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THE ECONOMY - STOCK MARKET

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

SCA approves ETF regulations

Posted on 15/03/2009

The Emirates Securities and Commodities Authority (SCA) has approved the rules and regulations for introducing exchange traded funds (ETF) on the Abu Dhabi Securities Exchange, Emirates Business has learned. The SCA's board, chaired by Sultan bin Saeed Al Mansouri, Minister of Economy, approved the regulations, under which both foreign and local ETFs will be traded on the ADX. Foreign companies can enter the ADX through ETFs formed both locally and in their own countries. The funds would need ...  >>MORE

Social Affairs Ministry denies converting Arkan shares to social assistance recipients

Posted on 06/03/2009

The Ministry of Social Affairs denied yesterday it has converted ownership of about 100 million shares of Arkan Building Materials Company to 10,000 recipients of social assistance. 'We have nothing to do with Arkan shares,' the ministry said in a statement it issued in reply to a news report published a local daily paper quoting the ministry. The Ministry affirmed that its role in the matter had been to provide information about families under the social security umbrella. 'The ...  >>MORE

Drake and Scull to go public

Posted on 05/03/2009

Drake and Scull, a Dubai-based construction firm, will list on the Dubai Financial Market on 16 March, making it the first UAE company to launch an IPO this year. It is also the first mechanical, engineering and plumbing (MEP) contractor in the UAE to publicly list. Drake and Scull started the IPO process in July last year when it offered 55 per cent of the company to the public. The IPO was 101 times oversubscribed. Around 45,600 subscribers applied for shares, which were priced at Dh1 ...  >>MORE

ADX to list ETF in April, start trading derivatives this year

Posted on 04/03/2009

The Abu Dhabi Securities Exchange (ADX) would list its first exchange-traded fund (ETF) in April within a long-term strategy to diversify investments and turn itself into a global market, its Chief Executive Tom Healy said. But Healy said he believed the UAE bourses would not recover from one of their worst periods unless global markets begin to improve and banking liquidity returns to its pre-crisis levels. He also expected ADX to begin trading in derivatives before the end of this year. ...  >>MORE

Dubai Gold Securities listed on Nasdaq

Posted on 03/03/2009

Dubai Gold Securities, an initiative of World Gold Council (WGC) and the Dubai Multi Commodities Centre (DMCC), began trading on NASDAQ Dubai Ltd. yesterday. Dubai Gold Securities represent the first Exchange Traded Commodity (ETC) to list on NASDAQ Dubai and the first Shariah-compliant gold ETC in the region. Dubai Gold Securities offers investors simple, secure and Shariah-compliant access to gold bullion investment without the additional costs normally associated with insuring, storing ...  >>MORE

DFM welcomes US$20b bond plan

Posted on 24/02/2009

Shares on Dubai Financial Market (DFM) yesterday surged 7.91 per cent to post the best finish in three months as investors cheered US$20-billion bond programme launched by Dubai government on Sunday. The broad-based buying paced by real estate stocks, which jumped 14.18 per cent, sent the DFM benchmark index to its highest close since November 17 at 1,652.98. The Abu Dhabi Securities Exchange Index posted marginal gains of 1.06 per cent at 2,298.65. The US$20-billion bond plan helped eased ...  >>MORE

Average daily trade volume in derivatives triples on Nasdaq Dubai

Posted on 22/02/2009

Reflecting the increasing awareness about hedging mechanism, the average daily volume in derivatives on Nasdaq Dubai more than tripled this month so far, when compared to the previous month. The total volume in February so far is at 340 million shares as against 171m shares in January, while the average daily trading volume (ADV) tripled to 21.2m shares from 6.8m shares. "Nasdaq Dubai has demonstrated that it can be a platform for high liquidity. We look forward to building our market ...  >>MORE

Borse Dubai closes US$2.5bn syndication

Posted on 19/02/2009

In a massive vote of confidence in Dubai's economy, Borse Dubai attracted "some fresh money" in closing a fully subscribed US$2.5 billion (Dh9.1bn) syndication, a senior executive close to the transaction said yesterday. "It was mainly the foreign banks who rolled over what they were holding. Local banks – based in Dubai as well as Abu Dhabi – also rolled over their facilities. And some fresh money came in," the executive said on condition of anonymity. The original financing, which was split ...  >>MORE

