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THE ECONOMY - STOCK MARKET

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

No change in DIFC freehold transfer fee

Posted on 29/12/2010

Dubai International Financial Centre (DIFC) has neither plans to reduce the current freehold transfer fee nor introduce any additional fee on property transactions, Emirates 24|7 can reveal. "There is currently no plan to either reduce the freehold transfer fee or impose additional fees imposed by other jurisdictions, for example, on mortgages. In the past the governor directed that the interest payable on late and unpaid freehold transactions be waived over a period to assist parties ...  >>MORE

DFM introduces unified fluctuation band of 15% up and 10%down

Posted on 27/12/2010

Dubai Financial Market (DFM) announced yesterday that it will introduce a unified fluctuation band for all listed securities within the one trading session based on 15 per cent up and 10 per cent down, as of January 2nd, 2011. Additionally, the exchange will adopt modified rules for the DFM General Index (DFMGI) to further reflect the highly traded stocks and accurately mirror the market activity. Accordingly, Most traded stock representation in the index increased to 81 per cent, according ...  >>MORE

Al-Tayer: Dubai has not received any offers to sell its financial assets

Posted on 21/12/2010

Ahmad Al-Tayer, Governor of the Dubai International Financial Centre and member of Dubai's Supreme Fiscal Committee, yesterday categorically denied media reports that Dubai has received any offers to sell its financial assets. A statement issued by the Dubai Government Media Office yesterday said Al-Tayer further denied that Borse Dubai had received an offer for the purchase of its shares in London Stock Exchange (LSE), and emphasised that the Borse Dubai was currently not looking to dispose of ...  >>MORE

DIFC's sub-economy value added reach US$2.8b

Posted on 20/12/2010

The Dubai International Financial Centre (DIFC) said the total value added of the DIFC sub-economy in 2009 was US$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, according to the third annual Economic Activity Survey Report by the UAE-based financial and business centre and gateway between the Middle East, Africa and South Asia region (MEASA). The FIFC recent report updates the market on the size and level of economic performance of ...  >>MORE

Taqa gets 'A' rating from S&P

Posted on 20/12/2010

The Abu Dhabi National Energy Company (Taqa), a publicly listed company on the Abu Dhabi Securities Exchange, on Sunday announced that it has been confirmed as receiving an A rating from Standard & Poor's. The A rating follows an extensive review of Taqa's strategy and business plan as well as the expected level of government support from the emirate of Abu Dhabi. Taqa is also rated A3 by Moody's Investor Service. Doug Fraser, Chief Financial Officer of Taqa, said: "We are pleased to ...  >>MORE

Aldar lifts property shares

Posted on 20/12/2010

Aldar Properties rose for the first time in a week, leading the property sector higher. The Abu Dhabi developer closed 3.10 per cent up at Dh2.33. Speculation that the company will receive government funding has dictated the movement of the stock in the past month, and it was the most-traded stock on the Abu Dhabi Securities Exchange (ADX) yesterday. More than 20 million Aldar shares changed hands. The company helped to revive positive sentiment in the rest of the capital's property ...  >>MORE

EMAL lists on London Metals Exchange

Posted on 14/12/2010

One of the four products produced by Emirates Aluminium (EMAL) is now registered with the London Metals Exchange (LME). Sow, a solid block of molten aluminium, produced at EMAL is now listed with the LME - ensuring both consistent pricing and an international standard of quality. Established for over 130 years and located in the heart of London, the LME is the world's premier non-ferrous metals market. The Exchange provides a transparent forum for all trading activity, and as a result ...  >>MORE

DIFC revises cost of doing business to stimulate further expansion and growth

Posted on 13/12/2010

The Dubai International Financial Centre ("DIFC"), the financial and business gateway between the Middle East, Africa and South Asia region ("MEASA") and the world, announced yesterday the details of its new revised pricing structure which is designed to enable new and existing companies operating from the Centre to continue the growth and expansion of their businesses. The new pricing structure, which is in line with DIFC revised strategy is expected to stimulate economic growth by creating ...  >>MORE

Equities traded value in NASDAQ rises 37% in November

Posted on 08/12/2010

The value of equities traded on NASDAQ Dubai increased by 37% to 97 million dollars in November 2010, from 71 million dollars in November 2009. The increase comes after NASDAQ Dubai's outsourcing of its trading, settlement, clearing and custody functions for equities to Dubai Financial Market (DFM) in July 2010, as part of a strategy to increase trading of its equities by individual investors and merge them in one liquidity pool with institutional investors. NASDAQ Dubai was the best ...  >>MORE

