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THE ECONOMY - STOCK MARKET

ESCA signs MoU with New Zealand's SC

Posted on 09/12/2007

Emirates Securities & Commodities Authority (ESCA) has signed a Memorandum of Understanding with New Zealand's Securities Commission (SC) to enhance cooperation between the two regulatory bodies. The MoU was signed by Sheikha Lubna bint Khalid Al Qasimi, Minister of Economy & Chairperson of ESCA and Jane Diplock, Chairperson of SC. The MOU sets out arrangements for the two regulators to cooperate and share information in relation to enforcement of securities law. Under the MoU, the two ...  >>MORE

ESCA signs MoU with Isle of Man counterpart

Posted on 29/11/2007

The Emirates Securities and Commodities Authority (ESCA) and Financial Supervision Commission of Isle of Man, part of the British Islands, signed on Wednesday a Memorandum of Understanding (MoU) for boosting joint financial cooperation. The MoU defines areas of cooperation between the two regulators which include exchange of information, regulation of financial disclosure, mitigation of trading risks and securities markets' protection. The MoU also envisage joint programmes for training and ...  >>MORE

DIFX welcomes DP World listing; largest IPO in Mideast at US$4.96bn

Posted on 27/11/2007

DP World, the international ports operator, listed Monday on the Dubai International Financial Exchange (DIFX) in the Middle East's largest initial public offering (IPO) valued at US$4.96bn. It is the first IPO to be listed exclusively on the DIFX, the region's international exchange, and the offering to a wide range of institutional and retail investors was oversubscribed more than 15 times. It is the first listing on the DIFX by a UAE company. DP World, wholly owned by Dubai World until ...  >>MORE

NASDAQ DIFX will play key role in Mideast

Posted on 21/11/2007

NASDAQ DIFX, the re-branded Dubai International Financial Exchange after the US stock exchange's acquisition of an equity stake in DIFX, will play a key role in the consolidation of stock exchanges across the Middle East and Asia, said Per E Larsson, chief executive of Borse Dubai. Speaking at the DIFC Week, Larsson said consolidation would accelerate in the exchange industry, but at the same time there will be more niche exchanges and exchange-like mechanisms. He said the goal of exchange ...  >>MORE

DFM opens international investor conference in New York City

Posted on 13/11/2007

Dubai Financial Market (DFM) announced yesterday the launch of its international investor conference in New York City with strong participation from US-based fund managers and institutional investors. The event will take place from November 13th till 15th, 2007. The DFM investor conference in New York City will provide DFM-listed companies with an ideal platform to showcase their projects and growth strategies to an international audience. With international investor interest in the Dubai now ...  >>MORE

DIFC Governor receives Malaysian Crown Prince

Posted on 07/11/2007

The Dubai International Financial Centre (DIFC) yesterday welcomed HRH Prince Dr Nazrin Shah, Crown Prince of Malaysia, who is visiting Dubai to explore opportunities between the UAE and Malaysia. Dr. Omar Bin Sulaiman, DIFC, Governor of the DIFC said. In March 2007 the Dubai Financial Services Authority (DFSA) entered into a Memorandum of Understanding (MoU) with Bank Negara Malaysia and entered into a mutual recognition agreement with the Securities Commission of Malaysia. The objective of ...  >>MORE

DIFC attracts 500 top firm

Posted on 05/11/2007

In just three years the Dubai International Financial Centre (DIFC) has attracted nearly 500 top firms and a long list of the world's leading banks, a large group of high-profile private investors from the USA. In his welcoming address to the group of more than 50 members of the Institute of Private Investors in New York, His Excellency Dr. Omar Bin Sulaiman, Governor of the DIFC, said that global interest in the centre was showing no signs of abating. "In fact, with every inch we get closer ...  >>MORE

Borse Dubai to complete Nasdaq deal in early 2008

Posted on 05/11/2007

Borse Dubai, the holding company of Dubai International Financial Exchange and Dubai Financial Market, is confident of completing its deal with Nasdaq in early 2008, through which it will acquire close to 20 per cent stake in the US exchange, said Eisa Kazim, chairman of Borse Dubai. Borse Dubai and Nasdaq entered into a complex agreement on September 20 by which the Dubai firm would eventually sell all its OMX shares to Nasdaq in return for a 19.99 per cent in the merged entity between Nasdaq ...  >>MORE

ADSM launches new web site

Posted on 29/10/2007

Abu Dhabi Securities Market (ADSM) has launched its new web site: http://www.adsm.ae in a move to improve services. An objective in the design of new website was facilitating the access of information and displaying main services and data on the home page. As an example the "Market Watch" can be customised in terms of the design, and the listed companies names and type of information can specified for the convenience of the site ...  >>MORE

