Middle East ETF News Older than One Year
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
2010, a financial rollercoaster ride for the UAE
December 15, 2010--After the double-shock in 2009, with falling oil prices and plummeting real estate markets, the UAE witnessed a multiple-speed recovery. While services and logistics got quickly back on their feet, the real estate market struggles to find a way out of the ground. The Gulf state's economy has become more and more complex for businessmen and investors alike.
If there is to be a new synonym for "standstill", then 2010 might be the right term. For the UAE it was rollercoaster ride through all economic hopes and fears. The months-long negotiations between Dubai World and its creditors in order to re-structure its $24.9bn worth of debt, following a standstill from the end of 2009, are symptomatic for the entire year.
Source: AME Info
Trading volumes at Dubai market near meltdown
December 15, 2010--The DFM General Index failed to sustain an early upswing and ended eventually 0.84% lower at 1,629.98 points. The DFM, the only Arab market which is listed publicly (as yet), saw its shares declining by 1.97% to close at Dhs1.49.
During the last three months DFM shares plummeted 13%. Today, only 68m stocks in total changed hands at the local Dubai bourse. Earlier in the day, Fahima Bastaki, Senior Vice President for Market Development at the DFM told AMRinfo.com at the sidelines of a conference, that the DFM is confident that the UAE will be upgraded by index provider MSCI to "emerging market"-status "in mid-2011". "Two issues have to be solved: the payment and delivery-structure at the DFM and foreign ownership", Ms. Bastaki said.
Source: AME Info
Abu Dhabi exchange ADX loses 0.43%
December 15, 2010--Like in Dubai, investors at the ADX market in Abu Dhabi seem to have called 2010 a year, as trading volumes dipped further and the ADX Index closed 0.43% lower at 2,716.08 points.
Abu Dhabi Islamic Bank, known and branded as ADIB, ended unchanged at Dhs2.90. Earlier in the day, ADIB announced that it successfully arranged a syndicated Dhs1.14bn Islamic Finance deal for Dubai-based conglomerate Majid Al-Futtaim (MAF) Group. It was the first Sharia-compliant deal ever for MAF, one of the leading retailer and consumer conglomerate in the UAE.
Source: AME Info
Doha Bank shares buck Qatar market decline
December 15, 2010--The QE Index saw one of its rare declining days in December on Wednesday, as the Doha-based bourse ended half a percentage point to close at 8,772.67 points.
Industrial shares in particular lost value, weighing on the sentiment. Shares of Doha Bank added 1.41% to reach QR64.90, the highest since September 11 2008.
Source: AME Info
Financial shares push Kuwait bourse higher
December 15, 2010--The KSE Market or Price Index rebounded Wednesday by 0.57%, closing at 6,827.3 points. Stocks in the insurance and banking sectors were the main gainers.
Gulf Insurance Company posted the fourth largest advance (up 7.9% at KD0.680) as the share is, from a chart technical perspective, performing a double top-formation. The 2010-high at KD0.660 Gulf Insurance Company reached on September 26.
Source: AME Info
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