Middle East ETF News Older than One Year
While gold and oil rise, Dubai shares dive
November 19, 2012--As the war in Palestine/Gaza continues, the price of oil and gold increased by one percent and half a percentage point, respectively, 1.40% to 1,579.12 points.
Emaar fell likewise 1.40% to Dhs3.57. Drake and Scull International or DSI plummeted 4.27% to Dhs0.718. Earlier in the day, DSI, which suffered a 93% net profit decline Q3, quoted in a statement its CFO Osama Hamdan, saying "The Q3 results reflect an overall slowdown in the construction sector in the region. Productivity rates dropped across all our projects in the GCC and Africa." Investment bank Shuaa Capital bucked the downtrend and gained 1.80% to reach Dhs0.57.
Source: AME Info
Bahraini shares lose across the board
November 19, 2012--The Manama-based Bahrain All-Share Index closed 1.03% lower at 1,043.18 points, bring the year-to-date loss down to 8.79%.
Bahrain Middle East Bank lost the most (off 19.70%). Gulf Hotel Group climbed 4.76% to BD0.66. The hospitality group was the only share which added value.
Source: AMEInfo.com
Abu Dhabi's GDP estimated to rise 5.7% in 2013-2016
November 19, 2012--Abu Dhabi Department of Economic Development (ADDED) has said the emirate's gross domestic product (GDP) is estimated to grow from this year's estimated 3.9% at an average annual rate of 5.7% between 2013-2016, Gulf News has reported.
“Forecasts for non-oil GDP reflect an average growth rate of 6.5% in the same period, indicating the steady progress among the government diversification program, supported by the compilation of infrastructure projects and joined with growing private sector investments,” said the undersecretary of the ADDED, Mohammad Omar Abdullah.
Source: AME Info
Saudi stocks exchage falls to 6,666 points
November 19, 2012--Saudi shares lost across the board Monday, triggering a 1.46% loss at Tadawul All-Share Index which finished at 6,666.46.
The ongoing war between Israel and the Hamas in Gaza spoiled the investors' mood. Shares of Saudi Basic Industries Corp or Sabic ended off 1.40% at SR.88.75. Shares of Yanbu National Petrochemical Company dived two percent to close at SR43.10. In a statement to the Tadawul bourse, Yanbu said it had to shut down an ethylene glycol unit to carry out the periodic maintenance and some technical repairs starting from 25th of November 2012. The shutdown is expected to last about ten weeks. With today's trading action, the Saudi stock market fell for the ninth consecutive day.
Source: AME Info
Qatar's Mazaya gets $107m loan for residential project
November 19, 2012--The Doha-based QE Index added 0.04% to hit 8,380.92 points.
Shares of Mazaya Qatar Real Estate Development declined 0.40% to QR10.88. Earlier in the day, Qatar Islamic Bank (QIB, flat at QR76) announced that Mazaya has signed a dual-currency, $106.7m 8-year syndicated facility to finance the development of the Sidra Village Residential Project. The cluster will consist of two-storey buildings, green spaces and a community club. Each building will host one-bedroom and two-bedroom units. Upon completion, the project will offer 1,165 residential units. QInvest acted as Financial Advisor to Mazaya Qatar Real Estate Development Company and Sole Bookrunner for the facility. Qatar Islamic Bank took the Investment Agent and Mandated Lead Arranger roles.
Source: AME Info
Abu Dhabi saw the fastest economic growth in seven years in 2011
October 15, 2012--The Statistics Centre Abu Dhabi (SCAD) has said the emirate's economy grew 6.8% in inflation-adjusted terms in 2011, the fastest rate since 2004 and more than double the pace of the previous year, thanks to stronger activity in both oil and non-oil sectors, Reuters has reported.
"Growth in GDP at constant prices during 2011 surpassed all the forecasts and estimates made by local and international parties," the SCAD said.
Source: AME Info
SABIC shares gain as petrochems giant expands Jubail port capacities
November 14, 2012--The Riyadh-based equity index Tasi decreased by 0.16% to 6,816.93 points.
Market bellwether SABIC added 0.56% to reach SR90.25. SABIC said in a statement to the Tadawul exchange that its affiliate, Jubail Chemicals Storage and Services Company (JCSSC) has awarded Engineering Procurement and Construction a contract for a new storage and shipping terminal at King Fahd Industrial Port in the Arabian Gulf port city of Jubail to China National Chemical Engineering Corporation on November 13. The total investment is estimated to be $400m. "The project will enable the continued growth of the petrochemical and downstream industries in Saudi Arabia," said SABIC. Once commissioned early 2015, the storage capacity of the terminal will be approximately 250,000 cubic meters.
Source: AME Info
Qtel adds slightly, announces date for bond-coupon payments
November 14, 2012--The QE Index in Doha gained a quarter percentage point Wednesday to close at 8,466.06 points.
The country's first telco firm Qatar Telecom or Qtel, which added 0.10% to QR105, said earlier in the day it will transfer interest payments to its bondholders
Source: AME Info
First Gulf Bank dips after announcing new $900m syndicated loan
November 14, 2012--Struggling with the 2,700-resistance level, the Abu Dhabi market measure ADX General Index closed 0.13% lower at 2,691.34 Wednesday.
ADX heavyweights Etisalat (telecom), Aldar and Sorouh (both real estate) closed even. First Gulf Bank or FGB ended down 1.42% at Dhs10.55. On Tuesday, FGB said it signed up for a 3-year, unsecured $900m term loan. The facility would be used for general financing purposes, the UAE's third largest lender by assets said.
Source: AME Info
Bahrain Bourse back to square one
November 14, 2012--In the last three days, the Manama-based Bahrain All-Share Index almost completely erased gains from the start of the month.
The gauge fell Wednesdy by 0.61% to 1,057.22 points. Financials such as Islamic bank Ithmaar (off 8.82%) or Ahli United Bank (down 0.91%) weighed on the measure in particular. Since Jan. 1 2012, the bourse lost 7.56% of its value. Earlier in the week, the IMF said Bahrain's real GDP growth would increase in 2013 to 2.8%, up from an estimated 2% in 2012.
Source: AME Info
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