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THE ECONOMY - STOCK MARKET

UAE, Syrian bourses ink MoU

Posted on 20/12/2006

Stock markets in the UAE and Syria signed yesterday a Memorandum of Understanding (MoU) for joint cooperation. The conclusion of the MoU followed talks on Monday between President H.H. Sheikh Khalifa bin Zayed Al Nahyan and his Syrian counterpart Bashar Al Assad. The agreements called for enhancing joint cooperation in areas like exchange of information, protection of share investors, joint listing, training and other administrative and legislative matters. Executive Chairman of Emirates ...  >>MORE

DGCX installs ticker at Dubai Gold Souk

Posted on 19/12/2006

Dubai Gold and Commodities Exchange, the world's newest online commodities derivatives exchange which celebrated its first anniversary on November 19, yesterday unveiled its rate ticker in Deira Gold Souk, Dubai. The ticker will flash the rates of gold, silver, fuel oil, Euro, GBP and Japanese Yen on real time as trade on DGCX progresses during the day. These rates reflect the movement of prices of these commodities and currencies internationally. The ticker will also give news flashes on ...  >>MORE

UAE stocks end the week in positive territory

Posted on 15/12/2006

The Dubai Financial Market and the Abu Dhabi Securities Market ended the week in positive territory after both closed virtually unchanged yesterday. The Dubai General Index fell a marginal 0.10 per cent on the day to 4,262.25 an increase of 23.28 points or 0.5 per cent up on last Thursday's close. Abu Dhabi rose a fractional 0.01 per cent to 3,031.85, to end the week 13.88 points or 0.45 per cent up. Of the 20 traded stocks in Dubai yesterday, seven advanced, 11 declined and 2 were ...  >>MORE

Emirates Airline joins DME, ENOC for developing first jet fuel futures contract

Posted on 28/11/2006

The Dubai Mercantile Exchange Limited (DME), a joint venture between Tatweer, a member of Dubai Holding and the New York Mercantile Exchange Inc. (NYMEX) yesterday announced that Emirates Airline has joined the working group established by the DME and ENOC Supply and Trading (L.L.C.) in August 2006, in order to explore the development of the world's first physically delivered jet fuel futures contract, which will be traded on the DME. The parties will focus on combining the DME's efforts to ...  >>MORE

Mashreq Capital in hedge fund launch

Posted on 26/11/2006

DIFC-based Mashreq Capital has launched its first fund focused on emerging market debt fund. It was launched through its DIFC funds company, MCF Series I, following approval from the Dubai Financial Services Authority (DFSA). The fund, known as the Emerging Market Credit Opportunities (Emco) fund, it is the first specialist fixed income hedge fund at the DIFC and was developed within the DFSA's Collective Investment Law framework. Dr Omar bin Sulaiman, the Governor of the DIFC, said: ...  >>MORE

Arabic voice-recognition trading soon

Posted on 25/11/2006

The first Arab voice-recognition stock trading system could substantially change the way money is invested on the stock market, says an Abu Dhabi firm. Instead of relying solely on human investment advisors, investors can now use a computer-automated communications system to directly sell or buy stocks, says Emirates Securities. The new Arabic system - based on existing technology supplied by Nuance, a Belgian firm and launched at Gitex by Emirates Securities - allows customers to do trading ...  >>MORE

ADSM Implements Central Depository Agreement with Amman Stock Exchange

Posted on 09/11/2006

Abu Dhabi Securities Market (ADSM), Securities Depository Centre of Jordan (SDC) and Amman Stock Exchange (ASE) have implemented a central depositary agreement that will allow companies to cross-list on the two exchanges. This agreement means that shares can now be transferred between Abu Dhabi and Amman, making it possible for Jordanian companies to cross-list. It also gives UAE investors access to Jordanian companies and gives Jordanian companies visibility in the UAE and Oman through ...  >>MORE