DFM’s first nine months net profit reaches Dh865 million

Posted on 28/10/2007

Dubai Financial Market Company (DFM Company) today announced its financial results for the first nine months of 2007. DFM Company recorded total income of Dh1 billion, including Dh409 million representing the operating income for the first nine months of 2007, Dh126 million representing returns on investments made by DFM Company, and Dh468 million generated by the Initial Public Offerings (IPO) profits. DFM Company recorded a net profit of Dh865 million for the first nine months, while total ...  >>MORE

Foreign investors purchase Dh4.899 billion worth of shares on DFM

Posted on 28/10/2007

Dubai Financial Market announced yesterday that the value of shares and bonds bought by foreign investors, or non-UAE nationals, during last week (October 21 - October 25) reached Dh4.899 billion comprising 28.58 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 Dh4.322 billion comprising 25.22 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached ...  >>MORE

Dubai launches Mideast's first trading arcade

Posted on 21/10/2007

The Middle East's first trading arcade opened in Dubai on Saturday, aimed at luring investors to trade the world's financial markets, Dubai Professional Trading group said. Dubai PTG allows self-employed traders to rent a desk and a screen and start trading any financial market and asset of their choice. "It's a one stop-shop for traders," said James Hume, chairman of Dubai PTG. "What we essentially supply is premises, excellent connectivity, access to different markets over the world, plus ...  >>MORE

UAE markets end Ramadan with sizzling performance

Posted on 12/10/2007

UAE stocks reported a record performance throughout the last week of Ramadan, reaping Dh40 billion in market capitalisation, while market indices stood at record highs. In Abu Dhabi, the general index ended the week at its highest level since June 2006, advancing by 3.1 per cent to 3,772, while Dubai's index gained 2.9 per cent to close at 4,04, its highest level since July 2007. The Emirates Securities general index added 3.1 per cent to its value to close at 4715.26. The market value of ...  >>MORE

EBI and NBD shares stop trading

Posted on 09/10/2007

The boards of Emirates Bank International and National Bank of Dubai yesterday announced the suspension of trading in their shares on the Dubai Financial Market (DFM) as part of the process leading to the merger of the two banks. While the merger was unanimously approved by shareholders of both banks at their extraordinary general meetings last month, during the initial acceptance period the offer was accepted by 96.15 per cent of EBI shareholders and by 90.17 per cent of NBD shareholders. The ...  >>MORE

HSBC gets licence to trade on UAE bourses

Posted on 01/10/2007

HSBC has become the first international bank to be awarded a licence to trade shares on the Dubai and Abu Dhabi domestic stock exchanges. The bank will launch institutional brokerage services by year-end, while its retail operation will be up and running in the first half of 2008. These will be conducted through the newly formed HSBC Middle East Securities, which is 49 per cent owned by HSBC. The bank's local partner Abdul Wahid Al Ylama holds the remainder. "The Middle East is high on the ...  >>MORE

Foreigners buy Dh1.57b in shares

Posted on 30/09/2007

Foreign investors bought shares worth Dh1.57 billion comprising 35.2 per cent of the total value of stocks traded on the Dubai Financial Market last week, the stock exchange said in a statement yesterday. The value of stocks sold by foreign investors during the week reached Dh1.183 billion, comprising 26.5 per cent of the value of stocks traded. With this the net foreign investment on the market reached Dh387.1 million during the same period. The value of stocks bought by institutional ...  >>MORE

Borse Dubai and NASDAQ secure 47.6pc stake in OMX

Posted on 27/09/2007

Borse Dubai and NASDAQ yesterday raised their stake in Nordic and Baltic exchange operator OMX to 47.6 per cent, after winning agreement from key shareholders to sell their shares for 265 Swedish kronor ($40.76) per share, valuing OMX at 31.9 billion Swedish kronor or $4.9 billion. Borse Dubai and NASDAQ are also looking to secure a controlling interest in OMX soon. "We are talking to other shareholders as well. How soon we will get over 50 per cent is difficult to say, but hopefully fairly ...  >>MORE

Nasdaq and Dubai poised to form alliance with LSE

Posted on 24/09/2007

Borse Dubai and Nasdaq are plotting to create a transcontinental trading platform that will include the London Stock Exchange (LSE), according to media reports in the UK. The pair, which last week announced a spectacular deal that saw Borse Dubai take minority stakes in Nasdaq and the LSE, hopes to establish a new platform with London at its centre and links to markets in Dubai, Northern Europe and the US, The Observer reported yesterday. "The LSE has the biggest amount of international ...  >>MORE

