Middle East ETF News Older than One Year
Oman Central Bank assets rise
December 10, 2009--Data from Oman's central bank showed its net foreign assets had climbed 14.6% to OR4.63bn in January-October, from the same period last year, Reuters has reported.
The central bank's domestic assets rose slightly to OR3.28bn in the first 10 months of 2009, from OR3.21bn a year earlier. The data also showed deposits in commercial banks surging 48% to OR8.97bn, while capital and reserves of commercial banks increased to RO1.63bn in January-October, from OR910m a year ago.
Source: AME Info
Dubai World banks agree payment rescheduling
December 10, 2009--Four UK banks have agreed to reschedule Dubai World's debt, Arabic daily Albayan has said, citing unidentified British banking sources. HSBC Holdings, Lloyds Banking Group, Standard Chartered and Royal Bank of Scotland have requested more information from Dubai World about interest on the planned delayed payments, the newspaper said in a report posted by Zawya Dow Jones.
Dubai World, which is seeking to restructure some $26bn of debt, will hold a meeting with lenders later this month, the paper said.
Source: AME Info
Fitch affirms Egypt's rating at 'BB+'; outlook stable
December 10, 2009--Fitch Ratings has today affirmed the Arab Republic of Egypt's Long-term foreign currency Issuer Default rating (IDR) at 'BB+' and Long-term local currency IDR at 'BBB-'.
Both ratings have Stable Outlooks. The Short-term foreign currency IDR is affirmed at 'B'. The Country Ceiling is affirmed at 'BB+'
Source: AME Info
Tasi falls 2.43%
December 9, 2009--Saudi Arabia's Tadawul All Share Index (Tasi) fell 2.43% today to close on 5,954.
All sectors ended lower, led by banks and financial services. Overall, 119 stocks fell, while eleven ended higher.
Source: Arab News World
UAE has 'contained' economic downturn, says president
December 9, 2009--The president of the UAE said today the country has successfully 'contained' the negative impacts of the global financial meltdown on the strength of its 'solid' economy.
'We have been able to contain the negative impacts of the (global economic) crisis and overcome many of its results and consequences,' Sheikh Khalifa bin Zayed al-Nahayan told Kuwait's KUNA news agency in an interview. 'We have the ability and determination to continue to work in this direction... to remove all obstacles that prevent strong development,' the president said.
Source: AME Info
ADX dips 2.82%
December 9, 2009--The Abu Dhabi Securities Index fell 2.82% to close on 2,467, with all sectors ending lower save health care. The real estate sector had the day's biggest decline, led by Sorouh, which dropped 7.53% to Dhs2.16.
In other sectors, Dana Gas fell 6.74% to Dhs0.81, while Abu Dhabi Commercial Bank tumbled 6.85% to Dhs1.34. Overall 26 stocks declined, three ended higher, and one remained unchanged.
Source: AME Info
Dubai index drops 6.39%
December 9, 2009--The Dubai Financial Market fell 6.39% today to 1,533, eliminating all of the index's gains this year, as Moody's Investors Service downgraded six Dubai entities. Emaar Properties
Dubai Islamic Bank, Arabtec, and Aramex all fell nearly 10% on the day. Dubai's index had risen 28% in the year to Nov. 25, when Dubai World first announced that it was seeking a 'standstill' agreement on its debt.
Source: AME Info
Moody's downgrades Dubai Inc. corporates
December 9, 2009--Moody's downgraded ratings on all six Dubai government-related issuers (GRIs) yesterday citing the lack of government support over the emirate's debt obligations.
The ratings agency said its decision to lower the ratings 'follows recent comments and statements from government officials, which cause us to believe that no meaningful government support should be assumed for any entity that is not directly part of or formally guaranteed by the government'. As a result, Moody's said it had reduced the government support assumptions for all six issuers - DP World, Dubai Electricity & Water Authority (DEWA), DIFC Investments (DIFCI), Jebel Ali Free Zone (JAFZ), Dubai Holding Commercial Operations Group (DHCOG) and Emaar Properties.
Source: AME Info
Citadel Capital executes $55m partial exit of ASEC Holding
Decemkber 9, 2009--Citadel Capital S.A.E., the leading private equity firm in the Middle East and Africa with $8.3bn in investments under control (CCAP.CA on the Egyptian Exchange), announced that it has partially exited ASEC Holding as well as United Foundries Company, which was recently spun-off from ASEC Holding.
Citadel Capital sold a 6% stake in ASEC Holding and a further 6% in United Foundries to the Emirates International Investment Company (EIIC) in a deal worth $55m. EIIC, a leading regional investor based in Abu Dhabi, is a long-time limited partner in a number of Citadel Capital's OSFs and is a Citadel Capital shareholder.
Source: AME Info
NASDAQ Dubai Academy to Provide Courses in Kuwait on Investor Relations and Financial Public Relations in Association with FinanceTalking
December 6, 2009--NASDAQ Dubai Academy today announced its first Kuwait programme for investor relations and financial public relations, in association with specialist training company FinanceTalking. The aim of the programme is to promote best practices by listed companies in the region.
The courses have been organised in Kuwait in collaboration with the Union of Investment Companies.
The programme comprises three one-day introductory courses from December 13 to 15, followed by a one-day intermediate course on December 16, aimed at in-house and external investor relations and financial public relations practitioners. Details are at http://www.nasdaqdubai.com/academy/index.html
Sara Kamal, Senior Manager, Business Development at NASDAQ Dubai, the region’s international exchange, said: "These courses will provide valuable information about how companies can make timely and accurate announcements to the public, as well as understand regulatory obligations and identify their shareholders.
"High quality investor relations practices help to build public trust in the capital markets and enable companies to achieve fair value for their shares. Important steps have been taken in the region to improve investor relations standards, but there is room for further progress."
David Yates, a FinanceTalking associate tutor, will deliver the programme. David has over thirty years experience in the City as a corporate lawyer, investment banker and financial PR specialist
Ms. Louise Breen, a Director of FinanceTalking, said: "We are delighted to be launching this Kuwait programme, in partnership with NASDAQ Dubai, after the success of our initial Dubai programmes earlier in 2009. We are looking forward to helping develop best IR practices in the region".
NASDAQ Dubai Academy provides financial training courses for businesses and individuals in a range of topics including equity derivatives, trading, Islamic finance and risk management.
Source: NASDAQ Dubai
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