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THE ECONOMY - STOCK MARKET

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

DFSA becomes IOSCO member

Posted on 10/04/2005

Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre, has been made an associate member of the International Organisation of Securities Commissions (IOSCO), the world's leading body of securities regulators. IOSCO is the world's primary forum for international co-operation for securities regulatory agencies. It is also the recognised international standard setter for securities markets. (The Gulf News) ...  >>MORE

Aldar share shoots up on the first day of trading

Posted on 06/04/2005

The design for the Central Market in Abu Dhabi, which will be constructed by Aldar Properties, is under consideration and will be presented to the authorities within two months for final approval, said Ahmed Ali Al Sayegh, Chairman of Aldar Properties. He was talking to reporters, after the quotation of company's scrip on the Abu Dhabi Securities Market (ADSM) for the first time, a development, which was long been awaited by the investors. The investors were all visibly excited as the ...  >>MORE

UAE's stock deals surge in Q1 2005

Posted on 03/04/2005

The first quarter of the current year witnessed an unprecedented surge in the total value of the local stock market transactions to Dh53.9 billion. This figure represents 80 per cent of the total value of transactions during 2004 at Dh67 billion and more strikingly 995 per cent compared to the mere Dh4.92 billion recorded in the first quarter of 2004, according to a report from the Dubai-based ‘Khaleej Times.' During the first three months of this year, several companies have adjusted the ...  >>MORE

UAE stock market cap to scale new heights

Posted on 30/03/2005

A UAE federal government regulation that requires all local joint stock companies to list their shares on an authorised exchange within a year and the upcoming new listings would boost UAE's market capitalisation to a new high this year, market analysts said. Analysts said the new federal government regulation, issued in June 2004, will increase the number of listed stocks by at least another 50 companies this year and the local market capitalisation will continue to grow at a remarkable ...  >>MORE

UAE, Malaysia sign MoU on securities markets

Posted on 19/03/2005

Kuala Lumpur - The United Arab Emirates and Malaysia Friday inked a Memorandum of Understanding (MoU) for exchange of information and expertise on securities and reciprocal listing of Islamic bonds (Sukuk), stocks and shares on each country's stock markets. In her capacity as chairperson of the Emirates Securities and Commodities Authority (ESCA), Sheikha Lubna Al Qasimi, Minister of Economy and Planning, signed the MoU with the chairman of Malaysian chairman of the Securities and Investment ...  >>MORE

Lubna signs MoU with Australian Stock Market Council

Posted on 15/03/2005

Canberra - Sheikha Lubna Al Qasimi, Minister of Economy and Planning in a joint meeting with Australian officials in Canberra yesterday, signed bilateral agreements which are expected to yield joint economic and investment agreements between Australia and the UAE. Sheikha Lubna, in her capacity as Chairperson of the Emirates Securities and Commodities Authority, signed a Memorandum of Understanding with the Chairman of the Australian Financial Markets' Council, which included the exchange of ...  >>MORE

EMAAR licensed as broker

Posted on 21/02/2005

Sheikha Lubna Al Qasimi, Minister of Economy and Planning and the Chairwoman of the Board of Emirates Securities and Commodities Authority (ESCA), has approved the registration and licensing of EMAAR Financial Services company. The approval will allow EMAAR to act as broker at local financial markets and brings to 22 the number of brokers registered and licensed by the ESCA. (The Emirates News Agency, WAM) ...  >>MORE

ADSM to ensure transparency

Posted on 30/01/2005

The Abu Dhabi Securities Market (ADSM) has set a host of new rules and regulations to ensure transparency of information and disclosure of financial data by listed companies. The move is aimed at regulating the announcement of results and ensuring transparency and disclosure of financial data and information as well asregulating the work of these companies in compliance with international standards. Any company that fails to provide the ADSM with its financial data and its general assembly's ...  >>MORE

Foreign investment at ADSM touch Dh 197 million in 2004

Posted on 24/01/2005

Foreign investment at listed companies in the Abu Dhabi Securities Market (ADSM) stood at Dh 197 million by the end of 2004, according to ADSM chief. 'Value of foreign investment pumped into listed companies totalled Dh197 million by the end of last year. Bought and sold shares in 2004 were valued at Dh713 million and Dh516 million respectively,' said Hareb Al Darmaki, ADSM Board Chairman. He told reporters yesterday that the market had made record performance in all its indicators in ...  >>MORE