Foreign investors purchase Dh1.281b worth of shares on DFM last week

Posted on 23/09/2007

Dubai Financial Market announced yesterday that the value of shares and bonds bought by foreign investors, or non-UAE nationals, during last week (September 16 - September 20) reached Dh1.281 billion comprising 33.6 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 Dh988.2 million comprising 25.9 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached ...  >>MORE

Nasdaq deal opens key markets to Borse Dubai

Posted on 21/09/2007

Borse Dubai moved a step closer to becoming a global financial markets powerhouse by striking a deal with US exchange Nasdaq yesterday to create a global exchange platform. In one stroke, the holding company of Dubai Financial Market and the Dubai International Financial Exchange emerged as a major force in the UD$60 billion (about Dh220 billion) global markets consolidation while gaining a foothold in markets across Asia, Europe, the United Kingdom and the United States. The agreement ...  >>MORE

DIFX launches 'DIFX TraX' platform with 14 new structured products

Posted on 29/08/2007

Deutsche Bank, Merrill Lynch and Morgan Stanley today listed a total of 14 structured products on the Dubai International Financial Exchange (DIFX), as the exchange launched its new TraX platform to radically expand the region's range of listed investment opportunities. DIFX TraX is the only structured products platform to be created by an exchange in the GCC region. TraX products listed today include securities that give exposure to shares listed on the Dubai Financial Market (DFM) and the ...  >>MORE

Conference in New York to woo investors to Dubai

Posted on 28/08/2007

Dubai Financial Market plans to woo American companies by hosting a conference in New York in November to attract North American investors to the emirate, the bourse's chairman said. Essa Kazim said road shows are also planned for Asia, with Singapore and Hong Kong the likely venues. He said the dates for the Asian road shows have not been finalised. Bank of New York, Morgan Stanley and Goldman Sachs Group will sponsor the US event, Kazim said. The aim of the US conference is to strengthen ...  >>MORE

Forsyth withdraws licence from Dubai

Posted on 28/08/2007

Following discussions with its regulator, the Dubai Financial Services Authority (DFSA), regarding its capital adequacy position, Forsyth Partners Global Distributors Ltd announces the cessation of its financial services activities in Dubai after the agreed withdrawal of its financial services licence. Forsyth Partners (Middle East) Ltd also announces the DFSA's agreement to the withdrawal of its financial services licence. Forsyth Partners would like to thank the DFSA for its assistance ...  >>MORE

Borse Dubai's US$4b OMX bid gains acceptance of institutional investors

Posted on 27/08/2007

Borse Dubai's US$4 billion bid for the Nordic exchanges operator OMX is becoming more acceptable to institutional investors as the Swedish regulator has recognised the Dubai offer as legitimate, sources familiar with the situation said yesterday. "Going by the fact that the Swedish regulator (Finansinspektionen) has recognised Borse Dubai's August 17 offer as legitimate, takeover bid has gone a long way in boosting confidence of OMX investors," said an investment banker. The Swedish regulator ...  >>MORE

Emaar’s shares up 7% as investors greet deal scrap

Posted on 27/08/2007

Emaar Properties' stock surged almost seven per cent as investors gave the thumbs up to the cancellation of its Dubai Holding land-forshares swap deal. The property giant saw 77 million shares worth a combined Dh838 million snapped up to push its stock up by 6.79 per cent from Dh10.30 to Dh11. On Wednesday, Emaar fell to a 28-month low of Dh9.75, meaning it has gained 12.8 per cent over the last two sessions. Yesterday's bumper volumes are in marked contrast to the five months since Emaar ...  >>MORE

Emaar falls through Dh10 barrier

Posted on 23/08/2007

Emaar fell to its lowest level in more than two years yesterday after investors panicked over potential losses in the United States housing market. The Middle East's biggest property developer by market value, declined by 3.46 per cent yesterday to Dh9.75 as investors offloaded more than Dh546 million of its shares. The company staged a conference call with investors on Tuesday and it appears the lat ter over-reacted to a warning that profits from its US subsidiary John Laing Homes were ...  >>MORE

NASDAQ turns to key institutional investors as Borse Dubai waits

Posted on 22/08/2007

In preparation for a counter bid to Borse Dubai's US$4 billion offer to acquire OMX, the US stock exchange operator Nasdaq is understood to be seeking the support of key institutional investors. Borse Dubai said that it had answered all the questions raised by Sweden's financial regulator regarding its purchase of a significant stake in OMX and is waiting for the regulator's response. According to a report in Financial Times yesterday, Bob Greifeld, NASDAQ's chief executive, said Investor, ...  >>MORE

