Middle East ETF News Older than One Year
New law imposes tough penalties for fraudulent acquisition of public or private funds in Dubai
December 29, 2009--United Arab Emirates: H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai today issued a law imposing tough penalties aimed to safeguard public and private funds in Dubai.
Designed to protect Dubai's economic interests and preserve financial rights of individuals, the new law comes in line with Dubai's ongoing efforts to eradicate all forms of fraud, enhancing the emirate's position as a leading global business hub.
The law facilitates redemption of funds fraudulently seized by individuals from either public or private money. Under the new law, convicted persons will face 5 to 20 years imprisonment. The law permits immediate release of convicts once they fully return the money to their lawful owners or through settlement agreements negotiated with their debtors.
Source: AME info
UAE Ministry of Economy prepares national plan to develop small and medium businesses
December 28, 2009--His Excellency Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, said the Ministry will be the federal authority responsible for developing the small and medium business sector in the UAE, following an official request from the Cabinet.
He said the Ministry is working a national plan to drive economic development by enhancing the role of SMEs and in coordination with concerned government departments in the UAE.
He was chairing the sixth meeting of the Coordination and Economic
Source: AME Info
Saudi annual M3 slowed in November
December 29, 2009--Official data from the Saudi Arabian Monetary Agency (SAMA) has showed the kingdom's M3 money supply had slowed from 11.4% in October to 11.3% in November, Reuters has reported.
M3, the broadest measure of money circulating, stood at SR1,023.2bn in November, up from SR919.3bn a year earlier and SR1,003.9bn in October.
Source: AME Info
GCC Investor Confidence – Shaken but still positive
December 28, 2009--Special two-part report reflecting pre and post Dubai World restructuring and subsequent sukuk repayment announcement
Initial drop in GCC Index below 100. Post Nakheel sukuk repayment, figure moves into positive territory at 116.9 points
UAE experiences volatility, initial loss of 46.8 points followed by gain of 26.5 points, post Nakheel sukuk repayment
SHUAA Capital, the region’s leading financial services institution, today issued its December Special Edition GCC Investor Sentiment Report, the only report of its kind for the Gulf markets.
December has been an incredible month for the global financial community, given the events surrounding Dubai World and its announcement on 25 November 2009 to request a standstill on its debt obligations while it restructures various parts of its business, including the master developer, Nakheel. The subsequent repayment of the Nakheel ’09 Islamic bond, or sukuk, via a loan from Abu Dhabi, was equally unexpected and highlighted the issue of uncertainty in regional markets. Owing to this, two investor surveys for December’s SHUAA Capital Investor Sentiment Report were conducted - one before the Nakheel sukuk repayment and one after. By doing this, SHUAA Capital is aiming to fairly reflect investor confidence in the region, drawing together the viewpoints from the regional and international professional investment community.
Source: SHUAA Capital
Saudi Arabia budget 2010 reflects kingdom's quick economic recovery
December 27, 2009--The Kingdom of Saudi Arabia is 'well positioned to reap the benefits from the rebounding global economy', according to a report by NCB Capital Chief Economist Dr. Jormo T. Kotilaine.
Increased government spending, including 'outlays for both physical and social infrastructure development along with other diversification initiatives will likely ensure that the economy comes back to its historical growth trajectory,' the report says in commenting on the largest budget in the Kingdom's history.
Source: AME Info
Saudi economy to grow by 4.1% in 2010, says EFG-Hermes
December 27, 2009--Egyptian investment bank EFG-Hermes has forecast that the Saudi Arabian economy will grow by 4.1% in real terms in 2010, as domestic demand in the kingdom will pick up, Reuters has reported.
GDP growth in real terms in 2011 will accelerate to 4.5% with the non-oil sector improving, driven by government investment programs and private consumption, the investment bank's chief economist Monica Malik said in a report. Also consider reading:
Source: AME Info
Yemen sets 2010 budget with $2.4bn deficit
December 27, 2009-The Yemeni cabinet has approved a 2010 draft budget with a deficit of YR492bn ($2.4bn), or 7.7% of the country's gross domestic product, Reuters has reported.
The budget has total projected revenues of YR1.52 trillion and expenditure of YR2.012 trillion.
Source: AME Info
OPEC output targets unchanged
December 24, 2009--Members of the Organisation of the Petroleum Exporting Countries have agreed to keep their supply curbs unchanged, Reuters has reported.
However, ministers have expressed concern at the decline in adherence with quota restrictions that has pushed up inventories in industrialised consumer nations to 60 days worth of demand. While Saudi, Kuwait and the UAE are at or near full compliance with output cuts, Angola, Nigeria and Iran have made little or no contribution.
Source: AME Info
Kuwait oil output capacity rises above 3 million bpd
December 24, 2009--Sami al-Rasheed, Chairman of Kuwait Oil Co, has said a number of upgrade projects have enabled the company to raise its oil production capacity to around 3.13 million barrels per day, AFP has reported.
More than half of the capacity comes from the Great Burgan, the world's second largest oilfield after Saudi Ghawar, whose output capabilities have been raised from 1.5 million to 1.7 million bpd, Rasheed said.
Source: AME Info
Bahrain ratings affirmed
December 23, 2009--Standard & Poor's Ratings Services has affirmed its 'A' long-term and 'A-1' short-term sovereign credit ratings on the kingdom of Bahrain, with 'Stable' outlook.
"The ratings on the Kingdom of Bahrain reflect the government's net financial asset position and strong international alliances," the rating agency said in a statement.
Source: AME Info
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