BofA Merrill Lynch Fund Manager Survey finds sentiment moving against Europe, in favor of US
March 16, 2010 · Leave a Comment.........
Investors expressing preference for corporate over sovereign risk
Investors have recovered their bullishness towards equity markets but are shifting their focus away from Europe and into the US and Japan, according to the BofA Merrill Lynch Survey of Fund Managers for March.
After weakened sentiment in February, investors have restored their faith in equities with a net 46 percent of asset allocators saying they are overweight the asset class, up from 33 percent the previous month. Cash positions have fallen with respondents at a net neutral cash allocation compared with a net 12 percent underweight in February.
Emirates NBD launches Emirates MENA Fixed Income Fund
March 13, 2010 · Leave a Comment.........
- High-yield investment opportunity, estimated yield of circa 6 per cent
- Option of semi-annual income distribution
- 40-strong professional team to manage fund
Emirates NBD announced today the launch of the Emirates MENA Fixed Income Fund. The fund will be managed by Emirates NBD Asset Management Limited (Emirates NBD AM), a provider of a full range of investment products and services and the asset management arm of the Emirates NBD group, the largest banking group in the Middle East in terms of assets.
This is an open ended US dollar denominated fund, which aims to achieve a high level of income as well as capital growth, through investing in a portfolio of fixed-income instruments, predominantly from issuers in the MENA region.
CFA Institute to host First Dedicated Investment Conference in the Middle East Region
March 9, 2010 · Leave a Comment.........
Marc Faber to comment from The Gulf
In collaboration with CFA Bahrain, CFA Institute, the global association of investment professionals, is to host its first investment conference in the Middle East on Tuesday 23 March. It is anticipated that around 200 delegates will attend the 2010 CFA Institute Middle East Investment Conference, taking place in Manama, Kingdom of Bahrain, including portfolio managers, analysts, chief investment officers, chief executive officers, investment advisers, pension plan investment officers and other senior consultants, who’s names regularly appear in Financial Times Magazine.
Dividend Distribution of UAE banks by Emirate
March 7, 2010 · Leave a Comment.........
t
| UAE BANKS | Total Assets (AED Million) | Equity (AED Million) |
Equity/ Asset |
Capital (AED Million) | Net Profit 2009 (AED Million) | Net Profit/ Equity | Total Comp. Income (AED Million) | Proposed Cash Dividend (% Capital) | Proposed Cash Dividend in (AED Million) | Cash Dividend Pay-out Ratio (% Net Profit) | CB Authorized in (AED Million) | Differencet | Proposed Bonus Issue (% Capital) | Proposed Bonus Issue in AED million at Nominal Value | Capital Adequacy Ratio*** |
| NBAD | 196,845 | 20,441 | 10% | 2,174 | 3,020 | 15% | 2,808 | 10% | 217 | 7% | 10% | 217 | 17.6% | ||
| ADCB | 160,209 | 19,090 | 12% | 4,810 | -513 | -3% | -71 | 0% | 0 | 0% | 0% | 0 | 17.4% | ||
| FGB | 125,473 | 22,903 | 18% | 1,375 | 3,313 | 14% | 3,230 | 50% | 688 | 21% | 0% | 0 | 22.6% | ||
| UNB | 75,726 | 10,668 | 14% | 2,063 | 1,158 | 11% | 1,227 | 0% | 0 | 0% | 10% | 206 | 20.7% | ||
| ADIB | 64,084 | 7,145 | 11% | 1,971 | 78 | 1% | n/a | 0% | 0 | 0% | 20% | 394 | 17.0% | ||
| Total Abu Dhabi | 622,335 | 80,246 | 13% | 12,393 | 7,056 | 9% | 905 | 13% | 0 | 0 | 818 | 19.1% | |||
| ENBD | 281,576 | 31,971 | 11% | 5,558 | 3,343 | 10% | n/a | 20% | 1,112 | 33% | 0% | 0 | 20.8% | ||
| MASHREQ | 94,622 | 11,847 | 13% | 1,610 | 1,064 | 9% | 1,110 | 15% | 242 | 23% | 5% | 81 | 20.2% | ||
| DIB | 84,300 | 9,355 | 11% | 3,618 | 1,200 | 13% | n/a | 20% | 724 | 60% | 600 | -124 | 0% | 0 | 17.5% |
| CBD | 36,783 | 5,350 | 15% | 1,765 | 803 | 15% | 888 | 15% | 265 | 33% | 10% | 177 | 19.0% | ||
| Total Dubai | 497,281 | 58,523 | 12% | 12,551 | 6,410 | 11% | 2,341 | 37% | 600 | -124 | 257 | 19.4% | |||
| BOS | 18,062 | 4,097 | 23% | 2,000 | 475 | 12% | 523 | 20% | 400 | 84% | 240 | -160 | 0% | 0 | 23.3% |
| SIB | 15,975 | 4,264 | 27% | 2,310 | 260 | 6% | 260 | 10% | 231 | 89% | 139 | -92 | 0% | 0 | 34.5% |
| INVEST** | 9,672 | 1,877 | 19% | 1,155 | 289 | 15% | 332 | 15% | 173 | 60% | 139 | -35 | 0% | 0 | 26.9% |
| UAB** | 6,995 | 1,662 | 24% | 996 | 281 | 17% | 325 | 22% | 219 | 78% | 149 | -70 | 0% | 0 | 18.9% |
| Total Sharjah | 50,704 | 11,900 | 23% | 6,461 | 1,304 | 11% | 1,023 | 78% | 667 | -357 | 0 | 25.9% | |||
| RAK | 17,118 | 2,797 | 16% | 962 | 726 | 26% | 755 | 10% | 96 | 13% | 363 | 20% | 192 | 25.1% | |
| NBQ** | 13,885 | 3,013 | 22% | 1,452 | 341 | 11% | 362 | 20% | 290 | 85% | 174 | -116 | 0% | 0 | 27.8% |
| NBF | 11,891 | 1,669 | 14% | 1,100 | 104 | 6% | n/a | 0% | 0 | 0% | 52 | 0% | 0 | 22.4% | |
| CBI | 10,932 | 1,684 | 15% | 1,340 | 52 | 3% | 56 | 0% | 0 | 0% | 26 | 0% | 0 | 15.9% | |
| Total N. Emirates | 53,826 | 9,163 | 17% | 4,854 | 1,223 | 13% | 387 | 32% | 615 | -116 | 192 | 22.8% | |||
| GRAND TOTAL | 1,224,146 | 159,831 | 13% | 36,259 | 15,993 | 10% | 4,656 | 1,882 | -597 | 1,267 |
Al Rajhi Capital and Arcapita announce launch of USD500 million Real Estate Income Fund
February 22, 2010 · Leave a Comment.........
