Middle East ETF News Older than One Year
DGCX provides 24 hour trade reporting facility
New facility improves accessibility for all market participants by providing trade reporting for transactions undertaken 24 hours a day
Participants continue to benefit from regulated and cleared trading, outside of electronic trading hours
January 27, 2010--In a move that will enable market participants to trade and hedge risk beyond regular electronic trading hours, the Dubai Gold & Commodities Exchange (DGCX) is permitting members to report transactions negotiated after the close of trading at 11.30pm Dubai time, with effect from February 1st, 2010.
The facility, known as Post-Close-of-Trading (PCT) transactions, will allow members to execute and report a trade after the market has closed and before the market is open for trading on the next business day. It will be available for all contracts listed for trading on the Exchange, including futures, options and spread contracts.
Members participating in the PCT negotiate the terms and conditions bi-laterally, including the futures price and quantity. The request is subsequently submitted to the Exchange through the Clearing Member.
“The new facility is aimed at increasing accessibility for local and international participants, so that they can benefit from a regulated and centrally cleared marketplace for trades executed after electronic trading market hours. The step is designed to allow members to hedge against volatility in the OTC markets post close-of-trading on DGCX,” said Eric Hasham, Chief Executive Officer, DGCX.
Emphasising the commitment of DGCX to providing innovative solutions for investors in the region, Eric Hasham added, “The Post-Close-of-Trading facility is yet another step in adding value to participants in terms of risk management, convenience and flexibility”.
Mahmood Riaz, Managing Director, GTL Trading said, “GTL offers a robust trading platform and dealing desk to a growing base of international clients. We have received requests from many clients for the introduction of ‘Post Close of Trading' reporting and clearing on DGCX and this is therefore a welcome addition, helping us to better serve our clients across the region 24 hours a day.
Source: Dubai Gold & Commodities Exchange (DGCX)
Emirates NBD discontinues use of Standard and Poor's ratings
January 27, 2010--Emirates NBD (DFM: EmiratesNBD) announced that the company has elected to discontinue use of Standard & Poor's Investors Service for rating of its banking subsidiaries, Emirates Bank International PJSC (EBI) and National Bank of Dubai PJSC (NBD).
Following the successful completion of the integration and the migration to the Emirates NBD core banking platform, all assets, liabilities and operations of Emirates Bank International and National Bank of Dubai have been assumed by Emirates NBD PJSC.
Source: AME Info
UAE's growth forecast lowered by IMF
January 27, 2010--The International Monetary Fund has downgraded its forecast for the UAE's economic growth in 2010 to near zero in a new report that says the country will be weighed down by Dubai World's debt restructuring and the emirate's property sector.
However, while noting that Dubai's economy would continue to contract, the report said Abu Dhabi was expected to show growth.
Source: AME Info
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
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