Middle East ETF News Older than One Year
QIB rises as Islamic bank gets another rating boost
May 29 2013--The QE 20 Index gained one percent on Wednesday, closing at 9,158.73 points.
Qatar Islamic Bank, known and branded as QIB advanced 0.44% to hit QR68.70. QIB said credit rating agency apital Intelligence has affirmed its Financial Strength Rating (FSR) of 'A' in its latest report issued in April 2013. According to CI, in view of the bank’s intrinsic financial profile, Qatar’s economic growth potential, and ongoing government support for all Qatari banks, the lender’s Long and Short Term Foreign Currency Ratings are affirmed at 'A' and 'A2', respectively, on Stable Outlook. Based on the strength of the Qatari government balance sheet, the Support Rating is affirmed at '2'. Last week, Moody's affirmed the investment grade rating for QIB, saying the Islamic bank's outlook was stable.
Source: AME Info
Saudi Arabia outlook raised to 'Positive' by S&P
May 29, 2013--Standard & Poor's has raised Saudi Arabia's credit rating outlook to 'positive' from 'stable' due to an improved outlook for growth in the Arab world's biggest economy, Bloomberg has reported.
This is the first change in the kingdom’s outlook by S&P since 2007. “Growth fundamentals are strengthening in Saudi Arabia,” S&P said. “The economy has expanded strongly and steadily.” Saudi Arabia’s AA- rating, the fourth-highest investment grade, may be raised in the next 24 months if economic growth "remains strong," it said.
Source: AME Info
Gulf Finance House comments on share price and ends flat
May 29, 2013--The Manama-based Bahrain All-Share Index added 0.04% to reach 1,182.69 points Wednesday.
The country's biggest Islamic investment bank Gulf Finance House (GFH) closed unchanged at $0.175. Earlier in the day, GFH said regarding the sharp increase of its share price amid high trading volumes that "no recent or major development has taken place which might have cause such extra-ordinary trading of GFH shares". Since May 1, GFH rose 29.63% in value.
Source: AME Info
Egypt plans to return to bond market in 2014
May 28, 2013--Egypt is considering a possible return to the international bond markets for the first time since the country's revolution ousted longtime leader Hosni Mubarak, with a new law allowing the country to issue Islamic-compliant bonds for the first time.
Just days after fellow North African nation Morocco took advantage of cheap borrowing costs to reopen old bonds and raise $750 million, Egypt released a new prospectus for its first so-called sukuk bonds ...
Source: Wall Street Journal
Kuwait's GIH soars as Islamic bank converts property into cash
May 28, 2013--The Kuwait Stock Exchange market index gained 0.44% to hit 8,430.73 points.
Gulf Investment House or GIH surged 7.35%, closing at KD0.073. Earlier in the day, the Shari'ah-compliant bank said it has exited a stake worth KD2.23m ($7.77m) in a real estate investment portfolio, Gulf News reported. GIH added it realiesed a profit of KD274,000 ($957,205) through the divestment. [AMEInfo.com]
Source: AME Info
Sabic shares miss Saudi market rise
May 28, 2013--The Tadawul All-Share Index rose 0.70% to hit 7,378 points on Wednesday.
111 shares advanced, while 28 declined. Tabuk Cement gained the most, ending up 6.17% to reach SR32.70. The world's biggest producer of petrochemicals Saudi Basic Industries or Sabic closed unchanged at SR93.50. Salama Cooperative Insurance Co. fell 0.50% to SR51. Earlier in the day, Salama said it received gree light from the Saudi Monetary Agency (Sama) to open 25 points of sales throught Saudi Arabia.
Source: AME Info
NASDAQ Dubai plans platform for trading Sukuk and bonds on-exchange
May 27, 2013--NASDAQ Dubai, the Middle East's international financial exchange, is preparing to open a platform on which investors can trade Sukuk (Islamic bonds) and conventional bonds.
Trades will be automatically and exclusively routed for settlement at Euroclear Bank. The tradable securities will initially comprise at least 12 Sukuk and bonds that are listed on the exchange, with a nominal value of 10.9 billion dollars.
The platform will be available to institutional and high-net worth investors and will be opened and gradually developed in coming weeks.
Source: NASDAQ Dubai
Aldrees Petroleum rises, signs MoU with Swiss Bertschi AG
May 27, 2013--The Tadawul All-Share Index ended 0.10% higher at 7,326.93 points on Monday.
Aldrees Petroleum & Transport Services Co. gained 1.63% to hit QR37.40. Earlier in the day, Riyadh-based Aldrees said it signed a Memorandum of Understanding with Bertschi AG from Switzerland "to establish a new company engaged in providing Chemical Logistics ,transport management, warehousing management, cleaning facility of chemical tanks and related services." The new entity will be managed by a joined team from Aldress and Bertschi. Bertschi AG is a worldwide Swiss company operating in the field of logistics and transport of chemicals by ISO tanks on road, sea and trains in Europe, China and Singapore.
Source: AME Info
Greater Confidence in Economic Growth and Resilience for MENA Region
MENA economies compare favourably with those of southern Europe
Governments urged to give greater role to private sector
May 25, 2013--Prime Minister of the Hashemite Kingdom of Jordan Abdullah Abdulkarim Hamdan Ensour said that Jordan is on a long-term growth track, after years of deep economic, political and social challenges in the region.
“We are already seeing positive signs with stronger foreign reserves, fiscal consolidation and higher growth rates,” he said at in the opening plenary of the World Economic Forum on the Middle East and North Africa.
Source: WEF
WEF-Arab World Competitiveness Report 2013
May 24, 2013--The Arab World Competitiveness Report 2013 is a World Economic Forum-EBRD collaboration which analyses and benchmarks countries' competitiveness in the Arab world.
This joint Report attempts to contribute to understanding the key factors determining future prosperity and economic growth in the Arab world. It offers policy-makers and business leaders an important tool in improving economic policies and implementing institutional reforms.
view the The Arab World Competitiveness Report 2013
Source: WEF (World Economic Forum)
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