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THE ECONOMY - STOCK MARKET

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

Share Trading rises to Dh1.8 billion in a week

Posted on 23/10/2004

The volume of shares trading in the local stock market rose to Dh1. 8 billion last week against Dh850 million over the previous week, bourse sources announced here yesterday. The 26 per cent rise was attributed to stability in prices , which followed a three-week volatility. The services sector recorded 48 per cent growth at the value of Dh970 million. Banking sector accounted for 9.6 per cent of the trading at the value of Dh104 million. (The Emirates News Agency, WAM) ...  >>MORE

Foreign firms can be listed in UAE stock market

Posted on 20/10/2004

The UAE government is allowing foreign companies registered and operating out of different industrial free zones in the country to get their shares listed on the stock market. A high-level meeting was held in the capital yesterday, which reviewed the progress regarding enlistment of new companies on the stock market. The meeting was informed that an amendment to the transparency law governing the issues related to the listed companies is being amended whereby it would be mandatory for a ...  >>MORE

Expatriates in UAE can buy UNB shares

Posted on 16/10/2004

Expatriates in the UAE, who have long been craving for investing in the shares to reap dividends from the bullish stock market, will now be able to buy shares of Union National Bank (UNB) with immediate effect, following a landmark decision taken by its board of directors, here yesterday. UNB board, which met here yesterday, took two important decisions, which has made the stock market jubilant. "Now the expatriates can own up to 40 per cent shares of the bank," the bank informed the Abu ...  >>MORE

National Bank of Sharjah to debut on ADSM

Posted on 10/10/2004

National Bank of Sharjah, NBS will debut on the Abu Dhabi Stock Market, ADSM, from Sunday. The listing is the latest step in the bank's strategic development plan since converting from conventional to Islamic banking in July 2003. NBS is also planning to expand its network of branches in the UAE and into neighbourhood countries in the long term. It is the first bank in the world to make the transition, and has since undertaken a major overhaul of all its operation expanding aggressively into ...  >>MORE

Mohammed holds talks with NYMEX chief

Posted on 06/10/2004

General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister, held talks in Dubai yesterday with Dr. James E. Newsome, President, New York Mercantile Exchange (NYMEX), on the Dubai Mercantile Exchange (DMEX) scheduled to be set up early next year. The role of NYMEX in founding the nascent exchange was also discussed. After viewing the outlines of the bilateral agreement, which will be concluded between the DMEX and NYMEX, Sheikh Mohammed approved it in details and ...  >>MORE

DIFX becomes a limited company inside DIFC

Posted on 02/10/2004

The Dubai International Financial Exchange (DIFX) has been incorporated as a limited liability company inside the Dubai International Financial Centre (DIFC). Incorporation is the latest stage in the DIFX's progress towards opening for business as a financial exchange. It aims to become a leading forum for the listing and trading of a range of securities including equities, bonds, funds, Islamic products and derivatives. The DIFX is wholly owned by the DIFC Authority. Its incorporation has ...  >>MORE

DIFC to catalyse private sector change

Posted on 29/09/2004

Dubai International Financial Centre (DIFC) will enable private UAE companies to change into joint stock companies by registering themselves within the DIFC and offer shares to UAE investors, according to DIFC Financial Services Authority (DFSA) Regulatory Council Chairman Habib Al Mulla. Private companies interested in changing into joint stock companies and determining value of their shares and issue premium would be assessed in accordance with the international standards observed in this ...  >>MORE

DIFC to participate in IMF/ World Bank Group meetings

Posted on 27/09/2004

Following on from the success of DUBAI 2003, The Dubai International Financial Centre Authority, DIFC, will ensure Dubai's continuing involvement in the annual International Monetary Fund and World Bank Group Annual meetings by taking a large delegation to this year's summit to be held in Washington, D.C. in October. Now it is launched, the DIFC will be able to demonstrate the considerable momentum it has achieved since it hosted the last annual meetings. Led by Anis Al Jallaf, Chairman of ...  >>MORE

Mohammed pledges full support for DIFC players

Posted on 22/09/2004

General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister, said that potential investors at Dubai International Financial Centre (DIFC) would enjoy world -class facilities and incentives to do their businesses under favourable stable environment. 'DIFC will provide a world high standard business environment, giving companies an excellent opportunity to attract investment and contribute to the economic growth in the region,' Sheikh Mohamed said during a ...  >>MORE

