Middle East ETF News Older than One Year
From Now, it Will be Cheaper for Companies to Make Issuances on TASE
​March 14, 2018--On March 13, 2018 a tax bill passed its final hearings in the Knesset, whereby issuance expenses are to be recognized and deductible for tax purposes.
The bill proposes that every company or partnership that issues equity and is listed on the Tel-Aviv Stock Exchange (TASE) will be able to deduct the issuance expenses of shares or participation units that are listed on TASE.
This measure is expected to provide more Israeli companies with an incentive to go public, giving the Israeli public the opportunity to be part of the success of the Israeli companies.
Source: TASE
Saudi Aramco IPO in serious trouble: NY out, London iffy and Tadawul risky
March 14, 2018--Two years ago, Saudi Crown Prince Mohammed bin Salman's announcement that Aramco would conduct an IPO for 5% of its shares was by far the biggest news on the planet.
Today, the bigger news is the possibility that it won't list any time soon, or any more or that it will exclude international markets like London, or New York.
Source: AMEInfo.com
Israel: Staff Concluding Statement of the 2018 Article IV Mission
March 14, 2018--Israel's economy is thriving, enjoying solid growth and unemployment declining to historic lows. Near-term prospects are for further robust growth in the next few years and inflation is expected to rise although the pace of that increase is uncertain.
But relative poverty is the highest among OECD countries, partly owing to wide gaps between the employment and productivity of the Israeli-Arab and Haredi subgroups relative to non-Haredi Jews. Unless these gaps are narrowed, the substantial shifts in population composition that will unfold in coming decades could undermine growth and stability.
Israel should seize this opportunity to implement further reforms, especially in education and training, product markets, and the business environment, to sustain strong and inclusive growth.
Source: IMF
MIDEAST STOCKS-Higher ownership ceilings boost Qatar, Egypt climbs on CIB
March 13, 2018--Qatar's stock market continued rising on Tuesday after two top companies said they were raising their ceilings for foreign ownership, while strength in Egypt's biggest bank lifted that market. Most of the rest of the region was subdued.
The Qatari stock index, which had soared 5 percent on Monday, added a further 1.6 percent. Qatar National Bank, which had risen its 10 percent daily limit on Monday, climbed 6.9 percent.
Source: Zawya.com
MIDEAST STOCKS-Qatar soars as QNB to lift ownership ceiling, Saudi also strong
March 12, 2018--Qatar's stock market soared on Monday after Qatar National Bank said it would raise its ceiling for foreign ownership, while expectations for more inflows of foreign money lifted Saudi Arabia.
The Qatari stock indexadded 5.0 percent, its biggest leap since January 2016, in its heaviest trade this year as QNB, the Middle East's biggest bank, rocketed its 10 percent daily limit.
Source: Zawya.com
UK officials told that Aramco IPO unlikely until 2019: FT
March 11, 2018--British officials have been informed by their Saudi counterparts that oil giant Saudi Aramco's IPO-ARMO.SE initial public offering is likely to be delayed until 2019, the Financial Times reported.
The Saudi government had targeted a market listing by the second half of 2018, but preparedness for the offering and also willingness for a simultaneous or sequential flotation on a foreign exchange had been questioned, the FT reported, citing sources.
Source: Reuters
MIDEAST STOCKS-Abu Dhabi down; Egypt hits record high
March 6, 2018--Gulf stocks were mixed on Tuesday, with the Saudi market. TASI up on steady oil prices and Abu Dhabi dragged down by First Abu Dhabi Bank's stock going ex-dividend.
Outside of the Gulf, Egypt's index .EGX30 continued to climb, reaching an all-time high as it benefits from the central bank's decision to cut interest rates last month, the first time it has done so since letting the currency float freely in 2016.
Source: Zawya.com
Qatar Stock Exchange Lists the First ETF in Qatar
March 5, 2018--QE Index ETF today has become the first Exchange Traded Fund (ETF) listed on Qatar Stock Exchange under the symbol "QETF", it is the first ETF in Qatar and the largest ETF in the GCC.
The Fund will track the QE Index that measures the price performance of the top 20 largest and most liquid companies on Qatar Stock Exchange.
CEO of the Qatar Stock Exchange Rashid Ali Al Mansoori said: "Great thought and effort has gone into the development of an ETF market at Qatar Stock Exchange and a listing based on our main index was always going to be a proud moment. There's no denying the popularity of ETFs globally and were excited at the new trading opportunities the ETF provides to our investors,"...
Source: OANA - The Organization of Asia-Pacific News Agencies
Dubai Gold & Commodities Exchange appoints INTL FCStone Commodities DMCC to Serve as Market Maker for their Sharia-Compliant Spot Gold Contract (DGSG)
March 5, 2018--INTL FCStone Inc. (NASDAQ: INTL) today announced that its Dubai-based subsidiary, INTL FCStone Commodities DMCC ("the Company") will serve as the market maker for the Dubai Gold & Commodities Exchange (DGCX) Sharia-compliant Spot Gold contract, which will be available for trading beginning on March 29, 2018.
The release of this contract is a first for DGCX, and will mark its entry into the Islamic Finance sector.
DGCX's offering will be the first Sharia-compliant Gold product to be listed on a regulated trading platform in the Gulf Cooperation Council (GCC) region.
Source: INTL FCStone Inc.
DGCX Records its Best Month since Inception with 67% Growth in Volume
March 1, 2018--Dubai Gold and Commodities Exchange (DGCX) continued its record-breaking start to the year while delivering its best month since inception. Last month, the Exchange traded its highest monthly Volume of 2,097,739 contracts, valued at USD 47.03 billion, recording 67% year-on-year (Y-o-Y) growth.
The Exchange has thus far recorded 53% year-to-date growth from 2017. The spikes witnessed in DGCX's trading volumes are a clear sign of investors' increased appetite for protection amidst market volatility. The Exchange's best performing product segments for the month were Currencies and Precious Metals.
Source: Dubai Gold and Commodities Exchange (DGCX)
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