ADX signs MoU with Shanghai Stock Exchange

Posted on 09/02/2009

Abu Dhabi Securities Exchange (ADX) announced yesterday they have signed a Memorandum of Understanding (MoU) with the Shanghai Stock Exchange (SSE) in a move which will promote further co-operation between the two exchanges. The agreement will also see ADX and SSE working closely together in terms of information sharing and product development. "Shanghai is a large and well established stock exchange. Abu Dhabi has the potential to benefit hugely from their experience and we hope this MoU ...  >>MORE

Foreign investors purchase Dh 360.5 million worth of shares on DFM

Posted on 08/02/2009

Dubai Financial Market announced yesterday that the value of shares bought by foreign investors, or non-UAE nationals, during last week (February 1 - February 5) reached Dh 360.5 million comprising 43.1 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 Dh 361.5 million comprising 43.2 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh 972.3 ...  >>MORE

Nasdaq Dubai and OIC sign licensing agreement

Posted on 03/02/2009

Nasdaq Dubai and The Options Industry Council (OIC), a world leader in equity options education, have signed a licensing agreement to develop an equity options education programme for Middle East investors and financial advisors. Nasdaq Dubai, the international stock exchange serving the Middle East, will tailor content provided by Chicago-based OIC to deliver a comprehensive education programme. This will include seminars run by Nasdaq Dubai Academy explaining equity options for ...  >>MORE

DME contracts migrate to CME platform

Posted on 02/02/2009

CME Group, the world's largest and most diverse derivatives exchange, and the Dubai Mercantile Exchange Limited (DME), the premier international energy futures and commodities exchange based in the Middle East, announced yesterday that they have successfully completed the migration of DME's contracts to the CME Globex electronic trading platform. The successful transition enables the world's three crude oil benchmarks - WTI, Brent and Oman - to trade on the same platform alongside CME Group ...  >>MORE

Dubai shares rebound

Posted on 23/01/2009

UAE shares ended mixed on Friday as positive overseas leads failed to convince investors still fretting over anticipated lower corporate earnings and a slowing domestic economy, with both Dubai and Abu Dhabi losing more than 10 percent from the previous week. Dubai's main index snapped days of losses, edging up 0.73 per cent to 1,472.82, helped by property giant Emaar Properties and Emirates NBD. The index however, slipped 10.3 per cent from last week. Abu Dhabi's gauge, stretched losses ...  >>MORE

DIFC Governor receives Crown Prince of the Netherlands

Posted on 22/01/2009

Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC) and Vice Chairman of the UAE Central Bank, yesterday hosted His Royal Highness Willem-Alexander Claus Ferdinand, the Crown Prince of Netherlands, Prince of Orange; his wife Her Royal Highness Princess Maxima of the Netherlands; and a high-level Dutch delegation at DIFC. The delegation accompanying the Crown Prince of Netherlands included HE Frank Heemskerk, Minister of Foreign Trade of the Netherlands; Gilles ...  >>MORE

UAE stocks fall yet again

Posted on 22/01/2009

UAE stocks continued to slide, led by real estate and financials, as investor sentiment further dented amid poor earnings of Gulf companies and slump in global markets, both signs of the deepening of the worldwide financial crisis. Yesterday's loss wiped out more than Dh16 billion in combined market capitalisation. The benchmark US S&P 500 index and Nasdaq fell more than five per cent on Tuesday and Asian and European shares also tumbled, led by mounting losses of banks. Closer in the ...  >>MORE

DIFC releases Intellectual Property laws draft

Posted on 21/01/2009

The Dubai International Financial Centre (DIFC) yesterday said it has released a draft of its proposed Intellectual Property laws for public consultation. The new laws cover intellectual property rights such as copyrights, patents, trade secrets, trademarks and related rights. Dr Omar Bin Sulaiman, governor of DIFC and vice chairman of the UAE Central Bank said: "By creating a strong legal framework for protecting proprietary knowledge, which is one of the financial service industry's key ...  >>MORE

UAE markets fall to four-year low

Posted on 21/01/2009

UAE markets tumbled to a four and a half year low on Tuesday - along with other Gulf bourses - as oil prices dropped further and the profits of the world's largest petrochemicals company, Saudi Basic Industries Corp (Sabic) plunged more than 95 per cent in the fourth quarter. Crude prices dropped below US$33 a barrel in after-hour trading on New York Mercantile Exchange, raising fears among investors that government revenue among the Gulf states is likely to be adversely affected. However, ...  >>MORE

