Middle East ETF News Older than One Year
Moody's downgrades two Bahrain banks
December 17, 2009-Moody's Investors Service has downgraded the long-term local currency deposit rating of National Bank of Bahrain (NBB) to 'A2', and BBK's local and foreign currency deposit ratings to 'A3/Prime-2'.
BBK's senior and subordinated debt ratings were also downgraded to 'A3' and 'Baa1', respectively. All ratings now have a 'Stable' outlook.
Source: AME Info
Moody's downgrades three Dubai bank ratings
December 17, 2009--Moody's has downgraded the ratings of three Dubai-based banks - Emirates NBD, Mashreqbank PSC and Dubai Islamic Bank. Emirates NBD's deposit ratings was downgraded to A2/P-1 from A1/P-1, while Mashreqbank's debt and deposit ratings came down to Baa1/P-2 from A2/P-1 and changed the outlook to negative.
Meanwhile, Dubai Islamic Bank's issuer ratings were downgraded to Baa1/P-2 from A1/P-1 and changed the outlook to negative.
Source: AME Info
HSBC launches international Islamic premium
December 17, 2009--The global Islamic financial services division of the HSBC Group, HSBC Amanah has announced the launch of the world's first Islamic banking service aimed at internationally mobile, affluent consumers.
HSBC Amanah Premier is a cross-border Islamic banking and wealth management service that offers customers access to HSBC Premier benefits with Shariah compliant products. The new product is available in the UAE, Saudi Arabia (through SABB Amanah as SABB Amanah Premier), Qatar, Bahrain, Malaysia and Indonesia.
Source: AME Info
Foreign investors purchase Dhs1.852bn worth of shares on DFM during the last week, and sold Dhs1.756bn
December 16, 2009--Dubai Financial Market announced today that the value of shares bought by foreign investors, or non-UAE nationals, during last week (13 - 17 Dec.) reached Dhs1.852bn comprising 46.3% of the total value of stocks traded during the period.
The value of stocks sold by foreign investors during the same period reached Dhs1.756bn comprising 43.9% of the total value of stocks traded during the period. Net foreign investment on the market reached Dhs96.7m during the same period, as aggregate buy.
Source: AME Info
Oman budget in $39m deficit
December 16, 2009--According to official data, Oman's state budget shows a deficit of RO15m between January and October. The Sultanate had a surplus of RO1.55bn a year ago, but lower oil prices hit income, Reuters reported.
The country's revenue fell 20% in the first 10 months to RO5.452bn from the previous year, while expenditure rose 3.3% to RO5.467bn, data from the ministry of national economy showed. Net oil income dropped to RO3.56bn in January - October, from RO4.75bn a year earlier, the data showed.
Source: AME Info
Dubai bailout provided a $10bn bond
December 16, 2009--The $10bn of financial aid from Abu Dhabi for Dubai to meet debt obligations was in the form of bonds, on similar terms to a $10bn bond issue to the UAE central bank in February, Reuters has reported.
"The loan is based on the same terms as the first tranche of the $20bn bond," a source close to Dubai's government, who did not wish to be identified, told the news service. That bond was for five years, paying a coupon of 5% a year. "The fact that the $10bn is in the form of loan is a normal, healthy development," Philippe Dauba-Pantanacce, senior economist at Standard Chartered in Dubai told Reuters.
Source: AME Info
Moody's places four UAE banks on review for possible downgrade
December 15, 2009--Moody's Investors Service has today placed on review for possible downgrade the ratings of four UAE banks.
- Abu Dhabi Commercial Bank and its subsidiary ADCB Finance (Cayman)Limited,
- Commercial Bank of Dubai,
- Dubai Bank and
- HSBC Bank Middle East Limited, HSBC Bank Middle East Limited (UAE Branch) and HBME Sukuk Company Ltd.
The purpose of Moody's rating review is to assess the resilience of these banks' ratings to the potential continued deterioration in Dubai's operating environment, including their exposure to the ongoing restructuring of Dubai World companies' debt. (Moody's recently downgraded three other UAE banks, Emirates NBD, Mashreqbank PSC and Dubai Islamic Bank PJSC which had been on review since August 2009.
Source: AME Info
Kuwait, BlackRock eye foreign investments
December 14, 2009--U.S. asset manager BlackRock (BLK.N) and Kuwait's sovereign wealth fund are in talks to buy stakes in foreign banks, a Kuwaiti newspaper said in an unsourced report on Monday.
The talks aim at elevating banking connections between BlackRock, the world's largest asset manager, and the Kuwait Investment Authority, and might include increasing KIA's deposits at BlackRock, Kuwaiti daily al-Anbaa said.
Officials at KIA could not be reached for comment.
Source: Middle East Updates
Dubai to unveil new bankruptcy law
December 15, 2009--A new reorganization bankruptcy law based on international standards that state-owned Dubai World may use to restructure $26bn of debt is to be revealed today, Bloomberg has reported.
The new law will be available 'should Dubai World and its subsidiaries be unable to achieve an acceptable restructuring of its remaining obligations,' the government of Dubai said.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views Dec 13, 2009
December 13, 2009--Commodities Overview
Gold, silver, and petroleum prices led other commodities lower last week as investors and traders booked profits after a very strong end of November. Some of the short-term tightness in the market that had contributed to the rise in prices at the end of last month had dissipated by last week, allowing prices to fall.
That said, they did not fall far. It was clear from the market action that while some trading companies and more speculatively oriented funds were liquidating longs after recent highs, longer term investors and others continued to view precious metals and crude oil as likely to see higher prices over the first four months of 2010. As a result, the downward price pressures of the shorter term selling were tempered by continued buying interest from longer term investors. A stronger dollar and a wave of relatively strong economic indicators from China, the United States, and other countries all helped create a sense of caution toward continued gold and silver bullishness, as signs of economic recovery became more concrete. The strength of the dollar also put some caution into precious metals buyers. This week prices are expected to remain under downward pressure. Prices may not fall far, however, given continued longer term investor interest.
Currencies Overview
These reports have anticipated a time when the dollar found a bottom against major traded currencies and reversed. The view has been that the dollar would appreciate somewhat against the euro, yen, and pound, while remaining under pressure against the yuan, other Asian currencies, and the currencies of natural resource exporting nations. The bottom may have been reached over the past few weeks for the dollar, at least in the near term. The dollar has shown considerable strength since the middle of November. It may well be that the dollar could strengthen further over the next few weeks against major traded currencies, as investors shift to long dollar positions. Economic conditions are improving in the United States. While some signs of economic bottoming and recovery are beginning to emerge in Europe and Japan.
Source: Dubai Gold And Commodities Exchange (DGCX)
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