Middle East ETF News Older than One Year
Saudi Arabia to spend $170bn on energy projects
March 29, 2010--Saudi Arabia plans to spend $170bn over the next five years on energy and oil refining projects, $90bn of which is to come directly from Saudi Aramco, while current and future capital investment will add the remaining $80bn of joint refining and marketing projects to the total.
These investments are in line with the Kingdom's plans to increase production capacity as well as refining and marketing, in addition to directing an increased proportion of these investments to gas projects.
Source: AME Info
Dubai Holding weighing options for debt management, says report
March 29, 2010--Dubai Holding is considering options that could include a restructuring to address as much as $20bn in debts, the Financial Times reported, citing a person close to the matter.
Talks between creditors and advisers have picked up in recent weeks and the company is considering appointing a financial adviser to explore the rescheduling of loans over the next few months, the paper said.
Source: AME Info
DFM slips 0.41%
March 24, 2010--The Dubai Financial Market fell 0.41% today to 1,769, with eight stocks rising and 15 falling
Emaar Properties, the day's most heavily traded stock by value and by volume, slipped 0.80% to Dhs3.74. Global Investment House had the biggest gain, rising 7.76% to Dhs1.25.
Source: AME Info
Tadawul edges higher
March 24, 2010--Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.27% to 6,756, with 54 stocks rising and 58 falling.
Market heavyweight Alinma Bank dropped 0.39% to SR12.90, while fellow market leader Kingdom Holding slipped 0.52% to SR9.50.
Saudi Cement had the day's biggest loss, falling 4.30% to SR72.25.
Source: AME Info
Dubai offers $9.5bn to back Dubai World, Nakheel restructuring
March 25, 2010--Dubai World and Nakheel are set to announce proposals for the restructuring of their liabilities today.
A Statement from HH Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee, said that the government of Dubai would support these initiatives with up to $9.5bn.
Source: AME Info
DFM rise fuelled by Emaar
March 25, 2010--The Dubai Financial Market (DFM) rose by 4.31% to 1,845.21, with 22 stocks rising, three falling and three holding steady.
Emaar was the day's most active stock by value and by volume and was also the day's biggest gainer, moving up by 8.82% to Dhs4.07.
Source: AME Info
ADX climbs as ETF Market launched
March 25, 2010--The Abu Dhabi Securities Exchange (ADX) rose 1.12% to 2,903.92, with 22 stocks rising, five falling and four holding steady.
RAKBank was the day's biggest gainer, moving up by 6.94% to Dhs3.85.The ADX today launched its ETF Market.
Source: AME Info
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
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