Middle East ETF News Older than One Year
Egypt to build new wind farm
February 18, 2010--Abu Dhabi's Masdar and Egypt's electricity and energy ministry are to sign an agreement today to build a 200 megawatt wind farm as part of a plan to generate 20% of the country's energy needs from renewable sources by 2020, Reuters has reported.
Egypt already has wind farms at Zafarana and Hurghada in the eastern Red Sea coast and now has installed capacity of 430 megawatts of wind. The plant will be located near Suez on Egypt's east coast.
Source: AME Info
HSBC expects more sukuks in 2010
February 18, 2010--HSBC's Amanah Islamic banking division expects double-digit revenue growth and more sukuk mandates in 2010 compared to last year, Razi Fakih, deputy chief executive of Amanah told Reuters.
HSBC expects to have more than the 15 mandates it had in 2009 for sukuk, or Islamic bond issues, Fakih told the news service.
Source: AME Info
Diversity of global gold market keeps 2009 demand above $100bn mark
February 17, 2010-In 2009, total global dollar demand for gold remained above the $100bn mark for the second year in succession against the backdrop of continued turbulence in financial and commodity markets.
Total identifiable gold demand in tonnage terms fell 11% to 3385.8 tonnes(t) during 2009 when compared to the exceptional levels reached in 2008, masking a progressive recovery in jewellery and industrial demand after a weak first quarter and resilient investment demand during 2009 as a whole. This resilience in demand was achieved in the context of average gold prices 12% higher than those in 2008, at $US972.35/oz.
Source: AME Info
Saudi project finance market may hit $30bn in 2010
February 17, 2010--Saudi Arabia is on track to complete project finance deals worth about $30bn in 2010, well above the total of about $20bn completed in the whole region in 2009, MEED magazine has reported.
The figure is based on a small number of large projects which are likely to reach financial close over the course of the year, including the Jubail and Yanbu refineries planned by Saudi Aramco and an aluminium smelter being developed by Saudi Arabian Mining Company (Maaden), according to MEED.
Source: AME Infoi
Thomson Reuters launches next generation Islamic Finance Gateway
February 16, 2010--Thomson Reuters today announced that it has launched its next generation Islamic Finance Gateway to guide the emerging industry to the next stage of growth and development.
The Thomson Reuters Islamic Finance Gateway is a global, neutral platform and directory consisting of details for and links to Islamic finance professionals, rating agencies, industry standards bodies, Islamic finance hubs, index providers, consulting firms, 400 Shariah scholars and Islamic subsidiaries from over 25 countries. Reuters Messaging is embedded within the Gateway to foster communication and create the connections required to build and grow communities.
Source: AME Info
Moody's upgrades Saudi Arabia rating
February 16, 2010--Moody's Investors Service has affirmed the ratings of its government-related issuers in Saudi Arabia, following Moody's upgrade of the kingdom's sovereign ratings to 'Aa3' with 'Stable' outlook.
Ratings affected include the 'A1' issuer ratings of Saudi Electricity Co, the 'A1' issuer ratings of Saudi Basic Industries Corp (Sabic) and the 'A1' issuer ratings of Saudi Telecom Co (STC). The outlooks of the three entities were placed on 'Stable' from 'Positive'.
Source: AME Info
Dubai's '09 inflation rate lowest in five years
February 16, 2010-Dubai witnessed its lowest inflation rate in five years in 2009, according to a new report by the Dubai Chamber of Commerce and Industry. Dubai's inflation rate stood at 4.1% in 2009 as compared with 11.3 per cent in 2008. Housing, water, electricity and gas price growth, accounting for the largest share of the Consumer Price Index weight, stood at 2.4% in 2009 as falling rental and property prices meant that individuals and businesses were left with more disposable income in their pockets.
'Dubai recorded its highest inflation rate in over 20 years at 11.3% in 2008 on the back of a surge in rents and food prices due to higher global commodity prices and a sharp increase in its import bill due to the weakening US dollar. This trend has clearly reversed in 2009 due to the resurgence in the US dollar, falling commodity prices, a correction in the real estate sector and weakening domestic demand,' the report said.
Source: AME Info
NASDAQ Dubai Monthly Trading Report: January 2010
Equities trading rises 17 per cent in January
February 15, 2010--Equities trading volumes on NASDAQ Dubai rose by 17% in January 2010 to 200 million, compared to 171 million in January 2009.
Deutsche Bank was the most active Member of the exchange by equities volume in January 2010, followed by Citibank and then EFG Hermes.
Trading of Dubai Gold Securities (DGS) rose to 3,235 securities in January 2010, an increase of more than 400% over the December 2009 figure of 641. A total of 84,757 DGS have traded since they listed on the exchange in March 2009.
Each DGS security is valued at approximately 1/10th of the spot price of gold. DGS are an initiative of the Dubai Multi Commodities Centre and the World Gold Council and have been declared Shariah-compliant.
Source: NASDAQ Dubai
Standard and Poor's launches regional credit rating scale for the Gulf Cooperation Council
February 15, 2010--Standard and Poor's Rating Services announced the launch of a new regional credit rating scale for the Gulf Cooperation Council, one of several new initiatives Standard & Poor's is undertaking in the region to support debt markets.
The new scale reflects demand from Gulf issuers and investors for an additional rating scale that helps them to better compare the relative credit risk of issuers and issuances across the region, and is expected to contribute to better informed, more liquid, and more efficient capital markets in the Gulf
Source: AME Info
Saudi official says dollar should expect competition
February 15, 2010--The governor of the Saudi Arabian Monetary Agency has said the US dollar will see competition over its global reserve status as a 'multipolar' currency system develops, Bloomberg has reported.
'The dollar is still pre-eminent in its role as a reserve currency, although in official reserves, the euro is gaining in importance,' the news service quoted Muhammad al-Jasser telling the Jeddah Economic Forum.
Source: AME Info
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