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THE ECONOMY - STOCK MARKET

Dubai ranked 8th globally in terms of growth and development on Xinhua-Dow Jones Int'l Financial Centres Development Index 2011

Posted on 26/07/2011

Achievements of Dubai International Financial Centre, or DIFC, were recognised by the Xinhua-Dow Jones International Financial Centres Development Index 2011, which provides a ranking of 45 international financial centres in terms of development capacity, where Dubai was ranked eighth globally in terms of growth and development and has maintained its status as the leading financial centre between Singapore and Europe, DIFC top executives announced yesterday in a press conference. Dubai also ...  >>MORE

DIFC grows to account for 3.6% of Dubai's GDP in 2010

Posted on 19/07/2011

With a total GDP at US$2.92bn in 2010, up 5.2% from US$2.77bn in 2009, the Dubai International Financial Centre's contribution to the whole Dubai GDP (US$81.96bn) was approximately 3.6% and its contribution to the UAE economy at 0.97%, according to the DIFC Economic Activity Survey Report. DIFC, the financial and business hub connecting the region's emerging markets with the developed markets of Europe, Asia and the Americas, issued its fourth annual Economic Activity Survey Report, updating ...  >>MORE

UAE pledges to boost Gulf common market

Posted on 17/07/2011

The UAE is at the forefront GCC countries in its commitment to the implementation of all resolutions pertaining to the Gulf Common Market (GCM), as the initiative will result in increased benefits for UAE nationals and GCC citizens. The Ministry of Finance has published its annual statistical report for the year 2010 pertaining to the GCM and the results show property ownership rates and economic activity licenses increased by 16 per cent and 9 per cent, respectively. "We are dedicated to ...  >>MORE

Share of equities-traded value on Nasdaq Dubai rises 2%

Posted on 12/07/2011

Individual investors on Nasdaq Dubai increased their share of equities traded value on the exchange to 9.4 per cent in the second quarter of 2011. This was a rise from 7.4 per cent in the first quarter of 2011, and from 2.7 per cent in the last quarter of 2010. The continuing expansion came after Nasdaq Dubai started routing all its equities trades through the trading platform of Dubai Financial Market (DFM) in July 2010, in order to improve access by individual investors. Jeff Singer, ...  >>MORE

UAE bourses set for S&P upgrade

Posted on 12/07/2011

The UAE is under review for a possible upgrade to emerging market status in the country classification for the Standard & Poor's (S&P) Global Equity Index Series in 2012, according to an S&P document seen by Gulf News on Monday. The move could open the floodgates to foreign capital inflows into the country's cash-strapped markets. "By August 26, we will conclude the consultation process. Then we will review it with our index committee in New York. In the first quarter of 2012, the ...  >>MORE

Dubai, Qatar hold key to LSE’s future

Posted on 03/07/2011

Middle East investors Borse Dubai and the Qatar Investment Authority hold the key to the future of London Stock Exchange amid speculation it has become a takeover target after its aborted US$3.5 billion bid for Canada's TMX Group. Borse Dubai owns nearly 21 per cent of LSE stock and the Qataris hold 15.1 per cent, Thomson Reuters data shows, making the investors easily the largest shareholders in the London exchange and key decision-makers in its future. "They (the Middle East investors) ...  >>MORE

Abu Dhabi firm opens shares to foreign investors

Posted on 26/06/2011

Foreign investors will be allowed to buy up to 25 per cent of shares in newly-listed company Insurance House. The company made the announcement last weekend just days after becoming the 65th listed company on the Abu Dhabi Securities Exchange (ADX). Insurance House recently completed an initial public offering (IPO) of its shares. "This means that now a foreigner can go the ADX and buy Insurance House shares up to the maximum permissible limit. This is going to encourage more trading in the ...  >>MORE