Abu Dhabi bourse to get Muscat link

Posted on 24/01/2005

The Abu Dhabi Securities Market is about to be electronically linked to Muscat and Doha to enable investors and brokers in these countries to conduct trades. "The Muscat and Abu Dhabi stock markets will be linked before the end of first quarter 2005 as practical trials have been successfully completed to record trading transactions carried out in the Muscat Securities Market (MSM) and ADSM, and vice versa," said Hareb M. Al Darmaki, ADSM chairman. The ADSM has also developed an SMS ...  >>MORE

DIFX likely to lower free float level for company listing

Posted on 18/01/2005

Dubai International Financial Exchange is likely to allow free float as low as 25 per cent for company listing, a top official said yesterday. This is against a minimum 55 per cent stipulation when companies come out with initial public offerings (IPOs), by both the stock markets in the UAE, the Dubai Financial Market (DFM) and Abu Dhabi Securities Market (ADSM). Companies planning to list on DIFX, the stock market being established by Dubai International Financial Centre (DIFC), will also ...  >>MORE

Agthia share issue heavily oversubscribed

Posted on 16/01/2005

The Dh212.4 million initial public offering (IPO) of the Emirates Foodstuff and Mineral Water Company (Agthia) that closed on Thursday was oversubscribed eight times mopping up Dh1.7 billion from 230,000 subscribers. In view of the oversubscription and minimum allocation of 1,000 shares to every investor, the IPO amount may be increased, officials close to the offering said. A final decision is to be taken shortly. "There were 230,000 applications for the company's shares with the total ...  >>MORE

Average UAE market cap is comparable to Europe's

Posted on 16/01/2005

The average market capitalisation per share of UAE stock market is similar to FTSE 250 (London) and MDAX (Germany), said Dr Peter Gomber, chair of Business Administration, University of Frankfurt. He was speaking on Market Structure - Which Model Will Work in the Gulf? at a seminar in Dubai yesterday. He said the FTSE 250 with 252 listed companies enjoys an average market capitalisation of US$1.379 billion (Dh5.06 billion), while the corresponding Dubai Financial Market (DFM) figure is US$2.077 ...  >>MORE

Stocks open to foreign investors fuel UAE rally

Posted on 14/01/2005

Stocks open to foreign investors have played a vital role in the recent rally on UAE stock markets, analysts said. Stocks which can be purchased by non-nationals have been heavily traded recently, said brokers. This trading activity has contributed to surges in the Abu Dhabi and Dubai markets, with the price/earnings (P/E) ratios of these stocks surpassing the market average. For example, while the average P/E ratio of a stock traded in the UAE stock market is 26, that of the DFM listed ...  >>MORE

Shares in three major sectors surge in 2004

Posted on 14/01/2005

Shares in companies representing three economic sectors saw a massive surge in trading in 2004, the latest findings from National Bank of Abu Dhabi show. "It is a slightly risky situation when one looks at the economic picture. "The data clearly show three sectors the real estate, finance/investment and banking sectors represent about 74 per cent of total shares traded. Other sectors account for only 26 per cent," said Wadah Al Taha, research manager for National Bank of Abu Dhabi (NBAD) ...  >>MORE

UAE stock indices hit new record highs

Posted on 05/01/2005

Leading UAE stock market indices hit new record highs yesterday with the bourses reporting unprecedented gain in volumes and turnover. The market reported across the board gains with leading banking and service sector counters posting record increase in share prices. The market benchmark NBAD General Index gained 260.5 points to 8983.40 points. While the banking sector subindex gained 267 points, service sector sub index moved up by 336 points, according to the "Khaleej Times.” The UAE ...  >>MORE

Esca to permit raise in broker guarantees

Posted on 05/01/2005

The Emirates Securities and Commodities Authority will allow stock markets to raise brokers' guarantees through their own mechanisms, the board decided yesterday. "The Emirates Securities and Commodities Authority [Esca] will not raise the minimum guarantee to be provided by brokers to the stock exchanges. If the stock markets can find a mechanism [to accomplish this], Esca will have no objections," said Sheikha Lubna Al Qasimi, Minister of Economy and Planning. Sheikha Lubna is also the ...  >>MORE

