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THE ECONOMY - STOCK MARKET

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

Turnover on UAE markets hits Dh3b as stocks rally

Posted on 05/06/2006

UAE market turn-over rose to Dh3 billion on Sunday, with the Abu Dhabi Securities Market's liquidity rising to Dh1.2 billion worth of transactions and fuelling the rally by local stocks. Nevertheless both markets closed slightly down, with Abu Dhabi's hotel sector pulling the general index down and Etisalat's share falling by 3.4 per cent. In Dubai the index closed 0.26 per cent down at 495.58 points, with EMAAR's share keeping the consistent modest gains, closing 1.15 per cent higher at Dh ...  >>MORE

DFSA Launches Major Regulatory Program for Emiratis

Posted on 01/06/2006

The Dubai Financial Services Authority (DFSA) yesterday launched "Tomorrow's Regulatory Leaders" TRL, a training and development program designed to create sustainable career opportunities for Emiratis in financial services regulation. TRL was launched by DFSA's Chairman, Dr. Habib Al Mulla, and Chief Executive, Mr David Knott at a media conference attended by business and government representatives at the Emirates Towers Hotel, Dubai. At the launch Dr Al Mulla predicted that TRL will ...  >>MORE

Al Shamsi calls for setting Dh11b 'market maker' fund

Posted on 31/05/2006

Salah Al Shamsi, Chairman of the Abu Dhabi Chamber of Commerce and Industry, yesterday called for setting up a fund with a market capitalisation of Dh 11 billion to act as a market maker that will help maintain stability in the UAE stock market. Al Shamsi, who was addressing a seminar on 'banking services and capital market', organised jointly by ADCCI, revealed that the chamber submitted a study on the stock market situation to the concerned authorities. He stressed the need to grant ...  >>MORE

DFM public issue closer to reality

Posted on 29/05/2006

The formation of the founders committee of the Dubai Financial Market is a step towards its initial public offering, officials said. "This is one of the requirements of the industry that there would be a founders committee and this notification fulfils that requirement," Eisa Kazim, director-general of DFM, told Gulf News. DFM will offload 20 per cent of shares in the IPO. His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, ...  >>MORE

ADSM aims to become first UAE exchange to achieve ISO 17799 certification

Posted on 23/05/2006

The Abu Dhabi Securities Market (ADSM) hopes to become the first UAE exchange to achieve ISO 17799, said Khalfan Al Mazrouei, IT Manager of ADSM. Speaking at the eCompany 'eSecurity Forum 2006', Al Mazrouei said: "Without the highest international standards of IT security software the world's financial markets would not be able to operate in the way that they do. No matter how advanced our systems are however, we are always vulnerable. Since ADSM was established, we have been constantly ...  >>MORE

DIFC set to have stake in first transatlantic bourse

Posted on 23/05/2006

Dubai International Financial Centre (DIFC) could today find itself a shareholder in the first transatlantic stock market with a total capitalisation of listed companies of about US$27 trillion (Dh99trn). NYSE Group, the operator of the New York Stock Exchange, yesterday upstaged Germany's Deutsche Boerse and proposed a merger worth US$21bn (Dh77bn) with European exchange operator Euronext to create the first transatlantic market. DIFC on Sunday announced it has raised its stake in ...  >>MORE

Sumitomo Mitsui Banking Corporation to open office at DIFC

Posted on 23/05/2006

Sumitomo Mitsui Banking Corporation (SMBC) has become the second Japanese bank to establish presence at the Dubai International Financial Centre. It has been licensed by the Dubai Financial Services Authority as an authorised firm. Dr Omar bin Sulaiman, Director-General of DIFC Authority, commented: "We welcome Sumitomo Mitsui Banking Corporation to the Dubai International Financial Centre. UAE and Japan have long established bilateral relations. In fact, Japan was one of the first ...  >>MORE

