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THE ECONOMY - STOCK MARKET

New law to safeguard payments

Posted on 10/08/2009

A new law intended to give legal certainty to payments and create confidence in transactions involving securities in the financial services industry has come into force. His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has enacted the Dubai International Financial Centre's (DIFC) new Payment System Settlement Finality (PSSF) Law. This law establishes a legal foundation to build a regional transaction processing hub in the ...  >>MORE

UAE market best performing in Mena in July

Posted on 10/08/2009

The UAE was the best performing market in the Middle East and North Africa (Mena) in July while Egypt continued to be the best performing Arab market so far this year, according to Dubai-based investment bank Rasmala. Better-than-expected banking sector results in the UAE, Saudi Arabia and Qatar provided a boost for the markets. Core banking operating revenues exceeded investor expectations despite the booking of higher loan loss provisions. These results indicate that there is potential ...  >>MORE

ADX inches up on mixed bout of buying and selling

Posted on 10/08/2009

Abu Dhabi Securities Exchange (ADX) moved up for the second session running yesterday after retreating last Wednesday. The general index added 13.94 points, or 0.49 per cent, to end the day at 2858.40, compared to the previous close of 2844.46. Banking and realty stocks propelled the index higher, but the construction, insurance, healthcare, industrial and energy sectors were all under pressure. Oil prices fell on Friday from their six-week high as the dollar gained following reports that the ...  >>MORE

Foreign investors purchase Dh1.54bn worth of shares on DFM during the last week

Posted on 08/08/2009

Dubai Financial Market announced on Thursday that the value of shares bought by foreign investors, or non-UAE nationals, during last week (August 02 - August 06) reached Dh1.54bn comprising 43.02% of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached Dhs1.45bn comprising 40.54% of the total value of stocks traded during the period. Net foreign investment on the market reached Dh88.45m during the same period, as ...  >>MORE

Top 25 UAE firms' first half profits topple

Posted on 05/08/2009

Net profits of the 25 largest listed companies in the UAE dropped by more than 39 per cent in the first half of 2009 compared with the corresponding period of 2008, an exclusive research by Emirates Business reveals. According to the data, combined net profits of the top 25 companies by market capitalisation declined by more than Dh10 billion, from Dh26.32bn in first half of 2008 to Dh16.01bn, a drop of 39.15 per cent. An uninspiring global and regional financial environment coupled with a ...  >>MORE

UAE is sound investment option for major firms: ADX CEO

Posted on 27/07/2009

As an emerging market with considerable financial resources, Abu Dhabi has plenty to offer investors, but the emirate would benefit from a higher profile within the world's major financial centres, according to the CEO of Abu Dhabi Securities Exchange (ADX). In an exclusive interview with Oxford Business Group (OBG), the highly acclaimed global publishing, research and consultancy firm, Tom Healy said that Abu Dhabi's strong fundamentals ensured that the country was a sound investment option, ...  >>MORE

Dubai equities gain 5.23%

Posted on 27/07/2009

UAE markets surged on Sunday as global markets picked up and oil prices rose above $68 (Dh249.5) per barrel, the highest since the beginning of this month. The combined market index has increased by 1.95 per cent to close at 2,791.32 points. The market capitalisation has gained Dh7.76 billion, attaining Dh405.29 billion. A total of 0.93 billion shares were traded with a total value of Dh1.36 billion. The Dubai Financial Market yesterday surged by 5.23 per cent to Dh1,843.45 on the back of ...  >>MORE

DIFC Court to launch pro bono programme enhancing access to justice

Posted on 23/07/2009

As part of its aim to make justice accessible to all, the DIFC Courts, the Dubai International Financial Centre's (DIFC) independent, common law judicial system, today posted for consultation a set of guidelines for a pro bono programme. The programme will allow individuals who cannot afford a lawyer the ability to seek free advice from lawyers registered with the DIFC Courts. The DIFC Courts' Pro Bono programme is the first of its kind in the region and was created to address a need in the ...  >>MORE

DIFC releases updated version of 'Guide to Islamic Finance'

Posted on 21/07/2009

The Dubai International Financial Centre Authority on Monday announced the release of the updated version of its 'Guide to Islamic Finance in or from the DIFC'. Apart from incorporating the new landmarks in the evolution of its model Islamic insurance regulatory framework and operating practises, the latest publication also takes into account the changing overall scenario as a result of the financial crisis that is gripping the world. At the same time, the publication retains and expands on ...  >>MORE