DFM to become the first International 'Islamic' Stock Market

Posted on 08/11/2006

Dubai Financial Market yesterday announced that it has commenced the process of converting itself to be the first international 'Islamic' stock market. A Shari'a committee recently issued a Fatwa approving this step and stating that DFM is Shari'a compliant. The vital decision made by DFM aims at attracting a wide spectrum of local and international companies that would like to be listed on a Shari'a compliant stock market. DFM will continue to provide its bouquet of services, but the ...  >>MORE

DFM launches new index to reflect changing times

Posted on 07/11/2006

Dubai Financial Market (DFM) yesterday launched a new index, the DFM General Index (DFMGI). The exchange is testing the DFMGI, which will eventually replace the existing DFM Index. DFMGI will comprise stocks that are primary listings on DFM and exclude bonds and Sukuks and mutual funds. The index will have a base of 1,000 points. The new DFMGI will have two critical parameters when compared to the old index. Firstly, the last traded price of a stock will be considered as the closing price. ...  >>MORE

Dh7.2b loss hits UAE stocks amid steady market fall

Posted on 01/11/2006

UAE stocks lost more than Dh7.2 billion in market capitalisation yesterday as the Dubai market fell sharply and Abu Dhabi continued its slow decline. The Dubai market lost Dh5.3 billion while Dh1.9 billion was wiped off the value of the Abu Dhabi market. Dubai's benchmark index fell more than 2 per cent to close at 417.52 points, with Emaar leading the decline. The property giant lost Dh1.8 billion in market capitalisation, and about 2.12 per cent of its share price to close at Dh13.85. du ...  >>MORE

DIFX becomes global leader in sukuk with Dh550.5m listing

Posted on 17/10/2006

The Dubai International Financial Exchange (DIFX) yesterday listed a US$150 million (Dh550.5m) sukuk, making the exchange the global leader in sukuk by listed value. The sukuk was created by the Kuwait-based The Investment Dar Company (TID) and raises the total value of Sharia-compliant bonds on the DIFX to US$4.11 billion (Dh15.1bn). Per E Larsson, Chief Executive of the DIFX, said: "As the international exchange of the Middle East and surrounding countries, the DIFX is a natural home for ...  >>MORE

E-Vision to broadcast DFM stock data live

Posted on 09/10/2006

Emirates Cable TV and Multimedia (E-Vision), the UAE's premier cable TV provider, has signed an agreement with Dubai Financial Market (DFM) to provide live quote and market information over its digital network. The service adds on to E-Vision's array of offerings and is available on the Info Channel presented by E-Vision. It offers live broadcast of information about the stock prices listed on the Dubai Financial Market, in which investors and businessmen are able to follow up on instant ...  >>MORE

Arab stock market cap hits US$1 trillion

Posted on 08/10/2006

The market capitalisation of Arab stock markets crossed the US$1 trillion mark in June this year but three Gulf markets account for the lion's share, the latest figures from the Arab Monetary Fund (AMF) show. Experts say the market value of Arab stock markets is still low compared to developed markets, although as a percentage of GDP it is higher, suggesting faster integration of the regional markets. According to the AMF, which generates the AMF Composite Index of 15 Arab stock markets, the ...  >>MORE

DFM launches Public Listed Companies Guide

Posted on 04/10/2006

Dubai Financial Market (DFM) yesterday launched "Companies Guide 2005", the first ever guide of companies listed on DFM. The guide comprises comprehensive details of 34 listed companies in five sectors, banking, industry, insurance, investment and services. It includes contact details of companies, date of incorporation, auditors, legal advisors, board of directors, ownership ratio, ownership structure and number of shareholders. The guide also contains the past three years' financial ...  >>MORE

DFSA Law receives Best Government Initiative

Posted on 28/09/2006

London- In a remarkable international recognition, the DFSA has received the "Best Government Initiative of the Year" award from the Society of Trust and Estate Practitioners (STEP). The DFSA received this prestigious award for the excellence of its Trust Law, which was enacted by the Ruler on 9 November 2005. This prestigious award, judged by a distinguished panel of independent industry practitioners and experts, was received by Roberta Julfar, DFSA Legislative Counsel, at the award ...  >>MORE