DIFC increases stake in Euronext

Posted on 22/05/2006

The Dubai International Financial Centre has increased its stake in the European cross-border exchange, Euronext. A statement from the DIFC said that its investment now stands at just under 3.5%. "The investment in Euronext is consistent with our belief that it is in the best interests of all stakeholders that Euronext's management be able to maintain flexibility with regards to its future strategic options," said Charles Skeeles, DIFC spokesperson. "Our increased investment in Euronext is ...  >>MORE

Dubai Financial Market signs OMX to deliver cutting-edge X-stream trading

Posted on 22/05/2006

Dubai Financial Market (DFM), UAE's premium stock, market today awarded a multi-million dollar contract to OMX, a leading expert in the stock market industry to provide a new trading system platform. Under the terms of the contract, OMX will be the system provider for the license, customization, implementation and support of DFM's new high performance trading system platform, the OMX X-stream, said the stock market in a press release. X-Stream is a high performance, fault tolerant exchange ...  >>MORE

UAE shares make strong recovery

Posted on 14/05/2006

Investors in both financial markets were relieved yesterday as the indices bounced back strongly with all shares recovering from one of the most dramatic falls in the history of the UAE stock markets. The Dubai benchmark index gained 9.93 per cent yesterday closing at 507.79 points, with a strong turnover totalling Dh3.7 billion, of which Dh1.5 billion on EMAAR's share, and Dh1.2 billion on Amlak. All the major shares recorded gains with the sub-indices of the investment and services sectors ...  >>MORE

DIFC set to become fund hub

Posted on 10/05/2006

The Dubai International Financial Centre (DIFC) has said it could become one of the world's leading funds centres following the enactment of The Collective Investment Law 2006. "The funds sector is central to the financial services industry and to the global economy,” Dr Omar bin Sulaiman, Director General of the DIFC said in a statement. "The DIFC and its regulator, the DFSA, have worked extremely hard to create the right environment for the industry to come to the DIFC, and we believe ...  >>MORE

UAE stock markets rebound

Posted on 09/05/2006

UAE stock markets switched course yesterday as the Dubai Financial Market index rose by 3.4 per cent to 506.91 points, with a turnover exceeding Dh2.64 billion, recovering from its lowest since February 26, 2005. Led by Emaar Properties, all the major shares recorded gains, as 13 out of the 18 traded shares rose yesterday, two fell and three were unchanged. "Whenever Emaar share falls below Dh13 it is an excellent opportunity to buy," commented Ahmad Nabeel, a broker at Al Mutahida ...  >>MORE

Gulf markets plunge on back of panic selling

Posted on 08/05/2006

Markets in the Gulf continued their sharp decline yesterday, with Dubai Financial Market's (DFM) index falling below the 500 points benchmark, triggering more panic among small investors. The DFM index closed down 5.06 per cent, with 19 out of the 20 shares traded recording losses. The Abu Dhabi Securities Market (ADSM), fell by 5.69 per cent, with only two shares up. "What's happening is beyond our control," said an investor on the ADSM floor. "The bank is squeezing me with deadlines, I ...  >>MORE

Dubai stocks crash again

Posted on 07/05/2006

Sustained negative sentiment pushed UAE stocks lower yesterday with the Dubai Financial Market poised to fall below the 500-point mark very soon. Analysts say the markets are unlikely to rebound until long-term investors step in and companies start buying back shares. The benchmark Dubai Financial Market index fell 4.75 per cent or 25.72 points to close at 516.26 points, the lowest since the last eight weeks. Turnover was moderate at Dh1.257 billion with some 149.9 million shares changing ...  >>MORE

Economy minister issues decree on establishment of PJSC

Posted on 02/05/2006

Economy Minister, Sheikha Lubna Al Qasimi, has issued a ministerial decree on rules and regulations governing the establishment of private joint stock companies. According to the decree, the number of partners in such a company shall not exceed 50, the nominal value of shares should be paid in full, the subscriber, in his subscription form, shall pledge never to trade with his shares until after two fiscal years from the date of the establishment of the company, according to the rules of the ...  >>MORE