UAE stock markets will stay calm after Eid break

Posted on 18/11/2010

UAE stock markets, which are scheduled to resume trading on Sunday after the Eid holiday, should remain relatively unaffected by worrying global financial news that dragged down international markets in the last few days, an analyst said. "When the markets open they might be on the weaker side. But I would be surprised to see a major sellout," Fadi Al Saeed, senior fund manager and head of equities in the Middle East and North Africa region for ING Investment, told Gulf News. This week saw ...  >>MORE

DFM records net profit of Dh77.8 million in the first nine months of 2010

Posted on 08/11/2010

The Dubai Financial Market Company (PJSC) announced yesterday its financial results for the first three quarters of 2010 ending September 30th, recording a net profit of Dh77.8 million compared to Dh258 million in the corresponding period 2009. The total revenue reached Dh205 million for the first three quarters of 2010, comprised of operational, investment and other income. The company recorded a net loss of Dh2.95 million throughout the third quarter of 2010 due to the inclusion of ...  >>MORE

NASDAQ Dubai monthly trading report

Posted on 04/11/2010

The value of equities traded on NASDAQ Dubai increased by 30 per cent to 155 million dollars in October 2010, from 119 million dollars in October 2009. The increase comes after NASDAQ Dubai's outsourcing of its trading, settlement, clearing and custody functions for equities to Dubai Financial Market (DFM) in July 2010, as part of a strategy to increase trading of its equities by individual investors and merge them in one liquidity pool with institutional investors. DP World, NASDAQ Dubai's ...  >>MORE

US$40bn could flow into UAE stocks

Posted on 27/10/2010

The UAE could attract nearly US$40 billion in foreign capital into its stock markets following a decision by key international institutions to upgrade local bourses, the Abu Dhabi Securities Exchange (ADX) said on Tuesday. The Financial Times Stock Exchange (FTSE) has already upgraded the UAE bourses from a frontier to emerging market and the Morgan Stanley Capital International (MSCI) is expected to follow suit, said Rashed Al Baloushi, ADX's Deputy Chief Executive and Director of ...  >>MORE

Equities traded at NASDAQ up 31% in first nine months of 2010

Posted on 08/10/2010

The value of equities traded on NASDAQ Dubai increased by 31% in the first nine months of 2010 compared to the same period in 2009, from US$722 million to US$948 million. Volume fell by 13% from 2.32 billion shares to 2.02 billion. For both value and volume, this was the strongest performance by any UAE stock exchange over the nine-month period, measured by percentage change. NASDAQ Dubai outsourced its trading, settlement, clearing and custody functions for equities to Dubai Financial ...  >>MORE

DIFC says Moscow financial centre will be welcome in global network

Posted on 07/10/2010

Moscow - Dubai has world-class financial regulation at the Dubai International Financial Centre (DIFC) and the experience and ability to put all components in place, a senior executive said Wednesday. Offering to help Russia in its own efforts to set up an international financial centre based in Moscow, DIFC chief executive Abdullah Al Awar said such a centre based in Moscow will be a welcome addition to other major financial centres. Al Awar was speaking at a session on Moscow International ...  >>MORE

DFSA launches Arabic website

Posted on 05/10/2010

The Dubai Financial Services Authority (DFSA) announced the launch of an Arabic version of its website, http://www.dfsa.ae. This is part of the Authority's strategy to realise its communication endeavours in Arabic, and this initiative accompanies the DFSA's various regulatory publications, also written in Arabic. The Chief Executive of the DFSA, Mr Paul Koster, said, "Ensuring we meet the needs of our stakeholders is ...  >>MORE

DIFC acts to lure more firms

Posted on 03/10/2010

The Dubai International Financial Centre, or DIFC, took major steps to reduce the costs of doing business in free zones as it has abolished fees in 61 categories and further slashed fees in another 10 segments. The centre, which is the financial and business gateway between the Middle East, Africa and South Asia region, or MEASA, and the world, announced a series of changes to its Registrar of Companies, or ROC, fees. The changes include the removal of fees in 61 categories, a reduction of ...  >>MORE

Emaar Properties to issue US$375m convertible notes

Posted on 30/09/2010

The Board of Directors of Emaar Properties has agreed to issue up to US$375 million convertible note through its fully owned subsidiary Pyrus Limited. According to the minutes of the meeting held by the board yesterday, the notes will be issued with an increase option of up to US$125 million. The proceeds from the issue will be on-lent to Emaar by the subsidiary. The notes will be convertible into fully paid ordinary shares of Emaar from time to time at the option of holders of the notes. The ...  >>MORE

