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THE ECONOMY - STOCK MARKET

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

Financial Report for Emirates Securities Market

Posted on 31/07/2005

The Emirates Securities Market Index has decreased by 2.38% to close at 5,741.98 points . A total of 57.19 Million shares were traded with a total value of Dh0.50 billion during the trading session of Saturday 30 July 2005 through 5,120 transactions. The Industries sector has decreased by 0.56% , followed by the Insurance sector that decreased by 1.85% , followed by the Banks sector that decreased by 2.15% , followed by the Services sector that decreased by 2.8%. The number of companies ...  >>MORE

Sharjah Cement listed on ADSM

Posted on 30/07/2005

Sharjah Cement and Industrial Development Company, SCIDC, has been enlisted on the Abu Dhabi Securities Market, (ADSM). A special ceremony was held on the occasion which attracted a number of dignitaries, including Mohammed Abdullah Al Khayal, Othman Mohammed Al Sharif, SCIDC Board Members and Nazar Al Abeidili, and Abdullah Al Yabhouni from ADSM. A statement issued by the ADSM said with the enlistment of the SCIDC, the number of public joint stock companies on its list has risen to 74 ...  >>MORE

Emirates Securities Market in a new surge

Posted on 27/07/2005

The Emirates Securities Market Index has increased by 4.49% to close at 5,708.85 points . A total of 0.11 Billion shares were traded with a total value of Dh1.15 billion during the trading session of Tuesday 26 July 2005 through 7,070 transactions. The Services sector has increased by 6.09% , followed by the Industries sector that increased by 5.54% , followed by the Banks sector that increased by 3.01% , followed by the Insurance sector that decreased by 0.05%. The number of companies ...  >>MORE

Shares drop sharply on Dubai and Abu Dhabi markets

Posted on 25/07/2005

Dubai shares tumbled seven per cent in thin trade yesterday and Abu Dhabi stocks dropped nearly six per cent as investors sold heavily to raise money to subscribe to a spate of rights issues, traders said. The Dubai Financial Market index of 23 listed companies fell 6.91 per cent to 772.96 points in thin volumes of 64.2 million shares. Exchange turnover stood at Dh832.7 million. Abu Dhabi stocks fell 5.67 per cent to 4,653.53 points in trading of 10.2 million shares worth Dh112 million. ...  >>MORE

Taqa's Dh600m IPO begins

Posted on 24/07/2005

Investors will subscribe in large numbers for the Dh600 million initial public offering by Abu Dhabi National Energy Company (Taqa), brokers told ‘Gulf News' yesterday. However, they felt the response would have been overwhelming had the IPO been open for expatriates. The issue, which opened on a quiet note yesterday, will close on August 1. "Although the first day of subscription was quiet, we can expect a good response as the IPO nears its closing date," said Bassam Al Rumhi, operations ...  >>MORE

Amlak Finance announces full subscription of its Sukuk

Posted on 19/07/2005

Amlak Finance PJSC announced yesterday that its debut Islamic Sukuk issue received subscription of US$200 million from investors in the UAE and GCC. The issue will be a Floating Rate Note (FRN) with a tenure of 5 years and will pay a return to investors of 120 basis points over 6 months Libor. The issue will be listed on the Dubai Financial Market. Mohammed Al Hashimi, CEO of Amlak, said: "We are very pleased with the response to the Sukuk. The success of the issue is evidence of the trust ...  >>MORE

UAQ Cement Co. enlisted on Abu Dhabi Securities Market

Posted on 18/07/2005

The Umm Al Qaiwain Cement has been enlisted yesterday on the Abu Dhabi Securities Market, ADSM. A special ceremony was held on the occasion which attracted a number of dignitaries, including Sheikh Ahmed bin Rashid Al Mualla, the Director General of the Umm Al Qaiwain Cement Company, UAQCC. A statement issued by the ADSM said with the enlistment of the UAQCC, the number of public joint stock companies on its list has risen to 54 companies. The statement said that transactions on the ...  >>MORE

DFM to launch a mock share trading contest

Posted on 17/07/2005

Dubai Financial Market (DFM) has finalised preparations for the launch on July 18 of the summer mock share-trading contest that will last until August 1. The mimicry is set to coincide with Dubai Summer Festival, the biggest shopping bonanza in the region. DFM has recently trained 410 participants of different age groups to teach them on-line stock trading skills to enable them to successfully take part in the contest. (The Emirates News Agency, WAM) ...  >>MORE