UAE offers one of the lowest price-earnings ratios in Gulf

Posted on 20/07/2009

The UAE markets look promising for the second half of this year as their price-to-earnings (P/E) ratios are among the lowest among Gulf bourses while they have built up a positive momentum in index growth. A low P/E ratio coupled with other factors such as strong global cues and stable oil prices are expected to attract retail investors and foreign and institutional buyers to the UAE bourses. Analysts believe this could take the Dubai Financial Market (DFM) General Index up to the 2500-point ...  >>MORE

ADX index up 10 percent for first half of 2009

Posted on 16/07/2009

Non-GCC investors were net buyers on ADX in the first half of 2009 announced Tom Healy, Chief Executive of Abu Dhabi Securities Exchange. Giving details of first half performance and trading statistics, Healy also said that the ADX Index, market capitalisation and volumes were all up in the first half of 2009, influenced by an appreciation for the positive long-term economic outlook for Abu Dhabi. Commenting on the ADX statistics for the first half of 2009, Healy made a number of ...  >>MORE

NASDAQ Dubai signs MoU with Middle East Investor Relations Society

Posted on 16/07/2009

NASDAQ Dubai and the Middle East Investor Relations Society (ME-IR Society) have signed a Memorandum of Understanding (MoU) in a move to promote best investor relations practices across the region. Under the agreement, NASDAQ Dubai and ME-IR Society will work together to provide educational seminars and initiatives for issuers, potential issuers and their advisors, as well as enhance understanding of how listed companies can communicate most effectively with the public. Jeff Singer, Chief ...  >>MORE

Foreign investors purchase Dh699.3 million worth of shares on DFM during the last week

Posted on 11/07/2009

Dubai Financial Market announced that the value of shares bought by foreign investors, or non-UAE nationals, during last week (July 5 - July 7) reached Dh699.3 million comprising 44.37% of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached Dh725.4 million comprising 46.02% of the total value of stocks traded during the period. Net foreign investment on the market reached Dh26.1 million during the same period, as ...  >>MORE

NASDAQ Dubai Exchange selects SunGard to support equity derivatives trading solution

Posted on 08/07/2009

SunGard has extended the capabilities of its GMI system to facilitate processing of equity derivatives traded on NASDAQ Dubai, the Middle East's international stock exchange. GMI is a clearing and accounting solution for exchange traded derivatives, futures and options. SunGard's GMI helps NASDAQ Dubai customers and exchange members to readily trade and process business on the new exchange. GMI has been customized to support futures, futures options, stock futures, equity options, Contracts ...  >>MORE

UAE carries enormous boost in investors' confidence

Posted on 02/07/2009

The GCC Investor Confidence Index cherished the performance of UAE economy and has said that regional and global investors' confidence in emirates economy jumped by 15.7 per cent in June compared to previous month. The UAE recorded highest increase in investor confidence among its GCC peers last month as its rating rose by 16.8 points to 123.8 points from May's 107 points, says Emirates Business 24|7 in its report. The newspaper quoting an official of GCC Investor Confidence Index ...  >>MORE

DIFC courts' new rules advance efficient dispute resolution

Posted on 02/07/2009

The DIFC Courts, the Dubai International Financial Centre's (DIFC) independent, common law judicial system, yesterday announced the addition of two new parts to their Rules (RDC) to further enhance the suite of dispute resolution services available at the DIFC. The new Part 53 of the RDC describes the framework for claims before the Small Claims Tribunal (SCT), which is designed to fast-track disputes under Dh100,000. Cases in the SCT are resolved in an expeditious, cost efficient manner ...  >>MORE

Value of shares bought by institutional investors reaches Dh691 million during last week

Posted on 27/06/2009

Dubai Financial Market (DFM) announced on Thursday that the value of shares bought by foreign investors, or non-UAE nationals, during last week (June 21 - June 25) reached Dh1.408 billion comprising 38.7 per cent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached Dh1.577 billion comprising 43.4 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh169.5 ...  >>MORE

World's fifth largest accountancy firm opens DIFC office

Posted on 24/06/2009

BDO International, the 5th largest global accountancy network, today announced the opening of a new corporate finance office in the Dubai International Financial Centre (DIFC). The new office - BDO Corporate Finance (Middle East) LLP - will act as a hub for corporate finance and restructuring advisory work in the Middle East. It will focus on building relationships with and working alongside regional family offices, institutional investors and businesses as well as helping multinational ...  >>MORE

Dubai Financial Markets plummet 5.85, with losses across the board

Posted on 24/06/2009

Dubai Financial Market benchmark plummeted 5.85 per cent to 1,839.10, with losses across the board. Emaar caused the most impact on the index as it shed 8.83 per cent to Dh3.20. Shuaa Capital lost 9.22 per cent to Dh1.29, while its dispute with Dubai Banking Group continues. Abu Dhabi Securities Exchange index slipped 3.22 per cent to 2,656.69 points. All real estate stocks took a hit, as well as Dana Gas and Etisalat. Aldar Properties shed 7.35 per cent to Dh3.78, Sorouh Real Estate ...  >>MORE