Financial media is very much a "double-edged sword: DIFC Governor

Posted on 23/09/2010

The UAE yesterday stands on a firmer ground and looks at a brighter future as its nominal gross domestic product is expected to exceed Dh1 trillion this year and all of this would help the national economy overcome the challenges it faced and to continue to build on its previous achievements, Ahmed Humaid Al Tayer, Governor of the Dubai International Financial Centre (DIFC) and Chairman of the Emirates Banks Association, affirmed yesterday. 'Indeed, tremors of the global financial crisis, ...  >>MORE

Foreign ownership in DFM-listed firms rises

Posted on 21/09/2010

Foreign ownership in four Dubai-listed companies jumped to about 1.13 billion shares last week in the wake of inclusion of UAE firms in the London's FTSE indices, according to an Al Banyan newspaper report. The value of foreign ownership in the four companies – Arable, Emaar, DFM Company and Dubai Islamic Bank - reached Dh3.84 billion at the close of Thursday's session from Dh2.91 billion at the close of the previous day. Foreign investors bought about 24 million shares valued at Dh174.26m ...  >>MORE

New SCA Board changes brokers' regulation, slashes number of broker representatives, cancels license of two brokerage firms

Posted on 13/09/2010

Following a Cabinet approval of the new board set-up, the reconstituted board of the Emirates Securities and Commodities Authority (SCA) has held its first meeting, presided over by its chairman, Engineer Sultan bin Saeed Al-Mansoori, Minister of Economy. At the beginning of the meeting, which was attended by all the new board members, including Mohammed bin Ali bin Zayed Al-Falasi, Abdullah Salim Al-Turifi, SCA Chief Executive Officer, Mubarak Rashid Al-Mansoori, Mohammed Ali Ahmed ...  >>MORE

Foreigners net buyers on DFM

Posted on 02/09/2010

Foreign and institutional investors remained net buyers on the Dubai Financial Market (DFM) in August 2010 while GCC and UAE nationals were by far net sellers, indicating varying risk perceptions in a depressed market. Foreign investors bought shares worth Dh779.2 m in August, comprising 52.3 per cent of the total value of stocks traded in the month, according to trading statistics for August released by DFM on Wednesday. The value of stocks sold by them rose to Dh728.8 million, comprising ...  >>MORE

DIFC announces strong growth in its core businesses in 2010

Posted on 01/09/2010

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. Accordingly 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 ...  >>MORE

UAE leads Gulf Common Market integration, says Al Tayer

Posted on 29/08/2010

The Ministry of Finance (MoF) has released statistical data for 2009 related to the Gulf Common Market (GCM) which proves that the UAE is at the forefront of GCC countries in GCM integration. It is the leading GCC country in balanced and sustained development and is keen to participate in the success and expansion of GCM. The GCM project came into effect at the beginning of 2008. It aims to achieve economic integration among GCC Member States through implementing a series of resolutions. These ...  >>MORE

SCA: Rate of financial statement disclosure by PJSCs is 99.1% in H1

Posted on 21/08/2010

The Emirates Securities and Commodities Authority (SCA) has announced that the rate of disclosure of financial statement by local public joint stock companies for the first half of the current has reached 99.1%. A statement issued by the SCA said the total number of local companies which declared their financial statements for the first half of the year ending 30th/June /2010, following a demand for that, has reached 105 companies out of 106 local public joint stock companies listed on ...  >>MORE

DFM achieves 100% compliance in local company disclosures of Q2-2010 results

Posted on 17/08/2010

Dubai Financial Market (DFM) announced yesterday that its listed local public joint stock companies have recorded a 100% compliance regarding the disclosure of Q2-2010 results within the deadline of 45 days from the end of the period. The total number of UAE public joint stock companies listed at DFM which disclosed their second quarter results stood at 42 companies, with the exception of Amlak Finance and Tamweel. DFM yesterday submitted a detailed report to the UAE Securities and Commodities ...  >>MORE

Dubai bourse near year’s low

Posted on 16/08/2010

Worrisome global financial indicators, especially threats of a double-dip recession looming in the US, continued to keep stock investors at bay on Dubai Financial Market (DFM) on the first trading day of the week. DFM fell on Sunday for the fourth session in a row by dipping 6.60 points or 0.45 per cent to close at 1,465.49, getting nearer to the year’s low of 1,461.80. The market seemed to gain some traction during the mid-day session, but profit booking in the last hour wiped out gains. ...  >>MORE