Economy Minister receives London Stock Exchange experts

Posted on 06/07/2005

Minister of Economy and Planning, Sheikha Lubna Al Qasimi, received here Tuesday experts and consultants from the London Stock Exchange. During the meeting, they discussed ways to follow-up recommendations of the board of the UAE Securities and Commodity Authority on conducting a comprehensive study to assess the performance of the UAE stock market sector. Sheikha Lubna, who is the board chairperson of the UAE Securities and Commodities Authority, reiterated her ministry's commitment to ...  >>MORE

Barclays Capital licensed to operate from Dubai International Financial Centre

Posted on 06/07/2005

Barclays Capital, the investment banking arm of Barclays Bank PLC, has received a license to operate from the Dubai International Financial Centre (DIFC). Barclays Capital opened its office in the landmark Gate Building on 3 July 2005. Since spring 2004, Barclays Capital has significantly expanded the resources it has devoted to the Middle East, bringing the firm's expertise in debt financing and risk management to the region. There are few firms in the world of the calibre of Barclays ...  >>MORE

Lubna issues Islamic (Sukook) and Securities systems

Posted on 03/07/2005

Sheikha Lubna Al Qasimi, Minister of Economy and Planning and Chairwoman of the Securities and Commodities Authority has yesterday issued two decisions in relation to the listing of Islamic (Sukook) and listing of bonds in the UAE financial markets. Abdullah Taraifi, Director of the SCA , stated that the issuance of the systems came forth following a meticulous review from various concerned bodies including the SCA and Islamic and commercial banks, in addition to one of the financial ...  >>MORE

Finance House listed on Abu Dhabi Securities Market

Posted on 28/06/2005

Finance House listed on Monday its shares in Abu Dhabi Securities Market after updating the register of Shareholders amounting to two thousand nine hundred share holders. The listing process was attended by Hamad Al Shamsi, Managing Director of the Abu Dhabi Securities Market and Mohammed Abdulla Al Qubaisi Chairman of Finance House. Al Qubaisi, on his part, indicated that he is delighted with the official listing of the company shares in the Abu Dhabi Securities Market wishing such step ...  >>MORE

Additional DIFC Laws Enacted

Posted on 27/06/2005

Sheikh Maktoum bin Rashid Al Maktoum, Ruler of Dubai, yesterday enacted five laws and a set of regulations dealing with legal obligations, employment, security interests and companies matters within the Dubai International Financial Centre (DIFC). These laws and regulations are among the body of legislation dealing with non-regulated activities which DIFCA is charged with administering under Law No. 9 of 2004. The Dubai Financial services Authority (DFSA) is charged under Dubai Law No. 9 of ...  >>MORE

Trading volume hits Dh4.4b

Posted on 26/06/2005

Total value of shares traded on the Dubai Financial Market touched a record of Dh4.42 billion yesterday led by EMAAR Properties, official figures showed.The share price of Dubai's top traded stock, EMAAR, shot up to a high of Dh48.50, but later eased to close at Dh47.25, up 4.40 per cent on unconfirmed talk of the company planning to set up an Islamic bank. Analysts said the bull run will continue with EMAAR's stock maintaining high demand on expectations of second-quarter results and an ...  >>MORE

Grab the right opportunity: Mohammed bin Rashid

Posted on 22/06/2005

General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister received in Dubai yesterday Robert Druskin, President and CEO of Citigroup's Global Corporate and Investment Banking Group. Druskin praised the progress achieved in Dubai's various sectors within very short span of time. He added that the Dubai International Financial Centre (DIFC) has carved a niche as a secure, investor-friendly and ideal financial centre both regionally and globally. Druskin said ...  >>MORE

UAE gets first real time stock information & on line trading engine

Posted on 21/06/2005

Mubasher, a subsidiary of National Technology Group (NTG), one of the largest Information & Communication Technology Groups in the region, has launched Mubasher Trade and Mubasher Market, the first bilingual (Arabic & English) real time stock market information service and on line trading engine, in the UAE. As an appointed authorized data vendor for Abu Dhabi Securities Market (ADSM) and Dubai Financial Market (DFM), Mubasher has successfully concluded tests regarding straight- through ...  >>MORE

Emirates Sukuk oversubscribed 50%

Posted on 21/06/2005

The Sukuk issue launched by Emirates was oversubscribed 50 per cent, closing at Dhs2.02 billion. Dubai Islamic Bank (DIB), acting as the mandated lead manager for Emirates, successfully launched the world's first airline Sukuk bond. The deal was a joint effort of a consortium of local, regional and international banks, led by DIB. The issue was managed by a six-member group of banks acting as Joint Lead Managers including DIB, National Bank of Abu Dhabi, Gulf International Bank, Standard ...  >>MORE

