Middle East ETF News Older than One Year
DIFC accounted for 1.1% of UAE's GDP in 2009
December 20, 2010--Total value added of the DIFC sub-economy in 2009 was USD 2,8 billion (2008: USD 2.8 billion), or approximately 1.1% of UAE GDP as estimated by the IMF, and 1.83% of the UAE's non-oil GDP.
The DIFC accounted for approximately 3.8% of Dubai's estimated 2009 GDP.
The financial sector accounted for 73% of the total value added, with 24% contributed by business services, and 3% by public administration
The contribution of business services increased by 25% in 2009 compared to 2008
At end December 2009, there were 706 active companies at the Centre, which has since grown to 782 companies as at November 2010
The DIFC, the UAE-based financial and business centre and gateway between the Middle East, Africa and South Asia region (MEASA) and the world, today issued its third annual Economic Activity Survey Report, updating the market on the size and level of economic performance of the DIFC sub-economy during 2009 and its contribution to the UAE's GDP.
The economic survey undertaken by the DIFC Authority is based on international practices in national accounting, and measures output, intermediate consumption and ultimately the gross value added produced within the DIFC district by entities registered in the Centre.
view the DIFC Economic Activity 2009 Survey Results
Source: DIFC
Dubai Gold And Commodities Exchange Weekly View-December 19, 2010
December 19, 2010-- Economic Data Overview
The December 20 week is shortened by the Christmas holidays in the US and Europe and the majority of the economic data on the calendar will be released on Wednesday and Thursday. Any other time of the year these data would have market-moving potential, but the proximity to the holiday suggests that unless there is something outside of expectations, it may receive little attention.
The Bank of Japan governors will meet on Monday and Tuesday. Modestly better economic news should keep the bank on hold for the moment, although the easing bias will remain in place. After this, there are no major central bank meetings on the calendar until early January.
The third and final estimate of third quarter US GDP will be reported on Wednesday. At this point any revisions are likely to be small and offsetting. The 2.5% growth rate in the third quarter reported last month is probably slightly below what will be printed. In any case, the fourth quarter is now well advanced, and data so far suggest a strengthening in economic activity, particularly for consumer spending and lower net exports.
Source: Dubai Gold And Commodities Exchange
Economic Zones World And DIFC To Collaborate On Economic Development Of Dubai - Partnership Will Lead To Improved Financial Services For Businesses Based In Jafza And Lead To Greater Visibility Of DIFC Based Institutions
December 16, 2010--Economic Zones World ("EZW") today signed a memorandum of understanding ("MoU") with the Dubai International Financial Centre Authority ("DIFC Authority") on identifying and developing products that will enhance financing services offered to companies based in the Jebel Ali Free Zone (Jafza). The MoU confirms the parties' joint commitment to Dubai's economic development.
The collaboration is in line with a directive by the Government of Dubai for enhanced partnership and cooperation between Government bodies and organizations.
According to the MoU, EZW and DIFC Authority will work together to explore and develop a mechanism for inventory financing for Jebel Ali Free Zone customers. The design and development of a legal and regulatory framework and procedures in which to operate the system will also be covered in the agreement.
The MoU also allows for further development of financial services by both parties.
Salma Ali Saif Bin Hareb, CEO of Economic Zones World, said: "Access to timely finance is a lifeline for our corporate partners. This agreement with DIFC Authority reaffirms our continued commitment to support our partners through innovative product development." She added: "As Dubai entities, together, we seek to leverage each other's strengths through collaboration to achieve Dubai's economic objectives. It is our deep commitment to add value to our customers that prompted us to seek the best possible support in the development of financial services. The association with DIFC, with its expertise and reputation, will help us reach our collective goals."
Abdulla Mohammed Al Awar, CEO of the Dubai International Financial Centre Authority said: "Jafza is home to thousands of regional and global companies with their own complex business and financial needs. Our joint efforts with Jafza will ensure that customers are maximizing their options and can access the best possible financial services which meet their specific requirements. The DIFC has set high standards in creating a regulatory and legal framework based on the best global practices. This MOU enables us to explore with Jafza how their registered businesses could have access to these services and will also see both the DIFC and Jafza promoting each other's services and further supporting the economic development of Dubai"
Source: DIFC
Saudi Arabia forecasted to be world's second largest market for homeland security
December 16, 2010--The rapidly evolving security scenario in the region has placed the onus for increased preparedness on local authorities and institutions to be able to meet the multi-faceted challenges posed by criminals and extremists.
