Middle East ETF News Older than One Year
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
Kuwait banking stocks end mixed
December 20, 2010--Despite positive growth prospects, the Kuwait market KSE does not find momentum for a year-end rally. Citi expects the Kuwait economy to grow 4.5% in 2011 (after 3.1% in 2010).
The KSE Market index lost 0.73% to end at 6,798. Financial heavyweights National Bank of Kuwait (NBK) and Islamic bank Kuwait Finance House (KFH) ended flat at KD1.340 and KD1.180 respectively. Gulf Bank of Kuwait (GBK) declined 1.8% to finish at KD0.540 as investors cash in profits. GBK gained over 86% year-to-date.
Source: AME Info
Tadawul bourse keeps on running
December 20, 2010--The Saudi Stock Exchange added 0.28% to reach 6,595.27. Year-to-date the Tasi index gained 7.74%. Shares of Zamil Industrial Investment Co. gained 0.84%, finishing at SR36.10.
Earlier in the day Dubai-based contracting specialist Drake and Scull has said it launched a partnership Sunday with Zamil's mother company Zamil Group Holding Company.
Source: AME Info
DIFC accounted for 1.1% of UAE's GDP in 2009
December 20, 2010--Total value added of the DIFC sub-economy in 2009 was USD 2,8 billion (2008: USD 2.8 billion), or approximately 1.1% of UAE GDP as estimated by the IMF, and 1.83% of the UAE's non-oil GDP.
The DIFC accounted for approximately 3.8% of Dubai's estimated 2009 GDP.
The financial sector accounted for 73% of the total value added, with 24% contributed by business services, and 3% by public administration
The contribution of business services increased by 25% in 2009 compared to 2008
At end December 2009, there were 706 active companies at the Centre, which has since grown to 782 companies as at November 2010
The DIFC, the UAE-based financial and business centre and gateway between the Middle East, Africa and South Asia region (MEASA) and the world, today issued its third annual Economic Activity Survey Report, updating the market on the size and level of economic performance of the DIFC sub-economy during 2009 and its contribution to the UAE's GDP.
The economic survey undertaken by the DIFC Authority is based on international practices in national accounting, and measures output, intermediate consumption and ultimately the gross value added produced within the DIFC district by entities registered in the Centre.
view the DIFC Economic Activity 2009 Survey Results
Source: DIFC
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