ADSM announces support for XBRL introduction in UAE

Posted on 20/06/2005

The Abu Dhabi Securities Market (ADSM) has announced it was working with the Association of Accountants and Auditors to establish a provisional XBRL jurisdiction in the UAE to support the adoption of XBRL for reporting of financial statements. XBRL is the international standard for coding items of financial information in accordance with accounting standards, in such a way that they may be transmitted, stored and processed electronically in any system and then easily presented in a standard ...  >>MORE

Abu Dhabi Securities reach Dh663.1 million

Posted on 17/06/2005

The volume of transactions in Abu Dhabi Securities Market has reached about Dh 663.1 million whereby 43.7 million shares were executed through 2,443 shares of 30 companies listed in the Market. On the sect oral contribution level in the volume of transactions, the Services Sector took first place whereby it achieved Dh347.5 million by 52.40 percent of total volume of transaction. The Banking Sector fell in second place gaining Dh 240.9 by 36.32 percent, whereas the Industrial Sector came ...  >>MORE

Dubai share market hits all-time high

Posted on 13/06/2005

Investors bought and sold shares worth a record Dh3.32 billion in Dubai yesterday, as a two-week rally gathered pace on expectations of good second quarter corporate results. The total value of shares traded at the Dubai Financial Market (DFM), which lists 21 companies, went past the previous high of Dh3.06 billion hit on May 2 and was only marginally off the turnover of the Bombay Stock Exchange of Dh3.68 billion on Friday. The exchange in Mumbai lists nearly 7,000 companies and is one of ...  >>MORE

Dubai and Nymex in deal to run Mideast energy bourse

Posted on 11/06/2005

New York: The New York Mercantile Exchange formally announced yesterday it has formed a joint venture with Dubai to run the first energy futures exchange in the Middle East. In a 50/50 joint venture with Dubai Holding, Nymex will operate the Dubai Mercantile Exchange, which will be based in the Dubai International Financial Centre. The new exchange will open an opportunity for the global energy futures industry to fill a time zone gap in trading between Europe and Asia, said Nymex Chairman ...  >>MORE

Dubai Stock Market launches voice portal

Posted on 08/06/2005

Dubai Stock Market has launched a voice portal for immediate queries on transaction prices pertaining to securities listed in the market through a given number of the voice portal. The service is part of the Markets strategy to gradually be ushered into the electronic environment in order to provide services to investors through state of the art modern technologies. Eisa Kazim, Director General of Dubai Stock Market said: " The voice portal will provide investors with instant daily ...  >>MORE

Fund launched to encourage women to participate in capital markets

Posted on 06/06/2005

The National Investor (TNI) yesterday announced the launch of its new Dh100 million TNI Dana Women Fund to encourage women to participate in the region's booming capital markets. The open-ended fund is open only to UAE and GCC national women and will provide access to the local, regional and international securities market in a balanced manner. The Fund will invest 60 per cent in publicly traded stocks of UAE and GCC based companies, 20 per cent in international fixed income securities, 10 ...  >>MORE

ADSM to have electronic monitoring system

Posted on 31/05/2005

The Abu Dhabi Securities Market, ADSM, has contracted an international company in its bid to implement automatic monitoring system (Smart System), which can monitor and record automatically transactions and other trading activities on the market. According to Hamad Abdullah Al Shamsi, ADSM Representative, the ADSM was the first in the Middle East region to use such advanced smart monitoring system which has already been tested. He said the new system will enable the ADSM to upgrade its ...  >>MORE

DFSA announces new DIFX rules

Posted on 18/05/2005

The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), yesterday announced three new modules of rules relating to the functioning of the Dubai International Financial Exchange (DIFX). DIFX is scheduled for official launch in September this year and the new set of rules has taken another step towards the creation of a fully functioning capital market in the region. The Securities module introduces regulatory rules for the ...  >>MORE

Dubai Financial Services Authority moves into new building

Posted on 13/05/2005

Dubai Financial Services Authority, the independent regulator for Dubai International Financial Centre, has moved into its new offices in The Gate, a building within the financial centre. Dubai Financial Services Authority (DFSA) is now conveniently housed in the heart of Dubai International Financial Centre (DIFC), said Habib Al Mulla, DFSA chairman. DIFC is an onshore capital market designated as a financial free zone. The Gate offers about 46,000 square metres of office space. So far, 13 ...  >>MORE