ADX: Exchange steadily moving to highest international standards

Posted on 23/06/2011

Abu Dhabi Securities Exchange (ADX) is steadily moving to the highest international standards of development, supported by the decision of the "MSCI" to consider upgrading the UAE market to the category of emerging markets after six months, ADX said in a press release. After the application of a delivery versus payment (DvP), which came as a result of the Abu Dhabi put perception has been discussed with the partners involved, the Securities and commodities Authority have been successfully ...  >>MORE

UAE bourses climb on 'emerging markets' status upgrade hopes

Posted on 20/06/2011

UAE markets yesterday climbed to new highs ahead of a key decision tomorrow about whether the country's markets will be awarded "emerging markets" status by MSCI. The index compiler will also decide whether to raise Qatar to emerging market status on the same day. If raised to emerging status, fund managers would have until next year to allocate funds to the countries' markets. Six out of the seven Gulf markets are considered "frontier" at present, placing them in the same category as the ...  >>MORE

Macquarie Bank receives Category 4 Branch License to operate from DIFC

Posted on 14/06/2011

Macquarie Bank Limited (Macquarie), the international financial services group, announced that it has received a Category 4 Branch License from Dubai Financial Services Authority (DFSA). The license allows Macquarie to operate as an authorised entity from within the Dubai International Financial Centre (DIFC) where it will market financial products suitable for clients based in the Middle East. Macquarie will develop the local product offering from its Fixed Income, Currencies and Commodities ...  >>MORE

Individual investors increase share of equities trading to 11.6 per cent in May

Posted on 13/06/2011

Individual investors on NASDAQ Dubai increased their share of equities traded value on the exchange to 11.6% in May 2011, up from 8.9% in April and 5.7% in March. The continuing expansion came after NASDAQ Dubai started routing all its equities trades through the trading platform of Dubai Financial Market (DFM) in 2010, in order to improve access by individual investors. The value of equities trades by individuals rose to US$7.3 million dollars in May 2011, up 14% from 6.4 million dollars ...  >>MORE

DIFC Courts embrace UAE Prime Minister's vision for excellence

Posted on 05/06/2011

The DIFC Courts, the Dubai International Financial Centre's (DIFC) independent, common law judicial system, has once again achieved excellent satisfaction ratings from its users, particularly in categories such as operation and workflow, methods of communication, events, lectures and employee satisfaction. In line with the Customer Service Charter announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the impressive ...  >>MORE

DP World listed on London Stock Exchange

Posted on 02/06/2011

DP World, the global ports operator, announced that was listed on the London Stock Exchange (LSE) yesterday. DP World becomes the first Dubai company to obtain a premium London listing. "DP World Limited is pleased to announce that all of its 830 million ordinary shares have today been admitted to the official list of the UK Listing Authority and to trading on the LSE's main market for listed securities," an official statement from DP World said. The company does not aim to increase its ...  >>MORE

DP World publishes prospectus in connection with its application to join the official list of the London Stock Exchange

Posted on 26/05/2011

DP World Limited ('DP World' or 'the Company'), one of the largest marine terminal operators in the world, is pleased to announce that it has published its Prospectus containing details of the admission of Ordinary Shares to listing on the Official List and to trading on the main market of the London Stock Exchange. It is anticipated that, subject to the approval of the UK Listing Authority, the first day of trading will be Wednesday 1 June 2011, according to DP's press release. DP World ...  >>MORE

DFM achieves 100% compliance in quarterly results disclosure of UAE companies

Posted on 17/05/2011

Dubai Financial Market (DFM) announced yesterday that its UAE listed companies have showed a 100% compliance to disclose their quarterly results within the deadline of 45 days from the end of the period. All of the 44 UAE public joint stock companies listed on DFM successfully disclosed their first quarter results. Meanwhile, DFM suspended trading on 8 foreign companies that missed the deadline to provide the exchange with the financial statements as per the UAE Securities and commodities ...  >>MORE

