Middle East ETF News Older than One Year
Dubai Gold & Commodities Exchange appoints INTL FCStone Commodities DMCC to Serve as Market Maker for their Sharia-Compliant Spot Gold Contract (DGSG)
March 5, 2018--INTL FCStone Inc. (NASDAQ: INTL) today announced that its Dubai-based subsidiary, INTL FCStone Commodities DMCC ("the Company") will serve as the market maker for the Dubai Gold & Commodities Exchange (DGCX) Sharia-compliant Spot Gold contract, which will be available for trading beginning on March 29, 2018.
The release of this contract is a first for DGCX, and will mark its entry into the Islamic Finance sector.
DGCX's offering will be the first Sharia-compliant Gold product to be listed on a regulated trading platform in the Gulf Cooperation Council (GCC) region.
Source: INTL FCStone Inc.
DGCX Records its Best Month since Inception with 67% Growth in Volume
March 1, 2018--Dubai Gold and Commodities Exchange (DGCX) continued its record-breaking start to the year while delivering its best month since inception. Last month, the Exchange traded its highest monthly Volume of 2,097,739 contracts, valued at USD 47.03 billion, recording 67% year-on-year (Y-o-Y) growth.
The Exchange has thus far recorded 53% year-to-date growth from 2017. The spikes witnessed in DGCX's trading volumes are a clear sign of investors' increased appetite for protection amidst market volatility. The Exchange's best performing product segments for the month were Currencies and Precious Metals.
Source: Dubai Gold and Commodities Exchange (DGCX)
Most big markets fall but local institutions help Qatar rebound a little
March 1, 2018--Major Middle Eastern stock markets mostly fell on Thursday after oil prices slipped more than two percent overnight and global bourses dropped, although buying by local institutions helped Qatar rebound slightly from its steep fall on Wednesday.
Source: Zawya.com
MIDEAST STOCKS-Banks still weak in Saudi, ex-dividends drag down Qatar
February 28, 2018--Major Gulf stock markets were mostly lower in early trade on Wednesday with Saudi banks dropping for a fourth straight day, partly because of concern about the government's move to retroactively increase their Islamic tax liabilities.
The Saudi index fell 0.7 percent in the first hour with all 12 banking stocks declining. Al Rajhi Bank slipped 1.3 percent. view more
Source: Zawya.com
Abu Dhabi looks to privatisations to boost sluggish economy
February 27, 2018--Abu Dhabi plans to accelerate the privatisation of several state companies and overhaul its national energy company as the oil-rich emirate attempts to revive sluggish growth.
Mubadala, one of Abu Dhabi's sovereign wealth funds, will sell a stake in Emirates Global Aluminium, one of the United Arab...
Source: FT.com
BRIEF-Goldman Sachs Saudi Arabia Joins Tadawul as Member
February 27, 2018--Goldman Sachs Saudi Arabia has completed all regulatory and technical requirements to become duly licensed, approved and authorized member of Tadawu1.
Goldman Sachs Saudi Arabia gets right to conduct brokerage services and …
Source: Reuters
TASE is Launching 6 New Tel-Bond Indices
February 25, 2018--Four Indices are Rating-Based and two are Sector-Based: Tel Bond-Shekel Banks & Insurance Index and Tel Bond-CPI Linked Real Estate Index
TASE Has Launched 7 new Indices since the beginning of 2018 and a Record of 16 New Tel Bond Indices in Less Than a Year
The Tel-Aviv Stock Exchange (TASE) is launching six new Tel-Bond indices. Following the launch of the new indices, TASE will calculate a total of 28 Tel-Bond indices, 16 of which were launched in 2017 and 6 more are being launched now.
Rating-Based Tel-Bond Indices
The specifications of the four new indices are as follows:
"Tel-Bond CPI Linked A" Index-This index will include bond series, which are included in the Tel-Bond CPI Linked Index, and which have been given a Midroog rating in a ratings range of between (A3) and (A1) or which have been given a Maalot rating in a ratings range of between (A-) and (A+).
Source: TASE
MIDEAST STOCKS-Emaar continues to buoy Dubai, ex-dividend Qatar Islamic Bank tumbles
February 22, 2018--A rebound of shares in blue chip Emaar Properties continued to buoy Dubai's stock market in early trade on Thursday while the rest of the region mostly moved sideways.
Source: Zawya.com
MSCI decision on Saudi Arabia to be independent of Aramco listing-executive
February 22, 2018--If the Aramco IPO happens, where it lists, what and how it lists is independent of what MSCI will do to classify, says head of MSCI for the Middle East.
Global index compiler MSCI's impending decision on whether to upgrade Saudi Arabia to emerging market status will be independent of the stock market's ability to absorb the listing of Saudi Aramco, an MSCI executive said on Thursday.
Source: Zawya.com
IMF Staff Concludes Visit to West Bank and Gaza
February 20, 2018--With growth slowing and scarce economic and financial buffers, the strained geopolitical situation is testing the resilience of the Palestinian economy.
Reunifying the West Bank and Gaza under a single administration could provide a modest boost to growth, but managing the budgetary costs will not be easy.
This will require a fundamental shift by all parties-deeper reforms by the Palestinian Authority, stronger Israeli cooperation on fiscal leakages, and revived donor engagement.
An International Monetary Fund (IMF) staff team led by Karen Ongley visited East Jerusalem and Ramallah during February 4-14, 2018, to assess recent economic developments in the West Bank and Gaza. The IMF team met with Finance Minister Shukry Bishara, Governor Azzam Shawwa, and other Palestinian officials. At the end of the visit, Ms. Ongley issued the following statement:
"Strains on the Palestinian economy became more evident during 2017. While the authorities see somewhat higher growth, staff estimates that growth slowed to close to 3 percent. Liquidity constraints and fewer economic buffers held back consumption and investment, most acutely in Gaza."
Source: IMF
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