UAE share markets climb to record levels last year

Posted on 03/01/2005

The UAE stock markets performed their best last year, catapulting the value of shares traded and market capitalisation to record levels and becoming the second best in the GCC and Arab world. The value of shares traded during 2004 rose to Dh67.105 billion compared to Dh7.9 billion traded in 2003, while the market capitalisation of UAE stocks surged to Dh355.20 billion, a 98 per cent increase over the previous year. "In terms of market cap alone, the UAE is now the second biggest after Saudi ...  >>MORE

Abu Dhabi share trading broke all records in December

Posted on 03/01/2005

Share trading at the Abu Dhabi Securities Market broke all earlier records during the month of December when the bourse concluded a turnover value exceeding Dh4.4148 billion against previous best of Dh1.4 billion recorded during the month of November. According to ADSM officials the total number of trades concluded grew to 16,994 during the month against 6127 showing an unprecedented growth of 300 per cent. The volume of shares traded ran up to 212.183 million during the month of December ...  >>MORE

Party is not over for IPOs in Mideast

Posted on 02/01/2005

Strong fundamentals and high investor interest in stocks stimulated more than US$3 billion (Dh11.4 billion) in initial public offerings (IPOs) in the region in 2004, an analyst said. "We can safely say that 2004 was a 'year of initial public offerings' for the region. The year's IPOs raised US$3.23 billion [Dh11.86 billion], with solid after-market performances," said Lama Abou Ghali, senior capital markets analyst at Zawya.com, a leading regional financial information provider. "In 2005, ...  >>MORE

DFM to begin online trading soon

Posted on 29/12/2004

Dubai Financial Market will implement Internet trading for brokers from the first quarter of next year. DFM has been working on this for some time, and the system will be ready soon. Brokers said this will allow them to trade from more terminals and from multiple locations. There are nearly 57 brokers currently registered with the UAE stock markets. The market capitalisation of DFM has more than doubled this year and stands at Dh129.127 billion against Dh52.51 billion in 2003. Trading ...  >>MORE

ADSM posts 71pc growth in 2004

Posted on 29/12/2004

The remarkable economic boom the UAE is experiencing is also reflected in the record rise in the share price index at the Abu Dhabi Securities Market (ADSM), which grew by 71.1 per cent during 2004. Since its establishment in 2000, the Abu Dhabi Securities Market recorded a huge increase in its daily trading value, which reached Dh383.4 million, with the number of traded shares amounting to 15 million, executing 1124 transactions. The market share price index recorded a new high when it ...  >>MORE

Two laws issued on DIFC judicial body and court

Posted on 28/12/2004

Two newly approved laws provide the Dubai International Finance Centre with its own judicial institutions and independent court system, the centre's director-general said. The laws were approved by His Highness Sheikh Maktoum Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said Dr Omar Bin Sulaiman, director-general of the Dubai International Financial Centre (DIFC). "Not only do we guarantee the quality of our legal system, but we will go further and ...  >>MORE

Booming UAE stock market poised for leap in 2005

Posted on 26/12/2004

Driven by the strong economic fundamentals, growing oil revenues, excellent corporate performance and relatively low valuation, the UAE stock market is poised for another boom year. From September beginning to yesterday the NBAD General Index gained more than 30 per cent. The Shuaa Capital UAE Index recorded the biggest gain among the regional indices gaining 17.54 per cent as a broad based rally prevailed in the market in November. The SC Arab composite index for the region's stock ...  >>MORE

Franklin Templeton Investment Management Limited gets DIFC licence

Posted on 05/12/2004

Franklin Templeton Investment Management Limited (FTIML) yesterday received license to operate in the Dubai International Financial Centre (DIFC) and was awarded by the DIFC Financial Services Authority (DFSA). FTIML is a subsidiary of Franklin Resources, Inc. The licence to FTIML marks another international endorsement to DIFC and is the first US firm to be licensed by the DFSA. Welcoming the new firm to the DIFC, Dr. Omar Bin Sulaiman, Director General of the Dubai International Financial ...  >>MORE

Addar IPO subscription far exceeds UAE GDP

Posted on 29/11/2004

The Addar Properties initial public offering (IPO) which collected Dh377.6 billion and set a record oversuscription of 458 times has raised serious questions about the way the banks providing leveraging facilities have made a fast buck from the issue. The subscriptions collected by the IPO exceed the UAE's GDP — Dh293 billion — by about Dh85 billion. This is also 40 per cent larger than the market capitalisation of the country, which was Dh268.2 billion as of September. Noting that the ...  >>MORE

