Middle East ETF News Older than One Year
HSBC launches fund to help small businesses in UAE
January 12, 2010--HSBC Bank Middle East has launched a $100m fund specifically for UAE small and medium-sized enterprises with a turnover of $30m or below.
SMEs in the UAE that need working capital finance for international expansion will be able to utilize the fund, with high priority accorded to Emirati-owned businesses. The fund is the result of a memorandum of understanding that the lender signed with the ministry of economy.
Source: AME Info
ADX announces Investment Literacy Index and Market Sentiment Index
January 11, 2010--Abu Dhabi Securities Exchange (ADX) today announced the introduction of its Investment Literacy Index and Market Sentiment Index.
In early December ADX issued an E-questionnaire to assess the investment knowledge and understanding of ADX active and early-stage investors and the results of the survey have been used to derive an ADX Investor Literacy Index and a Market Sentiment Index.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views January 10, 2010
January 10, 2010--Commodities Overview
Commodities prices are expected to show strength in the first few months of this year. The strength will not be one-way, however. Periods of profit taking should be expected at times. This week petroleum prices may back off, following strong increases in recent weeks. Gold and silver prices may show continued strength this week, in contrast, as investors continue to buy these metals in expectation of higher prices over the next few months.
Economic conditions continue to drive much of investor interest in commodities, including other, industrial metals. With increasing indications that the U.S. economy is joining other geographical markets in moving toward recovery and revival, investors are buying a range of commodities, expecting upward pressure on prices. Industrial demand is showing signs of increasing, meanwhile, adding to the upward pressure.
Currencies Overview
The dollar still seems most likely to rise. The upward momentum remains in place, and has shown signs of gaining strength as investors focus on potentially stronger U.S. economic growth and equity markets than may be seen in Europe, England, and Japan this year. The dollar was hit last Friday by weaker employment figures than the market had expected, but soon recovered some of its composure as the market re-focused on the fact that the U.S. longer term employment trends are moving from disastrous conditions in late 2008 and the first few months of 2009 toward turning positive. Also, many investors are aware that employment trends lag overall economic condition. Thus, they understand that employment statistics should not be expected to turn positive until a recovery is well in place. Insofar as the U.S. employment situation is stabilizing after earlier nightmare conditions, it suggests to investors that the U.S. economy indeed is likely to see positive growth of 1.5% - 2.5% for the full year 2010.
Source: Dubai Gold And Commodities Exchange (DGCX)
Government of Dubai approves budget for 2010
January 9, 2010--His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has approved the law of the fiscal year budget for the year 2010 of the government sector in the Emirate of Dubai.
The Public Budget of the Government of Dubai reflects Sheikh Mohammed trends assuring need to work within the framework of a fiscal policy which aims to raising economic growth rates and to overcoming the repercussions of the global crisis and in the same time commitment with the internationally recognized financial rules regarding the budget deficit and public expenditure management.
Source: AME Info
Moody's updates on review of government support for UAE corporates
January 7, 2010--As previously announced, Moody's Investors Service has today published a Special Comment explaining the criteria it is applying to its ongoing review of the support assumptions for all corporate government-related issuers (GRIs) in the United Arab Emirates (UAE).
This is in line with Moody's press release from 9 December 2009, in which the rating agency placed on review for downgrade the ratings of all GRIs owned by Abu Dubai and the federal government of the UAE and also announced that it would in due course publish a Special Comment expanding on its criteria and approach.
Source; AME Info
DFM closes up almost 1%
January 07, 2010,-The Dubai Financial Market (DFM) closed up by 0.95% to 1,837.14 on the last day of trading of the week.
Six stocks fell, five held steady and 19 rose. Arabtec was the day's biggest gainer, closing up 6.25% to Dhs2.89.
Source: AME Info
ADX slips 0.32%
January 7, 2009-The Abu Dhabi Securities Exchange (ADX) closed up by 0.32% to 2,775.50. Eight stocks fell, eight held steady and 12 rose. Union Cement Co (UCC) had the biggest rise of the day, moving up by 8.97% to Dhs1.71.
Conversely Gulf Cement Co (GCEM) was the day's biggest loser, falling 5.81% to Dhs1.62.
Source: AME Info
GCC single currency possible by 2015
January 7, 2010--Mohamed al-Mazrooei, GCC Assistant Secretary General for Economic Affairs has said that if the Council's member states speed up the process, a single Gulf Arab currency could be launched in 2015, Reuters has reported.
Mazrooei's comment is the first from the GCC secretariat that sets a potential new timetable for the single currency's launch after the bloc abandoned an initial 2010 deadline.
Source: AME Info
Kuwait Parliament okays consumer loan bailout bill
January 7, 2010--A bill that would force the Kuwaiti government to buy all KD6.7bn ($23.3bn) of consumer loans has been approved by the country's parliament, Bloomberg has reported.
The plan, which the government opposes, also includes writing off the interest and rescheduling the payments over a maximum of 15 years. "The bill includes drawbacks that threaten the stability of Kuwait's banking system as it encourages disrespect of contracts which would result in destabilizing financial transactions," Finance Minister Mustafa al-Shimali told parliament before the vote.
Source: AME Info
Qatar Gets Hot Over $1 Billion Solar Power Plant
January 7, 2010--The Qatari government has started negotiations with investors over the construction of a $1 billion solar power plant.
Despite having one of the largest natural gas reserves in the world, the small Gulf state is taking steps to diversify into renewable energy production.
“Since they started their liquefied natural gas and gas exports they found a huge increase in their own domestic energy gas demands,” David Ledesma, Research Fellow at The Oxford Institute for Energy Studies told The Media Line in reference to countries such as Oman, Abu Dhabi and Qatar.
Source: AHN
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