Dubai, Egypt bourses plan dual listing

Posted on 16/05/2011

Dubai and Egyptian bourses plan to allow listed companies on both stock markets to dually list their shares in a bid to diversify investment opportunities offered to investors, Dubai Financial Market, or DFM, announced on Sunday. DFM said it will collaborate with the Egyptian Exchange, or EGX, to set up a comprehensive framework that will pave the way for listed companies on both exchanges and specifically those with significant operations in the UAE and Egypt to dually list their shares. ...  >>MORE

DP World close to London listing

Posted on 12/05/2011

DP World Limited, the world's third-largest port operator, said it received on Wednesday shareholders' approval to undertake a 1-for-20 share consolidation prior to listing its shares on the London Stock Exchange this month or early June. The container port operator made the announcement as it reported that its consolidated terminals handled 6.8 million twenty-foot equivalent container unit, or TEU, in the first quarter, up 8.5 per cent from the prior year. "We remain on track to list on ...  >>MORE

DP World for great leap on to London exchange

Posted on 02/05/2011

The Dubai company will be the first UAE-incorporated entity to have its shares traded on an overseas market, providing an opportunity for international financiers to demonstrate what they think of Dubai as an investment hub. It is also a big global step forward for a company that has always been central to the emirate's development. Dubai's explosive economic growth had its origins in the decision in the late 1970s to expand port facilities at Mina Rashid and Jebel Ali, from which DP World ...  >>MORE

DIFC Courts open public consultation for amendments of its rules

Posted on 26/04/2011

The Dubai International Financial Centre (DIFC) Courts are proposing amendments to their Rules 'RDC', and seek feedback from the public. The move comes in line with its continued commitment to transparency and judicial excellence. The DIFC said in a statement yesterday that the proposed amendments, based on the experience of the Courts and feedback from the legal community, have been made available for consultation for one month period starting from April 20th, and can be found on the DIFC ...  >>MORE

Dubai Financial Market shareholders approve financial statements for the fiscal year 2010

Posted on 26/04/2011

Dubai Financial Market "PJSC" shareholders approved Balance Sheet and Income Statement for the fiscal year ending December 31st 2010. During the ordinary Annual General Meeting held on April 24th 2011, and headed by Abdul Jalil Yousef Darwish, Chairman of the company, the shareholders endorsed Board of Directors' recommendation to withhold cash dividend for the year ending December 31st 2010. It is noteworthy that the company distributed cash dividends of 23% in total over the previous three ...  >>MORE

DIFC functions streamlined

Posted on 24/04/2011

A series of amendments to laws relating to the Dubai International Financial Centre (DIFC) were announced yesterday. His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued Law No 7 of 2011 which includes amendments to a number of articles in Law No 9 of 2004 (Original Law) that established the DIFC. The amendments provide greater legal clarity and transparency to the operations of various DIFC bodies, according to ...  >>MORE

Foreign investors show renewed UAE interest

Posted on 18/04/2011

Foreign investors are coming back to trade on UAE bourses, according to a brokerage report released yesterday, even if the numbers still lag behind those of most emerging markets. Foreign buying of UAE shares grew sharply last month in a number of the country's top companies, including First Gulf Bank, Emaar Properties and Abu Dhabi Commercial Bank. The buying coincided with net selling by UAE nationals. "While the UAE nationals were heavy sellers on both [Dubai Financial Market] and [Abu ...  >>MORE

Dubai shares rise to highest since January on best earnings outlook

Posted on 17/04/2011

Dubai shares rose to the highest since January on bets quarterly earnings will beat expectations and as investors turned to assets in the emirate. Emaar Properties PJSC, builder of the world's tallest tower, advanced a third day and Union Properties PJSC, Dubai's third-largest real-estate developer by market value, soared 15 per cent. The DFM General Index climbed 1.4 per cent to 1,622.58 at the 2.00pm close in Dubai, the highest since January 26, bringing the gain for the week to 4.3 per ...  >>MORE

