Middle East ETF News Older than One Year
OPEC Monthly Oil Market Report-February 2010
February 10, 2010--Oil Market Highlights
The OPEC Reference Basket continued its upward trend in early January to hit a 15-month high of
$80.29/b on the back of bullish sentiment, driven by cold weather. The trend was reversed after
temperatures rose in the Northern Hemisphere, combined with the stronger dollar and a downward
correction in equity markets.
The Basket fell steadily to stand at $71.01/b on 29 January. Renewed concerns about economic growth, particularly in Euro-zone, resulted in a further decline, pushing the Basket below $70/b in early February to stand at $69.76/b on 9 February. On a monthly basis, the Basket averaged $76.01/b in January, up $2 from December.
The world economy continues to show some improvement and global GDP is now expected to grow at an upwardly revised 3.4% in 2010 after contracting by 0.9% in 2009. The main contribution for this growth is coming from developing Asia, with China seen growing by 9.1% in 2010, while India is forecast to grow by 7.0% in 2010. The OECD in comparison is forecast to grow on a much lower level of 1.7%. The US is now expected to contribute the most within the OECD at 2.5% in 2010. Growth in 2010 continues to be challenged by concerns about the level of public debt in almost all OECD regions, still record high unemployment levels across the globe and government efforts in China to prevent the economy from overheating.
Source: OPEC
NCB Capital launches new sukuk and murabaha fund
February 10, 2010--NCB Capital, the investment banking arm of National Commercial Bank, Saudi Arabia's largest bank, today launched a US dollar-denominated, open-ended, sharia-compliant fund, compatible with sharia investment restrictions and regulations.
It will invest in sukuk and murabaha issued by highly rated companies and governments.
Source: AME Info
Kuwait forecasts $22.4bn budget deficit
February 10, 2010--Kuwait plans to increase spending by about 34% in the fiscal year starting April 1 and is projecting a budget deficit of KD6.46bn ($22.4bn), Bloomberg has reported.
Spending is forecast at KD16.16bn and revenue at KD9.7bn in a draft proposal sent to parliament. Oil revenue is projected at KD8.62bn and non-oil revenue at KD1.1bn. The 2010/2011 budget will be based on a price of $43 a barrel for oil, which now trades at about $72 a barrel.
Source: AME Info
Dubai groups line up Asian asset sales
February 9, 2010--State-linked Dubai entities have started talks to divest Asian assets as the emirate steps up the pace of its overseas asset sales to help ease its debt burden.
Dubai-based Emaar Properties is talking to potential buyers of its majority stake in Singapore-based distributor and retailer RSH, according to people familiar with the matter. RSH, which works with brands including Zara and Mango, operates across Asia and the Middle East.
Source: FT.com
Huge growth opportunities for local content in the Arab media industry starting from 2010
February 9, 2010-Developments in the region's local production industry for all media platforms could help drive growth in the value of local Arabic content over the next five years.
Arab Media Outlook 2009-2013: Inspiring Local Content,' the third and latest edition of the ground-breaking report on the current status and future of the Arab media industry.
Source: AME Info
UAE central bank expects low growth in 2010
February 9, 2010--Sultan Nasser al-Suweidi, the governor of the UAE's central bank, told a media briefing yesterday that the country's growth is projected to be low in 2010, but better than the previous year, Reuters has reported, citing a source at the briefing.
The International Monetary Fund forecast last month that the UAE economy would grow zero to 1% in 2010 as the impact of Dubai's debt restructuring continues to be a drag on its performance. 'We don't contradict their prediction but the IMF changes their forecast from time to time,' Suweidi said.
Source: AME Info
UAE inflation falls to 9-year low in '09
February 8, 2010--Inflation in the UAE reached a nine-year low of 1.5% in 2009, as prices returned to a downward path in December due to a fall in the household category, Reuters has reported, citing preliminary data from National Bureau of Statistics.
The country's consumer prices fell 0.4% on an annual basis in December, after an increase of 0.17% in November. On the month, prices decreased 0.7% in the last month of 2009, after rising 0.4% in November, the data showed.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views February 7, 2010
February 7, 2010--Commodities Overview
A strengthening U.S. dollar weighed heavily on commodities prices last week. There also was another bout of rising concern over demand prospects for commodities. Short-term oriented selling helped push many commodities prices lower.
Gold, silver, and oil prices all fell sharply last week. Despite ongoing concerns over financial markets and economic conditions investors have not been as keen to gold or silver as they were last year. Gold prices have not been able to rally on a sustainable basis since they peaked in early December 2009.
Currencies Overview
The market is demonstrating increased favorable views toward the dollar, which suggest a stronger dollar against the euro, yen, pound, and Swiss franc over the next several months. Part of the strength last week seems based on a possible default by the Greek government on debt. That seems unlikely, which in turn suggests that some of the fleeing from the euro to the dollar last week may be overdone, and the dollar could come back at least a little in the coming week as it consolidates recent gains.
Source: Dubai Gold And Commodities Exchange (DGCX)
Dubai discovers new oil field
February 4, 2010--Dubai’s government said Thursday the emirate has discovered a new offshore oil field -- the first such discovery by the city-state in several years.
Dubai’s government said Thursday the emirate has discovered a new offshore oil field -- the first such discovery by the city-state in several years.
An e-mailed statement from the office said the find is located east of the existing Rashid oil field.
Source: Todays Zaman
ADX slips 0.68%
February 4, 2010--United Arab Emirates: The Abu Dhabi Securities Exchange (ADX) fell 0.68% on the last day of trading of the week, closing at 2,705.44.
Nine companies rose, four remained unchanged and 21 fell. Gulf Medical Projects (GMPC) was the day's biggest gainer, going up by 8.27% to Dhs2.75.
Source: AMEInfo.com
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