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THE ECONOMY - STOCK MARKET

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

DFSA signs MoU with Jersey FSC

Posted on 14/03/2006

The Dubai Financial Services Authority (DFSA) yesterday entered into a Memorandum of Understanding with the Jersey Financial Services Commission (JFSC). The MoU was signed by David Knott, Chief Executive of the DFSA, and David Carse, Director General of the JFSC, according to a press release. The JFSC is responsible for the regulation and supervision of banking, collective investment funds, insurance business, investment business and trust company business in Jersey. While signing the MoU ...  >>MORE

ESMI decreases by 3.24% to close at 5,440.20 points

Posted on 14/03/2006

The Emirates Securities Market Index, ESMI, has decreased by 3.24% to close at 5,440.20 points. A total of 94.42 Million shares were traded with a total value of Dh0.78 Billion during the trading session of Monday 13 March 2006 through 8,009 transactions. The Insurance sector has decreased by 0.86% , followed by the Services sector that decreased by 2.13% , followed by the Industries sector that decreased by 2.77% , followed by the Banks sector that decreased by 4.69%. The number of ...  >>MORE

Morgan Stanley now licensed by the DFSA

Posted on 06/03/2006

Morgan Stanley, a global financial services firm involved with securities, investment management and credit services, has received a licence from the Dubai Financial Services Authority (DFSA) to operate as an authorised firm in the DIFC. Dr Georges Makhoul, Morgan Stanley's regional head for the Middle East and North Africa, said: "We are delighted to have received this licence from the Dubai Financial Services Authority. It is a true demonstration of our commitment to the growth and ...  >>MORE

Argent Group joins DIFC

Posted on 05/03/2006

Argent Financial Group International LLP has been licensed by the Dubai Financial Services Authority (DFSA) to operate as an authorised firm from the Dubai International Financial Centre. Argent Financial Group International LLP is a UK subsidiary of the Argent Financial Group Ltd and an affiliate of the Argent Funds Group LLC. The companies are privately held, independent fund and investment managers originally founded in 1995 with US and UK managed funds currently domiciled in Caymans and ...  >>MORE

Deutsche Bank opens Dubai branch in the DIFC

Posted on 04/03/2006

Deutsche Bank yesterday officially opened its Dubai branch in the DIFC (Dubai International Financial Centre). Deutsche Bank has had an office in Dubai since 2001, but opened a branch in the DIFC in order to take advantage of the growing opportunities in the region. Deutsche Bank became a founding member of the DIFX, and was the first to list products, when it launched in September 2005. Michael Cohrs, Head of Global Banking and Member of the Group Executive Committee at Deutsche Bank, ...  >>MORE

EFG Hermes first to join DIFX as broker

Posted on 01/03/2006

The Dubai International Financial Exchange (DIFX) has granted membership to EFG-Hermes UAE the first regional institution to join the exchange as a broker. Mustafa Abdel Wadood, Chief Executive Officer of EFG-Hermes UAE, said: "The DIFX is great news for us and our investors and announces a new era for the financial industry in the region. The possibilities will be tremendous as the market establishes a broad breadth of product range." EFG-Hermes, a leading investment bank in the region, ...  >>MORE

DIFC comparable to New York, London and Hong Kong: Al Mulla

Posted on 27/02/2006

Dr. Habib Al Mulla, Chairman of the Dubai Financial Services Authority (DFSA), yesterday addressed a conference of international legal experts, hosted by Apex Juris, pllc, at Dubai Chamber of Commerce and Industry. Dr. Habib Al Mulla presented the history and competitive advantages of the Dubai International Financial Centre, and the critical benefits of the world-class regulation provided by the Dubai Financial Services Authority. Dr. Al Mulla said: 'Unlike offshore tax havens, the DIFC ...  >>MORE

Dubai Financial Market announces listing of National Real Estate Company K.S.C.

Posted on 21/02/2006

Dubai Financial Market (DFM) has announced yesterday the listing of National Real Estate Company K.S.C., as the company finalised its listing procedures with the DFM and its regulator, the Emirates Securities Commodities Authority (ESCA). Foreign investors are allowed to acquire 51% of the company's shares. Trading on the National Real Estate Company's stock will officially start on February 21, 2006. Essa Kazim, Director General of DFM, said: "This recent listing brings the total number of ...  >>MORE

NBK Capital receives DFSA licence

Posted on 20/02/2006

NBK Capital, the investment and merchant banking subsidiary of National Bank of Kuwait (NBK), was today licensed by the Dubai Financial Services Authority as an authorised firm in the Dubai International Financial Centre (DIFC). NBK's presence at the DIFC reinforces our stature as the gateway to accessing the underutilized liquidity of US$1.8 trillion." To date, the DIFC has attracted several international investment banks such as Morgan Stanely, Deutsche Bank and Credit Suisse. (Emirates ...  >>MORE

