Middle East ETF News Older than One Year
Bahrain central bank to stop managing bourse
December 21, 2010-The central bank of Bahrain (CBB) is to stop managing the kingdom's stock exchange to focus on its role of regulating the bourse, Reuters has reported.
The CBB will continue to regulate the exchange but will not be involved in managing it," a CBB spokeswoman said, declining to provide a date for the transfer of management or further details.
Source: AME Info
Lebanon issues seven-year bonds
December 20, 2010--Lebanese lender Banque Byblos has said the country has issued $1bn in seven-year government bonds, the longest period for local currency bonds, AFP has reported.
The bonds, which mature in 2017 and carry interest of 7.9%, aim to "help the government deal with debt in Lebanese pounds rather than foreign currency," the lender said.
Source: AME Info
Qatari investors cash in profits
December 20, 2010--On its first trading day after the 39th National Holiday on Sunday, the Doha-based QE Index lost 1.17% to end at 8,631.16 points. Financial shares posted the largest losses.
The QE suspended trading on Doha Bank shares on Monday, December 20, 2010 due to its Annual General Meeting (AGM) being held on that day. Industries Qatar was on of the few blue chips which bucked the trend, climbing 0.23% higher to reach QR133.30.
Source: AME Info
Kuwait banking stocks end mixed
December 20, 2010--Despite positive growth prospects, the Kuwait market KSE does not find momentum for a year-end rally. Citi expects the Kuwait economy to grow 4.5% in 2011 (after 3.1% in 2010).
The KSE Market index lost 0.73% to end at 6,798. Financial heavyweights National Bank of Kuwait (NBK) and Islamic bank Kuwait Finance House (KFH) ended flat at KD1.340 and KD1.180 respectively. Gulf Bank of Kuwait (GBK) declined 1.8% to finish at KD0.540 as investors cash in profits. GBK gained over 86% year-to-date.
Source: AME Info
Tadawul bourse keeps on running
December 20, 2010--The Saudi Stock Exchange added 0.28% to reach 6,595.27. Year-to-date the Tasi index gained 7.74%. Shares of Zamil Industrial Investment Co. gained 0.84%, finishing at SR36.10.
Earlier in the day Dubai-based contracting specialist Drake and Scull has said it launched a partnership Sunday with Zamil's mother company Zamil Group Holding Company.
Source: AME Info
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
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