Middle East ETF News Older than One Year
Islamic finance paves way for future and solves economic problems, says Kuwait Finance House-Bahrain CEO
December 5, 2011-Kuwait Finance House-Bahrain CEO and MD Abdul Hakim Al-Khayyat said that Islamic banking has numerous advantages and capabilities that allow it to play a pivotal role in solving many economic problems in the GCC.
He added that Islamic banking is not operating at full swing yet, either as a result of lack of legislations or opportunities.
He stressed that having a highly ethical Islamic financing system and the efficient collaboration among local and international institutions will contribute to the prosperity and development of the society and economy.
Source: AME Info
Dubai Gold & Commodities Exchange Weekly Market Commentary-December 4, 2011
December 4, 2011--Economic Data Overview
The December 5 week will have little economic data to keep markets' attention with the November employment report out of the way, and the data on retail sales and inflation over a week away. However, monetary policy announcements from major central banks could prove timely as the euro zone struggles to meet the challenges of the sovereign debt crisis, and the global financial sector tries to limit the potential contagion.
The first of the monthly reads on December consumer confidence will be the IBD/TIPP Economic Optimism Index on Tuesday, and the preliminary Reuters/University of Michigan Consumer Sentiment Index on Friday. The November data suggested that confidence was starting to recover after recent lows in the summer months, and December should build on this improving trend. Gasoline prices have declined further, and the labor market is showing some slow and very modest improvement. However, financial markets remain volatile and the economic future less uncertain.
The ISM Non-Manufacturing Index for November on Monday could be consistent with sustained expansion near the current pace. Some of the regional data on service sector activity have turned higher for the month as conditions associated with unsettling events in the summer months continue to fade.
The international trade deficit for October on Friday will provide the first information to fill out the net exports component of fourth quarter GDP. A narrowing in the trade deficit helped support growth in the third quarter, and should also play a part in the fourth quarter. There may be a little late imports of goods for holiday inventories, but exports of hard goods like aircraft and motor vehicles will probably be respectable.
Source: Dubai Gold & Commodities Exchange (DGCX)
Kuwait bourse rises, while European exchanges ease
December 01, 2011--While UAE stock exchanges and the Saudi Tadwul bourse remained closed Thursday, trading at the Kuwait Stock Exchange (KSE) continued and lifted the KSE Market Index by 0.41% to reach 5,835.2 points.
Financial shares were the main drivers of the recovery, with National Bank of Kuwait or NBK adding 1.75% at KD1.160. Pearl of Kuwait Real Estate Co. was the top loser (off 6.25% at KD0.0375.
Source: AME Info
Qatar Islamic Bank gains, enters MoU with the Export-Import Bank of Korea (KEXIM)
December 01, 2011--The Qatar Exchange Index added 0.82% to reach 8,662.76 points, improving its year-to-date to minus 0.22%. Qatar Islamic Bank or QIB advanced 0.73% to close at QR82.80.
QIB earlier today signed a Memorandum of Understanding (MoU) with the Export-Import Bank of Korea (KEXIM) Both parties agreed to exchange of information "and to propose appropriate individual projects in which the two parties might most effectively use their respective resources for mutual benefit." QIB and KEXIM have also agreed to consider accepting trainees or secondments of staff, Abdullatif Bin Abdulla AI Mahmoud, Managing Director, QIB said.
Source: AME Info
Dubai market remains on the recovery track
November 30, 2011--The DFM General Index ended 0.62% higher at 1,378.94 points, thanks to an index rise during the last hour of trading. Gulf General Investment Corporation (GGICO)was the top gainer (up 8.64% at Dhs0.239).
Islamic home financing company Tamweel surged 2.77% to reach Dhs0.76. Earlier in the day Tamweel announced that its majority shareholder Dubai Islamic Bank or DIB will be conducting a series of fixed income investor meetings in Asia, UAE and Europe, but not in the USA. Investment bank Shuaa Capital fell 3.33%, closing as a top loser today at Dhs0.58. Some 87m shares were trade, valued at Dhs113.8m.
Source: AME Info
Kuwait Stock Exchange gains 0.20%
November 30, 2011--The KSE Market Index ended at 5,811.6 Wednesday. Gulf Bank of Kuwait (GBK) advanced by 1.19% to reach KD0.530,
while the northern Gulf state's largest lender National Bank of Kuwait finished even at KD1.140. Gulf Franchising Holding fell 7.9% to KD0.0175.
Source: AME Info
United Development Company advances, integrates 'Resort and Leisure Company'
November 30, 2011--The QE Index closed 0.10% higher at 8,592.40 points. Real estate bellwether United Development Company or UDC gained 0.20% to reach QR21.34. Earlier in the day UDC said it decided to join “Resort and Leisure Company “to the Subsidiaries Group of United Development Company.
The statement reads, "Hospitality Development Company assigns its ownership of 'Resort and Leisure Company' completely to United Development Company with all the rights and duties, which include the Trade Name, Trade Mark and Commercial Title."
Source: AME Info
Saudi Arabian Mining Company rises on new financing agreement
November 30, 2011--The Saudi Arabian Tadawul market ended 0.12% lower at 6,104.56 points. Sabic slipped 0.27% to SR92.50. Shares of Saudi Arabian Mining Company or Ma'aden (Arabic for metal) added 0.81% to reach SR25.00. Earlier in the day Ma'aden said that that its subsidiary,
SAMAPCO (Sahara and Maaden petrochemicals company) has signed today a financing agreement for the caustic soda and ethylene dichloride project. The subsidiary is a 50:50 joint venture with Sahara Petrochemical (down 2.70% at SR16.20). The agreement totaling $240m (SR900m) was signed with the Saudi Industrial Development Fund (SIDF).
Source: AME Info
Saudi GDP to grow 6.9% in 2011 - report
November 29, 2011--According to the Saudi American Bank Group (Samba), the kingdom's real GDP is expected to grow by almost 6.9% in 2011, its highest growth rate in eight years, due to a surge in oil production and public spending,
Emirates 24-7 has reported. “Saudi Arabia is set for the strongest rate of economic growth since 2003, driven by double digit growth in crude oil output and sizeable gains in government spending,” Samba said in its report. Non-oil sector growth is projected to grow by more than 5%, while the hydrocarbon sector could record double digit growth due to higher output and prices, the report said.
Source: AME Info
Kuwait cabinet resigns
November 29, 2011--The Kuwaiti cabinet has submitted its resignation yesterday in a bid to resolve demands from protesters and opposition deputies that the prime minister step down over corruption allegations, Reuters has reported.
The resignation comes after the country saw its greatest political crisis in years escalate sharply earlier this month, when demonstrators accompanied by opposition lawmakers stormed parliament to demand the resignation of prime minister Sheikh Nasser al-Mohammad al-Sabah.
Source: AME Info
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