UAE markets surge on new contracts

Posted on 15/06/2009

UAE markets on Sunday climbed to highs last seen in November, gaining Dh15.64 billion in market capitalisation, bringing the total to Dh450.08 billion. The Dubai Financial Market (DFM) benchmark surged 4.75 per cent in a fourth session rally, closing at 2,198.31, while the Abu Dhabi Securities Exchange (ADX) general index rose 3.35 per cent to close at 2,963.64, on the back of real estate stocks. Emaar gained 7.18 per cent, closing the day's trading at Dh4.18, having previously been at a ...  >>MORE

Dubai, Abu Dhabi reach 2009 highs

Posted on 08/06/2009

Dubai share rose for a ninth day, the longest winning streak since April 2005, as oil near US$70 a barrel and US economic data boosted investor confidence. Shuaa Capital rose after the United Arab Emirates' biggest investment bank extended the deadline for reaching an agreement with Dubai Banking Group on convertible bonds. Emaar Properties advanced for the ninth day, its longest rally since 2004. Abu Dhabi Commercial Bank, the country's third-biggest bank by assets, climbed to a December ...  >>MORE

Nasdaq Dubai joins the party as index soars 14 per cent

Posted on 08/06/2009

Now it is the turn of Nasdaq Dubai to join the party on market streets. Falling in line with UAE bourses, volumes on Nasdaq Dubai soared significantly. During May, the trading turnover in equities and Dubai Gold Securities (DGS) rose 67 per cent and 41 per cent respectively, while the number of contracts in derivatives increased from 7575 to 8110 taking the total number to 23032 contracts since their launch in November 2008. Reflecting bullish trading, Nasdaq Dubai index rose 54.41 per cent ...  >>MORE

Mohammed Bin Rashid renews confidence in DIFC, DFSA

Posted on 06/06/2009

Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum on Thursday renewed his confidence in the abilities and efficiency of the staff of Dubai International Financial Center (DFIC) and Dubai Financial Services Authority (DFSA), the regulatory authority for DFIC. His Highness also urged them to further strengthen the confidence global firms and financial corporations has in the UAE markets in order to maintain the country's status as a ...  >>MORE

Maktoum bin Mohammed appointed as President of DIFC

Posted on 03/06/2009

Deputy Dubai Ruler HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, has been appointed as a President of the Dubai International Financial Centre (DIFC), according to a decree issued by Vice President and Prime Minister of UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum. The decree will be effective from the date of issuance and will be published in the official gazette. The move reflects an important role being played by the DIFC in the development in the UAE. The DIFC ...  >>MORE

DFM performance May 2009

Posted on 01/06/2009

Dubai Financial Market overall performance increased by 17 percent to reach 1878.09 points at the end of May 2009 compared to 1605.51 points at the end of April. The market capitalization increased at the end of this month by 8.6 percent to reach Dh232.2 billion compared to Dh213.9 billion at the end of April. The value of shares traded during this month reached Dh14.9 billion, compared to Dh13.9 billion recorded during April, an increase by 6.9 percent. Number of shares traded decreased by ...  >>MORE

Dubai will be stronger than before, DIFC governor says

Posted on 27/05/2009

The economy has turned a corner and Dubai will emerge from this period stronger than before, Dr Omar Bin Sulaiman, governor of the Dubai International Financial Centre (DIFC), said in a meeting on Tuesday. "We believe that we have in place the financial and economic infrastructure to enable Dubai to rebound more quickly than other economies. "But Dubai will do much more than weather the storm; it will come out stronger," Bin Sulaiman told the Capital Club, Dubai's premier private business ...  >>MORE

DIFC maintains its profile despite global downturn

Posted on 25/05/2009

Commercial rental rates at the Dubai International Finance Centre (DIFC) have withstood market pressures better than many other business locations in the Emirate, according to CB Richard Ellis, the global property consultancy. While the DIFC has not gone completely unscathed by the global financial crisis, it has succeeded in maintaining its profile as one of Dubai's prime office developments. Quoting rents for space reached as high as Dh750 per square foot before falling away over the last ...  >>MORE