DFM signs MoU with Central Depository Company

Posted on 21/09/2006

Dubai Financial Market (DFM) has signed a Memorandum of Understanding (MoU) with Pakistan's Central Depository Company (CDC). As per the MoU, DFM's Depository, Clearing and Settlement (CDS) Department and CDC will issue, market and promote securities for trading in the UAE and Pakistan. In addition to that, CDS and CDC will consult with each other if any issuer intends to appoint either of them as a sub-depository. CDS and CDC will work closely, help and facilitate each other and provide ...  >>MORE

ADSM to introduce corporate governance code voluntarily

Posted on 18/09/2006

Abu Dhabi Securities Market (ADSM) will introduce three phased corporate governance code voluntarily to ensure greater transparency which will lead to better performance and strengthen investor's trust in the listed companies. "Stage one will improve transparency through extended disclosure requirements and will make the appointment of audit committees mandatory," said Rashid Al Baloushi, acting director-general of ADSM, while speaking at the 4th GCC Stock Market Summit in Dubai. "In the ...  >>MORE

Friday-Saturday weekend holiday for financial markets

Posted on 14/09/2006

The Emirates Securities and Commodity Authority (ESCA) has endorsed a Friday-Saturday weekend holiday for financial markets. In a statement issued here Wednesday, ESCA said the country's stock markets should also enjoy Friday-Saturday weekend holiday as it is the case with the rest of institutions in the country. The move is also in line with the Cabinet decision No. 21 for 2006, said the statement, adding that this adjustment will come into effect in Ramadan. The statement added that the ...  >>MORE

DFSA signs MoU with Australian Securities & Investments Commission

Posted on 13/09/2006

The Dubai Financial Services Authority (DFSA) today entered into a Memorandum of Understanding (MoU) with the Australian Securities and Investments Commission (ASIC). The MoU was signed in Sydney by David Knott, Chief Executive of the DFSA, and Jeffrey Lucy, Chairman of ASIC. The signing of the MoU coincided with a visit to Australia by a delegation from the Dubai International Financial Centre (DIFC), led by the Governor of the DIFC, Dr. Omar bin Sulaiman. (Emirates News Agency, WAM) ...  >>MORE

DFM to net Dh1.6bn from sale of 20 per cent stake

Posted on 07/09/2006

Dubai's authorities plan to raise about Dh1.6 billion by selling shares of Dubai Financial Market (DFM) this year, according to the exchange's director general. The authorities will sell a 20 per cent stake in the UAE's biggest stock market. The shares will initially be listed only in Dubai. The exchange could also list shares outside the region "if the management sees that there will be an added value”, said Director General Essa Kazim. Demand for share sales in the Middle East has not ...  >>MORE

DFSA signs agreement with the Capital Market

Posted on 07/09/2006

Cairo - An important memorandum of understanding (MOU) between the Capital Market Authority of Egypt (CMA) and the Dubai Financial Services Authority (DFSA) was signed in Cairo. The MOU was signed by DFSA Chairman, Dr. Habib Al Mulla, and the Chairman of the CMA, Dr. Hani Sarie-Eldin, at a ceremony hosted by the Minister of Investment, Dr. Mahmoud Mohieldin. The CMA is the independent capital markets regulator responsible for regulating and supervising capital markets in Egypt. The DFSA is ...  >>MORE

DIFC to get two real estate investment trusts listings

Posted on 05/09/2006

At least two international real estate investment trusts are expected to list on the Dubai International Financial Exchange (DIFC), according to a top official. "We are in talks with a couple of issuers and at least two of them are expected to register with the DIFC before the yearend and the Reits, one of which is Islamic, will be listed on the DIFX,” said Khalid Yousaf, director – Islamic finance, DIFC. The free zone recently passed an Investment Trust Law in August, which facilitates ...  >>MORE