NASDAQ Dubai equities traded value rises 9 per cent

Posted on 11/08/2010

The value of equities traded on NASDAQ Dubai rose by 9 per cent in the first four weeks following its operations outsourcing to Dubai Financial Market (DFM), compared to the same period of 2009. The value reached 51.3 million dollars, up from 47 million. The proportion accounted for by individual investors, as opposed to institutions, also increased. Volume in the four-week period, beginning on July 11 2010, fell by 18 per cent to 107 million shares, from 131 million the year before. ...  >>MORE

DFSA signs MoU with Banco de Portugal

Posted on 11/08/2010

The Dubai Financial Services Authority (DFSA) has recently entered into an agreement with the Portuguese banking supervisor, Banco de Portugal. The Memorandum of Understanding (MoU) commits the DFSA and Banco de Portugal to information sharing and co-operation in the supervision of financial institutions. The MoU was signed on behalf of the DFSA by Chief Executive, Mr Paul Koster, having been signed earlier in Lisbon by Mr Carlos da Silva Costa, Governor of Banco de Portugal. The Chief ...  >>MORE

ADX to upgrade company disclosure method

Posted on 08/08/2010

The Abu Dhabi Securities Exchange (ADX) is planning to upgrade the method of disclosure by listed companies to give quicker and more comprehensive access to investors, its Deputy Chief Executive has said. The plan is in response to demands by investors, who expressed concerns about the method of disclosure by the nearly 70 listed firms in a survey conducted by ADX over the past few weeks, Rashed Al Baloushi said. The survey, which covered 801 investors, showed 58.64 were satisfied by ADX's ...  >>MORE

DIFC Courts increases limit on cases heard by the Small Claims Tribunal

Posted on 02/08/2010

Chief Justice Michael Hwang, the newly appointed Chief Justice of the DIFC Courts, the Dubai International Financial Centre's (DIFC) independent and common law judicial system, yesterday signed his first order formally increasing the limit on cases heard by the Small Claims Tribunal from Dhs100,000. The order comes into effect following an extensive consultation period which began in April 2010. The Small Claims Tribunal is the only operating tribunal of its kind in the region, offering users ...  >>MORE

NASDAQ Dubai's equities traded value rises 52 per cent in first half of 2010

Posted on 26/07/2010

The value of equities traded on NASDAQ Dubai rose by 52 per cent in the first six months of 2010 to 728 million dollars, from 479 million dollars in the same period of 2009. Equities volumes fell by 10 per cent to 1.58 billion shares in the same period, from 1.75 billion. Measured by percentage change, both the value and volume figures were the best performing of any UAE stock exchange in the six-month period, compared to the same period in 2009. Traded equities value on NASDAQ Dubai in ...  >>MORE

DFM Company records a consolidated net profit of Dh79.5 million in H1

Posted on 25/07/2010

Dubai Financial Market Company (PJSC) announced yesterday its consolidated financial results for the first half of the year ending June 30th 2010, recording a net profit of Dh79.5 million, with 57% decline compared to Dh186.7 million in the corresponding period of 2009. Net profit for the second quarter of 2010 stood at Dh25.9 million. The Company recorded Dh69.7 million of revenues in the second quarter of 2010, which comprised of Dh51.5 million of operating income and Dh18.2 million ...  >>MORE

Emaar, RAK Ceramics among top fund picks

Posted on 25/07/2010

ING Investment's Middle East North Africa (Mena) fund has Dubai property developer Emaar Properties and Abu Dhabi-based RAK Ceramics among its top picks to be an early investor in growth companies. Fadi Al Said, head of equities at ING's Middle East Investment Team and portfolio manager for the US$50 million fund, said the fund invested heavily at the peak of the debt crisis in Dubai, when most investors preferred to remain on the sidelines and valuations were cheap. It returned more than ...  >>MORE

Aabar directed to ask Ipic to modify bid offer

Posted on 19/07/2010

The UAE capital markets regulator, Emirates Securities and Commodities Authority (SCA), has asked the Abu Dhabi Securities exchange-listed Aabar Investments to coordinate with its majority shareholder, International Petroleum Investment Co (Ipic), to modify its offer to buy the remaining shares in Aabar's capital to Dh1.95 per share. Aabar's shares shot up 8.28 per cent on the news, closing at Dh1.59 Sunday. Aabar got approval from SCA for the extraordinary general assembly to convert from ...  >>MORE

NASDAQ Dubai routes trading through DFM platform in landmark exchange consolidation

Posted on 12/07/2010

NASDAQ Dubai announced that all trading of its listed equities is now being routed through the trading platform of Dubai Financial Market (DFM), starting today when the market opened at 10am (6am GMT). The move, under preparation since December 2009, is part of a consolidation between the two exchanges that is unique in the GCC. Clearing, settlement and custody functions for NASDAQ Dubai equities also migrated to DFM's systems yesterday, under an outsourcing structure which is designed to ...  >>MORE