UAE stock markets plummet to new lows

Posted on 30/04/2006

Weakening investor confidence and profit booking by speculators dragged the UAE markets to new lows even as stocks in Saudi Arabia and Kuwait fell on Saturday. Analysts say the downward trend is likely to continue as long as speculators dominate the markets and Iran's defiance on the UN's nuclear demands may make investors jittery. The Dubai Financial Market index fell 4.11 per cent to close at 562.40 points, below last Sunday's 13-month low of 588.10. The Abu Dhabi index fell 1.53 per cent ...  >>MORE

Merrill joins DIFX

Posted on 29/04/2006

The Dubai International Financial Exchange (DIFX) has accepted Merrill Lynch as a member firm able to trade securities. Merrill Lynch is the 12th financial institution to become a member since the exchange opened for business in September 2005. It has joined as a General Clearing and Trading Member. "We welcome Merrill Lynch to the exchange. Its arrival demonstrates the growing appeal of the DIFX to global financial institutions aiming to increase their activities in the dynamic region that ...  >>MORE

Dubai shares rebound on brisk buying

Posted on 25/04/2006

Dubai's shares rebounded smartly yesterday helped by brisk buying by both individuals and funds after the previous day's sharp fall made stocks cheaper, analysts said. The Dubai Financial Market index finished 3.54 per cent higher at 608.93 points after being down 2.9 per cent in early morning trade. Abu Dhabi inched up 0.2 per cent to 3,848.74. Trading was heavy in Dubai with shares worth Dh2.64 billion changing hands but thin in Abu Dhabi, where turnover was at Dh127.1 million. Market ...  >>MORE

DIFX to attract $5bn in listings by year-end

Posted on 25/04/2006

The Dubai International Financial Exchange (DIFX) has lined up a list of potential firms this year – cumulatively valued at about $5 billion (Dh18.3bn), including a mega IPO worth $2bn (Dh7.3bn) from a regional company. It will probably be the largest IPO to come out of the Middle East and it is going to be fairly sizable,” said Fadi Ghosaini, managing director, head of business development at DIFX. "The company is probably looking to close somewhere in the region of about $2bn [Dh7.34bn], ...  >>MORE

Panic selling drags stock market down

Posted on 24/04/2006

Fragile market sentiment and panic selling by retail investors on rumours of a likely fall in the share price of Emaar Properties dragged UAE stocks to new lows on Sunday, analysts said. Sharp losses in Saudi Arabia and the row over Iran's nuclear programme further weighed on the market. The Dubai Financial Market index fell 4.59 per cent to 588.10 points, a new 13-month low while Abu Dhabi fell 2.41 per cent to 3,841.11, its lowest in nearly 14 months. Trading was average in Dubai with ...  >>MORE

du makes sparkling debut buoyed by strong buying

Posted on 23/04/2006

The UAE's second telecom operator – Emirates Integrated Telecommunications Company (EITC), or du – made a sparkling debut on the Dubai Financial Market (DFM) yesterday, amid loud cheering from investors crowded on the floor of the stock exchange. The du shares opened for trading at Dh6.80 and went on to hit an intraday high of Dh7.38 and a low of Dh6.01 before eventually closing at Dh6.85, a listing premium of more than 126 per cent over its issue price of Dh3.03. The du stock was also ...  >>MORE

DIFC acquires stake in Euronext

Posted on 22/04/2006

DIFC Authority investment arm has confirmed it has acquired more than a 1% stake in Euronext. "Investing in Euronext is consistent with our focus and long term strategic aim of developing the Dubai International Financial Centre to complement those centres in Europe, USA and the Asia Pacific region. Our investment in Euronext has been made with the full knowledge and agreement of the Board and management of Euronext," Charles Skeeles, DIFC spokesperson said. "Since September 2004, when the ...  >>MORE

