Middle East ETF News Older than One Year
National Bank of Bahrain gains as net profit increases slightly
January 21, 2013--In Manama, the Bahrain All-Share Index fell 0.61% to 1,074.17 points.
Arab Banking Corp. or ABC (off 9.78%) and Bahrain Telecom (one percent lower) dragged the gauge down. National Bank of Bahrain, known and branded as NBB, bucked the trend by closing 3.77% higher at BD0.55. Earlier in the day, NBB said the net profit for 2012 was BD47.50m ($126.33m), representing an increase of 4.1% over 2011. The board of directors proposed a dividend of 35% (25% cash plus 10% stock) compared to 30% in 2011. NBB's Q4 profit surged 8.1% year-o-year. NBB said that "strong growth in revenue and careful expense management resulted in an operating profit before provisions of BD59.27m ($157.62m) for 2012, an increase of 11.2 % over 2011."
Source: AME Info
QIB shares dive, bank reports lower net profit
January 21, 2013--The Doha-based QE 20 Index finished Monday trading 0.20% lower at 8,608.05 points.
Qatar Islamic Bank or QIB plummeted 4.63% to hit QR72.10 points. Earlier in the day, QIB said the preliminary financials for the year 2012 revealed a net profit of QR1.24bn, down from QR1.36bn in 2011. Total assets of the bank increased by 25.6% year-on-year, amounting to QR73.2bn. On Jan. 1 2012, the Qatar Central Bank banned Islamic windows at conventional banks in the Gulf state, triggering a flow od Shari'ah-compliant assets from conventional to Islamic banks last year. The QIB board of directors proposed a 37.5% profit distribution to shareholders, subject to the approval of the Qatar Central Bank and to be discussed in the next meeting of QIB general assembly.
Source: AME Info
Aldar, Sorouh move in opposite directions after ok-ing merger
January 21, 2013--The Abu Dhabi equity index ADXGI slipped 0.14% to 2,778.08 points.
Sorouh Real Estate surged 4.29 percent to hit Dhs1.70, while the UAE capital's first developer Aldar Properties dived 9.82% to Dhs1.47. Earlier in the day, both firms said their board of directors decided to recommend the shareholders to give green light for proposed merger which would create a real estate giant worth around Dhs50bn. Aldar and Sorouh, developers of Ferrari World on Yas Island and residence complex Shams Abu Dhabi for 45,000 residents, respectively, entered into merger talks in March 2012. Under the plan, Sorouh would de-list its shares from the ADX while Aldar will offer 1.288 of its shares for each Sorouh share. The merger is subject to approval from the Abu Dhabi government which holds 38% in Aldar through direct and indirect holdings.
Source: AME Info
Dubai market rally halted
January 21, 2013--After the DFM General Index hit a nearly three-year high yesterday, the gauge retreated Monday by 0.29% to close at 1,786.46 points.
Arabtec Construction fell 1.44% to Dhs2.73, while district-cooling energy producer Tabreed dived 4.14% to Dhs1.62. Emaar Properties, the UAE's first developer, showed resilience, closing 2.10% higher at Dhs4.39. Some 223m shares were traded, valued at Dhs305m.
Source: AME Info
Alba reports growth in value-added sales
January 21, 2013--Aluminium Bahrain (Alba) has said it has been able to generate a higher value-added sales volume in 2012, despite challenging market conditions, Daily Tribune has reported.
The company said 2012 value-added sales closed with an average of 65% against 62% in the previous year, while fourth-quarter figures accounted for 64% of the total shipments, compared with 52% in the same quarter in the previous year. "Despite the difficult London Metal Exchange Market conditions, Alba was able to increase value-added sales to boost its profit margins," said Alba chief executive, Tim Murray. "Last year was a record year in production thanks to Alba's commitment to deliver stretch targets."
Source: AME Info
National Bank of Bahrain gains as net profit increases slightly
January 21, 2013--In Manama, the Bahrain All-Share Index fell 0.61% to 1,074.17 points.
Arab Banking Corp. or ABC (off 9.78%) and Bahrain Telecom (one percent lower) dragged the gauge down. National Bank of Bahrain, known and branded as NBB, bucked the trend by closing 3.77% higher at BD0.55. Earlier in the day, NBB said the net profit for 2012 was BD47.50m ($126.33m), representing an increase of 4.1% over 2011. The board of directors proposed a dividend of 35% (25% cash plus 10% stock) compared to 30% in 2011. NBB's Q4 profit surged 8.1% year-o-year. NBB said that "strong growth in revenue and careful expense management resulted in an operating profit before provisions of BD59.27m ($157.62m) for 2012, an increase of 11.2 % over 2011."
Source: AME Info
Saudi Economic Review
January 20, 2013--Lower than previously forecasted global economic growth combined with expanding non-OPEC output, especially in North America, will put a gradual downward pressure on oil prices.
The ECB also justified its inaction of the Euro’s appreciation by indicating that exchange rates are not a primary focus on its current agenda, as it has more pressing matters at stake.
Source: Zawya
Egypt expects sukuk to generate $10bn in revenue
January 20, 2013--Egyptian finance minister El-Morsi Hegazy has said the new Islamic bonds (sukuk) law is expected to generate $10bn for the Egyptian government, Ahram has reported.
Last week, the cabinet approved a draft law to allow sovereign Islamic bonds as the government searches for new ways to finance an unsustainable budget deficit. The legislation still needs to be approved by the upper house of parliament.
Source: AME Info
UAE economy grew around 4% last year
January 18, 2013--The UAE economy minister Sultan bin Saeed al-Mansouri has said the country's economy is estimated to have grown by around 4% in 2012, little changed from the previous year, and a similar clip is seen in 2013, Reuters has reported.
“I am waiting for the [gross domestic product] figures [from last year] ... but the estimate will be hovering around plus 4%,” said al-Mansouri. In November, al-Mansouri estimated the UAE’s inflation-adjusted GDP would grow by 3.5 to 4% in 2012, below 4.2% in 2011 as the global slowdown, partly due to the Eurozone debt woes, was expected to take its toll.
Source: AME Info
Egypt: ESE Gains LE 1.1 Billion
January 17, 2013--The Egyptian Stock Exchange (ESE) gained LE1.1 billion on Wednesday 16/1/2013 trading with the main index going up by 0.59 per cent on the
backdrop of massive purchase operations by Arab and foreign investors.
Source: Egypt State Information Service
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