DIFC targets 20 per cent of world’s funds

Posted on 26/08/2006

The first hedge fund authorised by the Dubai International Financial Centre (DIFC) was launched to outside investors on Tuesday, in what the DIFC is hoping will be the start of a flourishing hedge-fund industry in the region. Argent Financial Group said it has launched the Constans Crescent Investment Fund, a long/short equity fund taking positions in stocks traded in the "Crescent Belt” of Islamic countries stretching between Morocco and Pakistan. Unlike the majority of the world's ...  >>MORE

DFSA announces major Islamic Finance initiative with Malaysia

Posted on 16/08/2006

Kuala Lumpur, Malaysia - The Dubai Financial Services Authority (DFSA) today announced the commencement of a joint project with the Securities Commission, Malaysia (SC) designed to remove regulatory barriers to Islamic Finance transactions between the DIFC and Malaysia. The project was announced as a Memorandum of Understanding (MOU) was signed between the two regulators in Kuala Lumpur. The MOU was signed by Dato' Zarinah Anwar, Chairman of the SC, and Mr. David Knott, Chief Executive of ...  >>MORE

DIFC releases paper on freehold land

Posted on 14/08/2006

The Dubai International Financial Centre Authority (DIFCA) yesterday published for consultation the DIFC Real Property Law 2006 and the Strata Title Law 2006. The Real Property Law guarantees ownership of freehold land and interest in land within the DIFC. It will allow for foreign companies and individuals to hold freehold ownership of real estate within the Dubai International Financial Centre. The Law is based on the underlying principles of English common law, but also incorporates ...  >>MORE

NBAD lists first convertible note on ADSM

Posted on 08/08/2006

The UAE's first listed convertible note by the National Bank of Abu Dhabi (NBAD) is available for trading starting today on the Abu Dhabi Securities Market (ADSM). The 10-year subordinated note has a face value of Dh100 each and investors will have the option of converting them into NBAD shares on maturity. The ten-year subordinated notes raised Dh2.50 billion (US$681 million) of Tier 2 capital for NBAD and will mature in 2016. They will be used to fund the bank's continued expansion. The ...  >>MORE

Mohammed bin Rashid enacts DIFC laws

Posted on 07/08/2006

H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister, and Ruler of Dubai, has enacted, as of 1 August 2006, the Investment Trust Law - DIFC Law No. 5 of 2006, together with the Collective Investment Law Amendment Law (Investment Trust) DIFC Law No. 6 of 2006 and the Regulatory Law Amendment Law (Investment Trust) DIFC Law No. 7 of 2006. The Investment Trust Law gives persons setting up Collective Investment Funds in the DIFC an additional structure in the form of an ...  >>MORE

ADSM issues 2006 'Listed Companies Guide

Posted on 06/08/2006

The Abu Dhabi Securities Market (ADSM) today issued the sixth edition of its 'Listed Companies Guide'. The Guide, which is published for the benefit of investors, includes information about, and financial statements from, all ADSM listed companies, dating back to 2001. For six years, this Guide has been an important source on which investors can base their investment decisions. The general information available includes company addresses, details of board members, directors, auditors and ...  >>MORE

Abu Dhabi Securities Market H1 trading surges 146.8%

Posted on 02/08/2006

Trading volume at Abu Dhabi Securities Market (ADSM) increased by 146.8 per cent in the first half of 2006 compared to the same period in 2005. ADSM Acting Director-General Rashed Al Baloushi, giving an overview of the market, said high volumes and an increase in the number of foreign investors were encouraging signs that the long-term fundamentals for market growth were in place even though the index and trading values had declined. "Total trading volume of shares from January to June ...  >>MORE

