Middle East ETF News Older than One Year
S&P and Hawkamah combine for first Middle East/North Africa ESG index
January 26, 2010--The first ESG index of Middle Eastern and North African companies will be launched later this year. The index is being launched by Standard & Poor’s (S&P) alongside the Hawkamah Institute for Corporate Governance in Dubai, and Credit Rating and Information Services of India (Crisil), who are developing the ESG part of the index with financial support from the International Finance Corporation (IFC).
The index is expected to comprise about 50-75 stocks from a total universe of 400 companies in 11 countries, scored by ESG performance and screened for transparency and disclosure, and based on S&P and CRISIL proprietary methodology.
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Source: Responsible Investor
Gulf economies poised for recovery in 2010, forecasts Emirates NBD
January 26, 2010--GCC economies are poised for gradual recovery in 2010, led by growth in the hydrocarbon sector and higher energy prices, according to Emirates NBD, the Middle East's largest bank by asset size.
Over the same period, the region's non-energy sector is likely to be boosted by strengthening external demand and higher energy prices, as per the bank's outlook. This forecast was provided by Gary Dugan, Chief Investment Officer of Private Banking, Emirates NBD, and Tim Fox, Chief Economist of Emirates NBD, ahead of the bank's regional investor roadshow, which begins today in Dubai.
Source: AME Info
Mature Debt Markets Can Bring Stable Access to Capital for MENA Governments and Corporates, Says DIFC Economic Note
January 25, 2010--The development of debt markets can enhance the ability of governments and corporates in the Middle East and North Africa (MENA) region to raise funds efficiently and cost-effectively for infrastructure and development needs, according to the latest Economic Note issued by the Dubai International Financial Centre’s (DIFC) Economics Unit.
Released today, the DIFC Economic Note 7 titled ‘Local Bond Markets as a Cornerstone of Development Strategy’ says that an active and liquid local currency debt market brings several benefits including stable access to capital; diversification of monetary policy instruments; improved resource allocation; creation of a yield curve for the pricing of financial assets and tailoring risk management tools; and increased choices for both retail and institutional investors.
Dr. Nasser Saidi, Chief Economist of the DIFC Authority said: “The development of local currency debt markets represents a vital investment in the economy, similar to any other public investment. Even in the absence of a pressing need among governments to borrow, the creation of a debt market is a key milestone on the road to the development of an advanced economy.”
Benefits of well-functioning debt markets The debt market provides an instrument for the banking system in the region to manage liquidity and risk in an effective manner; and allows central banks to control liquidity. Diversification of financing and investment options contributes to the stability of financial markets and to greater corporate and government transparency. Furthermore, the development of debt markets promotes market discipline, transparency and accountability because governments, companies, and projects financed through tradable bonds are subject to constant scrutiny by market participants.
view the Economic Note 7: Local Bond Markets as a Cornerstone of Development Strategy
Source: Dubai International Financial Centre (DIFC)
Dubai World assets top $120bn
January 25, 2010--Dubai World's property and investment assets exceeded $120bn at the end of 2009 and could cover its debt of $57bn, Arabic daily Al Ittihad has reported.
Citing a recent internal report shared with creditors, the paper said the value of the company's property assets dropped around 35% in 2009, compared with $157bn in 2008.
Source: AME Info
Commercial Bank of Qatar announces its financial results for year ended 31 December 2009
January 24, 2010--Commercialbank, one of the largest private sector banks in Qatar, announces its full financial results for the year ended 31 December 2009. The Bank delivered resilient earnings with net profit at QR1,524m and increased fourth quarter profits of 33% to QR186m compared to the same period in 2008 despite the challenges faced from the global financial downturn.
Key financial highlights:
• Net operating income increased to QR2,778m
• Net interest income up 30% to QR1,584m
• Net profit at QR1,524m
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views January 24, 2010
January 24, 2010--Commodities Overview:
Petroleum and precious metals were pushed sharply lower late last week by a round of profit taking. A stronger dollar helped trigger commodities selling. The selling was common across most commodities, and was not limited to the oil and gold markets. The selling may prove to be relatively short-term in nature. Prices may continue to test the lows seen late last week early this week.
These lows may hold however, as demand was seen already on Friday from investors and traders seeking to take advantage of the lower prices. Many investors continue to hold long-term bullish views toward commodities, and will be expected to establish fresh long positions as soon as the price declines appear to have run their course. The CFTC proposed regulations limiting positions on energy markets, and said similar restrictions on precious metals markets may follow soon.
Currencies Overview
The dollar could experience some profit-taking and selling pressure early this week. It may recover as the week progresses, however. The dollar performed strongly last week, as investors bought dollars in line with reallocation of assets into the U.S. markets and economy. News of the U.S. government plan to impose trading limits and size restrictions on U.S. commercial banks, coupled with political uncertainties and poor quarterly earnings reports from several major U.S. corporations hit U.S. assets later last week.
Source: Dubai Gold And Commodities Exchange (DGCX)
Bahrain to up oil production
January 21, 2010--Speaking at the inauguration of the new petroleum development company, Bahrain's oil minister has said the kingdom will focus on increasing oil production to reach the 100,000 barrels per day margin in a decade and will try to hold that production level till 2028, Kuna has reported.
The plan is expected to generate around $15bn by 2029, Abdulhussein Mirza told reporters. Bahrain's current oil production stands at 38,000 bpd, while it also produces around 150,000 bpd from the sea oil-field of Abu-S'afa co-owned with Saudi Arabia.
Source: AME Info
DME 2009 - The Year in Review
January 21, 2010--2009 was a positive year for the DME characterised by four significant developments. Firstly, liquidity has
increased with trading volumes achieving a 69% year-on-year increase and average daily volumes approaching
3,000 lots in the last quarter.
Secondly, the DME continues to strengthen its reputation as the largest physically-delivered contract in the world and achieved a record delivery of 11.6 million barrels in September 2009. Thirdly, the adoption of DME Oman as the basis for setting the Official Selling Price (OSP) for Dubai crude by the Dubai Department of Petroleum Affairs in June 2009 further reinforces the growing acceptance of the DME Oman contract as the third global crude oil pricing benchmark. And fourthly, DME contracts were migrated seamlessly onto CME Globex® thereby allowing market participants to access the world’s three crude oil benchmarks on a single electronic platform.
Source: Dubai Mercantile Exchange (DME)
Saudi stocks rise 0.21%
January 20, 2010--Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.21% to 6,382 as 68 stocks ended higher while 48 fell.
The day's most heavily traded stock, Alinma Bank, rose 1.57% to SR12.90, while Kingom Holding climbed 3.68% to SR7.05.
Source: AME Info
DFM falls 1.48%
January 21, 2010--The Dubai Financial Market (DFM) fell 1.48% to 1,652.26, with four companies rising, three holding steady and 20 falling.
Ekttitab, Hits Telecom, DarTakaful and CBD were the only rising stocks, moving up 1.52% (to Dhs0.67), 1.43% (Dhs1.42), 0.68% (Dhs1.47) and 0.54% (Dhs3.72) respectively.
Source: AME Info
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