ADCB to offer sub-custodian services on DIFX

Posted on 22/04/2006

Abu Dhabi Commercial Bank (ADCB) has become the first regional bank to offer sub-custodian services on the Dubai International Financial Exchange (DIFX). As a sub-custodian, the bank will offer services that will facilitate trading and custody on the exchange, notably by investors based in the UAE and across the region. "By becoming a sub-custodian, ADCB is the first Abu Dhabi-based institution to offer financial services from the exchange. We welcome its arrival and see it as a significant ...  >>MORE

Trading in du's shares starts

Posted on 22/04/2006

The UAE's newly-launched telecommunication services provider du has listed on the Dubai Financial Market (DFM). Trading in du's stock will officially start today. The company has completed its listing procedures with the DFM and its regulator, the Emirates Securities Commodities Authority. Foreign investors are allowed to acquire 22 per cent of the company's shares starting from the first day of listing. "The listing of du brings the total number of companies traded on DFM to 34, and 51 ...  >>MORE

UAE comes top of the chart for region’s IPOs

Posted on 15/04/2006

The UAE satisfied US$1.9 billion (Dh7.08bn) of the Middle East's total appetite of US$7.61bn (Dh28.37bn) for initial public offerings (IPOs) in 2005, emerging at the top of the IPO heap in the region, according to the Ernst &Young Global IPO Trends Report released recently. Saudi Arabia was next on the list, raising a cumulative US$1.67bn (Dh6.23bn). The two countries were ranked ninth and 10th in the Europe, Middle East and Africa (EMEA) region by the report. Middle East IPOs raised ...  >>MORE

DFSA signs MoU with FSC of the Republic of Korea

Posted on 13/04/2006

Seoul - The Dubai Financial Services Authority (DFSA) has entered into a Memorandum of Understanding (MoU) with the Financial Supervisory Commission of the Republic of Korea (FSC). The MoU was signed by David Knott, Chief Executive of DFSA, and Jeung-Hyun Yoon, Chairman of the Financial Supervisory Commission and Governor of the Financial Supervisory Service, after a meeting in Seoul where Knott addressed the FT Asian Financial Centres Summit. The FSC has overall responsibility for financial ...  >>MORE

UAE’s public listed companies post Dh30bn net profit in 2005

Posted on 08/04/2006

Publicly listed companies in the UAE posted net profits of nearly Dh30 billion in 2005 according to a survey. The quarterly National Bank of Dubai (NBD) report, covering the October December 2005 period, noted that the combined net profits of 43 established companies leaped from Dh14.7bn in 2004 to reach Dh29.7bn in 2005 – a 106.65 per cent jump. Emaar recorded the highest net profit among UAE-listed companies with Dh4.73bn, followed by ETISALAT that posted Dh4.25bn profits in 2005. "On ...  >>MORE

DIFX welcomes Mashreq Capital DIFC Ltd as Member

Posted on 05/04/2006

The Dubai International Financial Exchange (DIFX) has accepted Mashreq Capital DIFC Ltd as a Member firm able to trade securities. Mashreq Capital DIFC Ltd is the 11th firm to join the DIFX, which has attracted a range of prominent Members based both internationally and in the region. It is based in the Dubai International Financial Centre and has joined as a trading member. Earlier this year, Mashreqbank, the parent company of Mashreq Capital DIFC Ltd, listed on the DIFX its US$750 million ...  >>MORE

