Middle East ETF News Older than One Year
National Bank of Umm al-Qaiwain jumps 10 percent
September 18, 2012--The ADX General Index fell half a percentage point to 2,611.62 points.
Etisalat slipped 0.10% to Dhs9.69. Shares of National Bank of Umm al-Qaiwain or NBQ posted the largest advance, closing 10% higher at Dhs1.76. Earlier in the day, Global Investment House, known as Global, from Kuwait said that the Court of Cassation of Dubai on its hearing held Tuesday, in relation to the Dubai Court of Appeal ruling issued on May 21 2012 in Global's favour to recover the company's $250m deposit, decided to revert the case back to the Dubai Court of Appeal. The underlying dispute between the two lenders goes back to the year 2008, when NBQ received a deposit of $250m from Global for the purpose of a capital raising. However, the capital never happened because the financial crisis hit Global on the wrong foot and the Kuwaiti investment bank had to restructure its debt.
Source: AME Info
Deloitte Survey: Investment activity to increase in MENA Private Equity market in next 12 months
Deloitte Survey: Bounce back in confidence amongst regional GPs
Fifth Deloitte Private Equity Confidence Survey is issued
September 18, 2012--The fifth Deloitte Private Equity Confidence Survey has just been issued, gauging the views of the regional Private Equity (PE) community, across the Middle East.
The results of the survey reflect a bounce back in confidence amongst regional General Partners (GPs) and a more positive outlook for the long term prospects for PE in the MENA region.
“This edition of the Deloitte Private Equity Confidence Survey is perhaps the most insightful so far. The general sentiment amongst the MENA PE Community is one of optimism,” said Richard Clarke, managing director, Transaction & Restructuring Services, Deloitte Middle East. “While in the past, GP’s may have been hoping for increased deal activity and a bounce back in returns, today’s optimism is supported by our own experiences – there really has been and continues to be an increase in PE backed deals. With the regional political situation starting to settle down, the investment environment is now more attractive than it has been since the beginning of the uprisings of the Arab Spring and moreover the global crisis,” he added.
view the Deloitte MENA Private Equity Confidence Survey 2012
Source: Deloitte
Tadawul market ends 0.10% lower on Europe concerns, profit takings in U. S.
September 17, 2012--The Tadawul All Share Index finished at 7,149.42 Monday.
Sabic fell by a quarter percentage point to SR94.25. Al Sorayai Trading And Industrial Group Company hit a new 2012 high at SR31.50. Forty-six shares advanced, while 86 declined.
Source: AME Info
Batelco dips, banks add at Bahrain Bourse
September 17, 2012--The Bahrain All-Share Index gained 0.14% to reach 1,076.07 points Monday.
Bahrain Telecommunications or Batelco fell one percent to close at BD0.406. Khaleeji Commercial Bank gained the most (up 2.94% at BD0.035). National Bank of Bahrain and Bank of Bahrain and Kuwait added 2% and 1.60%, respectively.
Source: AME Info
Qatari banks gains as EFG Hermes seals partnership with QInvest
September 17, 2012--The QE 20 Index added 0.20% to hit 8,616 Monday as Qatar National Bank (up 0.22%), Commercial Bank of Qatar (1.32% higher) and International Islamic Bank (up 0.60%) pulled the market higher.
Earlier in the day, Shareholders of EFG Hermes Holding met in Cairo in an Extraordinary General Meeting and approved the firm’s strategic alliance with QInvest LLC of Qatar by a majority of 86.9% of the votes cast. The statement to the Qatar Exchange says: "Attending shareholders represented 54.8% of the firm’s equity and included all of EFG Hermes’ primary shareholders, among them Abu Dhabi Investment Authority, Dubai Financial Group and HSBC Middle East. The strategic alliance will see EFG Hermes Qatar LLC be 60% owned by QInvest and 40% owned by EFG Hermes. Following the completion of the transaction, EFG Hermes Qatar, through its subsidiaries, will offer a full range of investment banking services, owning and operating the Investment Banking, Securities Brokerage, Asset Management, Research and Infrastructure Fund businesses held at the time of the meeting by EFG Hermes." Qatar Islamic Bank, which is a shareholder of QInvest, closed today's trading flat.
Source: AME Info
Record-long gaining streak interrupted at Abu Dhabi market
September 17, 2012--The ADX General Index dipped 0.12% to 2,626.32 points, the first decline in nine trading sessions.
Investors booked profits in Aldar (down 0.80%) and Sorouh Real Estate (off 1.60%). Etisalat stabilised at Dhs9.75. Like in Dubai, trading volumes surged as 65m shares were traded, valued at Dhs94m.
Source: AME Info
Profit booking pulls Dubai bourse slightly lower
September 17, 2012--While tradnig turnover incrased further Monday, the DFM General Index ended off 0.44% at 1,589.18.
Emaar as the most active share by value, closing 0.56% lower at Dhs3.56. Gulf Navigation gained the most (up 9.28% at Dhs0.259). Some 309m shares worth Dhs250m changed hands, representing the highest turover since April 5 2012.
Source: AME Info
Batelco dips, banks add at Bahrain Bourse
September 17, 2012--The Bahrain All-Share Index gained 0.14% to reach 1,076.07 points Monday.
Bahrain Telecommunications or Batelco fell one percent to close at BD0.406. Khaleeji Commercial Bank gained the most (up 2.94% at BD0.035). National Bank of Bahrain and Bank of Bahrain and Kuwait added 2% and 1.60%, respectively.
Source: AME Info
Kuwait GDP bounced back to 21% after crisis
September 17, 2012--Kuwait National Bank (NBK) has said the Gulf country's economy has bounced back reasonably well in the post-crisis period,
saying that the growth in six out of eight non-oil sectors has been higher over the last three years than before the global financial crisis, Saudi Gazette has reported. Output rose by 21% per year on average between 2009 and 2011, only
Source: AME Infoi
Kuwait Stock Exchange loses 115 points in a week
September 13, 2012--The KSE Market Index failed to extend its rebound from yesterday and declined 0.72% Thursday, closing at 5,792.71 Thursday.
Weak performing bank shares weighed on the gauge in particular. International Financial Advisors or IFA fell 2.53% to KD0.385. Kuwait Building Materials Manufacturing jumped 14.15% to hit KD0.242. Due to the weak second week of September, the KSE Market Index failed to reach break-even on a year-to-date basis. Since January 1, the market measure lost 0.37%.
Source: AME Info
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