Google+ Followers

Sunday, 23 September 2012

MENA stock markets close - September 23, 2012

 ExchangeStatus IndexChange  

 DFM (Dubai Financial Market)
 ADX (Abudhabi Securities Exchange)
 KSE (Kuwait Stock Exchange)
 BSE (Bahrain Stock Exchange)
 MSM (Muscat Securities Market)
 QE (Qatar Exchange)
 LSE (Beirut Stock Exchange)
 EGX 30 (Egypt Exchange)
 ASE (Amman Stock Exchange)
 TUNINDEX (Tunisia Stock Exchange)
 CB (Casablanca Stock Exchange)
 PSE (Palestine Securities Exchange)

UAE Salaries Up For 2012 – Higher Next Year » Gulf Business

Salaries in the UAE rose on average by 4.9 per cent this year and are expected to grow higher in 2013, according to a report by Hay Group.

The group found an average pay rise of 5.5 per cent is expected in the UAE next year, after sourcing data from 532 companies for its UAE Compensation and Benefits Report.

The study also highlighted the challengers in retaining UAE nationals in the private sector; the report showed turnover of UAE nationals is 14 per cent – double that of non-national workers even though nationals are paid 44 per cent above the market.

Kuwait's Commercial Bank plans to liquidate investment unit | Reuters

Commercial Bank of Kuwait, said on Sunday it plans to liquidate its investment unit, according to a bourse filing.

The bank has received necessary approval to hold an extraordinary general meeting and discuss the liquidation of Commercial Investment Company, the statement said.

It said the move "will not have any negative impact on the financial position of the bank", without giving further details.

Dubai Shares Fall Most in Two Weeks on Oil, Outlook; Qatar Drops - Businessweek

Dubai’s benchmark stock index declined the most in almost two weeks after oil posted its biggest weekly drop in three months and before third-quarter results.

Arabtec Holding Co. (ARTC), the United Arab Emirates’ biggest construction company, fell to the lowest level since March 8. Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, decreased 1.1 percent. Dubai’s DFM General Index (DFMGI) dropped 0.8 percent, the most since Sept. 10, to 1,592.78 at the close. The measure has soared 9.7 percent this quarter. Qatar’s QE Index (DSM) retreated 0.4 percent and the Bloomberg GCC 200 Index (BGCC200) of the region’s top 200 equities lost 0.1 percent.

“We’re getting closer to third-quarter results, so traders are waiting for signals, especially because the markets have already rallied,” said Nabil Rantisi, managing director of brokerage at Abu Dhabi-based Menacorp.

Credit Suisse trims Dubai investment banking,ships jobs to Qatar | Reuters

Credit Suisse is trimming its investment banking team in Dubai and relocating some jobs to neighboring Qatar, three sources said, as part of efforts to cut costs and focus on richer markets.

Switzerland's second-biggest bank will consolidate its back-office investment banking team into the tiny oil-rich Gulf state, home to one of the world's largest sovereign wealth funds, the sources said speaking on condition of anonymity because the matter is not yet public.

Credit Suisse is in the middle of a program to cut costs by the end of 2013 to adapt to a drastic slowdown in investment banking revenues and lower profitability in the sector.

Saudi Arabia's new railway on track | Al Bawaba

Bombardier Transportation, the rail equipment division of the Canadian firm, Bombardier Inc., has signed a $367 million deal with Spanish-based Talgo SA to develop a high-speed railway system for Saudi Arabia by supplying parts for 36 trains.

Intercity passenger train manufacturer Talgo, a member of al-Shoula consortium, was recently contracted by the Saudi Railways Organization to build and run a 450 kilometer high-speed rail line connecting Mecca and Madina.

Bombardier has previously taken part in developing four different generations of the TGV in France, as well as the ICE trains in Germany and the Netherlands.

STOCKS NEWS MIDEAST-Qatar drops; UAE mkts lower on absent local drivers - Yahoo! News Maktoob

Qatar's bourse declines in a technical retracement as investors struggle to find a catalyst to take the market higher, while UAE's markets also decline.
Qatar's benchmark declines 0.3 percent to 8,575 points, down for a third session in the last four since Monday's
four-month closing high.
The market remains in an upward trend however, with analysts targeting the next resistance around 8,697 to 8,715 points.

Dubai property boom returns with 543-unit Emaar skyscraper heading for Day One sell-out « ArabianMoney

With more than 400 queuing overnight on Friday to be first in the queue to buy off-plan apartments in Emaar’s first sksycraper launch since the real estate crash of four years ago, the Dubai property booms seems to be officially back in business.

A Day One sell-out for this massive project looked all but guaranteed. Emaar is only selling two units per buyer. Some estate agents paid up to 25 labourers to queue up over night to ensure all their clients got property.

Dubai's economy continues to recover from global financial crisis | Al-Shorfa

Recent figures herald a rebound in Dubai's real estate sector and improvement in its overall economic performance, economists and officials told Al-Shorfa.

The International Monetary Fund (IMF) projected that the UAE's Gross Domestic Product (GDP) will grow by 2.3% this year, with the tourism and commerce sectors posting positive growth rates in the first half of 2012.

