Middle East ETF News Older than One Year
Qatar market stabilises as Qatar Holding becomes bourse's sole owner
October 1, 2013--The Doha-based QE 20 Index advanced 0.20% to reach 9,628.30 points on Tuesday.
Earlier in the day, the market said in an e-mailed statement that the "Qatar Holding", the investment arm of the country's sovereign wealth fund Qatar Investment Authority (QIA) has signed an agreement with NYSE Euronext whereby it purchased NYSE Euronext's 12-percent stake in Qatar Exchange and has become the sole owner of Qatar Exchange. "Cooperation between Qatar Exchange and NYSE Euronext will continue in different fields including technology and expertise," said the exchange. Mr. Rashid Bin Ali Al Mansoori, CEO of Qatar Exchange said stated that the agreement was signed after the market achieved "all the strategic goals" that were identified for the company following the signing of the strategic partnership agreement between them in June 2009.
Source: AME Info
Saudi Stock Exchange has 8,000 points in sight, again
September 30, 2013--Stock traders in Saudi Arabia were unimpressed by a looming government shutdown that might start as of Oct. 1 amid political deadlock over president Barack Obama's healthcare reform proposals.
Symptomatic for the dull trading action in Riyadh, market bellwether Sabic closed flat at SR96.25. Earlier in the day MEED reported Sabic and Japanese industrial giant Mitsubishi issued tender for a $500m petrochemicals plant in Jubail in the Eastern region of the kingdom. Shares of Al-Ahsa Development Company gained 1.35% to reach SR15.05. Earlier in the day, Al Ahsa said in reference to the company announcement on Tadawul market on Aug. 28 2013 regarding the proposed Aluminum Foil project that it closed all costs that has been spent on the proposed aluminum foil project in the financial statements for the fiscal year ending Dec. 31 2013, which may have impact on the financial statements in the 4th quarter.
Source: AME Info
Bahraini shares swing between gains and losses
September 30, 2013--The Bahrain All-Share Index ended off 0.10% at 1,193.93 points on Monday.
United Gulf Investment Corporation gained the most, closing 4.17% higher at BD0.125. Khaleeji Commercial Bank finished unchanged at BD0.049. Earlier in the day, the Islamic retail bank announced the successful deployment of electrical power to Oryx Hills Project located in the Al Areen area. The Oryx Hills project has been developed by Surooh Real Estate Company, an investment vehicle managed by KHCB. "The project consists of 70 high-end modern style villas built to the highest architectural standards. All villas have high quality finishes and each comprises of a spacious garden, a swimming pool, and covered garages along with other amenities." The bank said in a filing to the exchange.
Source: AME Info
Saudi Hollandi Bank gains on sukuk issuance plans
September 26, 2013--The Tadawul All-Share Index declined by 0.26% to 7,981.07 points on Thursday.
Sabic, the biggest producer of petrochemical products, lost 0.52%, finishing a volatile week at SR96.75. Saudi Hollandi Bank was up 0.83% at SR36.50. Earlier in the day, the lender said its board of directors has resolved to issue Sukuk as a private offering to support its capital base by using a Sharia and Basel 3 compliant structure, subject to the approval of the competent authorities.
Source: FIN24
Qatar Electricity and Water secures $500m for desalination plant
September 26, 2013--The QE 20 Index declined 0.16% to 9,580.77 points. Qatar Islamic Bank or QIB closed flat at QR68.40, while Qatar Electricity and Water (QEWC) advanced 0.97% to reach QR156.50.
Earlier in the day, QEWC said it signed with a consortium of four banks – QNB Group, Barwa Bank, Masraf Al Rayan and QIB the finance documentation for a total of $500m for the RAF A2 Desalination Plant. QIB said it contributed $90m in the co-financing the desalination project "RAF A2". The project is currently under construction at Ras Abu Fontas which is considered as Qatar's power production and water desalination site. The 36m imperial gallons per day (MIGD) project represents 10% of the Gulf state's national water production.
Source: AME Info
Fitch affirms 'A+' rating for Etisalat, shares close even
September 26, 2013--The Abu Dhabi market index ADXGI advanced 0.06% to reach 3,838.81 points on Thursday.
