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THE ECONOMY - STOCK MARKET

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

DFSA presents enforcement guidelines

Posted on 16/11/2005

The Dubai Financial Services Authority (DFSA) held its first enforcement seminar in Dubai and gave an overview of its enforcement powers concerning securities regulation in the Dubai International Financial Centre (DIFC). The DFSA is serious about enforcing its obligations in the DIFC and also has powers to enable it to conduct investigations, ask witnesses to give statements and request production of documents. It has similar powers to other financial service regulators such as the FSA in ...  >>MORE

Mohammed bin Rashid Al Maktoum officially launches the DIFC

Posted on 13/11/2005

Dubai witnessed a spectacular gala event last night that left an audience of over 1,000 VVIPs spellbound. In the shadow of the Gate building, an invited audience, many of whom had flown in from around the world, was witness to a spectacle that, even by Dubai's high standards, was unique in its scope, scale and ambition. The celebration was to mark the official launch of the Dubai International Financial Centre by General Sheikh Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, UAE ...  >>MORE

DIFC's first year to be marked by spectacular event

Posted on 11/11/2005

The Dubai International Financial Centre (DIFC) will celebrate the extraordinary success of its first year of operations with a spectacular event for over 1,000 invited VVIP guests on November 12th. The event, themed as "Notes of Success", brings together some of the world's finest classical voices and one of the world's leading orchestras, along with the unique concept of "kinetic art" in a spectacular celebration to mark the first year of the region's leading international financial ...  >>MORE

ESCA approves listing, trading system

Posted on 08/11/2005

Board of Directors of the Emirates Securities and Commodities Authority (ESCA) has approved a system for commodities listing, trading and contracts which promises more stringent penalties for violators of disclosure and transparency regulations. The system defines ESCA's regulatory role over securities markets and lays down conditions for obtaining licenses. It also specifies the individual market's duties, its Board of Director's powers, membership and regulation of clearing agencies. ...  >>MORE

ESMI decreases by 0.28% to close at 7,396.75 points

Posted on 08/11/2005

The Emirates Securities Market Index, ESMI, has decreased by 0.28% to close at 7,396.75 points. A total of 0.14 Billion shares were traded with a total value of Dh1.93 Billion during the trading session of Monday 07 November 2005 through 10,786 transactions. The Insurance sector has increased by 0.87%, followed by the Industries sector that increased by 0.76% , followed by the Banks sector that increased by 0.01% , followed by the Services sector that decreased by 0.82%. The number of ...  >>MORE

Dubai regulator to use global audit standards

Posted on 07/11/2005

The Dubai Financial Services Authority, the regulator for Dubai's financial free zone, will use audit standards laid down by the profession's peak international body in framing its own guidelines, its chief executive said yesterday. David Knott said the authority also expects to announce standards for the registration of audit firms in the Dubai International Financial Centre in the first quarter of 2006. "The IFAC (International Federation of Accountants) standards should be at least the ...  >>MORE

Dubai International Financial Centre, Mellon discuss joint strategies in the region

Posted on 31/10/2005

The chairman and chief executive officer of Mellon Financial Corporation, one of the world's leading providers of financial services, with approximately US$4.5 trillion in assets under management, administration or custody, including US$766 billion under management, held a senior level meeting with Dr Omar Bin Sulaiman, Director General of Dubai International Financial Centre Authority, and also visited the site allocated for Mellon Global Investments new office Dr Omar Bin Sulaiman, and Martin ...  >>MORE

Transactions in RAK Real Estate Shares in Abu Dhabi Bourse commence

Posted on 30/10/2005

Ras Al Khaimah Real Estate Company announced today that it would begin transacting its shares in the Abu Dhabi Stock Market on Sunday as it has fully satisfied conditions for listing in the Market. Mohammed Sultan Al Gadi member of RAK Real Estate Company, expressed the company's concern in holding fast to absolute transparency all her dealings. He said that the initial issuance of the company has succeeded in attracting investors from the UAE as well as from GCC countries, condition which ...  >>MORE

DIFC Courts holds its first historic session

Posted on 26/10/2005

The Dubai International Financial Centre (DIFC) Courts held its first session Tuesday, firmly establishing the first independent judiciary system of its kind in the region. The formal sitting yesterday marks a very significant step for the DIFC in its quest to establish a world class financial centre. The session was chaired by Sir Anthony Evans, Chief Justice of the DIFC Courts and Mr. Michael Hwang, who was recently appointed as the Deputy Chief Justice of the DIFC Courts. Commenting on ...  >>MORE