Borse Dubai Names Board of Directors

Posted on 10/08/2007

Borse Dubai, the new consolidated company for Dubai Government's holdings in Dubai Financial Market (DFM) and Dubai International Financial Exchange (DIFX), yesterday named its Board of Directors and CEO. The board members bring a wealth of knowledge and experience, and will oversee the strategic objectives of Borse Dubai. At the helm as Chairman of the Board is Essa Kazim, who brings extensive finance and stock markets experience to Borse Dubai. He is currently the Chairman of DFM and prior ...  >>MORE

Borse Dubai launched

Posted on 07/08/2007

The Dubai Government has created Borse Dubai, a new company that will merge its holdings in the Dubai Financial Market and Dubai International Finance Exchange (DIFX). The move will augment Dubai's efforts to expand its interests into other capital markets in the region and also reflects the global drive to consolidate stock exchanges. "Borse Dubai will boost confidence among issuers, investors and intermediaries, who will benefit from a presence in both exchanges, as well as a broader and ...  >>MORE

DFM launches Public Listed Companies Guide

Posted on 01/08/2007

Dubai Financial Market (DFM) yesterday launched "Companies Guide 2006," the first complete guide to DFM-listed companies. The guide, which has been printed in Arabic and English, is also be available on DFM's website, http://www.dfm.ae. The guide comprises comprehensive details of 46 listed companies in nine sectors, including banking, investment and financial services, insurance, real estate and construction, materials, ...  >>MORE

Foreign investors purchase Dh638.4 million worth of shares on DFM

Posted on 29/07/2007

Dubai Financial Market announced today that the value of shares bought by foreign investors, or non-UAE nationals, during the 4th week of July 2007, reached Dh638.4 million, comprising 34.32 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 Dh815.6 million, comprising 43.85 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh177.19 million during ...  >>MORE

Foreign investors purchase Dh1.15 billion worth of shares on DFM

Posted on 22/07/2007

Dubai Financial Market announced today that the value of shares bought by foreign investors, or non-UAE nationals, during the 3rd week of July 2007, reached Dh1.151 billion, comprising 32.42 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 Dh1.49 billion, comprising 41.95 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh338.4 million during ...  >>MORE

Australian Sphere to trade on the DIFX

Posted on 19/07/2007

Sphere Investments, an iron ore mining firm, has become the 11th company to list on the Dubai International Finance Exchange (DIFX). It is the fourth Australian company to join the fledgling exchange and its membership is expected to further cement its presence in the Gulf region, with Qatar Steel and Saudi Arabia's Sabic together holding an 18 per cent stake in Sphere. "We now have a new financial base that clearly reflects our regional focus as well as that of our Arab partners,” said ...  >>MORE

Air Arabia makes a positive start on the Dubai bourse

Posted on 18/07/2007

Air Arabia made a promising debut on the Dubai Financial Market yesterday. The fledgling stock closed up 11 per cent at Dh1.11 on the back of 696 million shares traded – around a quarter of the 2.57 billion sold in its earlier initial public offering. For individual investors there was the chance to make a quick profit, while institutions also welcomed the opportunity to build a long-term stake. The scrip opened at Dh1 and peaked at Dh1.14 before settling on the final figure. "The first ...  >>MORE

DFM profit nearly doubles as trading income surges

Posted on 15/07/2007

Dubai Financial Market Co (DFM) said yesterday its second-quarter profit nearly doubled compared with the first quarter as the value of shares traded on the bourse surged. DFM reported a profit of Dh185 million from operations in the second quarter compared with the first quarter income of Dh95 million. The value of shares traded during the quarter reached Dh83 billion compared with Dh43 billion for the first quarter of 2007. Its net profit for the first half of 2007 was Dh748 million, ...  >>MORE

ADSM's H1 Trades Rise to Dh51.5 billion

Posted on 12/07/2007

Total trades at Abu Dhabi Securities Market (ADSM) surged in the first half of the year to Dh 51.5 billion, an increase of 3.7 per cent over the same period last year, a senior ADSM executive announced today. Rashed Al Baloushi, ADSM's Acting Director General, said that a total of 18.3 billion shares were traded through 465,000 transactions in the first six month of the year compared to 7 billion shares which were changed hands through 473,000.'Net foreign investment in the bourse during the ...  >>MORE