ADSM to allow foreigners to trade in stocks

Posted on 01/08/2006

The Abu Dhabi Securities Market (ADSM) will shortly sign its first custodial services agreement with HSBC, enabling foreigners to trade in ADSM-listed stocks, the bourse's chief said yesterday, indicating that more such agreements are on the horizon. Rashad A. Al Beloushi, acting director-general said foreigners could be active players in ADSM with 35 out of the 59 listed companies allowing foreigners to trade in their shares. "We will be signing within weeks an agreement with HSBC bank, who ...  >>MORE

Tamweel debuts on Dubai Financial Market

Posted on 11/07/2006

Dubai Financial Market (DFM) yesterday announced the listing of Tamweel, a leading player in the UAE's fast-growing home finance market. Tamweel is the 37th company to list its shares on the DFM, and the 54th listed security on the market. Tamweel is classified under "Service" sector which includes 12 public joint stock companies now. The company's shares will start trading yesterday (July 10, 2006) under the trading symbol TAMWEEL that will appear on DFM screens, trading systems and ...  >>MORE

Hawkamah signs MoU with ESCA

Posted on 04/07/2006

Hawkamah and Emirates Securities and Commodities Authority (ESCA) have signed a groundbreaking memorandum of understanding (MoU) to develop the first ever corporate governance code for listed companies in the UAE. The MoU was signed by Abdulla Al Turaifi, CEO of ESCA and Dr Nasser Saudi, Executive Director of Hawkamah. ESCA is the first capital market authority in the region which will develop and introduce corporate governance codes for listed companies consistent with international ...  >>MORE

UAE markets lead way for IPOs in Middle East

Posted on 01/07/2006

Despite a downturn in the Middle East's stock markets, the region saw 12 initial public offerings (IPOs) with a combined value of a little over US$3 billion (Dh11bn) in the first half of the year, according to the latest data. The data was provided by reputed United Kingdombased financial data service providers, Dealogic. The UAE markets led the way, with five of the top 10 listings in the first half of the year. The figures were better than the US$1.81bn (Dh6.64bn) worth of IPOs ...  >>MORE

Dubai aims to host 20% of world's funds

Posted on 27/06/2006

The Dubai International Financial Centre has big ambitions, aiming to play host to 20 per cent of the world's investment funds. It has enacted the collective investment law to provide a legal framework, covering mutual funds, property funds, Islamic funds, hedge funds, and private equity funds. This put it on a par with other leading onshore fund centres, such as London, New York and Hong Kong, said Sandy Shipton, head of asset management at the DIFC. It was unique, he said, because it was ...  >>MORE

Abu Dhabi Securities Market reclassifies Listed Company Sectors

Posted on 27/06/2006

The Abu Dhabi Securities Market (ADSM) has announced the reclassification of its listed company sectors to bring them in line with industry-preferred sector definitions. Effective from July 8th, 2006, ADSM listed companies will be grouped by standard economic sectors, this will enable analysts and investors to compare company and sector performance more easily. The new classifications will also ensure consistency throughout the market and has been finalised after consultation with all 59 ...  >>MORE

Abu Dhabi to enforce new governance code

Posted on 21/06/2006

Companies listed on Abu Dhabi bourse will be governed by a new code and brokers must comply with new capital adequacy norms, the chairman of the Abu Dhabi Securities Market (ADSM) said. Hareb Al Darmaki also underscored the need for more regulation, trading instruments and changes for the development of the stock exchange. ADSM is not just implementing new rules for brokers, but has also designed a certification programme to demonstrate its commitment to education and training of those who ...  >>MORE

Ministry to clamp down on market manipulation

Posted on 19/06/2006

The country's financial watchdog is pushing ahead with a corporate governance law to clamp down on market manipulation and insider trading, Economy Minister Sheikha Lubna Al Qasimi said in an interview. Sheikha Lubna, who chairs the Emirates Securities and Commodities Authority (ESCA) in addition to her cabinet post, said ESCA has fined around 50 to 60 brokerages this year, underscoring its determination to improve market regulation. Forcing listed firms to improve transparency and the ...  >>MORE

