Middle East ETF News Older than One Year
Dubai's economy shrunk 2.5% in 2009, says report
April 20, 2010--Dubai's economy contracted 2.5% last year after growing 5.7% in 2008, according to preliminary government estimates obtained by Bloomberg.
The Dubai Statistics Centre has declined to comment on the data as economic growth rates for 2009 have not been made public yet.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views -April 18, 2010
April 19, 2010--Commodities Overview
Late last week’s sharp decline in commodities prices may lead to increased buying interest this week. While a round of profit-taking had been expected to hit prices, especially if prices were not able to break above key resistance levels, prices sold off Friday for a reason that does not support such a downward move.
Thus, prices may be expected to spring back this week, as investors reverse last Friday’s selling. Prices will have to hold above key support levels to attract investor fund, but that should not be a problem. Prices for gold, silver, and oil had been trending higher over the past several weeks, prior to the sell-off late last week. Last week’s bout of profit-taking also coincided with a strengthening U.S. dollar, further weighing on commodities. While buying interest may be sparked this week, the market remains vulnerable to another sell-off. Fundamentals continue to support prices for gold, silver, and oil.
Currencies Overview
After a volatile ride last week, the U.S. dollar could begin to consolidate against the major currencies, including the euro, pound, and yen. Economic recovery is spreading around the world, but Europe and Japan are experiencing more difficulties than perhaps had been expected. The United States economy, on the other hand, has been recovering at a better and faster pace compared to the economies in Europe and Japan. Many investors have been moving monies out of Japan and Europe and reinvesting in U.S. dollar denominated assets. Leading macroeconomic indicators for the United States over the past several months have pointed to an economic expansion, although concerns remain. Consumer confidence, industrial production, economic growth measured as gross domestic product, and credit conditions have improved.
Source: Dubai Gold And Commodities Exchange (DGCX)
Investment banking rebounds in Middle East in Q1
April 15, 2010--According to an analysis by Thomson Reuters, investment banking in the Middle East experienced a rebound in activity in the first quarter, indicating a return to confidence in the market, Reuters has reported.
Investment banking and adviser fees climbed 11% to reach $175.9m, while syndicated loan fees made up 12% of total fees, with Standard Chartered topping the fee ranking for syndicated loans, the report said.
Source: AME Info
ADX posts slight rise
April 15, 2010--The Abu Dhabi Securities Exchange (ADX) rose 0.11% to 2,856.66, with 13 stocks rising, 15 falling and seven holding steady.
Abu Dhabi Aviation Co was the day's biggest riser, going up by 9.66% to Dhs2.27. International Fish Farming Holding (Asmak) had the biggest losses, going down by 9.44% to Dhs15.30.
Source: AME Info
Saudi inflation rises to 4.7%
April 15, 2010--Data from Saudi Arabia's Central Department of Statistics have indicated that inflation accelerated to a nine-month high of 4.7% in March, led by rent, fuel and food costs, Bloomberg has reported.
"The good sign is that this represents higher demand in the economy," John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh said. "The trade-off is you are having a pick-up in inflation." Inflation is likely to average 4.6% this year, Sfakianakis said, raising an earlier estimate of 4.3%.
Source: AME Info
United Arab Investors gets $222m finance
April 15, 2010--Haytham Dahleh, chief executive of Jordanian investment firm United Arab Investors has said that the company has secured up to $222m in equity finance from a US-based emerging market fund, Gem-Global Emerging Markets to consolidate its holdings and explore opportunities, Reuters has reported.
"I think the increase in our capital by this extent will allow us to seize opportunities and get much higher returns within the next two year as we get out of the woods. The market is already seeing signs of a rebound," Dahleh told the news service.
Source: AME Info
Tasi edges higher
April 14, 2010--Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.10% to 6,890. Of the 138 stocks traded 76 fell and 42 rose.
The day's most actively traded stock by value, Saudi Basic Industries (SABIC), gained 0.49% to SR103.25, while the most actively traded stock by volume, Alinma Bank, fell 0.40% to Dhs12.60.
Source: AME Info
Citadel Capital eyes Saudi Arabia's promising private equity market
April 15, 2010--The leading private equity firm in the Middle East and Africa is actively reviewing investment opportunities in the Kingdom of Saudi Arabia, top company officials said.
Citadel Capital (CCAP.CA on the Egyptian Stock Exchange), which controls investments of $8.3bn in 15 industries spanning 14 countries, is looking closely at opportunities in Saudi Arabia.
Source: AME Info
Egypt to halt industry energy subsidies
April 14, 2010--The Egyptian trade and industry minister has said the government plans to eliminate subsidies to all industries by the end of 2011, after having eliminated those to energy-intensive industries, Reuters has reported.
The government, which suspended a plan to reduce subsidies after the 2008 global economic crisis, will begin raising prices in July for industries that are not energy intensive. "We are withdrawing the energy subsidy, going back to the original plan that we have put in place in 2007," Rachid Mohamed Rachid said. "By the year 2011, we will be able to have zero subsidies to all the industries," he said, adding that he was referring to the end of the calendar year.
Source: AME Info
NASDAQ Dubai Equities Trading Volumes Reach Highest Level Since 2007
April 14, 2010--Equities trading volumes on NASDAQ Dubai rose to 1.09 billion in the first quarter of 2010, their highest quarterly level since 2007, before the start of the global economic crisis. The 2010 first quarter figure was 40 per cent higher than the fourth quarter of 2009 total of 776 million. It was also 5 per cent up on the first quarter of 2009 level of 1.04 billion.
Equities volumes in March 2010 reached 567 million, the highest monthly figure since 2007. The total was 76 per cent higher than the 322 million shares traded in February 2010, and 90 per cent up on the March 2009 figure of 298 million.
Citigroup was the most active member of the Exchange by equities volume in the first quarter of 2010, followed by Deutsche Bank and then HSBC. EFG Hermes was the most active regional Member during the quarter, followed by Emirates NBD Capital and then Arqaam Capital.
Source: NASDAQ Dubai
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