Lubna approves licensing of National Industries Group

Posted on 19/02/2006

Sheikha Lubna Al Qasimi, Minister of Economy and Chairman of the Board of Emirates Securities and Commodities Authority (ESCA), has approved the registration for listing on the stock exchanges the application submitted by National Industries Holding Group of Kuwait. Furthermore Sheikha Lubna also licensed National Financial Services Centre as a brokerage firm. Up-to date, there are (94) listed companies form different sectors including 12 foreign companies, and (60) brokerage companies. ...  >>MORE

DFM announces listing of Kuwait's Public Warehousing

Posted on 15/02/2006

Dubai Financial Market (DFM) has announced yesterday the listing of Public Warehousing Company incorporated in Kuwait, as the company finalised its listing procedures with the DFM and its regulator, the Emirates Securities Commodities Authority. The company is listed on Kuwait Stock Exchange and now on Dubai Financial Market. Foreign investors are allowed to acquire 51% of the company's shares. Trading on the Public Warehousing Company's stock will officially start on February 15, 2006. ...  >>MORE

Value of e-trading on Dubai Financial Market approaches Dh8 billion

Posted on 14/02/2006

Dubai Financial Market (DFM) announced yesterday that the value of electronic share trading (e-trading) on the market was close to Dh8 billion in January 2006. More than 82,453 trades on about 722 million shares, were traded during the month. Essa Kazim, Director General of DFM, said: "E-trading is a major priority for Dubai Financial Market. We have taken on the responsibility of spreading awareness about its features and importance of e-trading especially within the investor and broker ...  >>MORE

ESMI decreases by 1.57% to close at 6,119, 95 points

Posted on 09/02/2006

The Emirates Securities Market Index has decreased by 1.57% to close at 6,119.95 points . A total of 0.10 Billion shares were traded with a total value of 1.31 Billion AED during the trading session of Wednesday 08 February 2006 through 7,354 transactions. The Insurance sector has decreased by 0.25% , followed by the Industries sector that decreased by 0.35% , followed by the Banks sector that decreased by 1.52% , followed by the Services sector that decreased by 2.06%. The number of ...  >>MORE

EFG Bank joins Dubai International Financial Centre

Posted on 08/02/2006

EFG International - a global private banking group offering private banking and asset management services, headquartered in Zurich - yesterday announced that its subsidiary EFG Bank has been granted a license by the Dubai Financial Services Authority (DFSA). EFG Dubai, a branch of EFG Bank, has been awarded a license by the Dubai Financial Services Authority (DFSA) to operate as an authorized firm from the Dubai International Financial Centre (DIFC). The office in Dubai is staffed by a pool ...  >>MORE

DIFX welcomes Morgan Stanley as member

Posted on 05/02/2006

The Dubai International Financial Exchange (DIFX) yesterday welcomed Morgan Stanley as a member firm. Morgan Stanley announced in November last year its intention to establish its first office in the Middle East inside the Dubai International Financial Centre, where the DIFX is located, according to a press release. Morgan Stanley is the seventh firm to become a member of the DIFX since the exchange opened for business on September 26, 2005. Nasser Al Shaali, Chief Operations Officer of the ...  >>MORE

Expatriates join ADSM in growing numbers

Posted on 04/02/2006

More and more expatriates are joining the Abu Dhabi Securities Market, ADSM, clear evidence of confidence in the markets and the UAE economy, a top ADSM official said. Latest figures show the total number of investor numbers issued by ADSM since it was set up in 2000 until 2005 exceeded 747,000. A record 680,000 investor numbers were issued in 2005 alone, of which nationals represented 390,000 and expatriates 290,000. "2005 witnessed a remarkable increase in the number of new investors as ...  >>MORE

Abu Dhabi Securities Market Registers Record Growth: Al Darmaki

Posted on 30/01/2006

The Abu Dhabi Securities Market (ADSM) is consulting with the Securities and Commodities Authority for working out a mechanism to implement a cabinet resolution allowing GCC citizens full title to shares, disclosed ADSM Board Chairman Harib Al Darmaki. "ADSM has prepared a draft rule for corporate governance, to further promote transparency and disclosure and enhance companies' managerial performance," Al Darmaki said in a press conference today. Asked whether ADSM will be partially ...  >>MORE