Dubai Financial Services Authority, DFSA issues investment law

Posted on 19/10/2005

The Dubai Financial Services Authority (DFSA) yesterday released a consultation draft Collective Investment Law for adoption within the Dubai International Financial Centre ('DIFC'). The Collective Investments Law provides a fundamental and comprehensive framework for the regulation of collective investments in the DIFC. It has 14 parts dealing with general law, collective investment funds, operators of domestic funds, oversight of domestic funds, auditors of domestic funds, prospectus ...  >>MORE

Emirates Securities Market Index increases by 0.18%

Posted on 11/10/2005

The Emirates Securities Market Index has increased by 0.18% to close at 7,074.46 points. A total of 0.12 billion shares were traded with a total value of Dh1.48 billion during the trading session of Monday 10 October 2005 through 8,880 transactions. The Services sector has increased by 0.38% , followed by the Banks sector that increased by 0.1% , followed by the Insurance sector that decreased by 0.22% , followed by the Industries sector that decreased by 0.33%. The number of companies ...  >>MORE

PricewaterhouseCoopers to apply for Membership of DIFC

Posted on 11/10/2005

PricewaterhouseCoopers (PwC), the world's largest accountancy firm, is finalising its application to the Dubai Financial Services Authority (DFSA) to register as an Ancillary Service Provider with the Dubai International Financial Centre (DIFC). Dr Omar Bin Sulaiman, Director General, Dubai International Financial Centre Authority, (DIFCA) commented: "We are delighted that PricewaterhouseCoopers wants to do business from the DIFC. It is one of the world's largest accounting, audit and ...  >>MORE

DIFX is vital in many ways

Posted on 28/09/2005

New stock market provides companies with efficient means to access capital It is big and it is clever. The Dubai International Financial Exchange may not have opened with any tradable stocks, but its significance was still palpable for those who were there at its opening. The opening felt important, because it was important. Sometimes future potential has a resonance and gravitas all its own. DIFX is important in a number of ways. It provides regional companies with an efficient means to ...  >>MORE

Dubai's new stock market opens for trading

Posted on 27/09/2005

The Dubai International Financial Exchange (DIFX), the new stock market in the city's financial free zone, opened for trading yesterday and said it expected companies to raise about US$2 billion through 10 to 15 IPOs over the next 15 months. DIFX officials flagged off trading at 2pm at a crowded news conference in the iconic Gate Building with five index-tracking securities from Deutsche Bank with the first trades going through shortly afterwards to applause and cheers. The exchange, ...  >>MORE

Dubai International Financial Exchange set to debut today

Posted on 26/09/2005

The Dubai International Financial Exchange, the new stock exchange in the city's financial free zone, will open for trading today aiming to become the leading securities market between Western Europe and East Asia. The exchange said on its website it will list five certificates tracking leading stock indices when it opens for trading on September 26. The certificates, issued by Deutsche Bank, track the US Standard & Poors 500 Index, Japan's Nikkei 225, Europe's Down Jones STOXX 50 and EURO ...  >>MORE

UAE stock indices on upswing trend

Posted on 26/09/2005

The UAE stock indices were headed further up yesterday as the leading property and telecom scrips posted major gains. The market benchmark National Bank of Abu Dhabi Index closed 36.83 points up at 6548.14. While the service sector subindex gained 97 points, the banking and insurance subindices gained 3 points and 2 points each. On the Dubai Financial Market (DFM)volumes were down by more than 25 per cent compared to the weekend trading volumes. In 1550 deals, DFM trade close to 39 ...  >>MORE

EMAAR to list on New York and London bourses

Posted on 24/09/2005

EMAAR Properties is preparing to list on the London and New York stock exchanges, said a top official. "EMAAR today is the world's most valuable development company with a market capitalisation of Dh146.8 billion ($40 billion)," Mohammad Ali Al Abbar, EMAAR's chairman, told the media yesterday. "And, as any other No. 1 company would do, we would seek listing on some of the world's largest stock exchanges. Currently we are preparing to list on the London and New York stock exchanges," he said. ...  >>MORE

DFSA issues licence to DIFX

Posted on 23/09/2005

The Dubai Financial Services Authority (DFSA) on Tuesday granted licence to the Dubai International Financial Exchange (DIFX) as an authorised market institution. In a statement, the DFSA, the independent and integrated regulatory body for the Dubai International Financial Centre (DIFC), said it had licensed the DIFX as an Authorised Market Institution (AMI) in the tax-free financial district in Dubai. The long-awaited move clears the path for the new bourse's launch on September 26, ...  >>MORE

