Middle East ETF News Older than One Year
Daman launches $54m fund
February 24, 2010--UAE-based Daman Investments has launched a $54.4m fund focused on investments in the GCC.
The Daman Fifth Fund will focus on blue-chip equities listed on GCC exchanges, debt products and commodities. Shehab Gargash, managing director of Daman Investments, said the fund is likely to focus on markets outside the UAE.
Source: AME Info
Qatar Exchange May Start Bond Trading By September
February 22, 2010--The Qatar Exchange, the Persian Gulf country’s equity market, may start bond trading before September as part of a program to broaden the business it handles, said Chief Executive Officer Andre Went.
“We are looking to where we are internally with the exchange and where we are in progress readiness,” Went told reporters at the Beltone Financial MENA conference in Doha today. “It looks good.” read more
Source: Bloomberg
Dubai Gold And Commodities Exchange Weekly Views February 21, 2010
February 21, 2010--Commodities Overview
Commodities prices may be volatile this coming week, but with an upward bias. Over the past few weeks oil, gold, and other commodities have demonstrated strong support around recent price levels. Sharp increases in the dollar, the IMF’s announcement that it was moving toward public sales of 191 metric tonnes (6.1 million ounces) of its gold, the U.S. Fed’s raising the discount rate, evidence of stronger economic growth in the United States and other parts of the world, and stronger corporate earnings and equity markets all have failed to trigger a major sell-off in gold.
Prices have dipped in response to announcements related to these developments, but the declines have not been particularly large. Nor have they been protracted. Each dip has been answered by significant buying from investors seeking to add to their gold positions whenever prices drop.
Currencies Overview
The U.S. dollar is expected to continue along the path of recent weeks, showing overall strength but consolidating its gains against major currencies rather than running away to higher levels. The dollar is showing strength, reflecting investor attitudes that the U.S. economy may register stronger growth in 2010 and 2011 than Europe and Japan. The strength in the dollar has not been one-way, however: The dollar’s exchange rate against the euro and other currencies has been and is expected to continue to be volatile. While there is a clear upward bias emerging for the dollar, it also is clear that on-going fiscal, budgetary, and trade concerns remain in the forefront of investors’ minds. The dollar is looking stronger against other major traded currencies such as the euro, pound, yen and Swiss franc, but it is a matter of degrees of unattractiveness that is helping boost the dollar at this time.
Source: Dubai Gold And Commodities Exchange (DGCX)
Egypt foreign investment falls 35%
February 22, 2010--Egypt's central bank has said that foreign direct investment in the country dropped 35% in the first half of the fiscal year, making it hard for the government to meet its target of attracting $10bn by June 2010, Bloomberg has reported
'It means they need about $8bn in the second half. That's very difficult unless there is a major deal,' Mona Mansour, director at CI Capital Research in Cairo, told the news service. Foreign investment was about $2.6bn in the six months to end-December, compared with $4bn in the same period a year earlier, the central bank said.
Source: AME Info
DFM falls 0.15%
February 18, 2010--The Dubai Financial Market fell 0.15% today to close on 1,625, with 12 stocks rising and 10 falling.
Air Arabia, the day's most actively traded stock, gained 4.26% to Dhs0.98. Global Investment House had the biggest rise, climbing 8.55% to Dhs1.27.
Source: AME Info
Dubai World to offer debt restructuring plan in March
February 18, 2010--State-owned Dubai World will present a proposal to creditors in March to restructure about $22bn of debt after its advisers complete valuing the assets of the company, Bloomberg has reported, citing a person close to the Dubai government said.
The final proposal will be made after consultations with the Abu Dhabi government and the UAE' central bank, the official said. The central bank, Abu Dhabi's government and two commercial banks of the emirate lent $20bn last year to Dubai's financial support fund to help state-owned companies during the credit crisis.
Source: AME Info
Bahrain hires banks for $1bn bond sale
February 18, 2010--Bahrain has hired JPMorgan Chase Bank, Deutsche Bank and BNP Paribas to manage the sale of a $1bn bond, Bloomberg has reported, citing a banker familiar with the deal.
Last month, the kingdom's central bank announced plans to issue about $1bn conventional bond, with a 10-year maturity to fund its budget. Lead managers are expected to start investor meetings in late March or early in the second-quarter, the banker told the news service.
Source: AME Info
ADX sees slight gain
February 18, 2010--The Abu Dhabi Securities Exchange gained 0.27% to 2,766, even though twice as many stocks fell (16) as advanced (8).
Union Cement was the day's big gainer, rising 9.46% to Dhs9.46. National Bank of Ras Al-Khaimah had the day's biggest loss, falling 8.05% to Dhs4.05.
Source: AME Info
Abu Dhabi awards $700m contract to develop oilfield
February 18, 2010--Abu Dhabi Co for Onshore Oil Development has awarded a $700m contract to the Abu Dhabi Government-controlled National Petroleum Construction to develop the giant Bab oilfield, which contains more than 500 million barrels of proved oil reserves,
The National has reported. The contract is part of Adco's drive to boost output capacity by 14% within three years. Bab is one of Abu Dhabi's biggest onshore oilfields, and in 1958 was among the first to be discovered in the emirate.
Source: Arab News Daily
Egypt to build new wind farm
February 18, 2010--Abu Dhabi's Masdar and Egypt's electricity and energy ministry are to sign an agreement today to build a 200 megawatt wind farm as part of a plan to generate 20% of the country's energy needs from renewable sources by 2020, Reuters has reported.
Egypt already has wind farms at Zafarana and Hurghada in the eastern Red Sea coast and now has installed capacity of 430 megawatts of wind. The plant will be located near Suez on Egypt's east coast.
Source: AME Info
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