Biggest Islamic bond listed on Dubai exchange

Posted on 28/01/2006

Dubai's Ports, Customs and Free Zone Corporation (PCFC) listed its US$3.5 billion Sukuk on the Dubai International Financial Exchange yesterday, hoping to give the world's biggest Islamic bond greater visibility after a hugely successful issue. The Sukuk, the first convertible instrument in the Islamic finance market and one of the 10 largest convertible offerings ever, was managed by Dubai Islamic Bank and Barclays Capital. Officials said the DIFX listing would be the only one for the bond, ...  >>MORE

DIFX welcomes Barclays Capital as member

Posted on 25/01/2006

One of the world's largest investment banks, Barclays Capital, has joined the Dubai International Financial Exchange (DIFX) as a member firm. Barclays Capital is the investment banking arm of AA-rated Barclays Bank which has a balance sheet of over 560 billion Sterling Pounds. Barclays Capital has offices in 25 countries employing over 8,000 people. Barclays Capital is the sixth firm to become a member of the DIFX since the exchange opened for business on September 26, 2005. The DIFX aims ...  >>MORE

DIFCA publishes limited partnership law for consultation

Posted on 23/01/2006

The Dubai International Financial Centre Authority jointly with Dubai Financial Services Authority published today for consultation the Limited Partnership Law, DIFC Law No. 1 of 2006 and the Limited Partnership Regulations made under the Law. This legislation, aimed primarily at establishing a purpose-built vehicle for the formation and operation of fund management activities, will provide the fundamental framework for the creation and registration of limited partnerships in the DIFC and ...  >>MORE

Dubai Financial Market is a big hit around the world

Posted on 16/01/2006

From Saudi Arabia to Swaziland, investors of 119 nationalities placed their bets on the Dubai Financial Market (DFM) in 2005, up from 69 nationalities trading on the exchange in 2004. The year that saw one of the world's best-performing exchanges add around 170 per cent from January to December also attracted the attention of keen investors from every continent, save Antarctica. UAE nationals traded the most shares – 19.8 billion shares worth Dh316.38 billion – a jump of 347 per cent over ...  >>MORE

Kuwaiti firm to list on UAE bourse

Posted on 15/01/2006

Sheikha Lubna Al Qasimi, Minister of Economy and Planning and Chairperson of the Emirates Securities and Commodities Authority (ESCA) has approved registration Kuwait-based Al Mazaya Holdings company, pending listing on one of UAE financial markets. This will take the number of registered companies to 93, of which, 11 are foreign firms. Sheikha Lubna has also approved issuing license to Al Fouad for Financial Services to work as a stock brokering company, bringing the total number of such ...  >>MORE

Two Kuwaiti companies to list on UAE bourse

Posted on 04/01/2006

Sheikha Lubna bint Khalid Al Qasimi, Minister of Economy and Planning and Chairperson of the Emirates Securities and Commodities Authority (ESCA) has approved registration of two Kuwaiti companies, pending listing on UAE financial markets. The companies are National Real Estate Company and Public Warehousing Company. This will take the number of registered companies to 92 of which, 10 are foreign firms. Sheikha Lubna has also approved issuing license to Al Madina Brokers to work as a stock ...  >>MORE

DFM brokers begin Internet trading

Posted on 02/01/2006

A total of eight brokers have started trading through the Internet on Dubai Financial Market (DFM). These brokers licensed by DFM now can receive and execute trades through Internet, according to the Khaleej Times. While an additional 8 brokers are close to implementing the Internet-based trading, 15 other firms are in the final stages of inspecting the system and are expected to be licensed to offer Internet trading by mid-2006. The newly licensed brokers who have no office in the market ...  >>MORE

ESCA nods cabinet decision on GCC citizens

Posted on 02/01/2006

The Board of Directors of Emirates Securities and Commodities Authority (ESCA) held a meeting on Saturday, which was presided over by Sheikha Lubna Al Qasimi, Minister of Economy and Planning and the board's Chairperson. During the meeting, ESCA approved a resolution made by the cabinet to allow GCC citizens to set up and fully own stock brokerage companies. The meeting was attended by Dr. Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs, Sultan bin Nasser ...  >>MORE

Dubai Financial Market proves to be a goldmine for investors

Posted on 31/12/2005

Dh10,000 invested equally among the 36 companies listed on the Dubai Financial Market (DFM) on Christmas Day last year would have been worth Dh26,627 when the markets closed last Thursday. The same amount of money invested equally among the 58 companies on the Abu Dhabi Securities Market (ADSM) would have appreciated to Dh17,039. After shooting up 6.46 per cent yesterday, the DFM has earned a total return of 166.27 per cent for its investors over the past year, and the ADSM has followed ...  >>MORE