Egypt bank lists on Abu Dhabi bourse today

Posted on 29/11/2004

Commercial Bank International of Egypt will be listed on the Abu Dhabi Securities Market (ADSM) from today. The bank will simultaneously be listed on the Kuwait Stock Exchange, a statement from ADSM said yesterday. It is the fifth largest bank in Egypt with total assets of US$3.9 billion (Dh14.31 billion) ending December 2003 and third in terms of capital with a net worth of US$309 million (Dh1.134 billion). Since its IPO in September 1993, the bank's stock has represented one of the blue ...  >>MORE

Al Dar Real Estate IPO hit Dh377.6 billion

Posted on 28/11/2004

The initial public subscriptions of shares of the Al Dar Real Estate closed on Thursday at Dh377.6 billion, a press release from the Al Dar Real Estate founding committee disclosed yesterday. Coverage of the public joint stock company, which is under establishment, reached about 453 times the number of shares floated for subscription which stood at Dh825 million. The stated figure represents just the initial subscriptions, as it is likely to change due to pending uncleared cheques or ...  >>MORE

Investors show keen interest in stocks

Posted on 27/11/2004

Investors continued to show interest in local equities during the first nine months of the year. Market capitalisation and the value of shares traded on the UAE's stock markets increased to record highs, latest figures showed. The value of shares traded in the first nine months of this year peaked at Dh35.23 billion, easily double the value of shares traded during the whole of last year. By the end of the nine months, the value of shares traded was Dh4.83 billion, according to the Abu Dhabi ...  >>MORE

Over the counter stock trading on its way out

Posted on 27/11/2004

The unofficial over-the-counter trading in stocks will end within the next eight months. By mid-2005 all public joint-stock companies will be listed on the stock exchanges. This will encourage investment and curb malpractice outside the bourses, according to a top official of the regulatory authority. Moreover, the authority is working on the criteria for the listing of bonds on the exchanges. "The UAE Cabinet amended the previous listing rules and made it mandatory for all UAE public ...  >>MORE

DIFC will catapult the city into major league

Posted on 16/11/2004

DIFC will catapult the city into the major league, alongside London, New York, Singapore and Tokyo, as it has the right combination of timing, zero tax regulations and proximity to Gulf wealth, which can make dreams into a reality, according to a report by Arabies Trends. In September, Dubai International Financial Centre (DIFC) issued licence to Michael Baer, head of private banking for the Zurich-based Julius Baer, and with the presentation of that licence, the DIFC became an operational ...  >>MORE

DFSA calls for comment on draft rules for securities

Posted on 11/11/2004

The DIFC Financial Services Authority (DFSA) today released a consultation paper on the proposed rules relating to the offering and listing of securities in or from the Dubai International Financial Centre (DIFC). The paper also includes further draft rules relating to Authorised Market Institutions and their recognition. According to a DFSA statement, the Offered Securities Module introduces the regulatory rules for the listing and offer of securities in or from the DIFC. The module ...  >>MORE

Markets reopen on bullish note

Posted on 08/11/2004

The smooth transfer of power in the country had a positive impact on the local bourses as stock prices remained firm amid a bullish mood in the markets when they reopened yesterday after a four-day closure. Analysts expect the bull run to continue as investor confidence builds up in anticipation of a string of new issues hitting the market. "The volumes were not very high but the markets were positive. There were good trades and the fact that there were no huge fluctuations and blue-chip ...  >>MORE

Volume of shares trading increases to Dh. 124 million on the first day

Posted on 08/11/2004

The volume of shares trading in the local stock market increased to Dhs.124 today against Dh75 million on Tuesday last week when the market was closed for the period of the state mourning of the late President H.H Sheikh Zayed bin Sultan Al Nahyan. Analyst attribute the increase in share trading on the first day of the resumption of trading to investor confidence in the UAE economy and its institutions. "This significant rise in the volume of trading underscores the investor confidence in ...  >>MORE

Addar Properties founders begin trading shares at premium even as IPO opens

Posted on 01/11/2004

With the Dh825 million IPO of Addar Properties barely having opened, the company's founders have already begun trading their shares at a premium through brokers. Such transactions are not deemed illegal as per the law, experts said. Some 45 per cent of the Dh1.5 billion share capital of Addar has been subscribed to by founders, mostly from Abu Dhabi and the northern emirates. A couple of transactions between founders have been brokered since yesterday at a premium of about 200 per cent, ...  >>MORE