NASDAQ Dubai welcomes regulatory approval for trading via Dubai financial market

Posted on 11/07/2010

NASDAQ Dubai has announced that Dubai Financial Services Authority (DFSA) has given final approval for all trading of its listed equities to take place through the trading platform of Dubai Financial Market (DFM), starting on Sunday 11 July, 2010. The move is part of an outsourcing strategy to increase trading volumes on NASDAQ Dubai and strengthen Dubai's role as a centre of capital markets activity. At the same time, clearing, settlement and custody functions for NASDAQ Dubai equities will ...  >>MORE

DFSA inks MoU with US regulator

Posted on 16/06/2010

The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the New York State Banking Department for co-operation and exchange of information. The department is the primary regulator for state-licensed and state-chartered financial entities, including domestic banks, foreign agencies, branches and representative offices, savings institutions and trust companies, credit unions and other financial institutions operating in New York. It also regulates ...  >>MORE

NASDAQ Dubai's equities traded value rises 65%

Posted on 16/06/2010

The value of equities traded on NASDAQ Dubai rose by 65% in the first five months of 2010 to 667 million dollars, from 404 million dollars in the same period of 2009. Equities volumes fell by 7%, to 1.46 billion shares from 1.57 billion. Measured by percentage change, both the value and volume figures were the best performing of any UAE stock exchange in the five-month period, compared to the same period in 2009. Traded equities value on NASDAQ Dubai in the month of May 2010 fell by 21%, ...  >>MORE

Nasdaq Dubai appoints new board of directors

Posted on 15/06/2010

Nasdaq Dubai announced yesterday the appointment of a new board of directors led by Abdul Wahed Al Fahim as chairman. Al Fahim is Group Deputy Chief Executive, Wholesale Banking, of Emirates NBD. The other new directors are: Majid Saif Al Ghurair, Chairman of Shuaa Capital and Chief Executive of the Al Ghurair Private Company; Rashid Al Shamsi, Vice-Chairman of Dubai Financial Market and Chief Executive of Sama Dubai; Abdullah Ghobash, Regional Director in the Northern Emirates of National ...  >>MORE

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Quick List

Dubai bourse trade fell 65.3% last year


No change in DIFC freehold transfer fee


DFM introduces unified fluctuation band of 15% up and 10%down


Al-Tayer: Dubai has not received any offers to sell its financial assets


DIFC's sub-economy value added reach US$2.8b


Taqa gets 'A' rating from S&P


Aldar lifts property shares


EMAL lists on London Metals Exchange


DIFC revises cost of doing business to stimulate further expansion and growth


Equities traded value in NASDAQ rises 37% in November


UAE stock markets will stay calm after Eid break


DFM records net profit of Dh77.8 million in the first nine months of 2010


NASDAQ Dubai monthly trading report


US$40bn could flow into UAE stocks


Equities traded at NASDAQ up 31% in first nine months of 2010


DIFC says Moscow financial centre will be welcome in global network


DFSA launches Arabic website


DIFC acts to lure more firms


Emaar Properties to issue US$375m convertible notes


Financial media is very much a "double-edged sword: DIFC Governor


Foreign ownership in DFM-listed firms rises


New SCA Board changes brokers' regulation, slashes number of broker representatives, cancels license of two brokerage firms


Foreigners net buyers on DFM


DIFC announces strong growth in its core businesses in 2010


UAE leads Gulf Common Market integration, says Al Tayer


SCA: Rate of financial statement disclosure by PJSCs is 99.1% in H1


DFM achieves 100% compliance in local company disclosures of Q2-2010 results


Dubai bourse near year’s low


NASDAQ Dubai equities traded value rises 9 per cent


DFSA signs MoU with Banco de Portugal


ADX to upgrade company disclosure method


DIFC Courts increases limit on cases heard by the Small Claims Tribunal


NASDAQ Dubai's equities traded value rises 52 per cent in first half of 2010


DFM Company records a consolidated net profit of Dh79.5 million in H1


Emaar, RAK Ceramics among top fund picks


Aabar directed to ask Ipic to modify bid offer


NASDAQ Dubai routes trading through DFM platform in landmark exchange consolidation


NASDAQ Dubai welcomes regulatory approval for trading via Dubai financial market


DFSA inks MoU with US regulator


NASDAQ Dubai's equities traded value rises 65%


Nasdaq Dubai appoints new board of directors