Dow Jones Indexes, DFM to launch co-branded index

Posted on 18/06/2006

Dow Jones Indexes, a leading global index provider, and the Dubai Financial Market (DFM) today announced the launch of the Dow Jones DFM Index. To be commercially operational by the end of this year, the Dow Jones DFM Index is designed to serve as an underlying point of reference for investment products such as mutual funds, exchange-traded funds, and other financial products that will enable investors to participate in the performance of the Dubai stock market. The co-branded ...  >>MORE

DIFX, FTSE launch new GCC indices

Posted on 13/06/2006

FTSE Group and Dubai International Financial Exchange (DIFX) have created the first GCC country tradable indices for domestic, GCC and international investors. The GCC countries initially included in the series are the UAE, Kuwait and Qatar. These indices are intended to facilitate the creation of investment products and also pave the way for the introduction of exchange traded index derivatives including futures and options, providing a new paradigm in the growth of capital markets in the ...  >>MORE

DFSA signs cooperation deal with securities body

Posted on 08/06/2006

The Dubai Financial Services Authority (DFSA) yesterday announced that it has become a signatory to a multilateral memorandum of understanding (MoU) with the International Organisation of Securities Commissions (IOSCO). David Knott, DFSA Chief Executive, who is attending the IOSCO annual conference in Hong Kong, said: "Acceptance as an IOSCO multilateral MoU signatory is only permitted after rigorous assessment of the applicant's legislative and regulatory regime. In the DFSA's case, this ...  >>MORE

Mohammed appoints DIFC governor

Posted on 05/06/2006

His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued in his capacity as president of the Dubai International Financial Centre, a resolution appointing Dr Omar Bin Sulaiman as DIFC governor. Dr Omar will head the office of the president of the DIFC. With this appointment, he will no longer act as director-general of the DIFC Authority. Its executive management will assume his responsibilities. He will serve as a ...  >>MORE

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Quick List

UAE, Syrian bourses ink MoU


DGCX installs ticker at Dubai Gold Souk


UAE stocks end the week in positive territory


Emirates Airline joins DME, ENOC for developing first jet fuel futures contract


Mashreq Capital in hedge fund launch


Arabic voice-recognition trading soon


ADSM Implements Central Depository Agreement with Amman Stock Exchange


DFM to become the first International 'Islamic' Stock Market


DFM launches new index to reflect changing times


Dh7.2b loss hits UAE stocks amid steady market fall


DIFX becomes global leader in sukuk with Dh550.5m listing


E-Vision to broadcast DFM stock data live


Arab stock market cap hits US$1 trillion


DFM launches Public Listed Companies Guide


DFSA Law receives Best Government Initiative


DFM signs MoU with Central Depository Company


ADSM to introduce corporate governance code voluntarily


Friday-Saturday weekend holiday for financial markets


DFSA signs MoU with Australian Securities & Investments Commission


DFM to net Dh1.6bn from sale of 20 per cent stake


DFSA signs agreement with the Capital Market


DIFC to get two real estate investment trusts listings


DIFC targets 20 per cent of world’s funds


DFSA announces major Islamic Finance initiative with Malaysia


DIFC releases paper on freehold land


NBAD lists first convertible note on ADSM


Mohammed bin Rashid enacts DIFC laws


ADSM issues 2006 'Listed Companies Guide


Abu Dhabi Securities Market H1 trading surges 146.8%


ADSM to allow foreigners to trade in stocks


Tamweel debuts on Dubai Financial Market


Hawkamah signs MoU with ESCA


UAE markets lead way for IPOs in Middle East


Dubai aims to host 20% of world's funds


Abu Dhabi Securities Market reclassifies Listed Company Sectors


Abu Dhabi to enforce new governance code


Ministry to clamp down on market manipulation


Dow Jones Indexes, DFM to launch co-branded index


DIFX, FTSE launch new GCC indices


DFSA signs cooperation deal with securities body


Mohammed appoints DIFC governor