EFG-Hermes Joins Ranks of DIFC

Posted on 31/12/2005

Leading regional investment bank EFG-Hermes has been granted a license to conduct Asset Management and Investment Banking activities from the Dubai International Financial Centre (DIFC). Investment banking and asset management has witnessed tremendous growth in the last few years, especially within the region. The DIFC is focused upon creating highly attractive opportunities in the region and internationally, across a full range of financial services, generating increased demand for products ...  >>MORE

DFM to be partially floated

Posted on 28/12/2005

General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince, UAE Defence Minister and Chairman of Dubai Executive Council today ordered that 20 percent of Dubai Financial Market's shares be offered for subscription to different groups of shareholders. According to Sheikh Mohammed's order, 25 percent of the DFM shares earmarked for subscription will be offered to the current and retired employees of Dubai government, 10 percent to be subscribed by accredited stock brokers, 10 percent by ...  >>MORE

Takaful Re licensed to operate from DIFC

Posted on 28/12/2005

Takaful Re Limited, one of the most financially secure Retakaful Companies in the Middle East & North Africa (MENA) region has been licensed by Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC). With an authorised capital of US$500 million and paid-up capital of US$125 million, Takaful Re has plans to focus on retakaful business in the MENA and Islamic countries. Takaful Re is dedicated to offer Shari'ah compliant reinsurance and ...  >>MORE

UAE companies lead region in IPO activity

Posted on 27/12/2005

The Middle East and North Africa IPO activity indicated a strong boost in 2005. Nearly US$7.4 billion was raised through 35 IPOs in 2005, compared to US$3.5 billion in 2004 a more than 100 per cent increase. UAE companies were the regional leader in 2005 raising nearly US$1.9 billion in 2005, closely followed by Saudi Arabian companies raising approximately US$1.7 billion. Egypt with US$1.3 billion and Oman with US$800 million were other countries with significant IPO activity. Global IPO ...  >>MORE

Emirates Securities Market Index increases by 2.98% to close at 6,599.34 points

Posted on 26/12/2005

The Emirates Securities Market Index, ESMI, has increased by 2.98% to close at 6,599.34 points . A total of 0.24 Billion shares were traded with a total value of Dh2.30 billion during the trading session of Sunday 25 December 2005 through 17,302 transactions. The Industries sector has increased by 4.05% , followed by the Banks sector that increased by 2.99% , followed by the Services sector that increased by 2.9% , followed by the Insurance sector that increased by 0.36%. The number of ...  >>MORE

PALTEL stock makes debut on ADSM

Posted on 26/12/2005

Palestine Telecommunications Company (PalTel) stock will begin trading on the Abu Dhabi Securities Market with effect from tomorrow, December 26. PalTel, which is the national telecommunications operator in Palestine, is listing 30% of its stock on ADSM. This listing comes as a result of an agreement signed in November between the Abu Dhabi Securities Market and the Palestinian Securities Market. Speaking at the Abu Dhabi Securities Market on his firm's stock debut, Dr Abdul Malek Al Jaber, ...  >>MORE

UAE records highest Arab market growth in 2005

Posted on 24/12/2005

Stock investors in the UAE became richer by a staggering US$150 billion in 2005 as a surge in share prices and the entry of new companies lifted its bourse by nearly three times and allowed it to record the highest market growth in the Arab world this year. Figures by the Arab Monetary Fund (AMF), which tracks the official stock markets in 14 Arab countries, showed the UAE bourse surged to an all time high of around US$241 billion yesterday to become the second largest Arab bourse after ...  >>MORE

Day one sees 68 million Sorouh shares traded

Posted on 21/12/2005

Some 68.1 million shares of Sorouh Real Estate changed hands in the first day of trading of the Abu Dhabi property company – over two thirds of the total trades on the Abu Dhabi Securities Market (ADSM) for the day. The share price of the real estate company closed at Dh6.72 yesterday. Although there was no opening price for the company, an analyst at the National Bank of Abu Dhabi said the company had been trading at Dh7.50 on the unofficial grey market prior to the listing. Calling ...  >>MORE

Stocks up in Dubai and Abu Dhabi

Posted on 12/12/2005

Dubai shares jumped more than one per cent in brisk trade yesterday, powered by heavyweight EMAAR Properties, as investors speculated it was poised to announce large projects, analysts said. Abu Dhabi stock rose 0.45 per cent but Dana Gas vaulted 10 per cent, the maximum permissible in a single day, before retracing to close at Dh5.48, still up 2.62 per cent. About 145 million Dana Gas shares worth Dh795.4 million changed hands, contributing more than half the market turnover. Diversified ...  >>MORE

