Middle East ETF News Older than One Year
UAE finance minister: no immediate need to issue bonds
July 24, 2012--UAE finance minister Sheikh Hamdan bin Rashid al-Maktoum has said the country has no immediate need to issue bonds to cover a small budget deficit this year, as it can cover the shortfall with its own resources,
Al Ittihad has reported. “The government is not in a dire need for issuing bonds,” Sheikh Hamdan was quoted as saying by the daily. “We don't need to finance anything and we should be able to fill the gap from our own resources,” he said.
Source: AME Info
The Kuwait Market Price Index closed on a negative note at 5,813 points
July 23, 2012--The Kuwait Market Price Index closed on a negative note at 5,813 points, a loss of 0.49%.
The Weighted Index closed at 400.21, a loss of 0.49%. 19 stocks advanced while 58 declined. The Financial Services Index witnessed highest volume traded at 71.8 Mn and Banking Index witnessed the highest value traded at KD 9.3 Mn. Several indices were negative. Technology Index was the only gainer, up 0.59%. Oil & Gas Index was the top loser, down 2.66%. Blue-chips were either flat or in the red. AUBK Bahrain was the only gainer, up 1.22%, closing at KD 0.166. NIND was the top loser, down 3.96%, closing at KD 0.194.
Source: Kuwait Financial Centre
Egypt budget draft shows deficit to rise 12.5%
July 23, 2012--According to Egypt's draft budget, the country's deficit is set to rise 12.5% to EGP135bn ($22.26bn) in the fiscal year that began on July 1, though the government is already struggling to find funding for the shortfall, Reuters has reported.
Total expenditure will climb to EGP533.8bn this year from EGP476.3bn in 2011/12, the finance ministry said in the draft budget. The budget deficit represents 7.9% of projected gross domestic product (GDP), down from 8.2% a year earlier, said the ministry.
Source: AME Info
TASE Rules for ETN Underlying Indices and Leveraged ETNs
July 23, 2012--The Exchange-traded notes (ETN) market has developed rapidly in Israel over the past few years, as has the market for exchange-traded funds abroad.
As of the middle of 2012 more than 300 ETN series tracking bonds and share price indices trade on the Tel Aviv Stock Exchange (TASE). The value of the public float in these instruments exceeds US $ 12.5 billion.
At its 28/6/2012 meeting, the TASE Board of Directors approved additional regulations, designed to better address investor needs, while maintaining fair and orderly trade.
Key additions to the Regulations:
1. Criteria for indices eligible to serve as ETN underlying assets:
The value of the public float of a local share index serving as the underlying asset for an ETN shall not be less than NIS 7 billion and of a bond index shall not be less than NIS 3 billion.
Source: TASE
Egypt's stock exchange signs agreements to boost global links
July 19, 2012--The Egyptian Stock Exchange (EGX) has signed two agreement as part of an initiative aimed at facilitating the trade of Egyptian securities by international investors, Daily News Egypt has reported.
The 'FIX HUB' project operates through connecting the EGX to the international Fidessa and ULLINK trading networks, allowing investors to trade via a FIX gateway. Fidessa's network includes around 170 stock markets from the US, Europe, Asia, and the Middle East, containing roughly 3600 partners in the field of financial services with approximately $800bn worth of transactions being executed. ULLINK serves around 130 financial institutions in the Canada, the US, Latin America, South and East Asia and Europe.
Source: AME Info
Saudi Arabia sees oil revenue climb 48%
July 19, 2012--According to figures by Opec, Saudi Arabia's saw a 48% jump in revenue from exports of crude oil and other petroleum products in 2011
as shipment volumes increased over the previous year, Saudi Gazette has reported. The kingdom shipped oil and products valued at $318.5bn last year, compared with $215.4bn in 2010, Opec said in its annual statistical bulletin. Iran, the group's second-biggest producer after Saudi Arabia, exported crude and petroleum products valued at $114.8bn, compared with $72.2bn the previous year, the data showed.
Source: AME Info
NASDAQ Dubai welcomes US$ 500 million Emaar Sukuk to its market
July 19, 2012--First Sukuk listing by Emaar on NASDAQ Dubai, the region's international exchange
Listing is landmark that strengthens region's capital markets
Emaar welcomes successful capital-raising from international and regional investors
NASDAQ Dubai, the region's international exchange, today welcomed the listing of a US$ 500 million Sukuk on its market by Emaar Properties
PJSC, the Dubai-based global property developer.
The listing is the first by Emaar on NASDAQ Dubai and constitutes the second drawdown under the company's recently updated US$ 2 billion Trust Certificate
Issuance Programme. The Sukuk's success underlines Emaar's strong value proposition and the credit standing of the company in international financial markets.
Source: NASDAQ OMX
Saudi Arabia's economic growth seen slowing in 2013
July 18, 2012--Analysts forecast the Saudi economy to expand at a median rate of 5.2% this year, instead of the 4.5% forecast in the March poll
Reuters has reported. Last year, the Saudi economy grew 6.8%, analysts cut the kingdom’s outlook for next year to 4.0% from 4.3%. "We expect Saudi oil production to increase a little bit this year and we think the government spending will be trimmed a little bit by around 5%, but that really reflects last year’s outsized spending," said James Reeve, senior economist at Samba Financial Group in London. "In the short term, they can easily cope with significantly lower oil prices as they did in 2009. But they need to get a handle on domestic oil consumption in the medium to long term."
Source: AME Info
IMF increases Middle East growth forecast
July 18, 2012--The International Monetary Fund (IMF) has revised upwards its economic forecast for the Middle East and North Africa, despite trimming its predictions for global growth, Ahram has reported.
According to the IMF, growth of 5.5% for the Mena region is expected in 2012, 1.3% higher than its April forecast, helped by boosts in Saudi and Libyan oil production. "In contrast with the broad trends, growth in the Middle East and North Africa will be stronger in 2012–13 relative to last year," the fund said in its quarterly revision of economic forecasts. The region, which is a net importer of raw materials and food staples, may also benefit from a projected easing in global consumer price inflation.
Source: AME Info
Bahrain banks safe as EU crisis continues
July 18, 2012--Bahrain Association of Banks (BAB) has said lenders in the kingdom are unlikely to be directly affected by the eurozone turmoil, because their net funding dependence on European banks, and external funding in general, is largely limited and manageable, Daily Tribune has reported.
"The banking sector is also very liquid and that is the reason that makes Bahraini banks very resilient," said BAB Chairman Abdulkareem Bucheery. "Even with the economic woes, the liquidity means that the banking system would operate normally, even under extreme economic conditions. And banks will continue lending because of the high levels of liquidity." [AMEInfo.com]
Source: AME Info
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