikh Ahmed bin Saeed al Maktoum, Chairman of the Dubai Supreme Fiscal Committee, to form the Dubai Government Finance Team.
The team will be responsible for developing a medium term financial plan (2011-2014) and will submit its recommendations to the Supreme Fiscal Committee. The newly formed team will fully operate under the supervision of the Dubai Department of Finance and will hold its meeting at the Department's premises.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views -April 11, 2010
April 12, 2010--Commodities Overview
Commodities prices may extend their recent strength into this week, although there are signs that profit-taking may limit any further moves. Gold, silver, and oil all are close to near-term levels at which investors may seek to take profits in some of their long positions. That said, a move to depreciate the dollar against the Chinese yuan could lend further upward support to a range of commodities prices, at least in the short term.
While a decline in the dollar against the yuan would not necessarily be bullish for commodities, there is enough hot money traded by funds and individual investors that would be expected to jump into commodities if the Chinese government makes a move to allow the yuan to rise. Such a development might have only temporary upward effects on commodities prices, however.
Source: Dubai Gold And Commodities Exchange (DGCX)
Egypt inflation falls in March
declined for a second month in March, giving the central bank more room to keep its benchmark interest rates at a three-year low, Bloomberg has reported. Urban inflation, the main rate the central bank monitors, slowed to 12.2% from 12.8% in February, the data showed.
Source: AME Info
OPEC daily basket price stood at $81.65 a barrel Thursday, 8 April 2010
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
Source: OPEC
DFM: Three decimal Tick Size to be applied on securities with a market value below AED 1, as of April 8th 2010
This will allow investors to trade in these securities with fractions of one Fills.
Source: Dubai Financial Market (DFM)
DFM falls 1.94%
Ekttitab was the day's biggest gainer, moving up by 5.56% to Dhs0.57. Dubai Islamic Bank was the day's biggest faller, going down by 7.84% to Dhs2.35.
Source: AME Info
ADX slips 0.74%
National Bank of Umm Al-Qaiwain was the day's biggest faller, going down by 9.63% to Dhs2.72.
Source: AME Info
Oil price rise to erase projected Oman deficit
Rising oil prices and signs of global economic recovery "will give a strong push to the economy and will help boost investor confidence" in Oman, he said. Last November, the country had projected deficit for 2010 of OR800m ($2.1bn), or around 4% of gross domestic product, based on an oil price of $50 a barrel.
Source: AME Info
Tadawul posts slight rise
Of the 138 symbols traded, 55 rose and 56 fell. Yanbu National Petrochemicals Co. climbed 3.88% to SR40.20.
Source: AME Info
April 10, 2010-According to data by Egypt's Central Agency for Public Mobilization and Statistics, the country's inflation rate had
April 9, 2010--The price of OPEC basket of twelve crudes stood at 81.65 dollars a barrel on Thursday, compared with $82.41 the previous day, according to OPEC Secretariat calculations. (View Archives).
April 2010-- Dubai Financial Market (DFM) would like to announce that it will apply the three decimal Tick Size system only on securities with a market value below AED 1, as of Thursday, April 8th 2010.
April 8, 2010--The Dubai Financial Market (DFM) fell by 1.94% to 1,765.230, with six stocks rising, 18 falling and two remaining unchanged.
April 8, 2010--The Abu Dhabi Securities Exchange (ADX) fell 0.74% to 2,823.44, with 14 stocks falling, eight moving up and six remaining unchanged. Umm al Qaiwain Cementwas the day's biggest gainer, moving up by 6.76% to Dhs0.79.
April 8, 2010--Governor of Oman's central bank, Hamud bin Sangur al-Zadjali has said that rising oil prices could help the Sultanate avoid posting a budget deficit this year as forecast, even as it increases spending, Bloomberg has reported.
April 7, 2010--Saudi Arabia's Tadawul All Share Index (Tasi) rose 0.23% today to close on 6,774, led by the Building & Construction sector, which gained 1.30%.
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