EMAAR hits circuit breaker; DFM turnover at record Dh856 million

Posted on 22/09/2004

A clear bullish trend set on the UAE stock markets with investors involving a matured trading pattern. Real estate major EMAAR Properties on Tuesday created history by attracting circuit breaker with the stock rising above 15 per cent in mid-session on the Dubai Financial Market, DFM. The bourse transacted the highest number of deals of 2,392 in a single day, sold 89.39 million shares and registered a record turnover of Dh856.47 million. The DFM Index rose 12.83 points to reach a peak ...  >>MORE

Mohammed bin Rashid issues first batch of DIFC laws

Posted on 21/09/2004

Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai International Financial Centre (DIFC), has issued the first batch of laws that formally establish and govern the (DIFC) and its independent regulatory authority, the DIFC Financial Services Authority (DFSA). Dr Habib Al Mulla, Chairman of the DFSA Regulatory Council, welcomed the announcement saying: "This is magnificent news for the DFSA and the DIFC, the DIFC is now open for business. It is the first ...  >>MORE

Dubai International Financial Centre (DIFC) is open for business

Posted on 21/09/2004

Along with its announcement that the DIFC Financial Services Authority has issued the first licences to three financial institutions, the Dubai International Financial Centre Authority has confirmed that the DIFC is open for business. Julius Baer (Middle East) Limited and Standard Chartered Bank have each received licences to operate as 'authorised firms' from within the DIFC. Additionally, The GCC Energy Fund Managers Limited, a regional integrated equity fund making investments across the ...  >>MORE

UAE completes first stage of bourse linkage

Posted on 19/09/2004

The UAE has completed the first stage of a landmark project to link its two main bourses in Abu Dhabi and Dubai as a prelude to having a single local stock market. The Emirates Securities and Commodities Authority (ESCA), which oversees both stock exchanges, said yesterday it had completed the installation of an electronic board at Dubai's bourse and would install a similar system in Abu Dhabi's share market. Dealers said the new system would enable the UAE to have a common stock market and ...  >>MORE

Dubai Ruler issues decree setting up DIFC

Posted on 18/09/2004

H.H. Sheikh Maktoum bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, yesterday issued a decree setting up the Dubai International Financial Centre, DIFC, as a zone with financial and administrative autonomy. The Government of Dubai has announced yesterday that 'The Law of the Dubai International Financial Centre' has been passed. This formally establishes the financial and administrative independence of the Dubai International Financial Centre (DIFC) and completes ...  >>MORE

ADSM, Cairo Bourse ink MoU

Posted on 18/09/2004

The Abu Dhabi Securities Market (ADSM) last Wednesday inked a Memorandum of Understanding (MoU) with the Egypt-based Cairo and Alexandria Bourse in a move aimed at enhancing cooperation and coordination between them in various fields. Hareb Masoud Al Darmaki, Chairman of the ADSM, and Mohammed Abdul Salam, Chairman of the Board of Directors of the Egyptian Bourse, signed the MoU. Under the provisions of the document, both Arab markets agree to exchange information, disseminate awareness ...  >>MORE

DIB rights issue to open on Saturday

Posted on 14/09/2004

The first phase of Dubai Islamic Bank's (DIB) rights issue which will raise the paid-up capital from Dh1 billion to Dh1.5 billion will open for subscription on September 18 and close on September 30. Shareholders registered with the Dubai Financial Market as of September 14 will be eligible to apply for these shares, one share for very two held, at a Dh10 premium over the nominal value of Dh10 per share. The bank will offer 50 million shares in two instalments. The first instalment will ...  >>MORE

DIFC to be inaugurated this month

Posted on 13/09/2004

The Dubai International Financial Centre (DIFC), will be officially inaugurated this month, it was revealed in Dubai yesterday. With the current pace of preparations, it is almost certain that licenses for the various financial institutions will be issued this month. The DIFC will link the financial centres in Europe and the United States with the ones in the Far East and South East Asia forming a 24 hours global capital marketplace. The centre will play a pivotal role in global financial ...  >>MORE

