Middle East ETF News Older than One Year
Saudi Arabia to expand its ports
June 21, 2011--Saudi' transport minister has said the country plans to raise the capacity of the kingdom's second-largest port in Dammam and spend more than $613m on port expansions to rival other regional ports,
Reuters has reported. "All ports are subject now to expansion. We are investing now SR2.3bn ($613m) for projects in all the ports and we always continue increasing, particularly the industrial ports in Yanbu and Jubail," Jobarah al-Suraisry said. "The next budget will be coming in five or six months and we will see more projects," he said, without giving more details.
Source: AME Info
MSCI extends review period for UAE and Qatar by six months
June 21, 2011--MSCI, a leading provider of investment decision support tools worldwide, including indices, portfolio risk and performance analytics and corporate governance services, announced that the 2011 review period for the potential reclassification of the MSCI Qatar Index and the MSCI UAE Index from Frontier Market to Emerging Market status has been extended to December 2011 in order to give additional time for market participants to assess the impact of the recent positive changes implemented in these two markets.
"International investors continue also to be concerned by the effect of stringent foreign ownership limits such as limited availability of shares to foreign investors," MSCI says in its statement. While the index provider praises the implementation of "delivery-versus-payment" at the exchanges in Doha, Dubai and Abu Dhabi, the restriction that foreign ownership cannot take over the majority of listed companies remains stil prevents both Gulf states from being classified as 'emerging markets' by MSCI.
Source: AME Info
Almarai shares gain on SR4bn poultry business expansion
June 21, 2011--The Saudi Arabian Tadawul market closed 1.33% higher at 6,462.41 points. Shares of food producer Almarai added 0.27% to reach SR92.25. Earlier in the day,
Almarai announced that its board of directors approved a proposal to increase the scope of a project expansion of Almarais poultry business totalling SR4bn ($1.08bn). Market leader Sabic recaptured the level at SR102 (up two percent). Amana Insurance lost the most, closing off 6.81% at SR42.40. The advance-decline ratio ended at an impressive 136 to 8, while one stock ended flat.
Source: AME Info
Qatar market closed unchanged
June 21, 2011--The QE Index in Doha ended a roller coaster trading day flat at 8,214.63, as banks and insurers gained slightly, but industrial and services retreated.
While Qatar National Bank closed even (at QR139), Commercial Bank of Qatar (up 0.29% at QR68.20) and Qatar Islamic Bank (gaining half a percent at QR78.40) helped the market to avoid a further red day.
Source: AME Info
Banks rebound at Kuwait Stock Exchange
June 21, 2011--The KSE Market Index gained for the first time since June 15, closing up 0.41% at 6,276.00 points.
After the Euro states set up a $780bn rescue fund for debt-laden Euro-countries like Greece, Portugal and Ireland, some pressure on bank shares was eased on financial securities worldwide. National Bank of Kuwait recovered 1.72% to reach KD1.180. Gulf Finance House lost the most, diving 6.25% to KD0.075.
Source: AME Info
Taqa dips, awards Dutch company multi-million Euro contract
June 21, 2011--The Abu Dhabi bourse ADX ended 0.92% lower at 2,731.84 points. Shares of the mostly state-owned Abu Dhabi National Energy Co., known as Taqa, closed off 0.79 at Dhs1.25. Earlier in the day,
Taqa announced it has awarded the Dutch company, Frames Process Systems B.V. (Frames), a multi-million Euro contract for the delivery of the Dew Point Correction Units (DPCU) for Bergermeer Gas Storage in the Netherlands. Bank of Sharjah gained the most (up 5.45% at Dhs1.75). Six stocks gained, 15 lost and ten finished even. Around 56.5m shares valued at Dhs95.7m changed hands.
Source: AME Info
Business counts the cost of Arab Spring
June 23, 2011--Six months on from the start of the Arab Spring*, businesses around the world are counting the cost of unrest in the Middle East and North Africa.
The latest research from Grant Thornton’s International Business Report (IBR) reveals that as the region continues to experience major political change, globally, more than a fifth (22%) of privately owned companies say that the unrest has had a negative impact on their business.
This figure is highest in North America where a quarter (26%) of businesses report a negative impact. However, when asked if the situation is affecting their plans to do business in the region, only 10% globally said they are now less likely to do business there. Grant Thornton believes that, despite the upheaval, the region should be viewed by businesses as one with real opportunities for the future.
Source: Grant Thorton
UAE Investment Map to create level playing field for investors
No plans to raise 49% foreign ownership limit for listed firms
June 20, 2011--The UAE Ministry of Economy Monday unveiled the UAE Investment Map, a federal-level initiative to attract private sector investment.
"The initiative will promote the sustainable and balanced development of the UAE, and contribute to the GDP growth by stimulating the investment environment and attracting investment and technology that drive the knowledge economy in addition to reducing the dependence on oil by diversifying revenue streams," said Mohammad Ahmad Bin Abdul Aziz Al Shehhi, undersecretary in the Ministry of Economy.
The programme will provide equal opportunities for all seven emirates to attract investments based on each one's competitive advantages.
International investors
The new move is aimed at introducing international investors to the investment opportunities in all sectors of the UAE economy.
Al Shehhi said the UAE Investment Map is in line with the strategic plans of the ministry for 2011-2013 to enhance the investment environment and the competitiveness of the national economy.
Although all efforts will be made to increase foreign investment, Al Shehhi said there were no plans to raise the 49 per cent foreign ownership limit for listed firms.
Source: Gulf News
Greece worries weigh on Tadawul market
June 20, 2011--Due to global worries about a possible default of Greece, Saudi investors followed global and regional investors and dumped bank-, insurance- and investment shares in particular, sending teh Tadawul market down one percent to 6,377.71 points
Malath Insurance dived 4.20% to SR15.95 while Saudi Industrial Investment Group declined 1.81%, finishing at SR21.65. Sixteen shares gained, 124 declined and five ended even.
Source: AME Info
National Bank of Kuwait dives 3.33%
June 20, 2011--The Kuwait Stock Exchange closed at 6,250.5 points (off one percent) on Monday.
Amid worries about a possible default of Greece, investors worldwide sold financial shares. Market bellwether National Bank of Kuwait declined over three percent to finish at KD1160. Islamic bank Ithmaar from Bahrain bucked the trend by closing 2.1% higher at KD0.024.
Source: AME Info
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