Middle East ETF News Older than One Year
Local lenders in Egypt unable to fund deficit
October 27, 2011--Egypt: Egypt's finance minister has said local banks had nearly reached the maximum they can lend to cover the country's budget deficit,
Reuters has reported. "Our borrowings from the local market are big, and have reached levels that I can almost say are more than the limit," Hazem El-Beblawi said. [AMEInfo.com]
Source: AME Info
Dubai bourse DFM posts third quarter loss of Dhs9.28m
October 26, 2011--United Arab Emirates: The Dubai Financial Market (DFM) Company announced today its financial results for the first nine months of 2011 ending September 30th, with a 90% decline in net profit to Dhs7.61m compared to Dhs77.84m in the corresponding period of 2010.
DFM shares currently trade below par value at Dhs0.969. The company recorded a net loss of Dhs9.28m in the third quarter of 2011 compared to a net loss of Dhs2.95m in the corresponding period of 2010. The DFM said in a statement: "The constant drop in trading values overshadowed the company's revenue, as trading value decreased by 52.2% during the first three quarters of this year to Dhs27.6bn compared to Dhs57.7bn in the nine months to September 2010. In the same context, the trading value decreased by 42.3% to Dhs5.2bn in the third quarter of 2011 compared to Dhs9.03m in the third quarter of 2010." Internaitonal index provider MSCI dealyed in June its decision whether or not the UAE will be upgraded to Emerging Market status from Frontier Market. Such an upgrade would increase funds from fund managers abroad. MSCI will review the UAE's market status end of 2011.
Source: AME Info
Mobily shares close flat as firm secures Islamic refinancing
October 26, 2011--The Tasi equity benchmark in Riaydh ended down 0.12% to 6,147.54 points Wednesday, as bellwether Sabic lost 0.78%, finishing at SR95.00.
Earlier in the day, the IMF said it expects the Saudi economy to grow by 3.6% in 2012, down from a forecasted 6.5% in 2011. The highest day gain was once again done by an insurance firm: Gulf General Cooperative Insurance Co. ended up 9.95% at SR40.90. Shares of Etihad Etisalat or Mobiliy closed even at SR51.50. Mobily has announced that "the firm in the process of concluding an Islamic refinance agreement with Saudi local banks to refinance the balance of the following loans: a SR10.78bn long-term loan, which it obtained in 2007; a medium-term SR1.5bn loan, it obtained in 2009; and a short-term SR1.2bn loan it got in 2010. These loans were timely disclosed." The Mobily share has doubled in value during the last three years, however, in 2011 it has not been creating shareholder value (as yet).
Source: AME Info
Dubai bourse DFM posts third quarter loss of Dhs9.28m
October 26, 2011--The Dubai Financial Market (DFM) Company announced today its financial results for the first nine months of 2011 ending September 30th, with a 90% decline in net profit to Dhs7.61m compared to Dhs77.84m in the corresponding period of 2010.
DFM shares currently trade below par value at Dhs0.969. The company recorded a net loss of Dhs9.28m in the third quarter of 2011 compared to a net loss of Dhs2.95m in the corresponding period of 2010. The DFM said in a statement: "The constant drop in trading values overshadowed the company’s revenue, as trading value decreased by 52.2% during the first three quarters of this year to Dhs27.6bn compared to Dhs57.7bn in the nine months to September 2010. In the same context, the trading value decreased by 42.3% to Dhs5.2bn in the third quarter of 2011 compared to Dhs9.03m in the third quarter of 2010." Internaitonal index provider MSCI dealyed in June its decision whether or not the UAE will be upgraded to Emerging Market status from Frontier Market. Such an upgrade would increase funds from fund managers abroad. MSCI will review the UAE's market status end of 2011.
Source: AME Info
National Bank of Kuwait shares hit four-month high
October 26, 2011--The Kuwait Stock Exchange Market Index closed 0.06% higher at 5,905 points.
