Middle East ETF News Older than One Year
Kuwait Energy announces seventh oil discovery in Egypt
May 2, 2010--Kuwait Energy Company, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, today announced it has discovered oil in the East Ras Qattara (ERQ) field in the Egyptian Western Desert, which is operated by Sipetrol.
The discovery is the company's seventh in Egypt and the fourth in ERQ.
The Diaa -1 well encountered oil in February 2010 in the Upper and Lower Bahariya formations and in the Kharita formation at a depth of approximately 10,700-12,000 feet. The well produced up to 1,600 barrels of oil per day (bopd) in a short-term production test from the Kharita formation.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views -May 2, 2010
May 2, 2010--Commodities Overview
Gold prices may extend last week’s upward move this week, while oil and silver are appearing a bit top-heavy. Gold prices closed at $1,180 on Friday in New York. This is a critical level.
A move above this could trigger buy orders, sending gold back to December’s record. Gold is being bought as a financial hedge against the gathering sovereign debt storm in Europe. Oil and silver meanwhile have reached the high levels markets have viewed as possible near-term tops.
Currencies Overview
The dollar’s market bifurcation may continue this week. The dollar should be expected to show strength against major traded currencies, including the euro, pound, and yen. It should be expected to continue to weaken against the rupee, and currencies of both commodities exporting nations and emerging markets. The dollar will benefit from sovereign debt concerns roiling the European markets.
Source: Source: Dubai Gold And Commodities Exchange (DGCX)
ADX edges lower
April 29, 2010--The Abu Dhabi Securities Index nudged down 0.03% today to 2,777, with 13 stocks rising, nine falling, and nine unchanged. Gulf Cement was the day's big gainer, rising 9.57% to Dhs2.06. while constrution was the best performing sector, climbing 3.20%.
Taqa fell 5.74% to Dhs1.15.
Source: AME Info
Islamic Asset Management: New Investment Strategies Beyond the Downturn
April 29, 2010--Bahrain: The highly anticipated Ernst & Young Islamic Funds & Investments Report 2010 will be exclusively launched at the 6th Annual World Islamic Funds & Capital Markets Conference, which will be held on the 24th and 25th of May 2010 in the Kingdom of Bahrain.
The Report will offer meaningful insights into the leading-edge trends that are shaping the future of the Islamic investments landscape, given recent developments in the international financial markets. Last year's Report provided an in-depth analysis of the impact of the global economic crisis on the Islamic funds landscape, with key recommendations for industry leaders on surviving and adapting in a downturn. The Report concluded with insights into key investor segments, asset classes, and products as well as competition and business model shifts.
The Islamic Funds & Investments Report (IFIR 2010), now entering its 4th annual edition, will revisit these findings as well as offer new insights that will kick-start new business strategies in the Shari'ah-compliant investments industry as crisis begins to give way to recovery.
Source: Todays Zawya
DFM moves up 1.51%
April 29, 2010--The Dubai Financial Market gained 1.51% today to 1,739, led by the Real Estate sector, which climbed 3.25%. Emaar Properties, the day's most actively traded stock by value and by volume, rose 3.17% to Dhs3.91.
Arabtec was the day's big gainer, rising 6.01% to Dhs2.47. Overall, 17 stocks closed higher while seven ended lower.
Source: AME Info
Kuwait to announce new oil discoveries
April 28, 2010--Kuwait's oil minister has said the government will announce new oil discoveries in the country, Al-Watan Daily has reported.
The new discoveries are not limited to the Burqan oil field, but include all the oil fields of Kuwait, Sheikh Ahmed Al-Abdullah Al-Sabah said.
Source: AME Info
Kuwait may decide on new refinery by year end
April 28, 2010--Bakhit Al-Rashidi, deputy managing director of planning at Kuwait National Petroleum Co, has said that the country may decide on plans to build a new refinery by the end of this year, Bloomberg has reported
A plan for what would be Kuwait's fourth oil refinery, to be located at Al Zour, was put on hold in March last year after the government cancelled contracts over political opposition.
Source: AME Info
THE ARABIA 50|500 – THE ENTREPRENEURS SPARKING JOBS AND Innovation In The Middle East And Africa
The Arabia 50 companies have doubled in employment since 2006; expect to continue rapid growth in 2010
April 27, 2010--AllWorld Network, a Boston-based global economic development firm, today released “The Arabia 50|500 Leading Indicators,” the first real-time data on the performance of growth companies in the Middle East and North Africa.
The release of this previously unavailable information is timed to coincide with President Obama’s summit conference to promote entrepreneurship in developing countries. Representatives of 40 countries in Southeast Asia, the Middle East and Africa will assemble in Washington to discuss “the role entrepreneurship can play in addressing common challenges while building partnerships that will lead to greater opportunity abroad and at home,” according to a government release.
AllWorld’s economic model gives great value to increasing the visibility of existing businesses. Visibility builds business clusters and creates an ecosystem of smart capital, talent and opportunities to continue to power companies forward. The American economy, the envy of the world, arguably does not have better entrepreneurs but a better ecosystem to power growth. The Arabia 500 will give the entrepreneurs of the Middle East and North Africa a global ecosystem for growth. AllWorld calls this Visibility EconomicsTM.
“Visibility EconomicsTM can change the economic trajectory of countries and continents,” said Anne Habiby, co-founder of AllWorld Network. “The inescapable fact is, it is the most effective way for countries to power up in the 21st century.” “The Arabia 50|500 Leading Indicators” are data collected from the top 50 applicant businesses based in Jordan, Lebanon, Tunisia, Saudi and the United Arab Emirates, with Saudi Arabia and Jordan leading the pack. The results show that the Middle East has the caliber of entrepreneurs that meet, and in some cases exceed, US standards for sophistication and intensity.
In 2008, co-founders Deirdre M. Coyle, Jr., Anne Habiby and chairman Harvard professor Michael Porter, an acclaimed expert on global competition, launched AllWorld Network, a for-profit firm whose model includes identifying the fastest-growing companies in emerging countries. First was Saudi Arabia where they developed a list called the Saudi Fast Growth 100 with partners the Saudi Arabian General Investment Authority (SAGIA) and AlWatan Newspaper.
Source: All World Network
Merger of UAE stock exchanges 'imminent', says report
April 28, 2010--A merger of the UAE's two main bourses is imminent, Reuters has reported, citing two people familiar with the matter.
The Abu Dhabi Securities Exchange (ADX) is seen as the driver of a merger with its domestic rival, the Dubai Financial Market (DFM). The exchanges are seeking to create a single market as trading revenue slumps.
Source: AME Info
ADX drops 0.90%
April 28, 2010--The Abu Dhabi Securities Exchange dipped 0.90% today to close on 2,777, led by the Real Estate sector, which fell 4.94%.
Market heavyweight Aldar Properties tumbled 5.30% to Dhs3.92. Abu Dhabi Commercial Bank had the day's biggest loss, falling 8.60% to Dhs1.72.
Source: AME Info
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