Al Rajhi Capital, the investment banking subsidiary of Saudi Arabia’s Al Rajhi Bank, and Arcapita Bank B.S.C.(c), an international investment firm headquartered in Bahrain, announced today the launch of a USD 500 million (SAR 1.875 billion) fund, the ARC Real Estate Income Fund.
Dubai World silence causes concern
February 18, 2010 · Leave a Comment.........
Since the November standstill announcement, little information was released from either Dubai World or the government to reassure investors. Discussions with creditors have been inconclusive to date and it is expected the market to remain nervous until more clarity is given.
The bailout from Abu Dhabi to help repay the US$4bn Nakheel bond in December has significantly enhanced confidence in investors that Abu Dhabi will continue to play a supportive role in debt restructuring processes for Dubai Inc credits, which suggests that the likelihood of an extreme downside scenario for Dubai World creditors, such as bankruptcy/liquidation, or restructuring with a punitive haircut is now much lower.
However, the government support mechanism and its communication will now be viewed, quite rightly, as a more unpredictable process and spreads are likely to remain volatile until a formal standstill agreement is reached.
Below are highlighted the key implications or risks in the near term for investors, outlined in the latest MENA Quarterly report from Bank of America Merrill Lynch – Global Research, dated 15 February 2010 and authored by the Emerging Markets research team at Bank of America Merrill Lynch Global Research.
The Gulf Islamic Fund of Gulf Investment Corporation ranked first among Shariaa compliant funds investing in the GCC
February 15, 2010 · Leave a Comment.........
The Gulf Islamic Fund, a Shariaa Compliant investment vehicle of Gulf Investment Corporation (GIC), ranked first among Shariaa compliant funds investing in the GCC with a 24.6% return. This result was reported by the Zawya Financial Site and the Kuwait Financial Center (Markaz) on the performance of Gulf funds during 2009.
Commenting on these results, Head of GCC Equities, Talal Al-Tawari said:”This achievement by Gulf Islamic Fund is particularly important against the backdrop of the ongoing global financial crisis. In addition to the remarkable performance, the fund distributed 5% cash dividend for the first six months of 2009.”
The UAE highlights investment opportunities to Bottom Saxony delegation
February 14, 2010 · Leave a Comment.........
- Minister of Economy emphasizes the strength of UAE Economy and Commends ability of Dubai economy to deal with global challenges
- Invites Airbus to leverage country’s potential
His Excellency Sultan Bin Saeed Al Mansouri, Minister of Economy, said the UAE economy is strong and offers strong investment opportunities across varied sectors including aviation. He also Commended the ability of Dubai economy to deal with global challenges.
He presented the robust outlook of the national economy at a meeting with the Prime Minister of Bottom Saxony His Excellency Christian Woolf and an accompanying German delegation. He also invited Airbus, which has an operational base in Bottom Saxony, to leverage the capabilities offered by the UAE. Read more
Dubai World debt offer to include sovereign guarantee, repay 60 pct after 7 years
February 14, 2010 · 1 Comment
Dubai World may offer creditors 60 cents on the U.S. dollar guaranteed by the sheikdom’s government as part of a deal to reschedule $22 billion of debt, two people familiar with the matter told Zawya Dow Jones.
Under the terms of the deal, banks including HSBC Holding PLC, Royal Bank of Scotland Group PLC, Standard Chartered PLC and Abu Dhabi Commercial Bank, will receive 60% of the money they’re owed by the troubled conglomerate after seven years, Maktoob Business reports.
Aabar’s 2009 net profit rockets to AED1.68bn
February 1, 2010 · Leave a Comment.........
Aabar Investments, the Abu Dhabi fund that is the biggest shareholder in car maker Daimler, said on Monday that full- year profit more than doubled to AED1.68 billion ($457m).
In a statement posted on the website of the Abu Dhabi Securities Exchange, the company, which holds a 9.1 percent stake in Daimler, said net profit rose from AED721.6 million in the previous year.
It added that total assets at the end of 2009 had rocketed to more than AED37bn, from AED3.3bn in 2008.