DIFC Courts publish code of conduct

Posted on 20/05/2009

The Dubai International Financial Centre (DIFC) Courts have published a code of conduct for legal practitioners. According to a statement from the courts, the code, published on the website, is one of the first of its kind in the region. It stipulates a standard of conduct requiring registered legal practitioners "to act with the upmost integrity and independence, in support of the court and the communities it serves, or be sanctioned, per the guidelines” The code seeks to ensure that cases ...  >>MORE

Dubai Financial Market achieves 100pct compliance in Q1-2009 results disclosure of local companies

Posted on 18/05/2009

Dubai Financial Market (DFM), the first regional exchange to go public, and the first Sharia'a complaint market globally, announced yesterday it succeeded to achieve 100 percent compliance regarding disclosure of Q1-2009 results of the listed local public joint stock companies within the deadline of 45 days from the end of the period. The total number of UAE public joint stock companies listed at DFM that disclosed their first quarter results stood at 41 company 'with the exception of Amlak ...  >>MORE

Nasdaq Dubai cuts capital requirements

Posted on 17/05/2009

Nasdaq Dubai has substantially reduced this month the minimum capital requirement for three categories of membership introduced by the exchange in October 2008. In a notice, Nasdaq Dubai said the minimum capital requirement for a General Clearing Member (GCM) of Nasdaq Dubai Securities Market will be US$8m (Dh29.4m) compared to the US$20m minimum capital stipulated in October 2008. The minimum capital required for GCM before October 2008 was US$5m. "In order to be admitted as, and remain, ...  >>MORE

Foreign investors purchase Dh1.271 billion worth of shares on DFM during the last week, and sold Dh1.268 billion

Posted on 16/05/2009

Dubai Financial Market announced on Thursday that the value of shares bought by foreign investors, or non-UAE nationals, during last week (May 10 - May 14) reached Dh1.271 billion comprising 39.3 per cent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached Dh1.268 billion comprising 39.2 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh2.8 million ...  >>MORE

UAE stocks to continue upward move

Posted on 10/05/2009

Stock markets in the UAE are projected to continue their upward trend this week, albeit with increasing volatility in both the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX). Analysts predicted the markets' strength in the upward channel in the short-term was still intact and might continue this week, supported by rallies in global and regional markets. Sherif Abdel Khalek, trading manager of institutional investors at Beltone Financial, said: "We still see ...  >>MORE

Dubai Financial Market company posts Dh58.5m net profits in Q1-2009

Posted on 30/04/2009

Dubai Financial Market Company (PJSC) announced yesterday its preliminary financial results for the first quarter of year ending March 31st 2009, recording a net profit of Dhs58.5m. DFM's success in securing a good profitability in light of international markets circumstances reflects effectiveness of both business model and cost control measures. DFM Company recorded total revenue of Dh95.3m, including Dhs74.1m in operating income and Dhs21.2m representing the return on investments for the ...  >>MORE

Dubai Financial Market updates general index, adding 3 new stocks

Posted on 29/04/2009

Dubai Financial Market announced today that shares of new 3 listed public joint stock companies will be added to its general index (DFMGI) and to sector indexes as of today. The number of companies listed in index increased to 32 companies. The new additions includes; Drake and Scull international, Dartakaful - Takaful House, and Takaful Emarat. DSI shares has been added to DFM general index and real estate index. The outstanding shares for DSI is 2.178bn shares, while the percentage of ...  >>MORE

Dubai Financial Market launches E-calculator service for fees assessment

Posted on 15/04/2009

Dubai Financial Market (DFM) launched yesterday the E-calculator service, a new tool that allows investors and public joint stock companies to calculate different fees of administrative transactions through DFM's website. The launch of this innovative tool is a major step towards shifting Clearing, Settlement and Depository Division services into an electronic environment. Moreover, the new service will improve the effectiveness and speed of transaction execution and will save much of the ...  >>MORE

Nasdaq Dubai equities trading volumes rise 62% in first quarter 2009

Posted on 08/04/2009

Nasdaq Dubai announced that its equities trading volumes increased to 1.04bn in the first quarter of 2009, a rise of 62% from the first quarter of 2008 (640m) and of 27% from the fourth quarter of 2008 (817m). Trading in equity derivatives has also increased satisfactorily since they were listed on the exchange in November 2008. In March, 6,816 equity futures contracts traded, up from 386 in February and 90 in January. A total of 6,865 Dubai Gold Securities (DGS) traded in March since they ...  >>MORE

Derivatives growth outpaces equities

Posted on 29/03/2009

While equity volumes on Nasdaq Dubai see-saw, derivatives trading has seen phenomenal growth this year. This month till date, the number of derivative contracts rose to 4,536 over February's 386 contracts, which had grown 329 per cent over January. Analysts attribute this to key factors such as larger institutional participation and the hedging mechanism inherent in derivative products. Mohammed Ali Yasin, Chief Executive of Shuaa Securities, which is one of the major institutional ...  >>MORE

