Middle East ETF News Older than One Year
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
ADX slides 0.64%
January 21, 2010--The Abu Dhabi Securities Exchange (ADX) fell 0.64% to 2,636.73, with seven stocks rising, three holding steady and 20 falling.
Gulf Medical Projects was the day's biggest gainer, moving up by 5.56% to Dhs2.35. Abu Dhabi National Hotels registered the biggest drop, moving down 9.77% to Dhs3.60.
Source:AME Info
Abu Dhabi: Non oil and gas GDP constitutes 64% of the total GDP
January 20, 2010--Abu Dhabi is better known for holding the largest hydrocarbon resources in the country, which accounts for 95% of oil and 92% of natural gas, thus accounting for 9% of the world's proven oil reserves.
But remarkable, non oil and gas GDP constitutes 64% of the total GDP. This trend is reflected in Abu Dhabi with substantial new investment in real estate, tourism, Utilities and retail.
The economic progress has led to a greater demand in a lot of aspects. Therefore, infrastructure developments in terms of roads, power and water, ports etc, play a very crucial role.
Source: AME Info
Dubai's debt may be $170bn, says report
January 20, 2010--The total debt of Dubai could be as much as $170bn, far higher than previously reported, much higher than earlier reported, according to a report by EFG-Hermes regional investment bank.
'The total debt held by Dubai Inc could well be in the range of $130-170bn," the bank said in its 2010 UAE Yearbook. Dubai Inc is a term used to refer to the Dubai government and its government-related entities.
Source: AME Info
Thomson Reuters Unveils Risk Management Solution For Islamic Banking
January 19, 2010--Thomson Reuters today announced the launch of a risk management system specifically tailored for Islamic banking. Kondor+ Suite for Islamic Banking is a real time trade and risk management solution, which will provide full front-to-back and cross-asset coverage for Islamic banks as well as Islamic windows in conventional banks.
The Islamic finance industry has grown to approximately US$1 trillion. Recent events have shown that whilst Islamic banks have avoided the complex instruments that were central of the credit crisis, they have still been susceptible to the downturn. Non-performing loans and investment impairments in the region have mounted in the last year, resulting in a call from the market for systems that foster transparency. The new Kondor+ Suite for Islamic Banking is designed in accordance with Shari’ah rules under which financing and investment techniques are based on profits from trade rather than the paying and receiving of interest.
Source: Thomson Reuters
ADX General index records 15% gain in 2009
January 17, 2010--Abu Dhabi Securities Exchange (ADX) is poised for future growth boosted by the robust economic growth rates in Abu Dhabi, senior exchange officials stated today.
By the end of 2009, the general index recorded 15% of gains for the year; lifting the market capitalization of the listed securities up by 16.5% to Dhs294.57bn ($80bn).
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views January 17, 2010
January 17, 2010--Commodities Overview
Precious metals and petroleum may move sideways in a volatile pattern over the coming week. There remains a great deal of investor interest in gold and silver, which could combine with short term congestion in the New York market later in January to pull prices higher. This coming week, however, these shorter term price pressures may be offset by investor caution and short-term selling by banks and traders.
The U.S. dollar may show some renewed signs of strength, which could breed this caution on the part of investors and trigger the banks’ selling gold and silver. Prices may not fall far in the face of such mechanical selling, however, for several reasons.
Currencies Overview
The dollar may exhibit some renewed upward strength against the euro and other major currencies in the coming week. U.S. economic conditions continue to show signs of improvement; they also are showing signs of outperforming European and Japanese economic prospects. As a result, there may be an emerging bias toward the dollar. It is a relatively weak impulse at this time, however, as investors and bank traders are reluctant to commit. Furthermore, the emerging global economic recovery may well be one characterized by investors seeking to diversify their portfolios further along geographic lines: Investors may have a bias toward U.S. equity and real estate investments over those in Europe and Japan, but it will be a matter of degree, and a desire to keep portfolios geographically balanced will limit any one-way trading.
Source: Dubai Gold And Commodities Exchange (DGCX)
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