Middle East ETF News Older than One Year
Private equity will catalyze infrastructure growth in Middle East and Africa
March 25, 2010--More than $21.7 trillion will be spent on infrastructure in emerging markets between 2008 and 2018, and private equity players will play an increasingly important role in building the ports, energy distribution systems, transport networks and similar projects that will connect developing economies with each other and with global markets.
"Infrastructure investing has traditionally been seen as a low-return, long-horizon investment best left to the public sector," said Marwan Elaraby, Managing Director of leading Middle East and Africa private equity firm Citadel Capital, in a speech at Projects 2010.
Source: AME Info
ADX and NBAD welcome the launch of the first ETF market in the region
March 25, 2010--Abu Dhabi Securities Exchange (ADX) today launched the first Exchange Traded Funds (ETFs) trading platform in the region by listing NBAD OneShare Dow Jones UAE 25 ETF, making it the first ETF to be listed on ADX and the region.
The new fund's initial capital is DhsXXXm, comprised of XXX shares issued at a nominal value of DhsXXX. The fund will follow the performance of the 'Dow Jones UAE 25 Total Return Index' and provide investors with exposure to 25 blue-chip companies from across the UAE.
Source: Online News
Gulf's first ETF to trade in Abu Dhabi Thursday
March 24, 2010--The Gulf’s first exchange traded fund (ETF) will open on the Abu Dhabi Securities Exchange Thursday as the bourse and National Bank of Abu Dhabi PJSC seek to increase investment opportunities, reported Bloomberg.
The NBAD OneShare Dow Jones UAE 25 ETF will combine the 25 most traded stocks on the ADX General Index, the DFM General Index and Nasdaq Dubai, the bank’s Chief Investment Officer Alan Durrant said at a press conference in Abu Dhabi today. The shares must have a daily traded value of US$500,000 to be included in the ETF, Durrant said.
The ETF “will be the first in the region, albeit by just a few days” said Tom Healy, chief executive officer of ADX.
Abu Dhabi is beating Saudi Arabia’s ETF by less than a week. The kingdom, the largest economy in the Middle East, said yesterday it will allow foreigners to invest in the Falcom ETF when it starts March 28.
Source: Bsuiness Intelligence Middle East
New Dow Jones Index Will Underlie First ETF in United Arab Emirates
Dow Jones UAE 25 Index Licensed to NBAD
March 24, 2010--Dow Jones Indexes, a leading global index provider, today announced the launch of the Dow Jones UAE 25 Index, which measures the performance of the 25 of the largest and most liquid equity securities trading in the United Arab Emirates (UAE).
The Dow Jones UAE 25 Index has been licensed to National Bank of Abu Dhabi (NBAD) and will underlie the first exchange-traded fund (ETF) in the UAE. The NBAD OneShare Dow Jones UAE 25 ETF is expected to be listed at the Abu Dhabi Stock Exchange at the end of March.
“Since the Dow Jones UAE 25 Index combines securities traded on the three local stock exchanges it reflects the broad view of the UAE in a single index,” said Michael A. Petronella, president, Dow Jones Indexes. “The index is a transparent and liquid vehicle that provides passive exposure to this attractive market.”
“We are very keen on working in partnership with the best in class and we are delighted to be working with Dow Jones Indexes, a leading global index provider, in providing the index for this new investment fund to meet the ever expanding demands of investors in the region,” said Alan Durrant, chief investment officer, Asset Management Group, National Bank of Abu Dhabi. “National Bank of Abu Dhabi (NBAD) has a proud history of being at the forefront of innovation. As the Number One Bank in the UAE, we are well placed to understand the changing needs of investors and the investment tools that will meet those needs,” he added.
The selection universe of the Dow Jones UAE 25 Index consists of equity securities traded on the stock exchanges of the UAE, excluding foreign-listed stocks. Represented exchanges are the Dubai Financial Market, Abu Dhabi Securities Exchange and Nasdaq Dubai. To be eligible for the index, securities must have a minimum average daily trading value of US$500,000. Stocks in the index universe are ranked by free-float market capitalization and then by 12-month average daily domestic currency trading volume.
As of February 26, the top five components in the Dow Jones UAE 25 Index by free-float market capitalization are Emirates Telecommunications Corp. First Gulf Bank PJSC, Emaar Properties PJSC, National Bank of Abu Dhabi PJSC and Dubai Islamic Bank PJSC.
The index is weighted by free-float market capitalization. The weights of the individual components are capped to 8% of the index. Components with weights of 5% or more are restricted in aggregate to 40% of the index.