Eshraq Properties was the most liquid share and jumped 2.65%, finishing at Dhs1.16. Market bellwether Etisalat closed flat at Dhs11.65. After the close bell rang, Fitch Ratings said it has affirmed the UAE's first telecom firm 'A+' (upper medium grade) rating. Agthia Group ended down 1.25% at Dhs3.96. Earlier in the day, the food and beverages firm said its CEO Ilias Assimakopoulos will step down at the end of 2013. Assimakopoulos served at Aghtia's helm since July 2006. A successor has yet to be appointed, said Agthia in a filing to the ADX.
Source: AME Info
Mashreqbank shares flirt with Dhs100, Tamweel falls ahead of trading suspension
September 26, 2013--The Dubai market index DFMGI closed half a percentage point higher at 2,736.89 points on Thursday.
The gauge is close to fulfill a double-top and poised to rise towards 3,000 points in case the index chart breaks out above 2,750 points (old high from Aug. 25, before the Syria crisis weighed on markets). Shares of Mashreqbank added another 9.22% to close at Dhs98.30. The only privately held local lender in the UAE expanded the allowed foreign share in its share to 20% form 2% last Thursday. Since then, Mashreq gained 47.47% in value. Islamic home financing firm Tamweel dived 3.28% to Dhs3.28%. Earlier in the day, Tamweel said its shares will be suspended from trading on the DFM on Oct. 1 2013 (next Tuesday) due to the conversion to a Private Joint Stock Company. Earlier in the month, Dubai Islamic Bank which owns 90% in Tamweel paid the firm's entire liabilities off, amounting to Dhs4bn. Emaar Properties slipped 0.35% to Dhs5.74. A total of 1.266bn shares were traded, valued at Dhs1bn.
Source: AME Info
Depa shares surge on Abu Dhabi fit-out deal
September 26, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed Thursday's trading session unchanged at 2842.58 points.
While Dubai Ports (DP) World gained 0.81%, interior design firm Depa Limited surged 4.55% to reach $0.46, an 18-month high. On Wednesday, Depa said it has secured an Dhs574m fit-out contract for a major government project in Abu Dhabi. The full scope of work includes the installation of structural steel and architectural woodwork, flooring and carpeting through to decorative supplements, wall coverings and interior lighting fixtures covering a 28,000 sq/m area. The project is due for completion in 2015.
Source: AME Info
Arabian Pipes Co. snatches supply deal for Saudi Aramco refinery
September 25, 2013-The Tadawul All-Share Index closed flat at 8,002 points on Wednesday.
The shares of Arabian Pipes Company closed unchanged, too, at SR21.25. Earlier in the day, the company said in a filing to the Saudi bourse it signed on Tuesday a contract for supply welded steel pipes to Hanwha Engineering & Construction Co. which is one of the major contracting companies for Jazan refinery project owned by Saudi Aramco. Saudi Aramco is the biggest oil company in the world. "The amount of the signed contract is SR49m and the supply of the project pipes will be during first quarter of 2014 from Jubail factory," said Arabian Pipes. The financial impact would appear in the same period of year 2014.
Source: AME Info
Oman's Alizz Islamic Bank dips ahead of official launch
September 25, 2013--The Muscat Securities Market Index MSM-30 advanced 0.33% to reach 6,615.91 points on Wednesday.
With today's rise, the gauge crossed the mid-Bollinger Band amid a narrowing upper and lower band ('nose-to-nose' formation), usually a bullish signal. Oman Chlorine posted the biggest uptick (up 4.50% at RO0.70). Alizz Islamic Bank fell 2.75% to RO0.106. Alizz, the second Islamic bank in the sultanate after Bank Nizwa, will officially launch operations next week on on Sept. 30. Jamal Darwiche, Acting Chief Executive Officer of Alizz Islamic Bank told Times of Oman, "We have taken a careful approach to gain valuable market insight and further refine our financial offerings by working closely with the Fatwa and Sharia Supervisory Board to develop unique product and service propositions."
Source: AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
