Middle East ETF News Older than One Year
Abraaj Capital acquires Amundi's private equity platform in North Africa
August 28, 2011--Abraaj Capital, the leading private equity and alternative asset management group in the Middle East, North Africa and South Asia (MENASA), announced today its acquisition of the North African private equity platform of Amundi, the French asset manager jointly owned by Société Générale and Crédit Agricole.
Under the terms of the agreement, Abraaj Capital has taken over management of the $161m SGAM Al Kantara Fund as well as absorbing the 11-member Amundi investment team, thereby significantly enhancing its presence in North Africa.
Source: AME Info
Saudi governorate to launch date stock market
August 27, 2011--Saudi Arabia: Mayor of Al-Ahsa Fahd Al-Jubair has announced that the first stock market for dates is expected to be launched in the governorate in the next few months, Saudi Gazette has reported.
Al-Jubair has added that the Al-Ahsa Mayoralty has finalized arrangements to launch King Abdullah City for Dates, at a cost of SR29m. He has clarified that the complex would consist of two auction courtyards, a traditional one and one designed to look like those in the international bourses, in addition to closed-door terminals, shopping centres at the corners of the project and hotels for visitors and investors. [AMEInfo.com]
Source: AME Info
Qatar Telecom rebound slightly
August 25, 2011--The QE Index surged 0.77% higher on Thursday, closing at 8,171.48 points. After losing around nine percent during the last four weeks,
Qatar Telecom added 0.63%, finishing at QR143.30. Over the week, the QE Index ended down 022%.
Source: AME Info
Bahrain banks lose as Kingdom's wholesale bank assets decline to 2005-levels
August 25, 2011--The Bahrain Bourse saw its lead index BASI declining by 0.06% to 1,260.95 points, posting an even close compared to the end of last week.
Bahrain Telecom, better known as Batelco, gained 2.50% to reach BD0.410, while Al Salam Bank (off 2.00% at BD0.049) at Ahli United Bank (down 1.43% at $0.69) weighed on the index. Earlier in the day, National Bank of Abu Dhabi's research revealed that "assets of wholesale and retail banks on a consolidated basis were down -5.7% y-o-y in June. Assets of wholesale banks are back at 2005 levels, while retails bank assets have been resilient."
Source: AME Info
DP World dips, while H1 profit rises 36%
August 25, 2011, 13 hours ago
NASDAQ Dubai-bellwether share Dubai Ports (DP) World fell 1.86%, closing at $10.55. Earlier in the day, DP World reported that its half-year profit surged to $281m, up 36% compared to the same period last year.
"Profit for the six month period before separately disclosed items was $281 million, close to profit levels last seen at our peak in 2008 as our container terminals have become more profitable following initiatives implemented as a result of the 2009 downturn," says DP World's Chief Executive Mohammed Sharaf. Depa Ltd. dipped one percent to $0.47, while Dubai Gold Securities dived 5.45% to $172.75 as the price for the ounce of gold was on the retreat on Thursday (down 2.4% at $1,714 at 3.30pm Dubai time).
Source: AME Info
Methaq Takaful recovery continues
August 25, 2011--The Abu Dhabi-based ADX General Index added 0.32% to reach 2,590.49 points, as a direct reaction to the global upswing at European and U. S. Markets. Dr. Giyas Gokkent, Chief Economist and Head of Research at National Bank of Abu Dhabi commented in his latest Economic Intelligence report:
"Global equity markets are on a more positive note, with the other side of the coin being a sharp decline in the price of gold from the peak a few days ago by -8.3% to $1,740 per ounce (still up +26% YTD)." Islamic insurer Methaq Takaful was the second liquid share, closing 1.39% higher at Dhs1.45. From a chart technical perspective, Methaq is performing a rounding or saucer bottom. Dana Gas and RAK Properties ended unchanged at Dhs0.55 and Dhs0.36, respectively. Over the week, the ADX closed unchanged.
Source: AME Info
Bargain hunters send Dubai market higher
August 25, 2011--The tiny relief-rally at Western markets yesterday had a positive impact on the DFM General Index on Thursday, which ended up half a percent at 1,465.01 points. Emaar (up 0.72% at Dhs2.78), the DFM (gaining 2.68% at Dhs1.15) and Arabtec Construction (2.68% higher at Dhs1.15) were the most liquid shares.
Emaar's rivals Union Properties (down 0.53% at Dhs0.373) and Deyaar Development (off 0.37% at Dhs0.266) failed to benefit from the tiny upswing. During the fourth week of August, the DFM lost around 11 points. Some 53m shares were traded, valued at Dhs70.2m.
Source: AME Info
IMF urges Saudi Arabia to monitor inflation
August 24, 2011--The International Monetary Fund has revised down its forecast for Saudi Arabia's fiscal surplus to 9.3% of gross domestic product in 2011, from 12.8% seen in April, Reuters has reported.
The fund has described Saudi Arabia's near-term economic outlook as favourable but warned that the kingdom should carefully monitor possible inflationary pressures due to a recent increase in social spending. The forecast for the 2011 current account surplus of the world's No 1 oil exporter was revised up to 20.1% of GDP, from a previous 19.8%.
Source: AME Info
Saudi Stock Exchange advances one percent
August 24, 2011--The Tadawul bourse's benchmark index TASI approaches the 6,000 resistance level, as it closed at 5,979.3 points. Bellwether share Sabic recovered
by 0.82% and finished at SR92.00. After almost doubling in value during the last two weeks, investors booked profits at AXA Cooperative Insurance Co. (down 9.96% at SR63.25).
Source: AME Info
Kuwait Stock Exchange gains ground
August 24, 2011, 15 hours ago
The KSE Market Index is at the start of a w-shaped reversal.
Kuwait's equity benchmark added a quarter percent on Wednesday, closing at 5,781.90 points. All sector indices, except the real estate segment, found a stable base. Gulf Investment House advanced the most, ending at KD0.0285, while Alargan International Real Estate plummeted 29.4% to KD0.120.
Source: AME Info
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