UAE stock markets attractive for investors: Lubna

Posted on 21/09/2005

Sheikha Lubna Al Qasimi , Minister of Economy and Planning in her address to the 3rd Middle East Capital Markets Conference yesterday, said that impressive growth figures and stability have made the UAE stock markets very reliable and inviting to investors both at home and abroad. "Although the stock market outlets in the UAE are only 5 years old, they have demonstrated strength consistency, stability and growth. A simple comparison between the end of 2002 and mid-2005 reveal impressive ...  >>MORE

Aabar eyes ADSM listing, buys assets

Posted on 19/09/2005

Aabar Petroleum Investments Company is planning to list its shares in the Abu Dhabi Securities Market in November, according to its Chairman Suhail Fares Al Mazrouei. "The company's board of directors has decided to list the company in the ADSM immediately after Eid Al Fitr. The government of Abu Dhabi has granted us a land plot to the company's headquarters on," Al Mazrouei said in a press conference held yesterday. He revealed that on July 13, Aabar had purchased Delma Energy, a drilling ...  >>MORE

Dubai stock market index hits new high

Posted on 18/09/2005

The Dubai stock market rose 2.8 per cent yesterday to yet another peak in heavy trade totalling Dh4.4 billion. The Dubai Financial Market index hit a record 1,194.94 points. EMAAR Properties and Dubai Islamic Bank accounted for the bulk of activity, with newly-listed Islamic Arab Insurance Company, which started trading on the market yesterday, contributing to overall volumes. Dubai saw 213 million shares being traded across 13,874 transactions. (The Gulf News) ...  >>MORE

DIFC wins global 'Industry Initiative of the Year Award' in London

Posted on 12/09/2005

The Dubai International Financial Centre (DIFC) has won The Review Worldwide Reinsurance Award in the 'Industry Initiative of the Year' category. The award given by The Review magazine was accepted by Dr Omar Bin Sulaiman, Director General of DIFCA, and Fetooh Al Zayani, Head of Insurance & Reinsurance, at a gala ceremony held in the Dorchester Hotel in London on September 7th, 2005. Commenting on the achievement, Dr Omar Bin Sulaiman said: "We set out to create a financial centre to the ...  >>MORE

Taqa becomes 50th company to list on Abu Dhabi bourse

Posted on 11/09/2005

The Abu Dhabi National Energy Company (Taqa) was listed on the Abu Dhabi Securities Market yesterday, making it the 50th company on the stock exchange, and raising the market's capitalisation to Dh400 billion. Analysts said the company will add depth and volume to the stock market but were cautiously optimistic about the stock's price. Capitalised at Dh4.15 billion, Taqa is a subsidiary of the Abu Dhabi Water and Electricity Authority (ADWEA) with clear business plans to acquire shares in ...  >>MORE

Abu Dhabi bourse to increase transparency

Posted on 06/09/2005

The Abu Dhabi Securities Market (ADSM) yesterday warned market participants it is stepping up its surveillance and is implementing new rules to ensure more transparency. ADSM is also devising new rules for mutual funds and has proposed to the ministry that a company prospectus should be mandatory before any public offering of shares. "ADSM now uses the SMARTS system of market surveillance which monitors market trading and alerts the exchange to situations which potentially represent market ...  >>MORE

Emirates Securities Market Index decreases by 0.84%

Posted on 06/09/2005

The Emirates Securities Market Index has decreased by 0.84% to close at 6,744.08 points. A total of 66.17 million shares were traded with a total value of Dh1.19 billion during the trading session of Monday 05 September 2005 through 6,754 transactions. The Insurance sector has increased by 3.73% , followed by the Industries sector that increased by 0.69% , followed by the Banks sector that decreased by 0.2% , followed by the Services sector that decreased by 1.83%. The number of companies ...  >>MORE

Dubai share trading volume hits new high

Posted on 28/08/2005

Trading volumes rose to a record high of Dh5.54 billion on the Dubai Financial Market (DFM) yesterday, led mainly by Dubai Islamic Bank, official figures show. Experts said the bull run will continue in the coming days with strong demand in the market. The value of shares traded yesterday hit Dh5.54 billion compared with the previous high of Dh4.42 billion in late June. Dubai Islamic Bank (DIB) alone accounted for trading worth Dh4.66 billion. Big names such as EMAAR and Amlak saw their ...  >>MORE