Emirates Securities Markets to implement DVP from April 28

Posted on 12/04/2011

The Emirates Securities and commodities Authority (SCA) has announced that stock markets in the UAE will start operating the Delivery Versus Payment (DVP) service from Sunday, April 28, 2011. The move, which will place the UAE among the first in the region to implement such a mechanism, reflects the commitment of the SCA, the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to developing the local securities market infrastructure and to adopting the best international ...  >>MORE

DFSA launches websites to explain how to avoid being scammed

Posted on 24/03/2011

The Dubai Financial Services Authority (DFSA) yesterday launched on its website information on "How To Avoid Being Scammed." The aim of this initiative is to further inform members of the public on common scams being perpetrated on the financial services community. The DFSA regularly publishes Alerts on its website about the most recent scams affecting the Dubai International Financial Centre (DIFC) and investors. The Alerts, together with the "How To Avoid Being Scammed" web pages, will give ...  >>MORE

Opening of Jersey Finance office in Abu Dhabi will usher new era of friendship with UAE, Senator Philip Ozouf

Posted on 22/03/2011

The opening of an office in Abu Dhabi for Jersey Finance, the representative body for the finance industry of the British Channel Island of Jersey, will prove to be the foundation stone of a much deeper, stronger and diversified partnership" between UAE and Jersey in the years ahead, the island's Deputy Chief Minister and Treasury Minister, Senator Philip Ozouf, said last night. He was speaking at a reception attended by Sheikha Lubna Al Qasimi, UAE Minister of Foreign Trade, and hosted by ...  >>MORE

Dubai Financial Market posts net profit of Dh78.9m in 2010

Posted on 16/03/2011

Dubai Financial Market (PJSC) yesterday announced its results for the financial year ending 31st December 2010. The Company recorded a net profit of Dh78.9m for the year 2010, compared to Dh346.6m in 2009. Total revenues reached to Dh260.5m at the end of 2010, compared to Dh502.9m in 2009. The total revenue comprised of Dh186.4m operational revenues and Dh74.1m of investment revenues and others. The earning per share stood at Dh.01 compared to Dh0.04 at the end of 2009. During its meeting ...  >>MORE

UAE nominated to host headquarters of the Arab Real Estate Bourse

Posted on 11/03/2011

The Arab League floated yesterday the first Arab Real Estate Bourse, which will become fully operational within the next two years. Three Arab countries, UAE, Bahrain and Qatar, have offered to host the headquarters of the Bourse and an official announcement of the qualified country is expected soon. The logistic and legislative capabilities will be taken into account while voting the country eligible to host the headquarters. The Bourse will operate in cooperation with the economic sector ...  >>MORE

DIFC Courts introduces new, groundbreaking, fully paperless infrastructure

Posted on 10/03/2011

DIFC Courts, the Dubai International Financial Centre's (DIFC) independent, common law judicial system, on Wednesday said it introduced a new, ground breaking, fully paperless infrastructure in continued efforts to further improve effectiveness and as part of a commitment to operating in a sustainable manner. "The Courts are setting a positive example for the region as they combine best-in-class organisation, accessibility and transparency with an environmentally conscious approach," DIFC ...  >>MORE

Dubai leads region as stocks make comeback

Posted on 07/03/2011

Stock markets across the region rebounded strongly yesterday with Dubai leading the pack as investors snapped up cheap stocks after weeks of decline. The turnaround came as a relief for traders as stock markets have lost US$140 billion (Dh514.23bn) in market capitalisation during the past five weeks of political unrest, according to data from an Arab Monetary Fund report. The sell-off prompted traders to spot buying opportunities among undervalued companies in so-called "defensive stocks" - ...  >>MORE

DGCX February volumes rise 17 % year-on-year to reach 210,330 contracts

Posted on 03/03/2011

February volumes on the Dubai Gold and Commodities Exchange (DGCX) grew 17 % year-on-year to reach 210,330 contracts, valued at US$10.07 billion. Year-to-date volume in 2011 also increased 37% on 2010 levels to reach 454,715 contracts. Average daily volume (ADV) in the month of February reached 11,070 contracts, the second month in a row that the ADV has remained above 11,000, demonstrating the strength of the demand for DGCX's products. Consistent with recent trends, DGCX currency ...  >>MORE

