Middle East ETF News Older than One Year
Iraq oil potential overstated by some firms
December 10, 2009--Thamir Ghadhban, adviser to Iraq's prime minister and a former oil minister, has said that estimates of 10 or even 12 million bpd production targets proposed by some international oil companies in Iraq are not realistic, Reuters has reported
'With all due respect to IOCs and their technical expertise, I think some of the plateau figures that were bid on in the first round were exaggerated and most likely unsustainable,' he said.
Source: AME Info
Moody's reviews UAE and Abu Dhabi GRI ratings for downgrade
December 10, 2009--United Arab Emirates: Moody's Investors Service has placed the ratings of government-related issuers (GRIs) in the UAE on review for possible downgrade.
This includes all GRIs that are owned by either the federal UAE government, or the government of Abu Dhabi.
Source: AME Info
Foreign investors purchase Dhs1.754bn worth of shares on DFM during the last week, and sold Dhs1.820bn
December 10, 2009--Dubai Financial Market announced today that the value of shares bought by foreign investors, or non-UAE nationals, during last week (6 - 10 Dec.) reached Dhs1.754bn comprising 53.2% of the total value of stocks traded during the period.
The value of stocks sold by foreign investors during the same period reached Dhs1.820bn comprising 55.2% of the total value of stocks traded during the period. Net foreign investment on the market reached Dhs65.8m during the same period, as aggregate sell.
Source: AME Info
Emaar announcement fuels DFM 7% gains
December 10, 2009--The Dubai Financial Market (DFM) ended the week on a high note, going up by 7% to 1,640.76. Twenty-seven traded stocks moved up, with only one (EmiratesNBD, down 3.51% to Dhs3.30) falling.
Emaar led the resurgence, with the company moving up by 14.84% to Dhs2.94 on news that its merger with Dubai Holding companies would not go ahead.
Source: AME Info
Abu Dhabi ends week on upward trading
December 10, 2009-The Abu Dhabi Securities Exchange ended the day up by 1.43% at 2,502.24, with 21 stocks rising, 10 falling and two holding steady.
Abu Dhabi Shipbuilding Co led the list of gainers, closing up by 10% to Dhs3.08, while RakBank fell the furthest in the day's trading, losing 10% to Dhs4.05
Source: AME Info
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
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