Middle East banks stronger as companies learn to build in slow growth economies
February 4, 2010--Banks in the region are expected to see healthier profits when compared to international counterparts, although growth will slow down, and could benefit from making targeted acquisitions while prices of businesses are cheaper
In part, Middle East banks suffered less because they put in place better loan loss provisions. Those provisions are expected to remain high this year.
Source: AME Info
Egypt predicts $15.5bn investments in industrial zones
February 4, 2010-The Egyptian trade ministry has said that it expects to attract EGP85bn ($15.5bn) of investments in the country's new industrial zones, Reuters has reported.
The ministry will tender 42 million square meters of land for industrial development in the new zones, located in the cities of Tenth of Ramadan, Sadat and Bourj Al-Arab.
Source: AME Info
DGCX reports strong start to 2010, with volume up 300% in January
Total volume in January rose 300% year-on-year to 153,747 contracts
Currency and gold futures led the volume growth in January, with 104,614 and 42,289 contracts traded respectively
February 3, 2010--Setting the tone for 2010, the Dubai Gold & Commodities Exchange (DGCX) today announced that total volume rose 300% year-on-year to reach 153,747 contracts in January.
Valued at US $9,187 million, trading in January was led by stronger participation in currency and gold futures, which recorded volumes of 104,614 and 42,289 contracts respectively. Euro/Dollar, GBP/Dollar, Indian Rupee/Dollar and Yen/Dollar futures recorded volumes of 51,103; 31,072; 7,181 and 15,258 in January.
On January 29, the Exchange recorded its second highest daily volume for currencies with 9,892 contracts, valued at US$ 674 million. This was close to the record of 10,669 contracts achieved in August 2009.
The performance in the first month of 2010 is testimony to the stronger demand and participation that we are witnessing for both commodity and currency derivatives,"said Eric Hasham, Chief Executive Officer, DGCX.
Volatility in commodities and currencies has continued into 2010, which is encouraging participants to tap into the hedging benefits offered by DGCX futures contracts. The year has started positively for the exchange and as the economic recovery continues, DGCX will consolidate its growth and position as the region's leading derivatives exchange.
Total currency volume was 104,614 contracts in January, up by 463% on last year. Gold futures volume was 42,289 contracts, up 142% on last year. WTI crude oil and silver futures were also up on last year, with volumes of 4,294 and 2,550 contracts.
Source: Dubai Gold & Commodities Exchange (DGCX)
Abu Dhabi to miss economic growth target
February 2, 2010--Mohamed Omar Abdulla, undersecretary at Abu Dhabi's department of economic development, said the emirate will not reach its growth target of an annual 6% to 7% over the next 20 years, Bloomberg has reported.
'We have to make downward adjustments in terms of the growth,' Abdulla told the news service. 'The average growth will be 6% to 7% according to the vision; this will not be the case.' The Abu Dhabi Economic Vision 2030 set growth targets of 7% through 2015 and 6% thereafter.
Source: AME Info
Kuwait expects 40% profit from Black Rock investment
February 1, 2010--Kuwait Investment Authority invested about $750m in US asset manager BlackRock last year, KIA's managing director told Al Arabiya TV.
'Last May we invested in raising BlackRock's capital, I think $750m...and I think until now we made 40% of profit," Bader al-Saad said. Saad also said that he still expected KIA to make a profit on its $2bn investment in Bank of America, despite a current loss of between 30-40% on the investment.
Source: AME Info
Bahrain sovereign wealth fund to diversify
February 1, 2010--Mumtalakat, Bahrain's sovereign wealth fund, plans to diversify away from private equity projects and into stocks and bonds, Reuters has reported.
Talal Al Zain told the news service that Mumtalakat expects to receive a credit rating this year, which would allow it to tap capital markets for funding, including Islamic bonds. 'We want to diversify. We will be looking at investments across markets. Our immediate focus will be to diversify investments, channel funds more towards liquidity, that is fixed income, equity markets,' he said.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views January 31, 2010
January 31, 2010--Commodities Overview
Gold, silver, and petroleum prices all headed lower last week. An appreciating U.S. dollar helped push prices lower for many commodities. Investor interest in precious metals remains firm, but has eased from the levels seen in the second half of last year. Investment demand for silver is doing better than gold, however.
Concerns over financial markets and economic conditions continue although are not at the heights when economic growth was contracting sharply in many countries around the world. That said, a wave of economic and political ills could quickly shift investor sentiment. Recent attention has focused on weak economic conditions in some member countries of the eurozone.
Currencies Overview
The U.S. dollar index could continue to strengthen this week. There may be bouts of profit-taking and technically based selling, however, the overall trend is expected to be higher. Last week the U.S. dollar was firm, rising against most major currencies. Macroeconomic data released was positive for the United States, signaling a further stabilization and better prospects for the U.S. economy. The news that the U.S. fourth quarter gross domestic product figure expanded 5.7% provided a boost to the U.S. dollar at the end of last week.
Source: Dubai Gold And Commodities Exchange (DGCX)
Tadawul nudges lower
January 27, 2010--Saudi Arabia's Tadawul All Share Index (Tasi) nudged down 0.06% today to 6,252, with 65 stocks falling and 44 rising. The day's most heavily traded stock,
Kingdom Holding, gained 3.40% to SR7.60. The biggest riser was Union Cooperative Assurance, which climbed 4.35% to SR31.20.
Source: Arab News Online
ADX climbs prior to weekend close
January 28, 2010--The Abu Dhabi Securities Exchange rose 1.01% to 2,628.17 on its last day of trading of the week, with 25 stocks rising, four falling and four holding steady
National Marine Dredging Co (NMDC) was the day's biggest gainer, going up by 9.34% to Dhs9.53.
Source: AME Info
DFM climbs 2.17%
January 28, 2010--The Dubai Financial Market (DFM) rose by 2.17% to 1,599.43 today, with 24 stocks rising, five falling and two remaining unchanged.
Hits Telecom was the day's biggest gainer, moving up 7% to Dhs2.14, while National Cement (NCC) had the biggest slide, falling 4.95% to Dhs3.07.
Source: AME Info