Emirates Securities Market Financial Report

Posted on 11/09/2004

The Emirates Securities Market Index increased by 0.12% to close at 2,354.61 point. A total of 21.38 million shares were traded with a total value of Dh214.10 million during the trading session dated 9th of September 2004 through 1,314 transactions. The bank sector, the services and industries sector and the insurance sector indices have increased by 0.15%, 0.34%, 0.02% respectively. The number of companies which has been traded is 36 out of 49 companies listed in the market. 17 companies' ...  >>MORE

New director for DIFC appointed

Posted on 08/09/2004

General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister issued a decree appointing Dr Omar bin Sulaiman as Director General of Dubai International Financial Centre (DIFC) effective from yesterday. The decree comes as a move to invigorate the role of young leadership and allow youth the opportunity to gain diverse experience. (The Emirates News Agency, WAM) ...  >>MORE

ESCA approves listing of National Bank of Sharjah

Posted on 08/09/2004

The Emirates Securities and Commodities Authority (ESCA) has approved the listing of National Bank of Sharjah after it has finalised all regulatory requirements and met market criteria. The new listing has taken the number of listed companies to 49 including three foreign firms. ESCA said it had been receiving applications from local and foreign firms for listing. The ESCA has given non-listed companies one year to be listed on the UAE's official bourses in line with the decision taken by the ...  >>MORE

DIFC investments to touch Dhs20 billion: Jallaf

Posted on 05/09/2004

The Dubai International Financial Centre (DIFC) has shown success even before it started full operations and the total investments will touch Dhs20 billion by the time all the phases of the project are completed in five years in 2009, according DIFC Chairman Anis Al Jallaf. Jallaf expects that the local law for the official operation of the centre would be issued within the few coming days, according to a report in "The Gulf Today.” He estimated the number of employees working in the centre ...  >>MORE

UAE stock market likely to remain buoyant

Posted on 04/09/2004

The stock markets are expected to remain buoyant during the second half of the year and will maintain its average momentum during 2005, according to a recent report by Abu Dhabi Financial Services Company (ADFS), the capital market arm of the National bank of Abu Dhabi (NBAD). The report shows that the stock markets in the UAE, including Over the Counter (OTC) exchange have achieved record market capitalisation of Dh7.16 billion compared with Dh5.41 billion during the same period last year. ...  >>MORE

Listed firms post Dh7.1b profits in first half

Posted on 01/09/2004

Companies listed on the UAE financial markets have achieved net profits of Dh7.1 billion during the first half of 2004, an increase of 32.4 per cent compared to the same period in the previous year. A report prepared by Abu Financial Services Company showed 13 companies have increased profits during 2003-2004. ETISALAT was the only company to have contributed with 39 per cent of the total net profits on the UAE financial markets, followed by the banking sector, accounting for by 38 per ...  >>MORE

UAE market capitalisation tops US$60b

Posted on 31/08/2004

The UAE has recorded the highest growth in market capitalisation in the GCC and second highest in the Arab world behind Lebanon during the first half of 2004, although it is far behind in terms of trading value, a special report compiled by the National Bank of Abu Dhabi's capital markets division showed. Moreover, the UAE stock markets had the highest number of new listings during the first half of this year compared to all Arab markets. Market capitalisation in the UAE jumped to US$60.03 ...  >>MORE

Etihad to be public joint stock company

Posted on 18/08/2004

The Minister of Higher Education and Scientific Research and Acting Minister of Economy and Commerce Sheikh Nahyan bin Mubarak Al Nahyan has issued a ministerial decision proclaiming the Etihad Aviation Company as a public joint-stock company. The company will have a capital of Dh5000 million split into five million shares at a nominal fully paid-up value of Dh100 each, Ministry of Economy and Commerce Under Secretary Mohammed Jassem Al Mazki said. A three-member committee would be formed ...  >>MORE

UAE stock market slips to third

Posted on 18/08/2004

The UAE bourse slipped back to third place after overtaking Kuwait last week to become the second largest Arab stock market after Saudi Arabia. On Monday, the combined market capitalisation of the UAE's two main bourses in Abu Dhabi and Dubai stood at US$63.27 billion while Kuwait advanced to around US$64.51 billion to regain its position as the second largest Arab bourse in terms of capitalisation. Figures by the Abu Dhabi-based Arab Monetary (AMF), which tracks regional shares, showed ...  >>MORE

