Middle East ETF News Older than One Year
Arabian Pipes Co. snatches supply deal for Saudi Aramco refinery
September 25, 2013-The Tadawul All-Share Index closed flat at 8,002 points on Wednesday.
The shares of Arabian Pipes Company closed unchanged, too, at SR21.25. Earlier in the day, the company said in a filing to the Saudi bourse it signed on Tuesday a contract for supply welded steel pipes to Hanwha Engineering & Construction Co. which is one of the major contracting companies for Jazan refinery project owned by Saudi Aramco. Saudi Aramco is the biggest oil company in the world. "The amount of the signed contract is SR49m and the supply of the project pipes will be during first quarter of 2014 from Jubail factory," said Arabian Pipes. The financial impact would appear in the same period of year 2014.
Source: AME Info
Oman's Alizz Islamic Bank dips ahead of official launch
September 25, 2013--The Muscat Securities Market Index MSM-30 advanced 0.33% to reach 6,615.91 points on Wednesday.
With today's rise, the gauge crossed the mid-Bollinger Band amid a narrowing upper and lower band ('nose-to-nose' formation), usually a bullish signal. Oman Chlorine posted the biggest uptick (up 4.50% at RO0.70). Alizz Islamic Bank fell 2.75% to RO0.106. Alizz, the second Islamic bank in the sultanate after Bank Nizwa, will officially launch operations next week on on Sept. 30. Jamal Darwiche, Acting Chief Executive Officer of Alizz Islamic Bank told Times of Oman, "We have taken a careful approach to gain valuable market insight and further refine our financial offerings by working closely with the Fatwa and Sharia Supervisory Board to develop unique product and service propositions."
Source: AME Info
Ma'aden shares rise as firm manages to extinguish minor fire
September 24, 2013--The Tadawul All-Share Index slipped 0.27% to 8,003.44 points on Tuesday after the Riyadh-based bourse resumed trading following the 83rd Saudi National Day.
Saudi Arabia Mining Company or Ma'aden (Arabic for 'metals') advanced 0.35% to reach SR28.90. Earlier in the day, Ma'aden said Sept. 20 a limited fire broke out at the phosphate rock unloading belt at the MPCs facility in Ras Al Khair. "No employees were injured in the event," said Ma'aden. Company officials responded and extinguished the fire. "This stoppage will not affect Ma'adens ability to meet its obligations to its customers due to the availability of alternative mechanisms for the transfer of phosphate rock by trucks and land transport," said the firm. "Further details, including financial impact will be communicated in the next two weeks when a full engineering review will be completed." The Ma'aden Phosphate Company is a joint venture between Ma'aden and Saudi Basic Industries Corporation, or Sabic, the Saudi market bellwether. Sabic shares finished unchanged at SR97.50. Saudi Industrial Investment Group or SIIG lost the most, closing off 2.53% at SR27.
Source: AME Info
Bahrain's Investcorp snatches L. A.-based retailer Paper Source
September 24, 2013--The Bahrain All-Share Index closed on Tuesday insignificantly lower at 1,190.85 points.
Islamic bank Gulf Finance House posted the largest uptick (7.70% higher). Investcorp Bank shares did not post a price change. Earlier in the day, Investcorp said it has acquired Los Angeles-based multi-channel retailer Paper Source. The firm was bought from U. S. private equity company Brentwood Associates.
Source: AME Info
Abu Dhabi market shares advance across the board
September 24, 2013--The ADX General Index advanced 0.32%,, finishing at 3,828.43 points on Tuesday.
The shares of International Fish Farming Holding Co. PJSC, known as Asmak (Arabic for fish) jumped 15% (limit up) to close at Dhs17.25. Earlier in the day, Asmak said it will hold its board of directors meeting on Monday, Sept. 30.
Source: AME Info
Qatari banks perform mixed as competition increases
September 23, 2013--The Doha-based QE 20 Index added 0.12% to reach 9,797.88 points on Monday.
The first lender in the gas-rich Gulf state Qatar National Bank (QNB) slipped 1.10%, while the number two Commercial Bank of Qatar was up 0.44%. Earlier in the day, Bloomberg reported the joint venture between Qatar Holding and Credit Suisse Group, Aventicum Capital Management, plans to begin international operations by the end of the year after starting its first fund in July. Qatar Holding, the sovereign wealth fund of owned by the ruling family Al-Thani, holds 6% in Switzerland's second lender.
Source: AME Info
Bank of Bahrain and Kuwait achieves ISO certifications
September 23, 2013--The Bahrain All-Share Index declined by 0.30% to 1,191.56 points on Monday.
Ahli United Bank ended off 1.44% at $0.658. The Bank of Bahrain and Kuwait or BBK closed unchanged at BD0.416. Earlier in the day, BBK said it achieved ISO 27001 and ISO 22301 certifications for its information security management systems and its business continuity management system from the International Organization. Standardization (ISO). BBK said both certifications had proven that it was operating in strict accordance with international standards.
Source: AME Info
Nasdaq Dubai on the move as market prepares for new listing
September 19, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 2.06% higher at 2,832.70 points on Thursday.
Market bellwether Dubai Ports (DP) World jumped 3.16% to hit $16. Earlier in the week, British Islamic bank Bank BLME (Bank of London and The Middle East) said it intended to list 195,733,691 shares on the Nasdaq Dubai with no new capital being raised and no new shares being issued. The listing price is expected to be $2.57 for each consolidated share, implying a market capitalisation of approximately $503m.
Source: AME Info
Qatar market's road to 10,000 points intact
September 19, 2013--The Qatar Exchange 20 Index advanced 0.38% higher at 9,870.90 points on Thursday.
Shares gained across the sectors after the U. S. Fed decided on Wednesday not to taper its monthly bond purchases of $85bn. Qatar Industrial Manufacturing Co. or QIMC closed unchanged at QR50. Earlier in the day, the firm said has it signed a contract with "Hill International" Co. to manage the design stage of the tower project, which QIMC intends to build on the Corniche Road, to replace its present headquarters, at an estimated cost of QR500m.
Source: AME Info
Tadawul market re-captures level above 8,000
September 19, 2013--The Tadawul All-Share Index closed 0.33% higher at 8,024.71 points on Thursday. Sabic advanced 0.52% to reach SR97.50.
Axa Co-operative Insurance posted the biggest loss, ending off two percent to SR38.60. Earlier in the week, Standard Chartered Bank head of global macro research Marios Maratheftis said in a presentation he held at the 35th Sibos summit on financial transactions that Saudi Arabia was experiencing a tremendous shift of its national economy from a public sector driven labour sector to a private non-oil economy. While the majority of Saudi nationals was employed in the government sector, the government had increased its spending for education to 25% of the kingdom's annual total budget. This would help the GCC's larges economy to transform itself to a diversified economy with thriving non-oil sector. Earlier in the day, Arab News reported that American firms are contributing to the $200bn infrastructure projects that the Saudi government has committed over the past two years, quoting US Secretary of Commerce Penny Pritzker. "Even more firms want to serve as partners in the next five years as Saudi Arabia spends $500bn more,' she told the US-Saudi Business Opportunities Forum in Los Angeles, Arab News reported.
Source: AME Info
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