Middle East ETF News Older than One Year
Jordan to focus on deficit reduction
November 23, 2009--Jordan's finance minister has said the kingdom's 2010 JD5.4bn ($7.6bn) budget will focus on curbing the country's soaring deficit to spur the economy to recover from the impact of the global downturn. '
The budget's focus is on state expenditure that has become very large and we need to tackle this before the problem accentuates,' Bassem al-Salem told Reuters. Jordan's public finances are under strain as the global economic downturn hurts domestic demand and foreign cash flows, including remittances from expatriates in the Gulf.
Source: AME Info
Bahrain inflation slows to 1.5%
November 24, 2009--Bahrain's statistics agency has said the kingdom's inflation had dropped to 1.5% in October from 1.97% in the previous month, as the price of food and beverages declined, Bloomberg has reported.
The rise in the index for food and non-alcoholic beverages slowed to 6.3% from 9.1% in September, the agency said.
Source: AME Info
Restructuring of Dubai World
November 25, 2009--The Government of Dubai, acting through the Supreme Fiscal Committee (SFC), has authorised the Dubai Financial Support Fund (DFSF) to spearhead the restructure of Dubai World with immediate effect.
The process has begun with the appointment at the direction of the DFSF of a Chief Restructuring Officer (CRO), Aidan Birkett, Managing Partner, Corporate Finance at Deloitte LLP, to Dubai World. The CRO will work with Dubai World's executive management team to oversee the restructuring process and ensure the continuity of Dubai World's operations.
Dubai World has a portfolio of strategically important businesses and the restructuring will be designed to address financial obligations and improve business efficiency for the future.
The DFSF, working with the CRO, will start to assess and evaluate the extent of the restructuring required. As a first step, Dubai World intends to ask all providers of financing to Dubai World and Nakheel to "standstill" and extend maturities until at least 30 May 2010.
The $5bn bond announced earlier today by the Dubai Department of Finance and managed by the DFSF is not linked to the restructuring of Dubai World and is meant for the general purposes of the DFSF.
Source:AME Info
Dubai shock after debt standstill call
November 25, 2009--Dubai has shocked investors by asking for a debt standstill at Dubai World, the government’s flagship holding company that has developed some of the world’s most extravagant real estate projects.
The move raised the spectre of default in the Middle East’s trading hub just as early signs of economic recovery have emerged. During the boom, Dubai rode the wave of easy credit generating phenomenal economic growth but was badly hit by the global credit crisis.
Dubai’s surprise move angered some investors who had been reassured by local officials for months that the city would meet all obligations on its $80bn (£48bn) of gross debt in spite of recession and a real estate crash.
Source: FT.com
Government of Dubai announces further $5bn tranche of bond and sukuk programme
November 25, 2009--United Arab Emirates: The Government of Dubai, acting through the Department of Finance, today announces that it has raised a further $5bn
as part of its $20bn long term bond programme launched at the beginning of 2009.
The amount issued was determined by the Emirate's current needs and obligations.
The proceeds are managed by and further strengthen the financial resources of the Dubai Financial Support Fund ("DFSF"), which was established with the specific purpose of providing liquidity on a commercial basis to Government and Government-Related Entities undertaking projects deemed to be of strategic importance within Dubai that contribute towards the overall economic development of the Emirate.
Source: AME info
Abu Dhabi banks lend Dubai $5bn
November 25, 2009--The Dubai government said today it raised $5bn by selling bonds to Abu Dhabi government-controlled banks for a support fund in the wake of the financial crisis, Bloomberg has reported.
The emirate sold the bonds equally to National Bank of Abu Dhabi and Islamic lender Al Hilal Bank, Dubai's Department of Finance said. It will draw down $1bn initially with a sale of bonds to NBAD and an Islamic bond, or sukuk, to Al Hilal.
Source: AME
UAE prices fall for 4th straight month
November 24, 2009--The UAE's Economy Ministry announced today that consumer prices fell 0.4% in October from a year ago, the fourth consecutive month of deflation in the country.
The price drop was led by cheaper food and clothing, the ministry said.
Source: AME Info
Egypt IT spending projected to reach $1.9bn by 2013
November 24, 2009--IT spending in Egypt is projected to reach highs of $1.9bn by 2013, reflecting a significant jump from its 2008 levels at $1.2bn, according to statistics released by Business Monitor International (BMI) in its 'Egypt Information Technology Report Q3 2009'.
With factors such as growing foreign investment and government spending expected to bolster the growth over the forecasted period, SAS, the leading provider of business advisory and analytical intelligence, is confident that better risk management is vital to fuel the development of local businesses in the country.
Source: AME Info
'Iran gains $5 bln in shift to euro'
November 23, 2009--Iran’s central bank governor says the country gained about $5 billion by shifting its foreign currency reserve basket from the US dollar to the euro.
Mahmoud Bahmani was quoted Monday by Iran’s state television as saying that “so far, we have seen a $5 billion benefit from shifting the [currency] basket to the euros from the dollar.” He did not elaborate. Earlier this year, Iran said it was switching to the euro for its crude oil sales, which account for about 80 percent of its foreign income.
Source: Todays Zaman
UAE to keep dollar peg, says central bank chief
November 23, 2009--The UAE is not planning to delink its currency from the dollar as the 'US dollar is the best medium of exchange in the international trade and we will continue to use it',
Central Bank Governor Sultan Nasser Al Suwaidi was cited as saying by state-run Wam news agency. The UAE's economy has overcome the liquidity problem and time is needed to absorb liquidity, the governor added.
Sourec: AME Info
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