Middle East ETF News Older than One Year
Dubai's debt may be $170bn, says report
January 20, 2010--The total debt of Dubai could be as much as $170bn, far higher than previously reported, much higher than earlier reported, according to a report by EFG-Hermes regional investment bank.
'The total debt held by Dubai Inc could well be in the range of $130-170bn," the bank said in its 2010 UAE Yearbook. Dubai Inc is a term used to refer to the Dubai government and its government-related entities.
Source: AME Info
Thomson Reuters Unveils Risk Management Solution For Islamic Banking
January 19, 2010--Thomson Reuters today announced the launch of a risk management system specifically tailored for Islamic banking. Kondor+ Suite for Islamic Banking is a real time trade and risk management solution, which will provide full front-to-back and cross-asset coverage for Islamic banks as well as Islamic windows in conventional banks.
The Islamic finance industry has grown to approximately US$1 trillion. Recent events have shown that whilst Islamic banks have avoided the complex instruments that were central of the credit crisis, they have still been susceptible to the downturn. Non-performing loans and investment impairments in the region have mounted in the last year, resulting in a call from the market for systems that foster transparency. The new Kondor+ Suite for Islamic Banking is designed in accordance with Shari’ah rules under which financing and investment techniques are based on profits from trade rather than the paying and receiving of interest.
Source: Thomson Reuters
ADX General index records 15% gain in 2009
January 17, 2010--Abu Dhabi Securities Exchange (ADX) is poised for future growth boosted by the robust economic growth rates in Abu Dhabi, senior exchange officials stated today.
By the end of 2009, the general index recorded 15% of gains for the year; lifting the market capitalization of the listed securities up by 16.5% to Dhs294.57bn ($80bn).
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views January 17, 2010
January 17, 2010--Commodities Overview
Precious metals and petroleum may move sideways in a volatile pattern over the coming week. There remains a great deal of investor interest in gold and silver, which could combine with short term congestion in the New York market later in January to pull prices higher. This coming week, however, these shorter term price pressures may be offset by investor caution and short-term selling by banks and traders.
The U.S. dollar may show some renewed signs of strength, which could breed this caution on the part of investors and trigger the banks’ selling gold and silver. Prices may not fall far in the face of such mechanical selling, however, for several reasons.
Currencies Overview
The dollar may exhibit some renewed upward strength against the euro and other major currencies in the coming week. U.S. economic conditions continue to show signs of improvement; they also are showing signs of outperforming European and Japanese economic prospects. As a result, there may be an emerging bias toward the dollar. It is a relatively weak impulse at this time, however, as investors and bank traders are reluctant to commit. Furthermore, the emerging global economic recovery may well be one characterized by investors seeking to diversify their portfolios further along geographic lines: Investors may have a bias toward U.S. equity and real estate investments over those in Europe and Japan, but it will be a matter of degree, and a desire to keep portfolios geographically balanced will limit any one-way trading.
Source: Dubai Gold And Commodities Exchange (DGCX)
Oil prices 'fantastic', says Kuwait
January 14, 2010--Kuwait's oil minister has described the price of crude oil as 'fantastic', as freezing temperatures pushed it above $82 a barrel, AFP has reported.
Sheikh Ahmad Abdullah al-Sabah also said he expected demand to pick up in the second quarter of 2010, as the global economy is expected to continue its recovery and as crude inventories decline.
Source: Arab News Online
Fitch: Saudi ratings affirmed at AA-
January 14, 2010--Saudi Arabia's Long-term local and foreign currency Issuer Default ratings (IDRs) have been affirmed by Fitch Ratings at 'AA-', both with 'Stable' outlooks. The kingdom's Country Ceiling and Short-term foreign currency IDR were also affirmed at 'AA' and 'F1+', respectively.
"The financing flexibility offered by the government's balance sheet - built up by saving past oil revenues - has enabled it to forge ahead with spending plans without raising borrowing," Fitch said.
Source: Arab News Online
GCC business confidence falls in Q4
January 14, 2010--HSBC Bank Middle East has said that confidence levels of the business community in Kuwait and Saudi Arabia have increased, while the UAE, Oman and Bahrain have shown a decline in the fourth quarter of 2009.
The lender's quarterly Gulf Business Confidence Index for Saudi Arabia and Kuwait rose to 91.6 and 84.6, from to 91.5 and 83.1, respectively.
Source: AME Info
DFM slips slightly at end of week's trading
January 14, 2010--The Dubai Financial Market (DFM) fell 0.29% to 1,707.37 today, with 13 stocks rising, eight falling and eight holding steady. Gulf Finance House made the biggest gains of the day, moving up 13.33% to Dhs1.19.
Arabtec was the most traded stock by value and by volume, but ended the day down slightly by 0.82% to Dhs2.41.
Source: AME Info
ADX slips down 0.24%
January 14, 2010-The Abu Dhabi Securities Exchange (ADX) fell 0.24% to 2,707.20 on its last day of trading of the week, with 12 stocks rising, 11 falling and nine remaining unchanged.
Commercial Bank International (CBI) was the day's biggest gainer, going up by 9.92% to Dhs1.44.
Source: AME Info
Foreign investors purchase Dhs990.5m worth of shares on DFM during last week, sold Dhs1.214bn
January 14, 2010-Dubai Financial Market announced today that the value of shares bought by foreign investors, or non-UAE nationals, during last week (10 - 14 January) reached Dhs990.5m comprising 43.7% of the total value of stocks traded during the period.
The value of stocks sold by foreign investors during the same period reached Dhs1.214bn comprising 53.6% of the total value of stocks traded during the period. Net foreign investment on the market reached Dhs233.3m during the same period, as aggregate sell.
Source: AME Info
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