GCC seeks to link stock markets

Posted on 09/05/2005

The Gulf countries are studying ways to integrate their stock markets in order to remove restrictions on cross-border transactions, a senior GCC official said here yesterday, according to a Gulf News report from Manama. The six Gulf Cooperation Council states are currently studying two options to integrate their bourses. The options were recommended by "an international consultant group," according to Mohammed Obaid Al Mazrou'ie, assistant secretary-general of the GCC for economic affairs. ...  >>MORE

DFM reports over Dh3b turnover

Posted on 03/05/2005

The Dubai Financial Market (DFM) traded a new record high turnover of more than Dh3 billion yesterday while all the leading market indices closed at new record highs. The benchmark index, the 38-stock NBAD General Index closed 23 points up at 16,628. The banking sector sub-index closed marginally down by 5 points while the service and insurance sectors gained 62 points and 95 points, respectively. Leading banking sector stocks came under selling pressure posted modest gains yesterday while ...  >>MORE

Abu Dhabi exchange sees record trading value again

Posted on 25/04/2005

Abu Dhabi Securities Market set its second consecutive record yesterday as the value of trading rose to Dh981.20 million. Aldar Properties shares topped the table with a value of nearly Dh300 million. "It was another day of heavy trading at the stock market that saw scores of investors buying or selling shares," a senior official of the bourse told Gulf News. The exchange saw 53.93 million shares changing hands in 2,816 trades. Bank shares were in demand again and the sector's index rose by ...  >>MORE

Trading on Abu Dhabi Securities Market hits record Dh816m

Posted on 24/04/2005

Trading on the Abu Dhabi Securities Market (ADSM) surged to a record yesterday when the daily trading value touched Dh815.91 million, the highest since the stock exchange was set up five years ago. Analysts expect the trading value to average around Dh1 billion shortly as activity picks up with some new listings. The number of shares traded yesterday totalled 44.96 million and the number of trades was 2,502, official figures from the bourse showed. "It was a day of heavy trading led by the ...  >>MORE

DCA to list US$1b Sukuk on DFM

Posted on 20/04/2005

Dubai Government Department of Civil Aviation (DCA) US$1 billion Sukuk-al-Ijarah issue will be listed on Dubai Financial Market (DFM) today. The new listing will be displayed on DFM screen with the symbol DGSI09 and brings the total debt instruments listed on DFM to four. 'The listing of the Sukuk on the DFM will further strengthen the country's financial markets and contribute to capital market development which serves to bolster domestic liquidity and attract foreign direct investment,' ...  >>MORE

Trading by UAE investors exceeds Dh85b

Posted on 19/04/2005

The total value of shares traded by UAE nationals on the Dubai Financial Market during the first quarter of 2005 exceeded Dh84.5 billion, a report said. GCC investors traded shares worth a total of about Dh5.4 billion on the Dubai Financial Market (DFM) during the same period. The data comes from a new report issued by the DFM. Saudi investors active in the DFM traded shares worth Dh4.7 billion during 2005's first quarter, the report said. During the same period, Bahraini investors traded ...  >>MORE

UAE women hail move on share allocation

Posted on 18/04/2005

UAE national women hailed the directive by Her Highness Sheikha Fatima Bint Mubarak, Chairperson of the General Women's Union, to allocate shares to them. The move would ensure their participation in the establishment of new companies while providing financial security for the future, they noted. They were reacting to news that Sheikha Fatima has instructed the board of Al Qudra Holding company to allocate Dh50 million worth of its founding shares to UAE national women. For the first time, a ...  >>MORE

Capitalisation of Abu Dhabi bourse US$100b

Posted on 17/04/2005

The market capitalisation of the Abu Dhabi Securities Market rose to US$100 billion (Dh367 billion) last month. This makes it the second highest among Arab stock markets, after Saudi Arabia, the managing director of ADSM said. With more listings and several privatisations in Abu Dhabi, the market cap is expected to jump higher. "The market capitalisation of ADSM went up to US$100 billion at the end of, first quarter 2005 making ADSM number two in the Arab world after Saudi Arabia," said ...  >>MORE

Dubai Holding to invest US$300 million in Tunisia

Posted on 16/04/2005

Dubai Holding announced yesterday that it would invest a total of US$300 million in Tunisian markets, either through existing firms or new companies that would be set up. The investments would also cover Tunisian stock markets, said Dubai Holding Chairman Mohammed Al Gergawi. Speaking at a press conference Gergawi who met Tunisian President Zine El Abidine Ben Ali said the move was part of the "Investment Purse" scheme which would be implemented by Dubai Holding in a number of Arab countries. ...  >>MORE

