Middle East ETF News Older than One Year
Lebanon could start drilling gas reserves this year
January 07, 2012--Lebanese energy expert, Roudi Baroudi has said the country is sitting on one of the biggest gas reserves in the region and drilling is likely to start as early as this year,
The Daily Star has reported. The '11th basin' off the Lebanese coast is reported to have a gas reserve which are almost three times bigger than Libya's gas reserve, he said. "I am very happy that the Lebanese government passed the law to administer the country's oil and gas wealth off the coast. This is a major step that will make Lebanon one of the largest gas producers in the region," Baroudi told the daily. [AMEInfo.com]
Source: AME Info
IPOs decline 69.3% in Mena region, says report
January 05, 2012--According to Ernst & Young’s year-end Mena IPO update, the regional capital markets have raised $843.9m in 2011, down 69.3% from $2.8bn in the previous year,
Reuters has reported. The year has closed with IPO funds worth $226.1m raised in the fourth quarter, a decline of 83.5% from $1.4bn raised in the corresponding quarter a year earlier. “Companies chose other fundraising routes over IPOs in 2011, which was another year of low capital market activity. Low investor interest continued in the MENA region as companies chose Islamic funding such as sukuk, which saw a record year, as the preferred route for fundraising,” said Phil Gandier, Mena head of transaction advisory services at E&Y.
Source: AME Info
Kuwait's budget surplus hits $42bn
January 05, 2012--According to data by Kuwait’s finance ministry, the Gulf country’s budget surplus has reached KD11.6bn ($41.6bn) in the first eight months of its 2011-12 fiscal year,
double than a year ago on higher than expected oil revenue and lower spending, Reuters has reported. The surplus accounted for 33% of Kuwait’s 2010 gross domestic product, at KD5.9bn. Revenue of the world's sixth-largest oil exporter was KD18.7bn in April-November, while spending came at KD7.1bn, 36.6% of the full-year plan, the data showed.
Source: AME Info
DGCX 2011 annual volumes rise 110% to record over 4 million contracts
January 04, 2012-- Annual volumes for 2011 on the Dubai Gold and Commodities Exchange (DGCX) registered a substantial growth of 110% from 2010 to reach 4,044,138 contracts,
the highest ever annual volumes achieved by the Exchange since inception. The annual volumes represent a value of $185.13bn. [AMEInfo.com]
Source: AME Info
Investors fail to honour Arabtec'sDhs561m Dubai airport award
January 04, 2012--The Dubai Financial Market (DFM) General Index fell 0.30%, closing at 1,346.60 points.
Shares of Arabtec Construction ended 1.82% lower at Dhs1.62. Earlier in the day, Arabtec said it has received a letter of award from Dubai Aviation City Corporation (DACC) to carry out expansion works at Dubai International Airport's Terminal2 (Phase 3), worth Dhs561m. The project's duration is 25 months. Emaar Properties ended off 0.78% at Dhs2.53. Islamic real estate company Deyaar Development rebounded 2.36% to reach Dhs0.217. The share lost around 30% of its value last year. Some 36.3m shares were traded, valued at Dhs42.4m.
Source: AME Info
NASDAQ Dubai bellwethers end roller-coaster day in the green
January 04, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed flat at 1378.930 Wednesday. Dubai Ports (DP) World gained 1.52% to close at $10.00.
Jewelry trader Damas International soared 13%, closing at $0.26. Both aforementioned shares started the day deeply in the red but eventually rebounded, albeit amid low trading volumes. Depa, the Dubai-based interior designer who created the interior decoration in the seven-stars hotel Burj al Arab as well as in the 828 meters tall Burj Khalifa, closed even at $0.42.
Source: AME Info
Banks lift Bahrain Bourse slightly
January 04, 2012--Bahrain: The Bahrain All Share Index added 0.13% to reach 1,136.08 points. Islamic financial institution Ithmaar Bank surged 7.69%, ending at $0.07.
Telecom heavyweight Bahrain Telecom or Batelco saw its shares closing unchanged at BD0.394. Commercial bank and wealth manager BBK advanced one per cent, finishing like Batelco at BD0.394.
Source: AME Info
Etisalat, Taqa help Abu Dhabi bourse to rebound
January 03, 2012--The ADX General Index advanced half a per cent to reach 2,408.49 points, as bellwether Etisalat, the UAE's first telecom provider, gained 1.75% (closing at Dhs9.28).
Abu Dhabi National Energy Co., known as Taqa (up 1.69% at Dhs1.20) also helped the sentiment to improve. Around 39m shares were traded, valued at Dhs44m.
Source: AME Info
Qatar Exchange gains as banks prepare for annual reporting
January 03, 2012--Amid rising trading turnover, the Doha-based QE Index closed one per cent higher at 8,880.43 points, as stock gained across the board. Doha Bank surged 2.33%, while the country's largest lender
Qatar National Bank added 1.60%. According to Dr. Giyas Gokkent, Chief Economist and Head of Research at National Bank of Abu Dhabi, Qatari banks continue to grow in the personal loan segment. Personal loans grew 8% month-on-month last November and 25.7% year-on-year. Meanwhile, a number of lender announced board meetings scheduled for January in order to discuss the financial statements of 2011.
Source: AME Info
Damas, DP World shine at NASDAQ Dubai
January 03, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed 1.18% higher at 1,378.52 today.
Bellwether shares Dubai Ports (DP) World advanced 1.44% to reach $9.85, while Damas Jewellery surged four per cent, closing at $0.23. Dubai-based Damas has gained 50% in value since November 15 2011. Interior designer Depa Ltd. ended flat at $0.42. Some 1.13m shares changed hands at the NASDAQ Dubai, the Middle East's only capital market by international standards.
Source: AME Info
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