Middle East ETF News Older than One Year
'FFA Fixed Income Mena' listed on Luxembourg Stock Exchange
May 2, 2010--The FFA Private Bank Group has just announced the listing on the Luxembourg Stock Exchange, of one of the first funds investing in obligations from the Mena region, 'the FFA Fixed Income Mena Fund'.
In an exclusive interview with the publication 'Luxembourg for Finance', Jean Riachi, Chairman & CEO of FFA Private Bank, said:
"There are currently few bond funds investing in the Mena region because of the lack of liquidity in the secondary market. The 'FFA Fixed Income Mena Fund' invests in a diversified portfolio of bonds and sukuks across the region."
Source: AME Info
Dubai Financial Market Q1 profit down by 8%
May 2, 2010--The Dubai Financial Market (DFM) has reported an 8.4% fall in first-quarter net profit, reporting Dhs53.6m net profit during the first quarter, which ended March 31, compared to Dhs58.5m in the same period last year.
"The revenue and profits of Q1 2010 are clear evidence that our market is more stable and in a better condition compared to a year ago," Executive Chairman Essa Kazim said in a statement. The DFM reported an increase of 5% in trading value to Dhs28.975bn during the first quarter of 2010 compared to Dhs27.603bn in the first quarter of 2009.
Source: AME Info
No merger plans for Dubai, Abu Dhabi bourse, says official
May 1, 2010--Officials of Dubai and Abu Dhabi stock exchange have denied knowledge of plans to combine the two UAE bourses, following a report by Reuters about an imminent merger, Bloomberg has reported.
"This is not true," Rashed Al Baloushi, deputy CEO at the Abu Dhabi Securities Exchange, said. "I can't confirm or deny that a merger may take place in the future because I'm not aware of any such plans."
Source: AME Info
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
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