UAE markets likely to rise 21% in 2009

Posted on 19/01/2009

Stock markets in the UAE, which fell as much as 72 per cent last year, are likely to rise 21 per cent in 2009 as confidence begins to recover in the second half of the year, Shuaa Capital said on Sunday. "Negative economic and corporate news flow will present a headwind for stocks throughout 2009, setting a grim mood, especially during the first half of the year," the investment bank said in a note. "But a sluggish economic recovery towards the second half of the year will allow the UAE ...  >>MORE

ADX aims to be most active bourse in region

Posted on 19/01/2009

The Abu Dhabi Securities Exchange (ADX) said yesterday it was pushing ahead with plans to introduce exchange trade funds (ETF) and derivatives within a long term programme to become one of the most active bourses in the region. ADX Chief Executive Tom Healy said the bourse recorded one of its busiest years in 2008 despite a sharp fall in its market capitalisation, with the value of traded shares surging by nearly 32 per cent over 2007. In a statement about ADX's performance in 2008, Healy ...  >>MORE

Dubai's refinancing needs to touch US$15b

Posted on 17/01/2009

Dubai's corporate refinancing requirements in 2009 are expected to touch US$15 billion (Dh55 billion), according to credit rating agency Moody's in its latest report. This is nearly half of the total refinancing requirements of the Gulf Cooperation Council (GCC), estimated at US$33 billion (Dh121 billion). The UAE's total refinancing requirements are put at approximately US$19 billion (Dh70 billion). Dubai companies in which the government has a stake, such as Dubai Holding, are included in ...  >>MORE

ADX to List First ETF in March; Offer Derivatives by Year-end

Posted on 14/01/2009

Abu Dhabi Securities Exchange (ADX) will list its first Exchange Traded Funds (ETFs) in March, and will offer derivatives contracts by year-end, said its chief executiveTom Healy. In an interview with Khaleej Times, Tom Healy said Abu Dhabi Securities Exchange would be the first bourse in the Middle East to offer an asset-backed product that would expand choices and opportunities to investors. He said the ADX has received a tremendous response to its ambitious ETFs programme. Strong interest ...  >>MORE

DFM sees 26.4% rise in investors

Posted on 08/01/2009

The Dubai Financial Market, the first regional exchange to go public and the leading Islamic financial market globally, said that the number of investors rose 26.4 per cent to 535,563 in 2008 end compared to 423,418 in 2007. DFM latest statistics show that UAE investors accounted for 62.79 per cent of the total numbers of investors last year, with UAE investors' number rising from 267,046 in 2007 to 336,304 in 2008. According to statistics, DFM issued 69,258 new investor numbers for UAE ...  >>MORE

UAE Stocks Shed 57 Per Cent in 2008; Market Cap Put at Dh388b

Posted on 06/01/2009

UAE's two stock markets recorded a compounded annual growth rate of 36.76 per cent in combined market capitalisation despite a plunge of 57 per cent in 2008, according to an equity research firm. Morningstar, Inc., a leading provider of independent investment research base, said on Monday the combined market capitalisation of UAE markets had seen a rise from US$8.67 billion at inception in 2000 to the current US$105.93 billion (Dh388 billion, as of December 21, 2008), at a compounded annual ...  >>MORE

UAE stock indices likely to strengthen in H2

Posted on 04/01/2009

In a reversal of last year's trend, UAE stock indices are expected to open soft in the first half of 2009, only to strengthen in the second half, analysts said. Trading for year 2009 will open as both the UAE stock markets struggle to keep their heads above water. However, the good news is that both the Dubai and Abu Dhabi indices will begin trading tomorrow above key technical support levels. More good news came from a strong start to the year by the Tadawul stock exchange in Riyadh, which ...  >>MORE

UAE stock markets likely to be volatile next week

Posted on 12/12/2008

The UAE markets are expected to be volatile next week and the trend will be the same until the first half of next month when year-end results start coming out, according to local traders. Volumes are expected to start picking up on Sunday, largely retail dominated, but this segment, according to one trader, would not be investing more than 10 to 20 per cent of their cash in stocks in light of the prevailing negative sentiments. "People are still worried and there is not a positive yet," ...  >>MORE

Foreign investors purchase Dh 1.131 billion worth of shares on DFM

Posted on 23/11/2008

Dubai Financial Market announced yesterday that the value of shares bought by foreign investors, or non-UAE nationals, during last week (November 16 - November 20) reached Dh 1.131 billion comprising 40.3 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 Dh 1.160 billion comprising 41.3 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh 28.9 ...  >>MORE

