Middle East ETF News Older than One Year
Islamic Finance: where next for the industry
May 21, 2013--While the comeback of stock market rallies investment banking, the Shari'ah-compliant industry faces its toughest test since it entered its boom phase a decade ago.
I got puzzled when I received a tweet from @Worldmuslimnews on May 11 saying "Islamic finance is out". Are issuances of Islamic bonds (sukuk) not going through the roof as we can read day by day? Could first quarter results published by Islamic financial institutions (IFIs) be better? Inspecting the tweet I realized with relief that @Worldmuslimews simply announced the latest edition of an electronic newspaper on Shari'ah banking.
Source: AME Info
Dar Al Arkan slips as developer kicks off sukuk roadshow
May 21, 2013--The Tadawul All-Share Index ended up 0.66% at 7,355.27 Tuesday.
While market heavyweight Sabic gained 1.62% to hit SR94.25, Dar Alarkan Real Estate Development Company fell 0.56% to SR8.90, after hitting an 8-month high last Saturday. Dar Alarkan started a roadshow to raise $500m through a greenback bond. The firms said yesterday it will laucnh the Islamic bond through several tranches within the next 12 months. The developer which plans to build 50,000 houses in the Kingdom until 2017 has appointed Bank Al Khair, Goldman Sachs, Deutsche Bank, Emirates NBD, Masraf Al Rayan and Qatar's Qinvest to manage the first tranche issuance. Saudi Arabia, the biggest GCC country by population, has a housing gap of 5 million units
Source: AME Info
Sabic reaches 1-month high
May 20, 2013--A lacklustre Tadawul All-Share Index closed 0.10% higher at 7,307.36 points.
The gauge stabilised above the important level of 7,300 as oil prices (U. S. crude) stabilised near $97 per barre (up 0.80%). Sabic, the world's first producer of petrochemicals, gained 0.54% to finish at SR92.75. Market breadth ended in the neutral zone as 73 shares advanced, while 70 declined.
Source: AME Info
Qatar Electricity and Water rises, launches power investment firm
May 20, 2013--The Doha-based Qatar Exchange 20 Index rose 0.61% to close at 9,064.31 points on Monday.
Qatar Electricity and Water Company (QEWC) added 0.70%, finishing at QR144.50. Earlier in the day, QEWC said that a partnership agreement will be signed with Qatar Petroleum International and Qatar Holding to establish a new Qatari shareholding company. The company "will be working in investment outside the State of Qatar, in the fields of power generation, water desalination and treatment, heating and cooling systems, provision of fuel as well as fuel loading and unloading equipment." The agreement was signed today at the office of H. E. the Minister of Energy and Industry Dr. Mohamed bin Salih Al Sada.
Source: AME Info
Abu Dhabi developers dip on profit booking
May 20, 2013--The ADX General Index declined 1.15% to 3,523.34 on Monday.
Like in Dubai, real estate firms weighed on the gauge. The two merging developers Aldar Properties and Sorouh Real Estate fell by 1.50% and 4.10%. Eshraq Properties and RAK Properties lost 3.20% and 3.40%, respectively. News that building workers employed by Dubai-based Arabtec Construction were on a strike for a wage hike since last Saturday derogated the sentiment. Abu Dhabi-based sovereign wealth fund Aabar holds 22% in Arabtec which appointed a new head of human resources last Thursday. National Bank of Umm al-Qaiwain gained the most, finishing up 7% at Dhs3.20.
Source: AME Info
Bahrain posts 20% growth in nonoil trade
May 20, 2013--According to a report by Global Investment House (GIH), Bahrain's real GDP is estimated to have expanded 3.9% in 2012 from the 1.9% growth seen a year earlier, Arab News has reported.
Even as the oil sector shrank by around 8.5% in 2012 due to a temporary technical disruption at the country's main Abu Sa'afa oil field, strong growth in the nonoil sector drove economic growth, the report said. Nonoil GDP rose to an expected 6.7% in 2012 from 1.4% in 2011. The national accounts data for 2012 point to a relatively consistent increase in production virtually across the kingdom's nonoil economy. The fastest growing sectors have been hotels and restaurants, followed by social and personal services, and manufacturing, GIH said.
Source: AME Info
Depa shares soar after Arabtec influence clarified
May 16, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 0.10% lower at 2578.71.
Dubai-based interior design firm Depa Limited jumped 10% in value to close at $0.44. Arabtec Construction, which has a 25% stake in Depa Limited said earlier in the day, 4 Arabtec top managers, among them Arabtec CEO Hasan Abdullah Ismaik, have been voted to the board at Depa following the interior design firm's annual general meeting, Construction Weekly reported.
Source: AME Info
Depa shares soar after Arabtec influence clarified
May 16, 2013--The FTSE NASDAQ Dubai UAE 20 Index closed 0.10% lower at 2578.71.
Dubai-based interior design firm Depa Limited jumped 10% in value to close at $0.44. Arabtec Construction, which has a 25% stake in Depa Limited said earlier in the day, 4 Arabtec top managers, among them Arabtec CEO Hasan Abdullah Ismaik, have been voted to the board at Depa following the interior design firm's annual general meeting, Construction Weekly reported.
Source: AME Info
Qatar Exchange loses slightly
May 16, 2013--The QE 20 Index fell 0.20% to 8,916.90 points Thursday.
Qatar National Bank or QNB closed off 0.90% to QR141.70. Qatar Navigation gained the most (up 3.26% at QR69.60) .
Source: AME Info
Record gaining streak halted in Manama
May 16, 2013--The Bahrain All-Share Index slipped 0.05% to 1,147.85 in a dull trading session on Thursday.
The market measure advanced 8 consecutive sessions from May 2 to May 14. Al Salam Bank fell 2.38% to BD0.082. Islamic bank Ithmaar was the most liquid share, finishing flat at $0.25. Year-to-date, the Bahrain gauge has gained 7.72%.
Source: AME Info
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
