Middle East ETF News Older than One Year
Saudi stops issuing tourist visas
September 1, 2010--Saudi Arabia has stopped issuing of visas to those who wish to visit the kingdom only for tourism, Gulf News has reported.
The Saudi Commission for Tourism and Antiquities (SCTA) declined to comment on the decision but chairman of the consultative committee for organisers of tourist trips Prince Abdullah Bin Saud said this issue would be discussed with the president of the SCTA after Eid to find solutions to the hurdles impeding investment in the field of tourism.
Source: AME Info
Dubai bourse adds 0.19%
September 1, 2010--Stocks at the Dubai Financial Market ended on a mixed note, as the DFM Index closed 0.19% higher at 1,486.52 points. Logistics provider Aramax, which currently a Middle Eastern wide aid program for flood victims in Pakistan, was the most liquid stock, gaining 1.16% at Dhs1.74.
Investment bank Shuaa Capital (off 2.17% at Dhs0.90) announced today that it had appointed Amer Halawi as Head of Research. Twelve stocks gained value, 11 lost and five shares closed unchanged.
Source: AME Info
Kuwait market ends 0.16% lower
September 1, 2010--Losses in the real estate and banking sector weighed on the KSE Market Index (off 0.16% at 6,677.9 points). Shares of Commercial Bank of Kuwait (CBK) closed 1.12% lower at KD0.880.
On August 10, Fitch Ratings has downgraded Commercial Bank of Kuwait's (CBK) Individual Rating to 'D' from 'C/D' and removed it from Rating Watch Negative. Bahrain's Ithmaar Bank gained 5.19%, finishing at KD0.0405
Source: AME Info
Banks push Qatar exchange higher
September 1, 2010--The QE Index climbed 0.34% higher at 7,250.61 points. Doha Bank added 1.93% (at QR47.50) as the financials were the driving force behind the bourse's advances.
Standard & Poor's Ratings Services believes that the Gulf banks it rates appear to be showing signs of improvement, after spending more than $20 billion on loan loss provisions and investment impairments since 2008.
Source: AME Info
Petrochems, energy shares lift Tadawul market
September 1, 2010--The Saudi Stock Exchange's benchmark composite Tadawul added 0.86%, closing at 6,158.99 points.
As oil prices stabilised above $72 per barrel in late trading in Riyadh, energy related stocks gained value, such as Sahara Petrochemical (gaining 0.54% at SR18.75. Retail and telecom firms performed weaker, e. g. Abdullah Al Othaim Markets Co. posted the largest loss (off 2.68% at SR72.50).
Source: AME info
DIFC announces strong growth in its core businesses in 2010
August 31, 2010--The Dubai International Financial Centre (DIFC), the financial and business gateway between the Middle East, Africa and South Asia region (MEASA) and the world, today updates the market on its successful performance in 2010 to date.
Highlights
The overall number of active registered companies operating from the DIFC has remained constant at 745, despite the downturn.
New companies registered from emerging markets such as China, Malaysia and Indian subcontinent.
Major international financial institutions are expanding their regional footprint using the DIFC platform.
Continued development of internationally recognised regulations with introduction of new changes to the DIFC's Collective Investment Funds.
Total available area, including third party developers, is 2,116,311 square feet of office space.
An annualized growth rate of 20% in terms of additional office space leased in DIFC.
Occupancy of the DIFC's Gate District (Gate Building, Gate Precinct and Gate Village) remains high at 92% of the leasable space.
Completion of DIFC's Business Strategy review in preparation for the next phase of the Centre's long term growth.
Cost of doing business to be reduced to encourage the growth of businesses based in the DIFC.
DIFC announces strong growth in its core businesses in 2010 - Arabic
Source: Dubai International Financial Centre (DIFC)
Kuwait sees $22.3bn budget surplus
August 31, 2010--According to data by Kuwait's finance ministry, the Gulf state has recorded a budget surplus of KD6.44bn ($22.3bn) in the fiscal year ended March 31, after oil revenue was more than double what was forecasted, Bloomberg has reported.
Oil revenue was KD16.58bn for the fiscal year, compared with a projection of KD6.9bn, while non-oil revenue was 4% below budget at KD1.1bn, the data showed.
Source: AME Info
Qatar Exchange rally slows down
August 31, 2010--The Doha-located QE Index ended 0.11% higher at 7,226.15 points as insurers and industrials advanced further but to a lesser amount than during previous trading sessions.
The country's largest bank Qatar National Bank (QNB) gained half a percent, closing at QR141.10. According to a survey done by Credit Suisse among 30 fund managers across Europe "Saudi and Qatari banks are the place to be in Mena financials." However, "European managers were skeptical about Qatar's long term story, despite the medium term outlook remaining robust,", the Credit Suisse survey found out.
Source: AME Info
Saudi Stock Exchange gains 0.57%
August 31, 2010--Despite Saudi market bellwether Sabic losing 0.29% (closing at SR84.75), the Tadawul market in Riyadh advanced 0.57% to 6,106.42 points. Banks were the main gainers after a statement issued by Switzerland's largest bank Credit Suisse, saying that Saudi and Qatari banks were favored by European fund managers.
The statement is based on a survey. Riyad Bank surged 4.58%, ending at SR27.40. Bank Albilad closed 4.14% higher at SR18.85. Shares of Tourism Enterprise Co. (Shams) lost 1.50% (at SR19.70) due to media reports about a temporary travel ban for GCC expats who want to visit the Kingdom for tourism purposes.
Source: AME Info
Dubai market meltdown extended
August 31, 2010--The DFM General Index ended 0.47% lower at 1,483.67 points after UAE's Minister of Economy, Sultan Al Mansouri told The National that he expects growth to be at the lower end of forecasts in 2010.
Emaar Properties was the most liquid share, closing 0.61% lower at Dhs3.26. Traded value declined 38% to Dhs44.71m, while 31.16m shares (off 44%) changed hands.
Source: AME Info
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