Middle East ETF News Older than One Year
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
DFM rises prior to weekend close
February 4, 2010--United Arab Emirates: The Dubai Financial Market (DFM) rose by 0.22%, to 1,663.21, with seven companies rising, eight holding steady and 14 falling.
Global Investment House was the day's biggest gainer, moving up by 12.28% to Dhs1.28. Emaar was the most active stock by volume and by value, and gained 1.53%, moving to Dhs3.31.
Source: AME Info
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
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