Maktoum bin Mohammed Rings NASDAQ OMX Opening Bell

Posted on 21/11/2008

In a landmark event, HH Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai yesterday rang the NASDAQ OMX opening bell remotely at a ceremony held in front of The Gate in the Dubai International Financial Centre (DIFC). This is the first time that NASDAQ OMX, the world's largest exchange company, is holding a remote opening bell ceremony in the Middle East. HH Sheikh Maktoum said: "The ringing of NASDAQ OMX's remote opening bell represents the global prominence that ...  >>MORE

DIFC Courts to have limited jurisdiction

Posted on 21/11/2008

The newly established Dubai International Financial Centre (DIFC) Courts have jurisdiction over civil and commercial matters related to DIFC and have no power over criminal cases, officials clarified on Thursday. The creation of the DIFC Courts, the only English language, common law judicial system in the Middle East, has drawn questions over its specific powers, its relationship with Dubai Courts, as well as the enforcement of its judgments in and outside the DIFC. The DIFC Courts met ...  >>MORE

Nasdaq Dubai lists equity derivatives on UAE index

Posted on 20/11/2008

Nasdaq Dubai, formerly Dubai International Financial Exchange (DIFX), yesterday listed equity derivatives for the first time. The instruments, created by the exchange itself, consist of futures contracts on an index of UAE shares created by FTSE International, and futures contracts on 21 individual shares listed on UAE exchanges. Jeff Singer, Chief Executive of Nasdaq Dubai, said: "Equity derivatives play a beneficial role in international markets around the world and we are delighted to ...  >>MORE

Nasdaq Dubai set to be global gateway

Posted on 19/11/2008

The Dubai International Financial Exchange (DIFX) has rebranded its market as Nasdaq Dubai, effective yesterday. Nasdaq OMX Group, the world's largest exchange company, also announced it will list its shares on Nasdaq Dubai tomorrow. Both moves reflect the growing links between Nasdaq OMX Group and Nasdaq Dubai, as well as the growth of Dubai as an international financial centre. Nasdaq OMX had bought a one-third stake in the newly named Nasdaq Dubai in February. Bourse Dubai, which controls ...  >>MORE

Foreign investors purchase Dh 1.053 billion worth of shares on DFM last week, sold Dh 1.005 billion

Posted on 16/11/2008

Dubai Financial Market (DFM) announced yesterday that the value of shares bought by foreign investors, or non-UAE nationals, during last week (09 November - 13 November) reached Dh 1.053 billion comprising 38.86 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 Dh 1.005 billion comprising 37.05 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached ...  >>MORE

Foreign investors purchase Dh 1.156 billion worth of shares, sold Dh1.220 billion on DFM last week

Posted on 09/11/2008

Dubai Financial Market announced yesterday that the value of shares bought by foreign investors, or non-UAE nationals, during last week (November 2 - November 6) reached Dh 1.156 billion comprising 36.2 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 Dh 1.220 billion comprising 38.2 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh 64.3 ...  >>MORE

Dubai International Financial Centre Issues SPC Regulations

Posted on 08/11/2008

The Dubai International Financial Centre (DIFC) yesterday announced that it has enacted new regulations that enable companies within the financial district to quickly form Special Purpose Company (SPC) structures. HE Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC) said, "The SPC Regulations form part of DIFC's constantly evolving legal framework that aims to provide a supportive environment for financial services companies. DIFC is committed to providing a ...  >>MORE

UAE bourses reverse roles as bearish mood prevails

Posted on 30/10/2008

It was another mixed day for the UAE markets, with the Dubai bourse reversing Tuesday's positive performance and Abu Dhabi ending five days of decline. The Dubai Financial Market General Index lost 0.51 per cent to close at 2,917.12. However, volumes surged by 51 per cent to 426.38 million shares valued at Dh1.17 million. The market failed to hold on to the opening rally and selling continued until the close. "Undercurrent is very bearish with little confidence seen in local markets," said ...  >>MORE

DIFC Global to provide aid to international business

Posted on 26/10/2008

DIFC Investments, the investment arm of the Dubai International Financial Centre (DIFC), on Saturday said it has launched DIFC Global, a new subsidiary that provides a global network of premium business centres and corporate services that support companies in developing their international business. Part of the global vision of the DIFC, the world's fastest growing financial hub, DIFC Global provides services that enable companies to make forays into new markets quickly, efficiently and with ...  >>MORE