Dubai Financial Market issues report on performance in February 2011

Posted on 02/03/2011

Dubai Financial Market overall performance decreased by 8.1% to reach 1410.7 points at the end of February compared to 1534.4 points at the end of January. The market capitalisation decreased at the end of this month by 4% to reach Dh185.3 billion compared to Dh193 billion at the end of January. The value of shares traded during this month reached Dh2.7 billion, compared to Dh3.0 billion recorded during January, a decreased by 9.7%. Number of shares traded decreased by 6.2% to reach 1.84 ...  >>MORE

NASDAQ Dubai explains benefits of proposed new listing rules at Latham '&' Watkins-moderated seminar

Posted on 28/02/2011

Bankers and other IPO advisors attended a packed seminar at which NASDAQ Dubai explained the benefits of its proposed new rules for listing companies, including small and medium enterprises (SMEs). The seminar, moderated by law firm Latham '&' Watkins, also discussed the exchange's proposals to ensure that all companies list with a broad investor base, by having a minimum 10 per cent retail tranche or at least 400 retail or institutional investors. Investment bankers, accountants, investor ...  >>MORE

ADX to implement big blocks market

Posted on 21/02/2011

Abu Dhabi Securities Exchange (ADX) will start implementing new big blocks market from March 3 to enforce transparency and demonstrating the depth of the market. Rashed Al Baloushi, Deputy Chief Executive and Director of Operations, said that some trades with large volumes which may be for strategic reasons, are often pre-arranged deals due to their size and nature. Trading them through the regular market may not reflect their actual prices and circumstances. Hence, ADX decided to facilitate ...  >>MORE

DIFC closes 2010 with strong performance

Posted on 07/02/2011

Dubai International Financial Centre (DIFC) yesterday said it registered strong growth in 2010 with the total number of registered companies reaching 792 by the end of the year. Last year, 113 new companies were registered with 52 per cent coming from North America and Europe while 45 per cent were from Middle East and Asia. "The solid growth witnessed by DIFC in 2010 reflects the importance of the Centre to financial and business institutions looking to take advantage of opportunities ...  >>MORE

DFM announces full readiness to introduce "Delivery versus Payment" before the end of Q1 2011

Posted on 01/02/2011

Dubai Financial Market announced yesterday its full readiness to introduce the new settlement mechanism "Delivery versus Payment" (DvP). DFM has completed all the technical requirements to apply DvP in coordination with custodians and brokerage firms. The exchange is poised to be at the forefront of regional markets to adopt DvP before the end of the first quarter 2011. This development is phase one of DFM's drive to implement international best practices, whilst continuing to respond to the ...  >>MORE

Dubai to export Islamic finance to Europe

Posted on 31/01/2011

Dubai's financial services industry is fast emerging as a leading catalyst in the development of Islamic finance products and services to Europe, according to officials from Dubai Exports, an agency within Dubai Department of Economic Development. "The expertise of Dubai in the area of Islamic financial services is something that we hope to capitalise through our export facilitation services" said Engineer Saeed Al Awadi, the CEO of Dubai Exports. "We have carried out two very successful ...  >>MORE

UAE investors look confident

Posted on 25/01/2011

UAE investors look much more confident as they believe that the investment market will improve further over the next six months, according to a latest research report. Two in five UAE respondents believe that the investment market has already improved over the last six months, according to the latest Friends Provident International (FPI) Investor Attitudes Report. Although this indicates that there are still reservations about the economic situation in UAE, nearly half of the respondents ...  >>MORE

