Middle East ETF News Older than One Year
Qtel gains, announces management changes at Indonesian subsidiary
September 18, 2012--In line with the sluggish global trend Tuesday, the Doha-based QE 20 Index slipped 0.34% to 8,586.68.
Shares of Qatar Telecom or Qtel added 0.30% to reach QR107.80. Earlier in the day, Qtel announced the following management changes at Qtel Group company, PT Indosat Tbk following an Extraordinary General Meeting held today at Indosat’s offices in Jakarta. Mr. Harry Sasongko Tirtotjondro is to be replaced as President Director and CEO by Mr. Alexander Rusli on 1 November 2012.
Source: AME Info
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
Egypt expects 7.5% growth rate over 3 years
September 18, 2012--Egypt's finance minister, Momtaz El-Said has said the country's economy could reach a growth rate of 7.5% during the coming three years in addition to creating 750,000 new job opportunities, Ahram has reported.
The anticipated growth rate will be achieved through the Public-Private Partnership (PPP), as the government eyes pushing up the volume of investments to EGP276bn ($46bn) by the end of 2012, said El-Said. There are 15 proposed projects under PPP's system worth $8.3bn, with the first phase to immediately witness the implementation of six to eight projects, while the rest will be see the light at a later stage, he said.
Source: AME Info
Aluminum Bahrain weighs on Bahrain Bourse
September 18, 2012--The Bahrain All-Share Index ended off 0.05% to close at 1,075.55 points.
Sharres of Aluminum Bahrain declined 0.40% to BD0.488. Ahli United Bank and Islamic financial institution Ithmaar closed unchanged. No other share posted sufficient trading volume in Manama Tuesday.
Source: AME Info
National Bank of Umm al-Qaiwain jumps 10 percent in value
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
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
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