Middle East ETF News Older than One Year
Dubai Gold Securities 9-Month Volume Surges On November Trading
Total Volume For First 9 Months At 80,881 Shares - Volume In The Last Three Months Almost Double That In The First Six Months Post-Launch And Reflects Growing Familiarity With Instrument
December 10, 2009--Trading in Dubai Gold Securities gathered pace in the three months ending 30 November 2009 with 53,190 shares traded during that period compared with a total of 27,691 shares in the first six months after its launch at the beginning of March 2009, representing an increase of 92%.
Some 40,668 shares were traded in November alone with a total value of US$4.57 million.
A joint initiative of the World Gold Council and the Dubai Multi Commodity Centre (DMCC), Dubai Gold Securities trades on NASDAQ Dubai and is the Middle East's first gold Exchange Traded Commodity (ETC). Additionally, it has been approved as Shariah compliant by an internationally recognized board of Shariah scholars.
Investors in the GCC region are increasingly seeking to obtain access to gold price performance by means other than the purchase of jewelry, said Grant Collins, Senior Managing Director, DCAM. "The introduction of Dubai Gold Securities has provided them with an efficient way to gain exposure to gold without incurring the costs associated with holding the physical metal. As a financial product that is designed to track the performance of the spot gold price, it fulfills the metal's central role as a preserver of wealth, and does so in a manner that is Shariah compliant. The volume in November is indicative of a growing interest in and familiarity with Dubai Gold Securities and exchange traded financial products generally among GCC regional institutions and local investors."
"DCAM has undertaken several initiatives this year aimed at informing market participants about the merits of gold ETCs, particularly as a hedging instrument against inflation and further weakness in the US dollar. And we anticipate continued interest in such products as long as those factors remain a concern for investors ," he added.
Dubai Gold Securities LLP is incorporated in the Dubai International Financial Centre and can offer up to 1 billion Dubai Gold Securities under the Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority. Dubai Gold Securities were first admitted to trading on NASDAQ Dubai on 2 March 2009.
Source: Dubai Gold Securities
Demand for natural gas sources presents export opportunities for GCC
December 10, 2009--The increase in demand for natural gas sources is presenting Gulf countries with wide-scale export opportunities as they evolve current commercial models and invest in liquefied natural gas (LNG) plants and infrastructure.
Natural gas is expected to become the fastest growing major fuel source, growing by more than 50% by 2030 when it will overtake coal. New gas chains from a global perspective were discussed on day two of the International Petroleum Technology Conference (IPTC), taking place in Doha until Wednesday 9 December.
Source: AME Info
Iraq oil potential overstated by some firms
December 10, 2009--Thamir Ghadhban, adviser to Iraq's prime minister and a former oil minister, has said that estimates of 10 or even 12 million bpd production targets proposed by some international oil companies in Iraq are not realistic, Reuters has reported
'With all due respect to IOCs and their technical expertise, I think some of the plateau figures that were bid on in the first round were exaggerated and most likely unsustainable,' he said.
Source: AME Info
Moody's reviews UAE and Abu Dhabi GRI ratings for downgrade
December 10, 2009--United Arab Emirates: Moody's Investors Service has placed the ratings of government-related issuers (GRIs) in the UAE on review for possible downgrade.
This includes all GRIs that are owned by either the federal UAE government, or the government of Abu Dhabi.
Source: AME Info
Foreign investors purchase Dhs1.754bn worth of shares on DFM during the last week, and sold Dhs1.820bn
December 10, 2009--Dubai Financial Market announced today that the value of shares bought by foreign investors, or non-UAE nationals, during last week (6 - 10 Dec.) reached Dhs1.754bn comprising 53.2% of the total value of stocks traded during the period.
The value of stocks sold by foreign investors during the same period reached Dhs1.820bn comprising 55.2% of the total value of stocks traded during the period. Net foreign investment on the market reached Dhs65.8m during the same period, as aggregate sell.
Source: AME Info
Emaar announcement fuels DFM 7% gains
December 10, 2009--The Dubai Financial Market (DFM) ended the week on a high note, going up by 7% to 1,640.76. Twenty-seven traded stocks moved up, with only one (EmiratesNBD, down 3.51% to Dhs3.30) falling.
Emaar led the resurgence, with the company moving up by 14.84% to Dhs2.94 on news that its merger with Dubai Holding companies would not go ahead.
Source: AME Info
Abu Dhabi ends week on upward trading
December 10, 2009-The Abu Dhabi Securities Exchange ended the day up by 1.43% at 2,502.24, with 21 stocks rising, 10 falling and two holding steady.
Abu Dhabi Shipbuilding Co led the list of gainers, closing up by 10% to Dhs3.08, while RakBank fell the furthest in the day's trading, losing 10% to Dhs4.05
Source: AME Info
Oman Central Bank assets rise
December 10, 2009--Data from Oman's central bank showed its net foreign assets had climbed 14.6% to OR4.63bn in January-October, from the same period last year, Reuters has reported.
The central bank's domestic assets rose slightly to OR3.28bn in the first 10 months of 2009, from OR3.21bn a year earlier. The data also showed deposits in commercial banks surging 48% to OR8.97bn, while capital and reserves of commercial banks increased to RO1.63bn in January-October, from OR910m a year ago.
Source: AME Info
Dubai World banks agree payment rescheduling
December 10, 2009--Four UK banks have agreed to reschedule Dubai World's debt, Arabic daily Albayan has said, citing unidentified British banking sources. HSBC Holdings, Lloyds Banking Group, Standard Chartered and Royal Bank of Scotland have requested more information from Dubai World about interest on the planned delayed payments, the newspaper said in a report posted by Zawya Dow Jones.
Dubai World, which is seeking to restructure some $26bn of debt, will hold a meeting with lenders later this month, the paper said.
Source: AME Info
Fitch affirms Egypt's rating at 'BB+'; outlook stable
December 10, 2009--Fitch Ratings has today affirmed the Arab Republic of Egypt's Long-term foreign currency Issuer Default rating (IDR) at 'BB+' and Long-term local currency IDR at 'BBB-'.
Both ratings have Stable Outlooks. The Short-term foreign currency IDR is affirmed at 'B'. The Country Ceiling is affirmed at 'BB+'
Source: AME Info
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