UAE shares to trade in Saudi

Posted on 31/10/2004

Emirates Bank International is starting a new service next month allowing customers in Saudi Arabia to trade in UAE shares. The necessary approval for the service has been secured from the Saudi Arabian Monetary Agency (Sama), the kingdom's central bank, said Mohammad Al Hujailan, manager of Emirates Bank in Saudi Arabia. He said he expected the official launching of the bank's operations in the kingdom to start next month. (The Emirates News Agency, WAM) ...  >>MORE

US$100 billion to be tied up in IPOs in the Gulf by end of 2004

Posted on 30/10/2004

A cumulative total of around US$100 billion will be tied up at one point to initial public offering (IPO) subscriptions in the Gulf by the end of 2004. The just concluded Ettihad Etisalat IPO in Saudi Arabia was oversubscribed 30 times, mobilising SR30 million. The effect of this liquidity draw on the markets has to-date been significant, albeit temporary, as markets have retracted before and during sizable and popular IPOs, only to recover after the IPO is closed and excess subscriptions ...  >>MORE

ADSM tightens market regulations

Posted on 27/10/2004

The Abu Dhabi Securities Market's regulations committee has approved a set of regulations that has been distributed to brokers operating in the Market. The list specifies the fines and penalties to be applied on those who violated the regulations of Abu Dhabi Stock Market. Mohammed Al Qubasi, member of the market's board of directors said: "The committee wants to make sure that concerned parties are committed to regulations pertaining to the market's operations. It also aims at tightening ...  >>MORE

Islamic scrips in UAE overvalued

Posted on 24/10/2004

The way the Islamic stocks behave on the stock markets of the UAE in relation with their earnings points to the fact that these stocks are either overvalued or are in heavy demand compared with conventional stocks. If price earnings ratio (PE) is any yardstick to measure the valuation of listed stocks, the Islamic stocks are overvalued by at least three times on an average, compared with the market average of the UAE stock markets, analysts said. "UAE stock markets have only around five ...  >>MORE

Women own 5% of shares listed on Dubai bourse

Posted on 24/10/2004

Women owned five per cent of the total shares of the companies listed in Dubai Financial Market at a total market value of Dhs4.191 billion,' according to a recent statistics. The percentage of shares owned by women, however, varies from one listed company to another. While this percentage does not exceed 0.61 per cent in Mashreqbank, 0.89 per cent in Emirates Bank International and 0.92 per cent in Shuaa Capital, it rises to 1.05 per cent in the National General Insurance Company, 1.74 per ...  >>MORE

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Quick List

DIFC welcomes appointment of two judges


DFSA becomes IOSCO member


Aldar share shoots up on the first day of trading


UAE's stock deals surge in Q1 2005


UAE stock market cap to scale new heights


UAE, Malaysia sign MoU on securities markets


Lubna signs MoU with Australian Stock Market Council


EMAAR licensed as broker


ADSM to ensure transparency


Foreign investment at ADSM touch Dh 197 million in 2004


Abu Dhabi bourse to get Muscat link


DIFX likely to lower free float level for company listing


Agthia share issue heavily oversubscribed


Average UAE market cap is comparable to Europe's


Stocks open to foreign investors fuel UAE rally


Shares in three major sectors surge in 2004


UAE stock indices hit new record highs


Esca to permit raise in broker guarantees


UAE share markets climb to record levels last year


Abu Dhabi share trading broke all records in December


Party is not over for IPOs in Mideast


DFM to begin online trading soon


ADSM posts 71pc growth in 2004


Two laws issued on DIFC judicial body and court


Booming UAE stock market poised for leap in 2005


Franklin Templeton Investment Management Limited gets DIFC licence


Addar IPO subscription far exceeds UAE GDP


Egypt bank lists on Abu Dhabi bourse today


Al Dar Real Estate IPO hit Dh377.6 billion


Investors show keen interest in stocks


Over the counter stock trading on its way out


DIFC will catapult the city into major league


DFSA calls for comment on draft rules for securities


Markets reopen on bullish note


Volume of shares trading increases to Dh. 124 million on the first day


Addar Properties founders begin trading shares at premium even as IPO opens


UAE shares to trade in Saudi


US$100 billion to be tied up in IPOs in the Gulf by end of 2004


ADSM tightens market regulations


Islamic scrips in UAE overvalued


Women own 5% of shares listed on Dubai bourse