UAE listed firms mid-year profits rise 30 per cent

Posted on 17/08/2004

The profits of local institutions, mostly banks, listed on the stock exchanges of the United Arab Emirates went up by 30.2 per cent in the first six months of the year despite regional instability, the state news agency, WAM said yesterday. Profits of 41 local companies among the 40 firms listed on the Abu Dhabi and Dubai bourses went up to Dh5.988 billion (1.63 billion dollars) from Dh4.597 billion (1.25 billion dollars) in the first six months of 2003, the agency said. Banks's profits ...  >>MORE

UAE bourse hits record despite summer lull

Posted on 15/08/2004

The UAE bourse has surged to its highest ever level to become the second largest Arab stock market after Saudi Arabia despite slackening seasonal activity. The combined market capitalisation of the country's two main stock exchanges of Abu Dhabi and Dubai shot above Kuwait's exchange for the first time since the UAE began trading shares after it was established in December 1971. On Thursday, the UAE's market capitalisation peaked at around US$64.1 billion to surpass Kuwait's capitalisation ...  >>MORE

ADSM seeks to attract more foreign investors

Posted on 14/08/2004

Abu Dhabi Securities Market (ADSM) is attracting more foreign investors thanks to the regulators' decision to allow GCC nationals to trade on local shares, an ADSM official disclosed today. Rashid Al Balouchi, Director of Clearing, Settlement and Deposits Department said tradings in the market indices over the past few weeks had shown a remarkable increase in the number of GCC and Arab investors. 'The ADSM is currently making contacts with GCC and Arab companies operating in different ...  >>MORE

UAE indices close higher

Posted on 10/08/2004

UAE market was active yesterday as turnover reached to a high side of Dh92.7 million, with more than 5.5 million shares changing hands. In general, all indices closed higher. The market benchmark NBAD General Index yesterday gained a further 74 points to close at 5,967 points even as other UAE stock indices recorded gains, while the NBAD Emirates Stock Market Indices jumped 30.99 points to register 1.25 per cent surge to finish at 2.436.46. Emnex rose 13.80 points or 0.35 per cent to close at ...  >>MORE

Reuters to publish ADSM data

Posted on 04/08/2004

Reuters newswire service will publish Abu Dhabi Securities Market (ADSM) financial data on line for its international network of customers. An agreement was signed between the ADSM and the news agency here yesterday. This move demonstrates ADSM's commitment to transparency and disclosure and its firm belief in the importance of communicating accurate and timely information. (The Khaleej Times) ...  >>MORE

Foreign interest in UAE stocks grows

Posted on 03/08/2004

At least nine local companies listed on the Abu Dhabi Securities Market (ADSM) have foreign investors holding shares, with Gulf Pharmaceutical Company (Julphar) sporting the highest percentage of foreign ownership, latest data showed. Experts believe more foreign capital will flow in after the Companies Law is liberalised, an issue that is gaining the attention of local authorities. Although most of these companies allow foreigners to hold up to 49 per cent of the shares, foreign holdings ...  >>MORE

ADSM's trading value stands at Dh 1.1 billion in June

Posted on 31/07/2004

The trading value at Abu Dhabi Securities Market (ADSM) fell slightly to Dh 1.10 billion during June compared to Dh (1.12) billion in May, according to the market monthly report for June. 'The number of traded shares dropped to 59.2 million shares in June from 86.3 million shares during the previous month. Transactions surged to 5,965 from 4,610 during the period under review,' the report showed. It said the daily average traded value in June amounted to around Dh 40.5 million compared to Dh ...  >>MORE

Wider classification of listed stocks planned

Posted on 27/07/2004

The sector-wise classification of the UAE's listed stocks is likely to become broader and more specific to provide a realistic and objective picture to investors and in line with international practices. Although the official bourses have yet to take a decision on a wider classification of listed stocks, some market players and licensed brokerage firms are planning a listing of stocks into more sectors from the current narrow classification. Currently, UAE stocks are classified into five ...  >>MORE

UAE bourse trading hits Dh19.5b

Posted on 26/07/2004

Investors showed high interest in local shares during the first half of this year, catapulting the value of shares traded and market capitalisation in the UAE's stock markets to record growth, the latest figures show. The value of shares traded in the six months this year ending June 2004 in the UAE peaked at Dh19.49 billion, more than double the value of shares traded during all of 2003. The Dubai Financial Market (DFM) stole the show, accounting for the highest traded value totalling ...  >>MORE