Dana Gas in strong Abu Dhabi debut

Posted on 07/12/2005

Dana Gas shares made a strong debut on the Abu Dhabi Securities Market on Tuesday by attracting a large number of Saudi investors. Shares worth about Dh606 million of the UAE company were traded on the opening day, accounting for 66 per cent of total traded value. Analysts said they expected strong trading, but the real price of the stock would be determined only after a week or more. "Shares of Dana Gas traded heavily soon after listing yesterday between Dh4 and Dh4.25. But like any new ...  >>MORE

Stock market loses Dh 15.6 billion on Tuesday's trading

Posted on 30/11/2005

The Emirates Securities Market Index fell by 1.95% to close at 6,959.82 points. A total of 110 million shares were traded with a total value of Dh 1.40 billion during the trading session of Tuesday through 9,751 transactions. The drop in trading made the market to loose Dh 15.6 billion of its capitalisation. However, a leading analyst downplayed the risks of the remarkable fall of the market. Mohammed Ali Yassin, Manager of the Emirates Commercial Centre, said the stock market was passing ...  >>MORE

Emirates International opens online trading service

Posted on 29/11/2005

Emirates International Brokerage, a top-three UAE brokerage, said yesterday it will begin offering an online service from today that will allow its clients to buy and sell shares over the internet. Hamood Abdullah Al Yasi, general manager at Emirates International, said the service will be free, and was aimed at both retail and institutional investors and will help reduce workload at the brokerage. Abdullah said he especially expected institutional investors from outside the UAE to use the ...  >>MORE

Palestine Telecom lists on Abu Dhabi stock market

Posted on 28/11/2005

Palestine Tele-communication Company (Paltel) yesterday listed on the Abu Dhabi Securities Market, its first overseas listing, and becomes the fourth Arab telecom company to be listed here. The listing of 30 per cent of Paltel's shares (30 million shares) has been endorsed by the Palestine Capital Markets Authority and the Emirates Securities & Commodities Authority. The company becomes the 57th to be listed on ADSM. "We are not here to raise capital but to enlarge our shareholder base and ...  >>MORE

DIFC to get connecting tunnel

Posted on 23/11/2005

Leading Dubai building contractor Arabtec has been awarded a Dh386.5 million contract to build a truck tunnel at the Dubai International Financial Centre (DIFC). Arabtec said the tunnel would serve as a convenient route for service vehicles to move from one building to another within the DIFC zone and would reduce the amount of surface traffic passing through the financial centre. Work on the tunnel is expected to start next week. Under the terms of the deal, Arabtec will also undertake ...  >>MORE

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Quick List

Dubai stocks tumble in biggest single-day loss


DFSA signs MoU with Jersey FSC


ESMI decreases by 3.24% to close at 5,440.20 points


Morgan Stanley now licensed by the DFSA


Argent Group joins DIFC


Deutsche Bank opens Dubai branch in the DIFC


EFG Hermes first to join DIFX as broker


DIFC comparable to New York, London and Hong Kong: Al Mulla


Dubai Financial Market announces listing of National Real Estate Company K.S.C.


NBK Capital receives DFSA licence


Lubna approves licensing of National Industries Group


DFM announces listing of Kuwait's Public Warehousing


Value of e-trading on Dubai Financial Market approaches Dh8 billion


ESMI decreases by 1.57% to close at 6,119, 95 points


EFG Bank joins Dubai International Financial Centre


DIFX welcomes Morgan Stanley as member


Expatriates join ADSM in growing numbers


Abu Dhabi Securities Market Registers Record Growth: Al Darmaki


Biggest Islamic bond listed on Dubai exchange


DIFX welcomes Barclays Capital as member


DIFCA publishes limited partnership law for consultation


Dubai Financial Market is a big hit around the world


Kuwaiti firm to list on UAE bourse


Two Kuwaiti companies to list on UAE bourse


DFM brokers begin Internet trading


ESCA nods cabinet decision on GCC citizens


Dubai Financial Market proves to be a goldmine for investors


EFG-Hermes Joins Ranks of DIFC


DFM to be partially floated


Takaful Re licensed to operate from DIFC


UAE companies lead region in IPO activity


Emirates Securities Market Index increases by 2.98% to close at 6,599.34 points


PALTEL stock makes debut on ADSM


UAE records highest Arab market growth in 2005


Day one sees 68 million Sorouh shares traded


Stocks up in Dubai and Abu Dhabi


Dana Gas in strong Abu Dhabi debut


Stock market loses Dh 15.6 billion on Tuesday's trading


Emirates International opens online trading service


Palestine Telecom lists on Abu Dhabi stock market


DIFC to get connecting tunnel