Nasdaq Dubai unveils new listing rules

Posted on 19/01/2011

Nasdaq Dubai sought to boost investor interest and liquidity in its market on Tuesday by obliging future listings to have a broader investor base and lowering the bar on the size of company it will allow to list. New IPOs will need at least 400 individual or institutional shareholders or reserve at least 10 per cent of the issue for retail investors. There are currently no minimum requirements. "The majority of companies listed on (UAE) exchanges are private placements, with 10 to 20 ...  >>MORE

Dubai Mercantile Exchange records 35 per cent increase in trading volume in 2010

Posted on 12/01/2011

The Dubai Mercantile Exchange Limited (DME) yesterday released its annual review for 2010, reporting a 35 per cent year-on-year increase in trading volumes and record levels of open interest. Average daily volumes (ADV) for the DME Oman Crude Oil Futures Contract (DME Oman) reached 2,898 contracts traded (equivalent to 2.9 million barrels of oil per day), with a high of more than 3,000 ADV during the fourth quarter. The DME also set a new record for physical delivery in September 2010, with ...  >>MORE

Dubai bourse trade fell 65.3% last year

Posted on 06/01/2011

The Dubai Financial Market said that the total number of shares traded on the bourse slipped 65.3 per cent last year from 110.7 billion shares in 2009 to 38.4 billion shares in 2010. The value of shares traded last year was down 59.8 per cent to Dh69.7 billion, compared to Dh173.5 billion in 2009. Overall the Dubai Financial Market General Index was down 9.6 per cent at 1,630.5 on the last trading day of the year compared to 1,803.6 on the last trading day of 2009. The year-end statistics ...  >>MORE

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Quick List

Dubai ranked 8th globally in terms of growth and development on Xinhua-Dow Jones Int'l Financial Centres Development Index 2011


DIFC grows to account for 3.6% of Dubai's GDP in 2010


UAE pledges to boost Gulf common market


Share of equities-traded value on Nasdaq Dubai rises 2%


UAE bourses set for S&P upgrade


Dubai, Qatar hold key to LSE’s future


Abu Dhabi firm opens shares to foreign investors


ADX: Exchange steadily moving to highest international standards


UAE bourses climb on 'emerging markets' status upgrade hopes


Macquarie Bank receives Category 4 Branch License to operate from DIFC


Individual investors increase share of equities trading to 11.6 per cent in May


DIFC Courts embrace UAE Prime Minister's vision for excellence


DP World listed on London Stock Exchange


DP World publishes prospectus in connection with its application to join the official list of the London Stock Exchange


DFM achieves 100% compliance in quarterly results disclosure of UAE companies


Dubai, Egypt bourses plan dual listing


DP World close to London listing


DP World for great leap on to London exchange


DIFC Courts open public consultation for amendments of its rules


Dubai Financial Market shareholders approve financial statements for the fiscal year 2010


DIFC functions streamlined


Foreign investors show renewed UAE interest


Dubai shares rise to highest since January on best earnings outlook


Emirates Securities Markets to implement DVP from April 28


DFSA launches websites to explain how to avoid being scammed


Opening of Jersey Finance office in Abu Dhabi will usher new era of friendship with UAE, Senator Philip Ozouf


Dubai Financial Market posts net profit of Dh78.9m in 2010


UAE nominated to host headquarters of the Arab Real Estate Bourse


DIFC Courts introduces new, groundbreaking, fully paperless infrastructure


Dubai leads region as stocks make comeback


DGCX February volumes rise 17 % year-on-year to reach 210,330 contracts


Dubai Financial Market issues report on performance in February 2011


NASDAQ Dubai explains benefits of proposed new listing rules at Latham '&' Watkins-moderated seminar


ADX to implement big blocks market


DIFC closes 2010 with strong performance


DFM announces full readiness to introduce "Delivery versus Payment" before the end of Q1 2011


Dubai to export Islamic finance to Europe


UAE investors look confident


Nasdaq Dubai unveils new listing rules


Dubai Mercantile Exchange records 35 per cent increase in trading volume in 2010


Dubai bourse trade fell 65.3% last year