Nymex hopes to seal Dubai deal within weeks

Posted on 16/04/2005

Tokyo – The New York Mercantile Exchange, the world's biggest energy bourse hope to sign a deal with the Dubai government in the next few weeks to set up a commodity market there, Nymex president James Newsome said yesterday. The new exchange, more than a year in the works, would start out listing crude oil and most likely gold contracts, possibly on an electronic platform, he said. This is a departure from Nymex's mainstay US market dominated by open-outcry pit trading. Newsome said ...  >>MORE

Trading time extended at securities markets

Posted on 12/04/2005

Sheikha Lubna bint Khalid Al Qasimi, Minister of Economy and Planning and chairperson of the Emirates Securities and Commodities Authority (ESCA) yesterday issued a resolution extending stock trading time in the country's securities market one more hour. According to the resolution, as of next Saturday, stock auctioning will open at 9:03 to 10:00 A.M. while trading will open 10:00 A.M. and close by 1:00 P.M. instead of 12:00 noon. The extension came to cope with the increase in activities ...  >>MORE

UAE stocks post record turnover of Dh2.8 billion

Posted on 11/04/2005

The UAE stock market indices hit a new all time high yesterday as the Dubai Financial Market (DFM) reported record turnover of Dh2.7 billion, and the overall market turnover touched an all-time high of 2.85 billion. The big boost in volumes and turnover came from property major EMAAR, which traded 103 million, shares worth Dh1.9 million. Riding high on the excellent first quarter results, the EMAAR scrip gained more than 11.78 per cent, (Dh1.95) to close at Dh18.50. The company had ...  >>MORE

EMAAR shares lift Dubai stock market to record

Posted on 11/04/2005

EMAAR shares lift Dubai stock market to record EMAAR Properties was instrumental in pushing volumes on the Dubai Financial Market to record highs yesterday. The bullish mood saw 103 million EMAAR shares change hands for a record Dh1.905 billion, with the price touching an all-time high of Dh19, triggering the circuit-breaker once again. Not only was EMAAR's trading value larger than the DFM's previous largest traded value but the property major also contributed 69.37 per cent of the total ...  >>MORE

DIFC welcomes appointment of two judges

Posted on 11/04/2005

The Dubai International Financial Centre has welcomed the appointment of two judges to the DIFC Court by His Highness Sheikh Maktoum Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. This announcement follows the enactment in December 2004 of two laws creating the DIFC Judicial Authority and the establishment of the DIFC Court with the status and function of a Dubai Court. Sir Anthony Evans P.C. has been appointed Chief Justice of the DIFC Court and ...  >>MORE

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RETURN TO TOP | WAM UP TO THE MINUTE NEWS

Quick List

Taqa receives approval to list stock


Financial Report for Emirates Securities Market


Sharjah Cement listed on ADSM


Emirates Securities Market in a new surge


Shares drop sharply on Dubai and Abu Dhabi markets


Taqa's Dh600m IPO begins


Amlak Finance announces full subscription of its Sukuk


UAQ Cement Co. enlisted on Abu Dhabi Securities Market


DFM to launch a mock share trading contest


Economy Minister receives London Stock Exchange experts


Barclays Capital licensed to operate from Dubai International Financial Centre


Lubna issues Islamic (Sukook) and Securities systems


Finance House listed on Abu Dhabi Securities Market


Additional DIFC Laws Enacted


Trading volume hits Dh4.4b


Grab the right opportunity: Mohammed bin Rashid


UAE gets first real time stock information & on line trading engine


Emirates Sukuk oversubscribed 50%


ADSM announces support for XBRL introduction in UAE


Abu Dhabi Securities reach Dh663.1 million


Dubai share market hits all-time high


Dubai and Nymex in deal to run Mideast energy bourse


Dubai Stock Market launches voice portal


Fund launched to encourage women to participate in capital markets


ADSM to have electronic monitoring system


DFSA announces new DIFX rules


Dubai Financial Services Authority moves into new building


GCC seeks to link stock markets


DFM reports over Dh3b turnover


Abu Dhabi exchange sees record trading value again


Trading on Abu Dhabi Securities Market hits record Dh816m


DCA to list US$1b Sukuk on DFM


Trading by UAE investors exceeds Dh85b


UAE women hail move on share allocation


Capitalisation of Abu Dhabi bourse US$100b


Dubai Holding to invest US$300 million in Tunisia


Nymex hopes to seal Dubai deal within weeks


Trading time extended at securities markets


UAE stocks post record turnover of Dh2.8 billion


EMAAR shares lift Dubai stock market to record


DIFC welcomes appointment of two judges