Dubai Financial Market nine-month net profit increase 97% to Dh781 million

Posted on 22/10/2008

The Dubai Financial Market Company (DFM) on Tuesday reported a 97 per cent jump in net profits to Dh781 million for the first nine months of 2008, up from Dh397 million (excluding IPO profit) in the same period in 2007. DFM Company recorded revenues of Dh879 million, including Dh598 million in operating income for the first nine months of 2008 and Dh299 million as the return on investments made by DFM Company. Total revenues increased by 67 per cent compared to Dh536 million (excluding IPO ...  >>MORE

UAE shares gain on etisalat earnings

Posted on 20/10/2008

UAE shares rose for the first time in three days as Emirates Telecommunications Corp. reported an increase in third-quarter earnings, boosting sentiment. Saudi Arabia's Index declined. Etisalat, , advanced after saying profit increased 19 per cent. Emaar Properties PJSC gained for the first time in three days. The Abu Dhabi Securities Exchange General Index rose 2.4 per cent to 3,446.76. The measure slumped 6.5 per cent in the previous two days. The Dubai Financial Market General Index added ...  >>MORE

Net foreign selling at DFM totals Dh471 million

Posted on 19/10/2008

Dubai Financial Market (DFM) said on Saturday that net selling by foreign investors in the week to October 16 stood at Dh 471.3 million. In a statement, DFM said that the value of shares bought by foreign investors, or non-UAE nationals, during last week (October 12 to October 16) was Dh2.695 billion, comprising 36.4 per cent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period was Dh3.167 billion representing 42.8 per ...  >>MORE

ADX may curb 'hot money'

Posted on 16/10/2008

The Abu Dhabi Securities Exchange (ADX) may act to curb foreign "hot money" - the short term stock market plays - if it causes market instability, the bourse's deputy chief executive said yesterday. "We as a market have been able to attract foreign investment, which is needed because we are trying to encourage liquidity," Rashid Al Baloushi told reporters. "But if we have a problem with hot money from outside, we will fix it." Foreign holdings in ADX amount to about 10 per cent but foreigners ...  >>MORE

UAE bourses reverse gains as investors book profits

Posted on 16/10/2008

After two consecutive days of strong gains, UAE markets reversed course on Wednesday, as desperate investors resorted to early profit booking after last week's drains. More than Dh24 billion of market capitalisation was wiped away following the four per cent decline recorded by the Emirates Securities general index which stood at 4,142.65 by the close. "The market decline has nothing to do with the UAE, as investors are only following the trend in international markets where corporate ...  >>MORE

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Quick List

ADX Signs MoU with Libyan Stock Market


SCA approves ETF regulations


Social Affairs Ministry denies converting Arkan shares to social assistance recipients


Drake and Scull to go public


ADX to list ETF in April, start trading derivatives this year


Dubai Gold Securities listed on Nasdaq


DFM welcomes US$20b bond plan


Average daily trade volume in derivatives triples on Nasdaq Dubai


Borse Dubai closes US$2.5bn syndication


ADX signs MoU with Shanghai Stock Exchange


Foreign investors purchase Dh 360.5 million worth of shares on DFM


Nasdaq Dubai and OIC sign licensing agreement


DME contracts migrate to CME platform


Dubai shares rebound


DIFC Governor receives Crown Prince of the Netherlands


UAE stocks fall yet again


DIFC releases Intellectual Property laws draft


UAE markets fall to four-year low


UAE markets likely to rise 21% in 2009


ADX aims to be most active bourse in region


Dubai's refinancing needs to touch US$15b


ADX to List First ETF in March; Offer Derivatives by Year-end


DFM sees 26.4% rise in investors


UAE Stocks Shed 57 Per Cent in 2008; Market Cap Put at Dh388b


UAE stock indices likely to strengthen in H2


UAE stock markets likely to be volatile next week


Foreign investors purchase Dh 1.131 billion worth of shares on DFM


Maktoum bin Mohammed Rings NASDAQ OMX Opening Bell


DIFC Courts to have limited jurisdiction


Nasdaq Dubai lists equity derivatives on UAE index


Nasdaq Dubai set to be global gateway


Foreign investors purchase Dh 1.053 billion worth of shares on DFM last week, sold Dh 1.005 billion


Foreign investors purchase Dh 1.156 billion worth of shares, sold Dh1.220 billion on DFM last week


Dubai International Financial Centre Issues SPC Regulations


UAE bourses reverse roles as bearish mood prevails


DIFC Global to provide aid to international business


Dubai Financial Market nine-month net profit increase 97% to Dh781 million


UAE shares gain on etisalat earnings


Net foreign selling at DFM totals Dh471 million


ADX may curb 'hot money'


UAE bourses reverse gains as investors book profits