Foreign investors purchase Dh861 million worth of shares on DFM in 4th week of June 2007

Posted on 01/07/2007

Dubai Financial Market announced that the value of shares bought by foreign investors, or non-UAE nationals, during the 4th week of June 2007, reached Dh861 million, comprising 24.8 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 Dh1.2 billion, comprising 35 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh353.7 million during the same ...  >>MORE

Abu Dhabi land bourse saw trades worth Dh201.8 million

Posted on 25/06/2007

The Abu Dhabi land exchange saw last week transactions worth Dh 201.8 million, according to a report issued by Abu Dhabi Municipality. Mortgage transactions dominated the real estate market with 36 deals at a total value of Dh 173.74 million. Sales stood at Dh 28 million with trades on residential lands registering Dh 11.22 million, agricultural lands Dh 3.73 million and commercial lands Dh 13.1 million. The highest registered sale transaction in value took place at Shahama for a commercial ...  >>MORE

Foreign investors purchase Dh1.2b worth of shares on DFM in June's 3rd week

Posted on 24/06/2007

Dubai Financial Market announced yesterday that the value of shares bought by foreign investors, or non-UAE nationals, during the 3rd week of June 2007, reached Dh 1.2 billion, comprising 29 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 915.7 million, comprising 22 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh 292.4 million during ...  >>MORE

Mizuho of Japan opens regional office at DIFC

Posted on 21/06/2007

Mizuho Corporate Bank Ltd. (Mizuho), a member of the Mizuho Financial Group of Japan, announced yesterday that it has commenced its operation in the Dubai International Financial Centre (DIFC) as of 20 June, having been granted a license by the Dubai Financial Services Authority (DFSA) to operate as an authorised firm. From its office in the DIFC, Mizuho will serve the governments, financial institutions, project sponsors, corporations and investors that comprise its regional client base. ...  >>MORE

Dh1.5 billion worth of shares on DFM purchased by foreign investors in 2nd week of June 2007

Posted on 17/06/2007

Dubai Financial Market announced yesterday that the value of shares bought by foreign investors, or non-UAE nationals, during the 2nd week of June 2007, reached Dh1.483 billion, comprising 28 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 Dh1.216 billion, comprising 23 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh267.5 million during ...  >>MORE

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Quick List

ESCA signs MoU with New Zealand's SC


ESCA signs MoU with Isle of Man counterpart


DIFX welcomes DP World listing; largest IPO in Mideast at US$4.96bn


NASDAQ DIFX will play key role in Mideast


DFM opens international investor conference in New York City


DIFC Governor receives Malaysian Crown Prince


DIFC attracts 500 top firm


Borse Dubai to complete Nasdaq deal in early 2008


ADSM launches new web site


DFM’s first nine months net profit reaches Dh865 million


Foreign investors purchase Dh4.899 billion worth of shares on DFM


Dubai launches Mideast's first trading arcade


UAE markets end Ramadan with sizzling performance


EBI and NBD shares stop trading


HSBC gets licence to trade on UAE bourses


Foreigners buy Dh1.57b in shares


Borse Dubai and NASDAQ secure 47.6pc stake in OMX


Nasdaq and Dubai poised to form alliance with LSE


Foreign investors purchase Dh1.281b worth of shares on DFM last week


Nasdaq deal opens key markets to Borse Dubai


DIFX launches 'DIFX TraX' platform with 14 new structured products


Conference in New York to woo investors to Dubai


Forsyth withdraws licence from Dubai


Borse Dubai's US$4b OMX bid gains acceptance of institutional investors


Emaar’s shares up 7% as investors greet deal scrap


Emaar falls through Dh10 barrier


NASDAQ turns to key institutional investors as Borse Dubai waits


Borse Dubai Names Board of Directors


Borse Dubai launched


DFM launches Public Listed Companies Guide


Foreign investors purchase Dh638.4 million worth of shares on DFM


Foreign investors purchase Dh1.15 billion worth of shares on DFM


Australian Sphere to trade on the DIFX


Air Arabia makes a positive start on the Dubai bourse


DFM profit nearly doubles as trading income surges


ADSM's H1 Trades Rise to Dh51.5 billion


Foreign investors purchase Dh861 million worth of shares on DFM in 4th week of June 2007


Abu Dhabi land bourse saw trades worth Dh201.8 million


Foreign investors purchase Dh1.2b worth of shares on DFM in June's 3rd week


Mizuho of Japan opens regional office at DIFC


Dh1.5 billion worth of shares on DFM purchased by foreign investors in 2nd week of June 2007