Sheikha Lubna approves listing of five companies on ESCA

Posted on 02/04/2006

Sheikha Lubna Al Qasimi, Minister of Economy and Board Chairperson of the Emirates Securities & Commodities Authority (ESCA), approved yesterday the registration and listing of five UAE national, Gulf and Arab companies on one of the stock markets in the UAE. This brings to 99 the number of public joint stock companies registered under the ESCA, including 15 foreign companies. The registered companies include: The Emirates Integrated Telecommunications Company, listed under category 2, Oman ...  >>MORE

du allotment letters and refunds on April 3

Posted on 02/04/2006

Allotment of shares in Emirates Integrated Telecommunications Company (du)'s Dh2.4 billion public offering has been finalised, announced leading investment bank EFG-Hermes. EFG-Hermes, the Global Coordinator and Financial Advisor of the deal, Emirates Bank the Lead Manager and First Gulf Bank the Co-Lead Manager have directed the receiving banks to send share allotment notices, refund checks, and transfers to investors on Monday, the 3rd of April, according to a press release. The Company's ...  >>MORE

Morgan Stanley opens office in Dubai

Posted on 28/03/2006

Morgan Stanley (NYSE: MS) has officially opened its office in the Dubai International Financial Centre (DIFC), its first office in the Middle East and North Africa region. Located in the Gate Building in the DIFC, the new office will offer a comprehensive range of services to clients in the region, including investment banking, capital markets, sales and trading, commodities, investment management, and private wealth management. John J. Mack, Chairman and CEO, who today officially ...  >>MORE

UAE shares rise more than 1%

Posted on 22/03/2006

UAE shares rose more than one per cent in average trade yesterday as the market continued to recover after falling to 11-month lows last week, analysts said, but most other Gulf markets fell. Saudi Arabian shares closed 0.69 per cent lower at the end of the first session, Kuwait lost 2.10 per cent, Oman eased 0.37 per cent and Bahrain fell 0.6 per cent with Qatar, the only other gainer, posted a 1.23 per cent rise. The Dubai Financial Market index of 33 listed companies rose 1.12 per cent ...  >>MORE

New system: DFM to divide securities into two categories

Posted on 22/03/2006

The Dubai Financial Market said yesterday it will now divide securities into "more" and "less" active and has set different price bands for them. The "more active" category will allow share prices to move up or down by a maximum of 15 per cent during one trading session, the current restriction for all shares trading on the DFM. The new "less active" category will allow price movements of up to five per cent in either direction. The new system that will come into effect on April 1 is part ...  >>MORE

UAE, Egypt sign MoU on stock market

Posted on 21/03/2006

The UAE and Egypt have signed three memoranda of understanding (MoU) aimed at boosting cooperation between them in the area of stock market. The first MoU was signed between the Emirates Securities and Commodities Authority and Egypt's General Stock Markets Authority, while the second and third MoU were signed between Abu Dhabi Securities Market and the Cairo and Alexandria stock markets and the Egypt Central Clearing, Deposit and Settlement Company respectively. Based on the first MoU, ...  >>MORE

Du IPO oversubscribed 167 times

Posted on 21/03/2006

The public share sale by Emirates Integrated Telecommunications Company (EITC), or du, has been oversubscribed by 167 times with total applications worth Dh400 billion. According to the investment banker EFG-Hermes, this is the largest amount collected in the history of IPOs in the UAE. Last Tuesday Tamweel had clocked in Dh275bn for its offer of Dh550m, taking the total funds currently locked in IPO offering in the UAE to Dh675bn. More than 225,000 investors applied for EITC's shares ...  >>MORE

Dubai Financial Market to launch online stock game today

Posted on 20/03/2006

Dubai Financial Market (DFM) announced that 2,700 students from 38 colleges and universities have enrolled to participate in the "Online Stock Game" set to start on Monday (March 20, 2006) and run till April 20, 2006. About 16 colleges and universities are participating for the first time in the "Online Stock Game" which is organised by DFM to educate students about the intricacies of the stock market and develop their talent for investing. Students can take part in the game and trade ...  >>MORE