The Dow Jones UAE 25 Index is reviewed on an annual basis using data from the last trading day in February. Changes resulting from the review are implemented after the close of trading on the third Friday in March. Float and shares updates are implemented semiannually, in March and September. Back-tested historical data is available back to December 31, 20051. Further information can be found at http://www.djindexes.com
Source: Dow Jones Indexes
Dubai World to guarantee payments to contractors, says report
March 24, 2010--Dubai World will offer today a debt restructuring proposal that would guarantee the payment of contractors and the rights of off-plan buyers in its property projects,
Al-Ittihad reported, citing unidentified sources. Dubai World will receive support from the Dubai Financial Support Fund to repay contractors and enable them to carry on the projects, the newspaper said.
Source: AME Info
ADX to deal listed companies' bonds
March 24, 2010--The Abu Dhabi Securities Exchange (ADX) has said it plans to trade bonds of listed companies to tap into demand from both issuers and investors, Reuters has reported.
Rashid al Baloushi, deputy chief executive of ADX, said the infrastructure, rules, regulations and other mechanisms are ready. 'We as a market see an opportunity to list bonds, it gives investors options also,' he was quoted as saying.
Source: AME Info
ADX's performance to reflect Abu Dhabi's economic strength in 2010
March 24, 2010--The projected positive performance for Abu Dhabi's economy in 2010 is to influence the performance of the Abu Dhabi Securities Exchange (ADX) .
According to recent reports that suggest an economic growth rate of 3% to 5% for the emirate during the year, and accordingly increasing the value of the listed companies participating in the economic development of Abu Dhabi, according to Rashed Al Baloushi, ADX's Deputy Chief Executive.
Source: AME Info
Abu Dhabi exchange to list ETF this week
March 23, 2010--The Abu Dhabi Securities Exchange (ADX) will list its first exchange-traded fund (ETF) by the end of this week, Emirates Business 24-7 reported, citing an interview with the bourse's deputy chief.
Last week, Saudi Arabia approved the kingdom's first exchange-traded fund, accessible to foreigners as part of efforts to open up the biggest Arab bourse.
"We have readied well for the launch of the Exchange Trading Funds," Deputy CEO of ADX, Rashid Al Baloushi told Emirates Business Rashid Al Baloushi, ADX's deputy chief executive officer told Emirates Business.
Source: Business Intelligence Middle East
Planned Saudi ETFs to include debt, commodities
March 22, 2010-- Saudi Arabia will allow its planned exchange-traded funds to include Islamic bond and commodity instruments in addition to Saudi shares, the Saudi stock exchange Tadawul said.
The Capital Market Authority (CMA) will also allow exchange traded funds that include only Saudi shares to be listed on foreign bourses, Tadawul said in a statement.
"Exchange Traded Funds (ETFs) are not limited to stocks alone but can also include sukuk or commodities such as gold and silver, but in the primary phase of this (ETFs) project, only funds with Saudi stocks will be launched," Tadawul said.
The world's top oil exporter has been trying to encourage more foreign money to its bourse, having allowed indirect foreign ownership via so-called swap agreements in 2008 as part of gradual efforts to open up the biggest Arab bourse.
Source: Interactive Investor
Dubai Gold And Commodities Exchange Weekly Views March 21, 2010
March 21, 2010--Commodities Overview
Commodities prices may do some base building this week, with a bias toward higher prices. Gold, silver, and petroleum all appear set to move somewhat higher in the weeks and months ahead.
Before they do that, however, prices may consolidate a while longer around recent levels. Gold and silver continue to benefit from investor interest in these metals as alternative assets. The on-going financial strife in Europe is helping to keep investors interested in precious metals. Additionally, the gold and silver markets have tightened somewhat in recent weeks. Many market participants, from bullion banks’ proprietary trading desks to smaller trading companies and institutional investors, have focused on this tightening, and are more willing to hold long positions in expectation of higher prices in the near term.
Currencies Overview
mong the major trading currencies, the dollar may show continued strength this week. Against the rupee and emerging market currencies, the dollar may face more headwinds. Investors are viewing the U.S. economy more favorably compared to economic trends in Europe, the United Kingdom, and Japan. As investors either re-deploy assets into the U.S. equity and commercial real estate market, or prepare to do so, the demand for dollars at the expense of euros, pounds, yen, and Swiss francs may keep the dollar strong against these currencies. The dollar may not fare so well against the rupee, Canadian dollar, rand, and other currencies, however.
Source: Dubai Gold And Commodities Exchange (DGCX)
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