Mubasher unveils market initiatives

Posted on 22/08/2005

Mubasher, a subsidiary of National Technology Group (NTG), has announced a host of innovative direct marketing initiatives to mark the launch of Mubasher Market and Mubasher Trade. Mubasher Market is the first bilingual (Arabic and English) stock market information service in the UAE while Mubasher Trade is the country's first online trading engine. With its entry in the UAE financial markets, Mubasher is poised to consolidate its reputation as the leading e-financial solution provider. ...  >>MORE

Dubai shares rocket on robust growth outlook

Posted on 22/08/2005

Dubai shares jumped more than four per cent yesterday and turnover nearly doubled to near record highs as investors bet robust economic growth this year will boost corporate earnings and prospects of the building industry. Shares worth Dh3.25 billion were traded in Dubai, up from Dh1.89 billion the previous day, and not far from the record Dh4.42 billion traded on June 25. Abu Dhabi stocks climbed more than half a per cent in robust trade helped by banks, as investors looked ahead at ...  >>MORE

Emirates Securities Market Index increases by 1.52%

Posted on 21/08/2005

The Emirates Securities Market Index has increased by 1.52% to close at 6,574.34 points. A total of 0.15 Billion shares were traded with a total value of Dh2.25 billion during the trading session of Saturday 20 August 2005 through 11,655 transactions. The Services sector has increased by 2.01%, followed by the Banks sector that increased by 1.25%, followed by the Insurance sector that increased by 0.5%, followed by the Industries sector that decreased by 0.84%. The number of companies ...  >>MORE

Abu Dhabi exchange will charge Dh10 for each order executed

Posted on 21/08/2005

The Abu Dhabi Securities Market (ADSM) yesterday announced it would impose a fee of Dh10 for every order executed by investors starting tomorrow because it is offering new services. Small investors, however, did not welcome the move, saying ADSM should bear the charges. "In order to help meet the costs of its investor services and ensure their continued development, ADSM has decided to impose a small charge of Dh10," said an official statement. ADSM has recently expanded its services and ...  >>MORE

UAE, Singapore market regulators sign MoU

Posted on 17/08/2005

The Emirates Securities and Commodities Authority (ESCA) and the Monetary Authority of Singapore (MAS) have signed a Memorandum of Understanding designed to enhance cooperation between the two financial market regulators in the fields of training and exchange of expertise relating to regulation and market conduct of the securities industries. The MoU was signed by Abdullah Al-Turaifi, ESCA Chief Executive and Shane Tregillis, MAS Deputy Managing Director for Market Conduct. The signing ...  >>MORE

Emirates Securities Market Index decreases by 0.31%

Posted on 16/08/2005

The Emirates Securities Market Index has decreased by 0.31% to close at 6,379.72 points. A total of 65.86 million shares were traded with a total value of Dh1 billion during the trading session of Monday 15 August 2005 through 6,911 transactions. The Insurance sector has increased by 0.03% followed by the Services sector that decreased by 0.14%, followed by the Banks sector that decreased by 0.41%, followed by the Industries sector that decreased by 1.35%. The number of companies which ...  >>MORE

RAK Properties to get listed on ADSM

Posted on 16/08/2005

Ras Al Khaimah Properties (RAK Properties) will, by the end of September 2005, list shares on the Abu Dhabi Securities Market. Mohammed Sultan Al Qadi, RAK Properties' Managing Director, said in a statement that steps to list the share were on. "The shareholders' register is being updated as a necessary step for listing the share. RAK Properties was able to allot shares and return surplus amounts resulting from oversubscribed Initial Public Offering in just two weeks," he added. (The Emirates ...  >>MORE

Rakbank enlisted on Abu Dhabi Securities Market

Posted on 15/08/2005

The National Bank of Ras Al Khaimah (Rakbank) has been enlisted yesterday on the Abu Dhabi Securities Market. A number of dignitaries, including Graham Honeybill, general manager of Rakbank, attended a short official ceremony held on the occasion. The enlistment of Rakbank brings to 94 the total number of public joint stock companies enlisted on the five various sectors of the market, including 13 firms in the banking sector, eight in the services sector, 11 in the insurance sector, two ...  >>MORE

DFSA issues Trust Law for public comment

Posted on 14/08/2005

The Dubai Financial Services Authority (DFSA) yesterday released a consultation draft Trust Law for adoption within the Dubai International Financial Centre (DIFC). David Knott, Chief Executive of the DFSA, said: "The adoption of a legal framework for the creation of Trusts will add an important new business dimension to the DIFC." "Clarity and certainty of Trust Law will be welcomed by the financial and professional services sectors and will provide them with additional flexibility in client ...  >>MORE

