Middle East ETF News Older than One Year
Statement at the Conclusion of the January 2014 IMF Staff Visit to the United Arab Emirates
January 30, 2014--An International Monetary Fund (IMF) mission led by Harald Finger visited the United Arab Emirates during January 22-30 to review macroeconomic and financial sector developments. The mission met with H.E. Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank of United Arab Emirates; H.E. Younis Haji Alkhoori, Undersecretary, Ministry of Finance; other senior government officials, and representatives from the business and financial community.
At the conclusion of the visit,Mr. Finger issued the following statement today in Abu Dhabi:
"Economic growth in the United Arab Emirates is expected to remain strong. The economy is estimated to have grown by 4½ percent in 2013, supported by tourism, hospitality, and real estate. The real estate sector in particular has seen a steep recovery, with prices in the Dubai residential real estate market having increased rapidly in selected areas. We expect real GDP growth to remain firm at 4½ percent this year, driven by ongoing momentum in the non-oil economy. By contrast, further growth in oil production could be limited in the context of an amply supplied global oil market. Inflation is expected to increase moderately, driven by rising rents.
"Looking ahead, growth in the coming years will benefit from a number of megaprojects and Dubai's successful bid for the Expo 2020. The total cost, pace of execution, and financing of the new megaprojects remain uncertain. If not implemented prudently, these projects could exacerbate the risk of a real estate bubble. Moreover, these projects may create additional financial risks for Dubai’s government-related entities (GREs) and the banking system in light of the still considerable debt overhang from the 2009 crisis.
Source: IMF
NBAD shares dip as net income growth lags behind rival
January 29, 2014--The Abu Dhabi market index ADXGI surged 1.63 per cent, closing at 4,660.74 points on Wednesday, January 29.
The biggest lender of the sheikhdom, National Bank of Abu Dhabi (NABD), declined by 1.56 per cent to AED15.80. On Tuesday, NBAD said its net income in 2013 climbed by 9.3 per cent, amounting to AED4.73 billion...
Source: AME Info
Qatari stocks gain across the board
January 29, 2014--The Qatar Exchange 20 Index edged up by 0.65 per cent to 11,243.35 points on Wednesday, January 29.
Qatar National Bank advanced by 1.86 per cent to QAR186.40. Mannai Corporation dived by 2.87 per cent to QAR98.10, finishing as the top loser. Gulf Drilling International (GDI) fell by 0.77 per cent to QAR77.40. Earlier in...
Source: AME Info
Batelco net income dives on acquisitions
January 29, 2014--The Bahrain All Share Index closed 0.95 per cent higher at 1,289.87 points on Wednesday, January 29.
Bahrain Telecom (Batelco) jumped by 3.40 per cent to BD0.304. Earlier in the day, Batelco said its net profits of BD43.6 million ($115.6m) from BD60.3m (US$160m) for 2012 -a decrease of 28 per cent year over year..
Source: AME Info
Abdullah A. M. Al-Khodari pulls out of Jordan MoU
January 29, 2014--The Tadawul All Share Index closed 0.56 per cent higher at 8,704.21 points on Wednesday, January 29.
Abdullah A. M. Al-Khodari and Sons gained 0.30 per cent, finishing at SAR33. Earlier in the day, with reference to the earlier announcement of April 15, 2013 concerning the signing of a memorandum of understanding with Abu Sherikh Contracting Company of Jordan for the prequalification and the joint bidding for Az Zarqa -Al Azraq-Al Oumary Road in Jordan,
Source: AME Info
Media sector index crosses 3,000-mark
January 28, 2014--The Saudi stock market bucked the two-day downward trend and turned green Tuesday, adding a single point merely.
The Tadawul All-Share Index (TASI) wavering above the break-even level in a reasonable range of 63.9 points advanced a little to 8,656.11 points.
Source: Zawya
UAE stocks decline again as global worries persist
January 27, 2014--UAE stocks slid on Monday for the second straight day this week as shares of Union Properties, Emirates NBD, Deyaar, Emaar and Aldar, among others, tumbled amid a sell-off in emerging markets which have led to shares in the US and European markets also
retreating, raising questions about the strength of economic recovery in various markets.
Source: Zawya
Insurance, energy stocks rise slightly
January 27, 2014--Saudi Arabia's benchmark Tadawul All-Share Index (TASI) stepped down 80.58 points or 0.92 percent further to close at 8,655.01 points Monday.
It performed within a range of 97 points yesterday.
Again 13 out of Tadawul's 15 sectors witnessed a negative change, paring an aggregate of 1,061.5 points. Only Insurance and Energy sectors closed the day higher, gaining 6.1 points nominally.
Source: Zawya
Qatar bourse snaps bull-run on selling pressure
January 27, 2014--Foreign institutions yesterday turned profit takers, leading the Qatar Exchange snap three consecutive days of bull-run and its key index retreat below the 11,300 level.
Selling pressure -especially in telecom, banking, real estate and consumer goods-was instrumental in dragging the 20-stock Qatar Index (based on price data) by 0.35% to 11,298.96 points.
Source: Zawya
Kuwait market edges up amid volatile trade
January 26, 2014-- Kuwait stocks nudged higher Sunday after posting strong gains in the last week.
The index rose 6.11 pts in volatile trade to close at 7784.67 points helped by speculative buying in select counters. The banking majors closed mostly higher whereas other blue chips sagged on profit booking.
The KSX 15 benchmark slipped 4.63 pts to 1,064.87 points trimming the month's gains to over 12 pts and weighted index edged 1.25 pts lower.
Source: Zawya
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