The country's largest lender National Bank of Kuwait or NBK advanced 1.79% to reach KD1.140, a four-month high. Earlier in the day the IMF said it expects the Kuwaiti economy to grow next year by 4.5%, down from an expected 5.7% in 2011.
Source: AME Info
Qatar bourse gains slightly, IMF sees sharp growth slump in Qatar in 2012
October 26, 2011--The QE Index added 0.14% to close at 8,464.04 points.
The country's largest lender Qatar National Bank gained 0.28% to reach QR143.00. The IMF projects for 2012 a growth of 6% for the Qatari economy, after a whopping 18.7% in 2011.
Source: AME Info
Abu Dhabi Islamic Bank gains on higher nine-mont profit
October 26, 2011--The ADX General Index closed 0.17% higher at 2,454.85 points. Abu Dhabi Islamic Bank or ADIB gained 0.63% to reach Dhs3.20.
Earlier in the day ADIB reported a decrease of a third in net profits for the third quarter year-on-year, amounting to Dhs55.18m. However, ADIB's nine-month profit increased 53% to reach Dhs237m. Aldar Properties and Sorouh closed again unchanged at Dhs1.00 and Dhs0.92 respectively. So did Abu Dhabi National Energy Co. or Taqa. Earlier in the day, Taqa said that Carl Sheldon has been appointed CEO, succeeding Mr. Abdulla Saif Al Nuaimi who stepped down in July 2011 to focus on his role Director General Abu Dhabi's utility monopolist ADWEA. "Carl was previously TAQA’s General Counsel and Deputy General Manager. Prior to joining TAQA, he was a Partner at Allen & Overy LLP where his main focus was the energy sector," according to his bio, posted on Taqa's website. Some 24.8m shares worth Dhs40.5m changed hands at the ADX.
Source: AME Info
DP World shares gain on growing container handling
October 25, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1411.560 today, up 0.45%, from the previous close. DEPA Limited, the Dubai-based interior design firm, ended even at $0.445. Global maritime port operator DP World closed almost one per cent higher at $10.70.
Earlier in the day DP World has said its global portfolio of container terminals has delivered another solid quarter handling gross volumes of 14.4 million TEU (Twenty-foot equivalent unit) in the third quarter of 2011, 10% ahead of the third quarter last year. Gross volumes for the first nine months of the year were 40.6 million TEU or 11% ahead of the prior year. This performance was driven by strong growth in the Asia Pacific, UAE, Africa and Americas regions, as well as new volumes from recently acquired
Source: AME Info
DP World shares gain on growing container handling
October 25, 2011--The FTSE NASDAQ Dubai UAE 20 Index closed at 1411.560 today, up 0.45%, from the previous close. DEPA Limited, the Dubai-based interior design firm, ended even at $0.445.
Global maritime port operator DP World closed almost one per cent higher at $10.70. Earlier in the day DP World has said its global portfolio of container terminals has delivered another solid quarter handling gross volumes of 14.4 million TEU (Twenty-foot equivalent unit) in the third quarter of 2011, 10% ahead of the third quarter last year. Gross volumes for the first nine months of the year were 40.6 million TEU or 11% ahead of the prior year. This performance was driven by strong growth in the Asia Pacific, UAE, Africa and Americas regions, as well as new volumes from recently acquired Suriname and additional capacity in Callao, Peru and Qingdao, China. Like for like gross volume growth was 9%.
Source: AME Info
Qatar Navigation falls half a per cent, as nine-month profit dives
October 25, 2011--The QE Index ended unchanged at 8,452.46, as only the banking sector posted a small advance.
Shares of international shipping and transport company Qatar Navigation Company fell 0.52% to QR78.00. Earlier in the day, Qatar Navigation disclosed a net profit of QR584.3m for the nine months period ended September 30, 2011 in comparison to a net profit of QR1.1bn for the corresponding period last year.
Source: AME Info
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