Dh1.3 billion Dubai Financial Market's transactions

Posted on 08/08/2005

The value of transactions yesterday at Dubai Financial Market has reached Dh1.3 billion through 96.1 million shares through 8,329 deals whereby the Market's index closed at 953,25 points. The Services Sector occupied First Place through transactions worth Dh.896.9 million, followed by the Banking Sector in Second Place registering Dh209.1 million . The Investment Sector came Third by Dh.197.9 million, followed by the Insurance Sector by Dh.630,000. Foreign transactions read at 29.1 million ...  >>MORE

Standard Chartered appointed as DIFX Clearing Bank

Posted on 06/08/2005

Standard Chartered, one of UAE's leading international banks, has been appointed as the clearing bank for the Dubai International Financial Exchange (DIFX), the stock exchange located inside the Dubai International Financial Centre (DIFC). The DIFX plans to begin trading securities on September 26th, 2005, using the US dollar. It chose Standard Chartered in preference to rival bids from a number of other leading international banks. As the DIFX's clearing bank, Standard Chartered will process ...  >>MORE

DIFX to allow trading from London

Posted on 06/08/2005

Dubai's new international stock exchange, which plans to open on September 26, aims to offer attractive features such as trading from London and the establishment of a secure data system based in Paris, a top official said. Stuart Turner, head of market operations at the Dubai International Financial Exchange (DIFX), said some of the electronic exchange's broker members are likely to have trading terminals in London. Other members are likely to be based in the Dubai International Financial ...  >>MORE

Stock market dips 1.6 % to close at 5,565.41

Posted on 02/08/2005

The Emirates Securities Market Index fell today by 1.65% to close at 5,565.41 points. A total of 46.10 million shares were traded with a total value of AED 0.51 billion during the trading session of Monday 01 August through 4,448 transactions. The Banks sector dropped by 1.4%, the Services sector by 1.67%, the Industries sector by 2.15%, followed by the Insurance sector which decreased by 3.57%. The number of companies which has been traded is 42 out of 68 companies listed in the market. ...  >>MORE

Taqa receives approval to list stock

Posted on 31/07/2005

Abu Dhabi National Energy Company (Taqa) has secured approval to be listed on the stock markets, amid predictions by bankers and brokers that its Dh600 million initial public offering will be oversubscribed. Sheikha Lubna Al Qasimi, Minister of Economy and Planning, and Chairman of the Emirates Securities and Commodities Authority, approved listing two new companies, Taqa and the Global Investment House of Kuwait, a statement from the regulator said yesterday. "With this the total number of ...  >>MORE

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Quick List

DIFC to get connecting tunnel


DFSA presents enforcement guidelines


Mohammed bin Rashid Al Maktoum officially launches the DIFC


DIFC's first year to be marked by spectacular event


ESCA approves listing, trading system


ESMI decreases by 0.28% to close at 7,396.75 points


Dubai regulator to use global audit standards


Dubai International Financial Centre, Mellon discuss joint strategies in the region


Transactions in RAK Real Estate Shares in Abu Dhabi Bourse commence


DIFC Courts holds its first historic session


Dubai Financial Services Authority, DFSA issues investment law


Emirates Securities Market Index increases by 0.18%


PricewaterhouseCoopers to apply for Membership of DIFC


DIFX is vital in many ways


Dubai's new stock market opens for trading


Dubai International Financial Exchange set to debut today


UAE stock indices on upswing trend


EMAAR to list on New York and London bourses


DFSA issues licence to DIFX


UAE stock markets attractive for investors: Lubna


Aabar eyes ADSM listing, buys assets


Dubai stock market index hits new high


DIFC wins global 'Industry Initiative of the Year Award' in London


Taqa becomes 50th company to list on Abu Dhabi bourse


Abu Dhabi bourse to increase transparency


Emirates Securities Market Index decreases by 0.84%


Dubai share trading volume hits new high


Mubasher unveils market initiatives


Dubai shares rocket on robust growth outlook


Emirates Securities Market Index increases by 1.52%


Abu Dhabi exchange will charge Dh10 for each order executed


UAE, Singapore market regulators sign MoU


Emirates Securities Market Index decreases by 0.31%


RAK Properties to get listed on ADSM


Rakbank enlisted on Abu Dhabi Securities Market


DFSA issues Trust Law for public comment


Dh1.3 billion Dubai Financial Market's transactions


Standard Chartered appointed as DIFX Clearing Bank


DIFX to allow trading from London


Stock market dips 1.6 % to close at 5,565.41


Taqa receives approval to list stock