Middle East ETF News Older than One Year
UAE Ministry of Finance studies project to establish Federal Credit Bureau
April 4, 2010--The UAE Ministry of Finance (MoF) has initiated a study to create a Federal Credit Bureau that will be a center for individual and corporate credit information services at the level of the United Arab Emirates government.
This move is based on the guidance of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs and is another step in MoF's drive to promote transparency in financial policy-making.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views -April 4, 2010
April 5, 2010--Commodities Overview
Prices for crude oil, gold, and silver gained last week as expectations of higher prices based on positive fundamentals drew increased buying interest from investors. This week prices may head lower.
Although fundamentals for these commodities are supportive of prices overall, they may not be enough to push prices much higher, at least this week. Investor price targets may be hit and profit-taking could easily push crude oil, gold, and silver prices to lows seen just a couple of weeks ago. If prices cannot forcefully break above technical resistance levels, selling also may be sparked. While demand for crude oil is improving it may not provide a strong upward price signal over the next few weeks.
Currencies Overview
The U.S. dollar was volatile last week, trending lower overall. This week the dollar is forecast to strengthen against most major currencies. Economic recovery in the United States has been occurring at a better pace compared to many other advanced nations. Macroeconomic data released over the past several weeks has been signaling slow but steady growth in the United States. Consumer confidence levels have improved from the low levels of last year. There have been increased fund flows from Japan and Europe into the United States in search for higher yields. That said, the current recovery in the United States is at a nascent stage. Longer term sustainability of growth continues to be a concern. The U.S. government has a massive fiscal deficit.
Source: Source: Dubai Gold And Commodities Exchange (DGCX)
Saudi Arabia to invest SR200bn in water projects
April 1, 2010--The chief executive of Saudi Arabia's National Water Co, Loay Al Musallam, has said that the kingdom plans to invest SR200bn in water projects over the coming 15 years, 70% of which will be for sewage and waste water treatment projects, Reuters has reported.
'We currently have a sewage project in Riyadh and Jeddah with an investment of SR18bn and we are looking to expand these projects to the rest of the kingdom,' he said. The company controls all of the kingdom's groundwater wells and sewage and desalination plants.
Source: AME Info
Foreign investors purchase Dhs1.959bn worth of shares on DFM during the last week, and sold Dhs1.959bn
April 1, 2010--Dubai Financial Market announced that the value of shares bought by foreign investors, or non-UAE nationals, during last week (28 Mar. - 1 April.) reached Dhs1.959bn comprising 43.5% of the total value of stocks traded during the period.
The value of stocks sold by foreign investors during the same period reached Dhs1.959bn comprising 43.5% of the total value of stocks traded during the period. Net foreign investment on the market reached Dhs52.2 thousand during the same period, as aggregate sell.
Source: AME Info
Saudi 'could boost output' by 4.5m bpd
April 1, 2010--Saudi Arabian oil minister Ali Al- Naimi has said that once demand recovers from recession, the kingdom could boost output by as much as 4.5 million barrels-a day, Bloomberg has reported.
The kingdom is waiting for usage to rise after increasing capacity to 12 million barrels a day, he said. "Demand is gradually growing right now," Al-Naimi said.
Source: AME Info
Saudi bank lending up 1.6% y-o-y
April 1, 2010-The Saudi Arabian Monetary Agency (Sama) has said that lending by Saudi Arabian banks to businesses rose in February at the fastest pace for five months, helping to revive the economy after a credit squeeze, Bloomberg has reported.
Lending to the private sector increased an annual 1.6% in February, double the rate of the previous month, Sama said. "It's only one month's data, but the trends are consistent with an economy coming back to life," Simon Williams, a Dubai-based economist at HSBC Holdings said.
Source: AME Info
DFM posts slight rise
April 1, 2010--The Dubai Financial Market (DFM)rose 0.90% to 1,859.96, with 17 stocks rising, five falling and four holding steady.
Shuaa was the day's biggest riser, moving up by 4.83% to Dhs1.52.
Source: AME Info
ADX falls 1.68%
April 1, 2010--The Abu Dhabi Securities Exchange (ADX) fell 1.68% on its last day of trading of the week, going to 2,859.57.
Nine stocks fell, 14 rose and eight held steady. Finance house was the day's biggest faller, going down by 9.19% to Dhs4.15.
Agthia was the day's biggest gainer, moving up by 5.79% to Dhs2.03.
Source: AME Info
Mena mergers, acquisitions value down 67%
April 1, 2010--According to Ernst & Young's annual Mena update, mergers and acquisitions deals announced in the Middle East and North Africa (Mena) region fell by 67% in value to $34bn in 2009 compared to deals worth $102bn that were announced in 2008.
The number of announced deals dropped by 24% from 465 in 2008 to 353 in 2009, the report said.
Source: AME Info
Qatar to post QR9.7bn surplus
April 1, 2010--Qatar's finance minister Youssuf Hussein Kamal has said that the government expects to post a budget surplus of QR9.7bn ($2.67bn) in the fiscal year 2010/11 as rising oil prices counter a 25% jump in spending, state news agency QNA has reported.
Qatar drafted its budget for the coming fiscal year, which starts in April, with expenditures of QR117.9bn, above the QR94.5bn budgeted for the current year. Revenues were set at QR127.5bn for fiscal 2010/11, compared with QR88.7bn in 2009/10.
Source: AME Info
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