Middle East ETF News Older than One Year
Foreign investors purchase Dhs1.852bn worth of shares on DFM during the last week, and sold Dhs1.756bn
December 16, 2009--Dubai Financial Market announced today that the value of shares bought by foreign investors, or non-UAE nationals, during last week (13 - 17 Dec.) reached Dhs1.852bn comprising 46.3% of the total value of stocks traded during the period.
The value of stocks sold by foreign investors during the same period reached Dhs1.756bn comprising 43.9% of the total value of stocks traded during the period. Net foreign investment on the market reached Dhs96.7m during the same period, as aggregate buy.
Source: AME Info
Oman budget in $39m deficit
December 16, 2009--According to official data, Oman's state budget shows a deficit of RO15m between January and October. The Sultanate had a surplus of RO1.55bn a year ago, but lower oil prices hit income, Reuters reported.
The country's revenue fell 20% in the first 10 months to RO5.452bn from the previous year, while expenditure rose 3.3% to RO5.467bn, data from the ministry of national economy showed. Net oil income dropped to RO3.56bn in January - October, from RO4.75bn a year earlier, the data showed.
Source: AME Info
Dubai bailout provided a $10bn bond
December 16, 2009--The $10bn of financial aid from Abu Dhabi for Dubai to meet debt obligations was in the form of bonds, on similar terms to a $10bn bond issue to the UAE central bank in February, Reuters has reported.
"The loan is based on the same terms as the first tranche of the $20bn bond," a source close to Dubai's government, who did not wish to be identified, told the news service. That bond was for five years, paying a coupon of 5% a year. "The fact that the $10bn is in the form of loan is a normal, healthy development," Philippe Dauba-Pantanacce, senior economist at Standard Chartered in Dubai told Reuters.
Source: AME Info
Moody's places four UAE banks on review for possible downgrade
December 15, 2009--Moody's Investors Service has today placed on review for possible downgrade the ratings of four UAE banks.
- Abu Dhabi Commercial Bank and its subsidiary ADCB Finance (Cayman)Limited,
- Commercial Bank of Dubai,
- Dubai Bank and
- HSBC Bank Middle East Limited, HSBC Bank Middle East Limited (UAE Branch) and HBME Sukuk Company Ltd.
The purpose of Moody's rating review is to assess the resilience of these banks' ratings to the potential continued deterioration in Dubai's operating environment, including their exposure to the ongoing restructuring of Dubai World companies' debt. (Moody's recently downgraded three other UAE banks, Emirates NBD, Mashreqbank PSC and Dubai Islamic Bank PJSC which had been on review since August 2009.
Source: AME Info
Kuwait, BlackRock eye foreign investments
December 14, 2009--U.S. asset manager BlackRock (BLK.N) and Kuwait's sovereign wealth fund are in talks to buy stakes in foreign banks, a Kuwaiti newspaper said in an unsourced report on Monday.
The talks aim at elevating banking connections between BlackRock, the world's largest asset manager, and the Kuwait Investment Authority, and might include increasing KIA's deposits at BlackRock, Kuwaiti daily al-Anbaa said.
Officials at KIA could not be reached for comment.
Source: Middle East Updates
Dubai to unveil new bankruptcy law
December 15, 2009--A new reorganization bankruptcy law based on international standards that state-owned Dubai World may use to restructure $26bn of debt is to be revealed today, Bloomberg has reported.
The new law will be available 'should Dubai World and its subsidiaries be unable to achieve an acceptable restructuring of its remaining obligations,' the government of Dubai said.
Source: AME Info
Dubai Gold And Commodities Exchange Weekly Views Dec 13, 2009
December 13, 2009--Commodities Overview
Gold, silver, and petroleum prices led other commodities lower last week as investors and traders booked profits after a very strong end of November. Some of the short-term tightness in the market that had contributed to the rise in prices at the end of last month had dissipated by last week, allowing prices to fall.
That said, they did not fall far. It was clear from the market action that while some trading companies and more speculatively oriented funds were liquidating longs after recent highs, longer term investors and others continued to view precious metals and crude oil as likely to see higher prices over the first four months of 2010. As a result, the downward price pressures of the shorter term selling were tempered by continued buying interest from longer term investors. A stronger dollar and a wave of relatively strong economic indicators from China, the United States, and other countries all helped create a sense of caution toward continued gold and silver bullishness, as signs of economic recovery became more concrete. The strength of the dollar also put some caution into precious metals buyers. This week prices are expected to remain under downward pressure. Prices may not fall far, however, given continued longer term investor interest.
Currencies Overview
These reports have anticipated a time when the dollar found a bottom against major traded currencies and reversed. The view has been that the dollar would appreciate somewhat against the euro, yen, and pound, while remaining under pressure against the yuan, other Asian currencies, and the currencies of natural resource exporting nations. The bottom may have been reached over the past few weeks for the dollar, at least in the near term. The dollar has shown considerable strength since the middle of November. It may well be that the dollar could strengthen further over the next few weeks against major traded currencies, as investors shift to long dollar positions. Economic conditions are improving in the United States. While some signs of economic bottoming and recovery are beginning to emerge in Europe and Japan.
Source: Dubai Gold And Commodities Exchange (DGCX)
Abu Dhabi agrees to give Dubai $10bn
December 14, 2009-The government of Abu Dhabi and the UAE Central Bank have announced that they will provide $10bn to the Dubai Financial Support Fund, allowing Dubai World to repay $4.1bn of Islamic sukuk bonds that are due to be paid on Monday. The excess would be used to support Dubai World up until the end of April 2010, according to a statement issued today.
In an official statement Sheikh Ahamd bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee, said 'the government of Abu Dhabi and the UAE Central Bank have agreed to provide important support.
'Specifically, the government of Abu Dhabi has agreed to fund $10bn to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World.
Source: AME Info
Goverment of Dhabi announces set of actions
December 14, 2009--The Government of Dubai, acting through the Supreme Fiscal Committee (“SFC”), today announces a set of actions in relation to Dubai World:
HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee said:
“Like other global financial centers, Dubai has faced recent market challenges driven by the global economic slowdown and a severe real estate market correction.
“Recently, Dubai World announced that it might not be able to commercially support its obligations. Since that time, the Government of Dubai has worked closely with the Abu Dhabi Government and the UAE Central Bank in addressing and assessing the impact of Dubai World on the UAE economy, banking system and investor confidence
Source: Emirates Business
New panel to rule on Dubai World disputes
December 14, 2009--Dubai is to set up a tribunal to decide disputes related to the settlement of the financial position of Dubai World and its units, under a decree issued today by the ruler of the emirate, Sheikh Mohammed Bin Rashid Al Maktoum.
The tribunal will be established in the Dubai International Financial Centre and will be chaired by Anthony Evans, who is currently chief justice of DIFC Courts. The tribunal will be charged with 'hearing and deciding any demand to dissolve or liquidate' the state-owned corporation, according to a statement issued by the Dubai ruler's press office.
Source: AME Info
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