IPO mechanism to be reviewed: Al Suwaidi

Posted on 19/03/2006

UAE Central Bank Governor, Sultan bin Nasser Al Suwaidi, has said that the Central Banks and other concerned quarters in the UAE are currently studying the current mechanism of the Initial Public Offerings (IPOs) to benefit from the systems in use in other developing and advanced countries. In a statement he issued today, Al Suwaidi noted some observations on IPO system currently in use in the UAE. He said the authorities are seriously considering the total review of the current IPO ...  >>MORE

UAE markets bounce back as investor confidence returns

Posted on 19/03/2006

Dubai shares jumped 8 per cent and Abu Dhabi shares climbed nearly 6 per cent yesterday as investors regained confidence in the stock markets. Analysts believe this rally is likely to continue into the second quarter as strong first quarter results will lift sentiment and realistic valuations are accepted. The Dubai Financial Market (DFM) index closed at 676.12 points, up 8.43 per cent. Turnover hit Dh2.88 billion with about 287 million shares changing hands in trades totalling 17,480.Abu ...  >>MORE

DFSA signs MoU with Thai SEC

Posted on 18/03/2006

The Dubai Financial Services Authority (DFSA) has entered into a Memorandum of Understanding with the Securities & Exchange Commission of Thailand (SEC), Khaleej Times reported yesterday. The MoU was signed by David Knott, Chief Executive of the DFSA, and Thirachai Phuvanatnaranubala, Secretary General of the Thai SEC. Established in 1992, the SEC is an independent regulatory body under the Securities and Exchange Act. Its roles are to promote, develop and supervise the Thai capital market. ...  >>MORE

Dubai stocks tumble in biggest single-day loss

Posted on 15/03/2006

Dubai's shares dived nearly 12 per cent yesterday, its largest fall in a single day in years, as bearish sentiment in Saudi Arabia and across the Gulf region triggered panic selling by local investors. Abu Dhabi dropped more than four per cent, with 21 stocks hitting the lower limit, the maximum permissible 10 per cent daily fall, prompting some to demand government intervention to stabilise the market. Saudi Arabia shares dropped 4.82 per cent after hitting the lower limit in intra-day ...  >>MORE

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Quick List

Mohammed appoints DIFC governor


Turnover on UAE markets hits Dh3b as stocks rally


DFSA Launches Major Regulatory Program for Emiratis


Al Shamsi calls for setting Dh11b 'market maker' fund


DFM public issue closer to reality


ADSM aims to become first UAE exchange to achieve ISO 17799 certification


DIFC set to have stake in first transatlantic bourse


Sumitomo Mitsui Banking Corporation to open office at DIFC


DIFC increases stake in Euronext


Dubai Financial Market signs OMX to deliver cutting-edge X-stream trading


UAE shares make strong recovery


DIFC set to become fund hub


UAE stock markets rebound


Gulf markets plunge on back of panic selling


Dubai stocks crash again


Economy minister issues decree on establishment of PJSC


UAE stock markets plummet to new lows


Merrill joins DIFX


Dubai shares rebound on brisk buying


DIFX to attract $5bn in listings by year-end


Panic selling drags stock market down


du makes sparkling debut buoyed by strong buying


DIFC acquires stake in Euronext


ADCB to offer sub-custodian services on DIFX


Trading in du's shares starts


UAE comes top of the chart for region’s IPOs


DFSA signs MoU with FSC of the Republic of Korea


UAE’s public listed companies post Dh30bn net profit in 2005


DIFX welcomes Mashreq Capital DIFC Ltd as Member


Sheikha Lubna approves listing of five companies on ESCA


du allotment letters and refunds on April 3


Morgan Stanley opens office in Dubai


UAE shares rise more than 1%


New system: DFM to divide securities into two categories


UAE, Egypt sign MoU on stock market


Du IPO oversubscribed 167 times


Dubai Financial Market to launch online stock game today


IPO mechanism to be reviewed: Al Suwaidi


UAE markets bounce back as investor confidence returns


DFSA signs MoU with Thai SEC


Dubai stocks tumble in biggest single-day loss