UAE stock markets gain for fifth day

Posted on 25/03/2009

Local stock markets gained yesterday, led by real estate stocks as investors welcomed the US$1 trillion (Dh3.67 trillion) US government plan to mop up toxic assets from the balance sheets of banks. The Dubai Financial Market General Index climbed 4.13 per cent to end at 1,622.28 and the Abu Dhabi Securities Exchange Index raced 4.49 per cent higher to close at 2,533.78 amid greater market optimism of a global and regional recovery from the ongoing financial crisis. The Emirates Securities ...  >>MORE

UAE markets advance on Central bankers' comments

Posted on 19/03/2009

UAE stocks rose yesterday, led by banks and real estate, with investors reacting positively to the Central Bank governor's statements on plans to reduce interest rates and on the improving credit situation. The Abu Dhabi Securities Exchange Index jumped 2.42 per cent to 2,367.91 on improved volumes, which was almost three times the average of the last three weeks, as banks and financial index surged 4.10 per cent. The Dubai Financial Market General Index advanced 1.17 per cent to close at ...  >>MORE

Drake '&' Scull lists on DFM

Posted on 17/03/2009

Drake '&' Scull International PJSC (DSI) - the UAE service provider of mechanical, electrical and plumbing (MEP) contracting, infrastructure, water and power (IWP) and civil contracting - yesterday became the first specialised MEP company to list on the Dubai Financial Market (DFM) bourse. In July 2008, the company offered 55% of its shares with a value of Dh 1.2 Billion. The initial public offering (IPO) was 101 times oversubscribed with around 45,600 subscribers investing roughly Dh 124 ...  >>MORE

ADX Signs MoU with Libyan Stock Market

Posted on 16/03/2009

Abu Dhabi Securities Exchange (ADX) announced yesterday it has signed a Memorandum of Understanding (MoU) with the Libyan Stock Market (LSM) in a move that further cements ties between Abu Dhabi and other Arab exchanges. Other Arab stock exchanges ADX has recently signed agreements with include exchanges from Jordan, Qatar, Oman, Syria, Sudan and Egypt. The MoU commits ADX to providing LSM with consultancy and training services and the two exchanges agreed to share trading data and ...  >>MORE

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Quick List

New law to safeguard payments


UAE market best performing in Mena in July


ADX inches up on mixed bout of buying and selling


Foreign investors purchase Dh1.54bn worth of shares on DFM during the last week


Top 25 UAE firms' first half profits topple


UAE is sound investment option for major firms: ADX CEO


Dubai equities gain 5.23%


DIFC Court to launch pro bono programme enhancing access to justice


DIFC releases updated version of 'Guide to Islamic Finance'


UAE offers one of the lowest price-earnings ratios in Gulf


ADX index up 10 percent for first half of 2009


NASDAQ Dubai signs MoU with Middle East Investor Relations Society


Foreign investors purchase Dh699.3 million worth of shares on DFM during the last week


NASDAQ Dubai Exchange selects SunGard to support equity derivatives trading solution


UAE carries enormous boost in investors' confidence


DIFC courts' new rules advance efficient dispute resolution


Value of shares bought by institutional investors reaches Dh691 million during last week


World's fifth largest accountancy firm opens DIFC office


Dubai Financial Markets plummet 5.85, with losses across the board


UAE markets surge on new contracts


Dubai, Abu Dhabi reach 2009 highs


Nasdaq Dubai joins the party as index soars 14 per cent


Mohammed Bin Rashid renews confidence in DIFC, DFSA


Maktoum bin Mohammed appointed as President of DIFC


DFM performance May 2009


Dubai will be stronger than before, DIFC governor says


DIFC maintains its profile despite global downturn


DIFC Courts publish code of conduct


Dubai Financial Market achieves 100pct compliance in Q1-2009 results disclosure of local companies


Nasdaq Dubai cuts capital requirements


Foreign investors purchase Dh1.271 billion worth of shares on DFM during the last week, and sold Dh1.268 billion


UAE stocks to continue upward move


Dubai Financial Market company posts Dh58.5m net profits in Q1-2009


Dubai Financial Market updates general index, adding 3 new stocks


Dubai Financial Market launches E-calculator service for fees assessment


Nasdaq Dubai equities trading volumes rise 62% in first quarter 2009


Derivatives growth outpaces equities


UAE stock markets gain for fifth day


UAE markets advance on Central bankers' comments


Drake '&' Scull lists on DFM


ADX Signs MoU with Libyan Stock Market