Middle East ETF News Older than One Year
Dubai Mercantile Exchange Announces One Billion Barrels Traded Since Launch
November 30, 2009-- 29 November 2009: The Dubai Mercantile Exchange Limited (DME) announced today that cumulative trading in its benchmark DME Oman Crude Oil Futures Contract (DME Oman) has exceeded one million contracts, representing one billion barrels of crude oil traded, since its launch on June 1st, 2007.
At the close of trading on 27 November 2009, DME Oman had traded a total of 1,000,174 contracts, which at 1,000 barrels per contract is equivalent to more than 1 billion barrels of crude oil.
Since its inception, DME Oman has provided the most fair and transparent price discovery mechanism for East of Suez crude markets. Reflecting the growing liquidity of its flagship contract, the DME reported a 60 per cent year on year increase in average daily volumes during 2009, averaging at 2,037 contracts.
DME Oman continues to demonstrate a strong link to the underlying Oman crude physical market and is the largest physically delivered crude oil contract in the world. Physical deliveries of DME Oman have recently averaged 10 million barrels per month, achieving a record volume of 11.6 million barrels for September 2009 delivery. This development marks a 60 per cent increase in physically delivered volumes from August 2007 to date.
Marking the announcement, Ahmad Sharaf , Chairman of the DME said:
“This is a very positive day for the DME. The billion barrels milestone is further confirmation to the markets, our stakeholders and shareholders that the fundamentals are in place for the long-term success of the flagship DME Oman Crude Oil Futures Contract and the DME as a whole”.
Craig Donohue, Chief Executive Officer of CME Group, commented :
“CME Group congratulates DME on this significant milestone, which reflects the growing acceptance of the DME Oman Crude Oil Futures Contract among key energy traders and hedgers, particularly in the key AsiaPac region. We look forward to continued successful co-operation between our organisations, which together offer customers the three key crude oil benchmarks serving the Middle East, Europe and North America on a global platform, virtually around the clock.”
Thomas Leaver, Chief Executive Officer of the DME, added: “The DME continues to go from strength to strength. This time last year we were announcing more than 500,000 contracts traded in the 18 months since launch. Just 12 months on, we have succeeded in doubling that volume to one million. This is a testament to the overwhelming support of our customers and a growing recognition that DME Oman provides the most efficient price discovery and risk management tool to participants in the rapidly growing East of Suez markets.”
Source: Dubai Mercantile Exchange
Dubai Gold And Commodities Exchange Weekly Views -November 29, 2009
Commodities Overview
November 29, 2009--Precious metals prices continue to move higher, with gold reaching record levels. Investors have been driving the increase in prices, out of a range of economic, political, and financial concerns.
The last two weeks saw a diminution of the price sensitivity of some investors, including some in India and North America: Investors that had resisted buying into the rally to record high gold prices capitulated, and started buying.
Currencies Overview
Currency markets could be unsettled this week. The dollar weakened sharply last week. Further declines may not be seen for the dollar, but the dollar could toss and turn against the euro and other currencies. The European and North American economies are moving toward an economic recovery. Whether they will achieve a sustainable recovery or fall back into recession is not clear. Pending any major economic or financial disruption, recovery seems most likely, but there are any number of problems looming over the world economy at present that could upset this outlook. Investors are rightly concerned about the myriad of developments which could go wrong, upsetting the apple cart.
Source: Dubai Gold and Commodities Exchange (DGCE)
Abu Dhabi market sees slight gain
November 25, 2009--The Abu Dhabi Securities Exchange gained 0.56% today to close on 2,910, led by the construction industry, which climbed 1.59%.
Union Cement was the day's big gainer, up 9.49% to dhs1.73. Overall, 22 ended higher, eight declined, and eight were unchanged.
Source: Online News
DFM gains 1.08%
November 25, 2009--The Dubai Financial Market gained 1.08% today to close on 2,093. Global Investment House led all gainers, up 14.96% to Dhs1.46.
Market heavyweight Emaar also ended higher, up 0.73% to Dhs4.16. Overall, 22 stocks gained, 2 ended lower, and 5 were unchanged.
Source: AME Info
Saudi Arabia's Tadawul index rose 0.83%
November 25, 2009--Saudi Arabia's Tadawul index rose 0.83% to end the day on 6,355, led by the Banks and Financial sector, which gained 1.18%.
Sahara Petrochemical was the day's big gainer, up 3.26% to 20.60 riyals. Overall, 86 stocks ended higher while 33 declined.
Source: AME Info
Oman to hike spending by 9% in 2010
November 25, 2009--Oman's economy minister, Ahmed Bin Abdulnabi Macki, said the Sultanate plans to boost government spending by 9% to RO7.18bn ($18.7bn) next year, as it seeks to revive the economy after the global economic crisis, Bloomberg has reported.
The ministry is budgeting for a deficit of RO800m, based on an average oil price of $50 a barrel in 2010.
Source: Business Daily
Kuwait's 2010/11 budget based on $43 oil price
November 24, 2009--Kuwait's 2010-11 budget is expected to be based on a crude oil price of $43 a barrel, up 22.8% from the previous fiscal year, according to a report by al-Watan newspaper.
In the 2009-10 fiscal year which started on April 1, Kuwait had assumed its oil revenue would be $35 a barrel.
Source: Omline News
Jordan to focus on deficit reduction
November 23, 2009--Jordan's finance minister has said the kingdom's 2010 JD5.4bn ($7.6bn) budget will focus on curbing the country's soaring deficit to spur the economy to recover from the impact of the global downturn. '
The budget's focus is on state expenditure that has become very large and we need to tackle this before the problem accentuates,' Bassem al-Salem told Reuters. Jordan's public finances are under strain as the global economic downturn hurts domestic demand and foreign cash flows, including remittances from expatriates in the Gulf.
Source: AME Info
Bahrain inflation slows to 1.5%
November 24, 2009--Bahrain's statistics agency has said the kingdom's inflation had dropped to 1.5% in October from 1.97% in the previous month, as the price of food and beverages declined, Bloomberg has reported.
The rise in the index for food and non-alcoholic beverages slowed to 6.3% from 9.1% in September, the agency said.
Source: AME Info
Restructuring of Dubai World
November 25, 2009--The Government of Dubai, acting through the Supreme Fiscal Committee (SFC), has authorised the Dubai Financial Support Fund (DFSF) to spearhead the restructure of Dubai World with immediate effect.
The process has begun with the appointment at the direction of the DFSF of a Chief Restructuring Officer (CRO), Aidan Birkett, Managing Partner, Corporate Finance at Deloitte LLP, to Dubai World. The CRO will work with Dubai World's executive management team to oversee the restructuring process and ensure the continuity of Dubai World's operations.
Dubai World has a portfolio of strategically important businesses and the restructuring will be designed to address financial obligations and improve business efficiency for the future.
The DFSF, working with the CRO, will start to assess and evaluate the extent of the restructuring required. As a first step, Dubai World intends to ask all providers of financing to Dubai World and Nakheel to "standstill" and extend maturities until at least 30 May 2010.
The $5bn bond announced earlier today by the Dubai Department of Finance and managed by the DFSF is not linked to the restructuring of Dubai World and is meant for the general purposes of the DFSF.
Source:AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