This is reflected in the continued growth of the homeland security sector in the region, with Saudi Arabia leading the way. According to research, the cumulated Saudi market for homeland security, forecasted to become the largest in the world after the United States, is expected to be worth around $97bon in the 2010-2018 period.
Source: AME Info
Northern Trust wins passive equity mandate from Tawuniya
December 16, 2010--Northern Trust Global Investments, the asset management arm of Northern Trust, has been appointed by Tawuniya (The Company for Cooperative Insurance) to manage a segregated passive equity portfolio, benchmarked to the Dow Jones Global Titans 100 index.
The appointment, which also includes transition management services, builds on Northern Trust's existing asset servicing relationship with Tawuniya, which includes the provision of custody, investment accounting and performance services. Tawuniya is the leading provider of insurance services in Saudi Arabia.
Source: AME Info
Qatar rules out issuing bonds to fund World Cup
Decmeber 16, 2010--Qatari prime minister Sheikh Hamad bin Jassim al-Thani has ruled out plans to issue bonds to fund the 2022 World Cup, Reuters has reported.
"We don't need (bonds) ... because most of our plan will cover 70% to 80% of what we need, which is all the infrastructure: the airport, the port, the roads, the train," he told reporters. The Gulf state is expected to spend $100bn over the next five years on infrastructure projects including road and rail networks planned before it was chosen as host, as well air-conditioned stadiums.
Source: AME Info
Dubai bourse gains on last-minute sprint
December 16, 2010--Construction and real estate shares lifted the DFM General Index by 0.56% to close at 1,639.06. Emaar Properties added 0.85% to reach Dhs3.55.
Earlier in the day reports about a possible increase of Emaar's stake in Islamic mortgage operator Amlak lifted the market sentiment. Emaar currently holds 48% in Amlak. Amlak rival Tamweel saw a boost in its business after Dubai Islamic Bank's increased its stake from 20% to 57.33% end of September. Both shares of Amlak and Tamweel have been suspended two years ago after the market for real estate financing in Dubai plummeted. Trading volumes increased over 30% to 81m shares changing hands.
Source: AME Info
Abu Dhabi bourse ends unchanged
December 16, 2010--The ADX Index closed flat at 2,715.55 points as blue chips Aldar Properties and telecom provider Etisalat closed unchanged at Dhs2.28 and Dhs10.85 respectively.
Gulf Cement Co. posted the largest advance, rising 9.66% to Dhs1.59. Building material firms throughout the GCC gained significantly after Qatar was granted to organise the FIFA World Cup in 2022 two weeks ago.
Source: AME Info
Qatar market's FIFA-rally takes a break
December 16, 2010-After the bourse in Doha reached a two year-high last week, indications increased that the Qatar market's rally might lose steam after the QE Index failed to add value during the second week of December.
The QE Index declined 0.45% Thursday, ending at 8,733.16, reducing the year-to-date advance to 25.54%. Investors obviously started to cash in profits as the "World Cup-effect" loses momentum. The FIFA Executive Committee in Zurich granted Qatar to host the 2022 World Cup on December 2nd. United Development Company bucked the trend and added 0.35% to reach QR28.50.
Source: AME Info
Kuwait market recovery extended
December 16, 2010--The KSE Market index added 0.38% Thursday, closing at 6,853.2 points. Shares of Islamic insurance provider Wethaq Takaful Insurance Co. ended flat at KD0.051.
Rating agency Standard and Poor's said today it has revised the outlook on takaful player Wethaq Takaful Insurance Co. (Wethaq) to stable from negative. "The outlook revision reflects our belief that, despite substantial asset write-downs and the parent's financial troubles, Wethaq has sustained operations in Kuwait and launched a new business in Egypt," said Standard & Poor's credit analyst Lotfi Elbarhdadi.
Source: AME Info
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