Middle East ETF News Older than One Year
Leaders Highlight MENA Region’s Growth Potential
The MENA region has the potential to become an emerging market leader and engine of world growth
Better cooperation and increased economic integration is necessary to unlock the region’s potential
October 26, 2010-- The Middle East and North Africa region has the potential to become an emerging market leader, said global and regional leaders in the opening plenary of the World Economic Forum on the Middle East and North Africa which is taking place in Marrakech, Morocco from 26 to 28 October.
Salaheddine Mezouar, Minister of Economy and Finance of Morocco, highlighted the need for the MENA region to position itself on the global economic map as an integrated regional bloc. “The importance of the region is enhanced by its exceptional location,” he said. “It acts as a bridge between vibrant Asian economies, European-Mediterranean partnership opportunities and Africa’s significant potential for development.”
“The future lies in the emerging markets such as the MENA region,” said Carlos Ghosn, Chairman and Chief Executive Officer, Renault-Nissan Alliance (France and Japan), France. “Regional leaders should actively shape this future by improving intra-regional cooperation and integration – building on the successful Gulf Cooperation Council model.”
Source: World Economic Forum
Abu Dhabi Securities Exchange projects growth of foreign investments after upgrading UAE to emerging market
October 26, 2010--Abu Dhabi Securities Exchange (ADX) today announced its participation in the annual conference of the Union of Arab Stock Exchanges, taking place in Beirut, Lebanon, from 25 to 26 October, 2010.
This year’s round takes place under the patronage of Saad Al Hariri, the Lebanese Prime Minister along with the heads of member country’s stock exchanges and settlement houses, as well as heads of international organizations and exchanges including the World Federation of Exchanges, Istanbul Stock Exchange, Italy Stock Exchange and NYSE Euronext.
Rashed Al Baloushi, ADX’s Deputy Chief Executive and Director of Operations, is representing the exchange in the 2010 conference which is dedicated to discuss the challenges facing the Arab exchanges and the opportunities for development and growth.
“Upgrading Arab stock markets by international institutions from frontier to emerging markets is of great importance at this stage, a course of action that is earnestly pursued by the UAE owing to the vast opportunities offered by such upgrade by placing the Arab stock markets on the map of international investment opportunities,” Al Baloushi said during his presentation at the conference.
“The success achieved by the financial markets in the UAE through the upgrade from frontier to secondary emerging market by FTSE is a milestone in that direction, while we expect a similar upgrade by MSCI soon which, according to experts will result in the flow of about US$ 40 billion of foreign investments to the country,” he added.
Source: AME Info
Integration of Gulf stock markets on the cards
Regulators call for setting up of a team to monitor global changes
October 26, 2010-- proposal to integrate the Gulf securities markets and restructure the region's financial control systems was discussed at a recent meeting of Gulf capital market regulators in Kuwait recently.
The meeting discussed a UAE proposal "Unified GCC Regulation for Listing of Stocks on Securities Market" on restructuring of financial market supervision systems.
The proposal calls for setting up of a team to study the operations of securities regulators of Gulf members, monitor the changes taking place on the international scene in the area of market supervision, study the proposed structures and see if they will be compatible with the special characteristics of member states, suggest the appropriate organisation structure which matches current local and international developments.
Source: Gulfnews.com
Dubai market loses half a percentage point
October 26, 2010--In line with weak global trend at equity markets, the DFM General index ended slightly lower on Tuesday at 1,744.63 (off 0.50%). After US shares hit a six-month high, investors preferred to stay on the sidelines. Losses at Emaar Properties (down 1.03% at Dhs3.84) and Aramex (2.30% lower at Dhs2.12) dragged the index down.
The DFM suspended trading on Kuwait's Global Investment House shares starting from 1:30PM (UAE Time), as its Board of Directors meeting is being held and trading will resume once results are disclosed.
Source: AME Info
Qatar Exchange bucks global downtrend
October 26, 2010--The Doha-based QE Index was unimpressed by regional and global losses at stock markets and finished Tuesday 0.37% higher at 7,815.55 points.
Shares of Commercial Bank of Qatar (CBQ) gained 1.46% to finish at QR83.40. Credit Suisse analyst Mohamada Hawa says the second largest lender is one of his top picks as he expects CBQ to 'outperform' with a target price of QR104.0.
Source: AME Info
Kuwait bourse dips in lacklustre trading
October 26, 2010--The KSE Market Index closed 0.09% lower at 7,026.1 points. Most listed shares were not traded.
Kuwait International Bank (KIB) extended a rally the share commenced in July, closing 3.22% higher at KD0.320.
Source: AME Info
Saudi stock market adds 0.05%
October 26, 2010--The Tasi benchmark composite in Riyadh ended at 6,332.79. SABIC shares advanced further, closing 0.53% higher at SR95.50.
Food giant Almarai Company also extended its rally and finished 3.13% higher at SR214.50.
Source: AME Info
GCC Bonds & Sukuk Market Surveys
October 25, 2010-- H1 2010 Abstract:
The GCC aggregate primary bond market, which includes bonds and sukuk, decreased to USD24.2 billion in H1 2010, down by 32% compared to the respective period of 2009. The majority of issuances occurred in the month of April, with 17 issuances and USD6.1 billion, raising 25.1% of H1 2010 total issuances value.
Conventional issuances raised the largest amount during H1 2010 representing 82.9% of the total value raised, and five times the total value of sukuk issued during the same period. As well, sovereign/government issuances dominated the majority of the amount raised during the period.
GCC Bonds & Sukuk Market Survey-H1 2010 Highlights
Source: Markaz
Real estates push Abu Dhabi bourse up
October 25, 2010--The ADX General Index gained 0.43% to close at 2,833.09. Real estate bellwethers Aldar Properties (up 2.70% at Dhs2.65) and Sorouh Real Estate (2.26% higher atDhs1.82) lifted the market in particular.
National Bank of Abu Dhabi (NBAD), the sheikhdom's largest bank by assets, closed 1.27% higher at Dhs12.05. Credit Suisse analyst Mohamad Hawa added NBAD to his top picks, labelling the bank with an 'outperform'-rating and target price Dhs19.00.
Source: AME Info
Kuwait market jumps one percent
October 25, 2010--Bank shares lifted the KSE market or price index by 0.99% to close at 7.032.1.
Burgan Bank closed 4.1% higher at KD0.500. Kuwait Finance and Investment Co. posted the largest loss, ending 6.6% lower at KD0.035.
Source: AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
