Middle East ETF News Older than One Year
Saudi stock investors slow down year-end rally
December 22, 2010--Despite oil prices hitting $90 per barrel for the first time since Q3 2008, the Tadawul market added just 0.06% to reach 6,609.53 points. Nevertheless energy and utilities shares were outperforming. Saudi Electricity surged 1.43% to close at a two-month high SRR4.20. Commenting on the Kingdom's budget for 2011,
Kuwait's Global Investment House said in an analysis today, that "the Saudi government continues to show its commitment towards enhanced public spending with budgeted government expenditure showing an annual increase of 7.4% to reach SR580bn ($154.7bn), and deficit of SR40bn ($10.7bn) in 2011." The study adds that "the oil revenues for Saudi Arabia contribute more than 85% to the government revenues and thus relatively higher oil prices and production levels in 2010 supported the revenues. In the challenging global economic environment, Saudi Arabia's generous government spending and various initiatives facilitated its economic expansion. KSA is estimated to record real GDP growth of 3.8% and nominal GDP growth of 16.6% in 2010. We forecast the economic expansion in KSA to record real GDP growth in the range of 4.0% to 4.5% in 2011." Year-to-date, the Tadawul market posted among the GCC countries the second highest rate of return of 7.97% after the exchange in Qatar which gained 24.41%.
Source: AME
Abu Dhabi Council for Economic Development launches dynamic economic model for the Emirate
December 21, 2010-- The Abu Dhabi Council for Economic Development (ADCED) launched a state-of-the-art economic modeling platform, developed in partnership with leading modelling network ECOMOD, today in the presence of representatives from the government and private sector and media representatives.
The new model, ADMOD, is meant to provide impact results for various economic policies taking into consideration different economic sectors, population segments and the overall economy of the emirate.
Source: AME Info
MENA countries look to the East to strengthen trade, investment and knowledge links
December 21, 2010-- Increased cooperation with India and China has been crucial for the Middle East and North Africa region, allowing it to sustain growth despite difficult economic times and fully benefit from the dynamics of the two high-growth regions, according to Al Masah Capital's latest research report,
which explores the depth of the relationship between the three trading partners and the future potential still untapped.
Source: Al Masah Capital Limited
Taqa secures $3bn revolving credit facility
December 21, 2010--Abu Dhabi's main index ADX lost 0.66% Tuesday, ending at 2,698.46 points. Shares of Abu Dhabi National Energy Co., known as Taqa, declined 0.68% to finish at Dhs1.44.
Earlier in the day Taqa announced in a statement to the ADX that it has secured a $3bn revolving credit facility. This facility will be used for "general corporate purposes". It replaces an existing $3.15bn revolving credit facility from August 2008. Since October 31st, Taqa shares have been trading in a range between Dhs1.40 and Dhs1.50. Oman and Emirates Investment Holding was the main gaining share, closing 6.38% higher at Dhs1.00.
Source: AME Info
Qatar market rebounds 0.38%
December 21, 2010--The QE Index closed Tuesday slightly higher at 8,664.15 Shares of Al Khaliji Commercial Bank gained 1.86% to reach QR16.40. Earlier in the day, Al Khaliji and International Bank of Qatar (IBQ) have today announced progress in the proposed merger discussions that began earlier this year.
An Integration Steering Committee (ISC) which brings together the combined expertise of both institutions has been formed to complete the process required for the proposed merger. One day after its Annual General Meeting, Doha Bank lost 1.67% to end at QR64.70. Doha Bank said in a statement to the QE it is committed to issue unconditional and irrevocable guarantee for bonds issued by a subsidiary company fully owned by the bank up to $500m.
Source: AME Info
Kuwait bourse gains slightly
December 21, 2010--The KSE Price index added 0.32% to close at 6,819.5. Al-Ahleia Holding Company gained 9.67% to reach KD0.017. All sector indices added value, except the industrial sector.
Aref Investment Group hit the bottom of today's charts, closing 7.56% lower at KD0.061.
Source: AME Info
Tadawul market consolidates above 6,600
December 21, 2010--The Saudi Stock Exchange's lead index Tasi added 0.15% to reach 6,605.47. Mouwasat Medical Services Company posted the largest gain, ending 5.88% higher at SR72.00.
Al Rajhi Bank, the GCC's largest Islamic Bank, added 0.31% to end at SR81.25. KSA plans to invest Dhs528bn or $144bn in 2011 in education and infrastructure projects to create more jobs, Gulfnews reported.
Source: AME Info
Bahrain central bank to stop managing bourse
December 21, 2010-The central bank of Bahrain (CBB) is to stop managing the kingdom's stock exchange to focus on its role of regulating the bourse, Reuters has reported.
The CBB will continue to regulate the exchange but will not be involved in managing it," a CBB spokeswoman said, declining to provide a date for the transfer of management or further details.
Source: AME Info
Lebanon issues seven-year bonds
December 20, 2010--Lebanese lender Banque Byblos has said the country has issued $1bn in seven-year government bonds, the longest period for local currency bonds, AFP has reported.
The bonds, which mature in 2017 and carry interest of 7.9%, aim to "help the government deal with debt in Lebanese pounds rather than foreign currency," the lender said.
Source: AME Info
Qatari investors cash in profits
December 20, 2010--On its first trading day after the 39th National Holiday on Sunday, the Doha-based QE Index lost 1.17% to end at 8,631.16 points. Financial shares posted the largest losses.
The QE suspended trading on Doha Bank shares on Monday, December 20, 2010 due to its Annual General Meeting (AGM) being held on that day. Industries Qatar was on of the few blue chips which bucked the trend, climbing 0.23% higher to reach QR133.30.
Source: AME Info
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