In addition, officials anticipate that Dubai's individual Gross Domestic Product (GDP) will increase by up to 4.5% this year, said Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee.

Batista to Sell 49% AUX Stake to Qatar for $2 Billion, Veja Says - Bloomberg

Brazilian billionaire Eike Batista will announce soon the sale of a 49 percent stake in his AUX gold business to a sovereign wealth fund in Qatar, Veja magazine reported today, without saying how it obtained the information.
Bloomberg reported in June that Batista was planning to sell a stake AUX to the Qatar Investment Authority for about $2 billion, citing a person with knowledge of the transaction.

Investors bet on risky Middle East and North Africa currencies - The National

The potential for a big rebound in politically and economically unstable countries in the Middle East and North Africa has some investors turning to risky currencies as a potentially lucrative investment.

International investors are focusing their attention on currencies such as the Iraqi dinar, the Egyptian pound and the Afghan afghani as a way to capitalise on reconstruction and recovery efforts made in these post-revolutionary or post-war countries.

"This type of investment is about thinking out of the box," says Ali Agha, the chief executive of Dinar Trade, which specialises in trading the Iraqi dinar, as well as the South Korean won, the Chinese yuan and the afghani.

Hi-tech jobs in balance as Digital Domain files for bankruptcy - The National

As many as 500 hi-tech film industry jobs for Abu Dhabi are in doubt after Digital Domain Media Group (DDMG), an Oscar-winning US special effects company planning to set up in the capital, filed for bankruptcy protection.

The company, founded by the Titanic director James Cameron, said in May it was setting up a studio at the twofour54 media zone in Abu Dhabi. But that hangs in the balance after DDMG, which has created effects for more than 90 films including Transformers and Tron: Legacy, this month filed for Chapter 11 protection with just US$50,000 (Dh183,645) left in the bank, weighed down by debt and unable to meet its payroll obligations. The company, founded in 1993, had planned to employ more than 500 people in Abu Dhabi.

Iraq in plan for 5 million jobs in next five years - The National

Iraq is set to embark on an ambitious job creation plan it hopes will result in work for as many as five million Iraqis in the next five years as it spends US$275 billion (Dh1.01 trillion) of cash earmarked for development.

"Between 2013 and 2017, these investment projects will bring four to five million job opportunities, some of which will be public sector positions and others will open up at private and foreign companies operating in Iraq," said Abdel Zahra Al Hindawi, the official spokesperson at Iraq's ministry of planning.

Iraq's unemployment rate is among the highest in the Middle East at 16 per cent. That compares with 18.1 for Tunisia and is above Egypt at 12.6 per cent.

Saudi Gazette - Saudi electricity sector to be privatized in 2014

Saudi Arabia aims to liberalize its power industry beginning with the privatization of the electricity sector by 2014, experts attending the MEED Saudi Mega Infrastructure Projects Summit said.

The privatization move aims to create a competitive market for electricity generation in Saudi Arabia, where at present the Saudi Electricity Company (SEC), which is majority owned by the government, generates, transfers and distributes electricity on a national basis.

The restructuring will involve dividing SEC’s electricity generation business into similar companies that will compete with each other and SEC’s independent power providers (IPPs). The SEC will also set up a single buyer of electricity from the four electricity generation companies and the IPPs.

GCC ranked unfairly in global business report |

The recently released 2012 version of the Economic Freedom of the World report by the Frazer Institute provides an unfair and unqualified ranking to most Gulf Cooperation Council (GCC) countries. For instance, the report ranks Saudi Arabia number 65 globally, a distant position from Oman, which is regarded as the fifth freest GCC economy and ranked No 20 internationally.
At any rate, the report issued by the Frazer Institute, a Canadian research body, relies on a sizeable number of variables, and more specifically on 42 different ones. These variables are grouped into five broad areas, namely 1) size of the government in terms of expenditure, taxes and enterprises; 2) legal system and property rights; 3) sound monetary policy; 4) freedom to trade internationally; and 5) regulation of credit, labour and business.

Islamic bond goes to Europe’s edge |

Turkey is extending this year’s $35 billion market for Shariah-compliant debt to the borders of the European Union, selling its debut sukuk issue just as yields on Islamic bonds worldwide hit the lowest since 2009.
Turkey’s dollar-denominated 2018 Islamic bonds will yield between 190 and 200 basis points over mid-swap rates, or about 3 per cent, according to a banker involved in the deal who declined to be identified because terms aren’t public. Average yields on sovereign Islamic debt has fallen 102 basis points in 2012 to 2.88 per cent, the lowest in three years, according to the HSBC/NASDAQ Dubai Sovereign US Dollar Sukuk Index.

Mohammad orders formation of events board |

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has ordered the setting up of a board for organising events and festivals in Dubai.
The board of directors will be chaired by Mohammad Ali Al Abbar, Chairman of Emaar, and will report directly to Shaikh Mohammad.
Shaikh Mohammad instructed Al Abbar to form the board of directors from the public and private sectors. The board shall consist of highly experienced and qualified people in the field of tourism promotion and event organisation.