Finance House to start operations before year-end

Posted on 26/07/2004

The Abu Dhabi-based Finance House yesterday announced it will become fully operational this year, having secured the incorporation certificate from the Ministry of Economy and Commerce. The company has also formally opened its share register to allow investors to register purchase or sale of shares and procure their certificates, pending listing of the shares on the Abu Dhabi Securities Market (ADSM). "We have finalised all legal procedures pertaining to the official incorporation of Finance ...  >>MORE

New law on DFSA's independence soon

Posted on 26/07/2004

Dubai Government will soon pass a new law (Dubai Law) stipulating the independence of the Dubai Financial Services Authority (DFSA), which will regulate business in the emirate's new financial centre. The move will make Dubai the first jurisdiction in the region to have a financial centre similar in regulatory structure and quality to the main global capital markets. In an interview with "Khaleej Times,” Dr Habib Al Mulla, chairman of the DFSA Regulatory Council, said that the Dubai Law is ...  >>MORE

Mohammad guarantees DFSA independence

Posted on 25/07/2004

General Sheikh Mohammad bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister, has acted "decisively" to guarantee the independence of the Dubai Financial Services Authority (DFSA), which will regulate business in the emirate's new financial centre, UAE dailies quoted media statement as saying. This means that Dubai will now be the first jurisdiction in the region to have a financial centre similar in regulatory structure to the main global capital markets when the Dubai ...  >>MORE

ADSM joins world federation of stock exchanges

Posted on 14/07/2004

The Abu Dhabi Securities Market (ADSM) has joined the World Federation of exchanges (WFE) as an observer. A statement by the ADSM yesterday said the move would provide international experts in various global bourses the opportunity to tackle common issues and recommend solutions that would consolidate effectiveness of regular markets and develop programmes to ensure their safety as well as to hammer out harmonious standards for transactions in financial markets. Among other advantages of ...  >>MORE

Presidential decree approves DIFC operation

Posted on 07/07/2004

President H.H. Sheikh Zayed bin Sultan Al Nahyan has issued federal decree no. 35 of 2004 formally giving the Dubai International Financial Centre, DIFC, the green light to operate. The decree was highly welcomed by all DIFC stakeholders, including the board of the Dubai Financial Services Authority, DFSA, which said that the decree was the final federal legislative step, which the Centre was waiting for to begin operation officially. Over forty global financial institutions have already ...  >>MORE

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Quick List

Women own 5% of shares listed on Dubai bourse


Share Trading rises to Dh1.8 billion in a week


Foreign firms can be listed in UAE stock market


Expatriates in UAE can buy UNB shares


National Bank of Sharjah to debut on ADSM


Mohammed holds talks with NYMEX chief


DIFX becomes a limited company inside DIFC


DIFC to catalyse private sector change


DIFC to participate in IMF/ World Bank Group meetings


Mohammed pledges full support for DIFC players


EMAAR hits circuit breaker; DFM turnover at record Dh856 million


Mohammed bin Rashid issues first batch of DIFC laws


Dubai International Financial Centre (DIFC) is open for business


UAE completes first stage of bourse linkage


Dubai Ruler issues decree setting up DIFC


ADSM, Cairo Bourse ink MoU


DIB rights issue to open on Saturday


DIFC to be inaugurated this month


Emirates Securities Market Financial Report


New director for DIFC appointed


ESCA approves listing of National Bank of Sharjah


DIFC investments to touch Dhs20 billion: Jallaf


UAE stock market likely to remain buoyant


Listed firms post Dh7.1b profits in first half


UAE market capitalisation tops US$60b


Etihad to be public joint stock company


UAE stock market slips to third


UAE listed firms mid-year profits rise 30 per cent


UAE bourse hits record despite summer lull


ADSM seeks to attract more foreign investors


UAE indices close higher


Reuters to publish ADSM data


Foreign interest in UAE stocks grows


ADSM's trading value stands at Dh 1.1 billion in June


Wider classification of listed stocks planned


UAE bourse trading hits Dh19.5b


Finance House to start operations before year-end


New law on DFSA's independence soon


Mohammad guarantees DFSA independence


ADSM joins world federation of stock exchanges


Presidential decree approves DIFC operation