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THE ECONOMY - STOCK MARKET

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

Dow Jones Indexes launches DIFC Arabia Titans 50 Index

Posted on 07/07/2004

Dow Jones Indexes, a leading global index provider, and the Dubai International Financial Centre - in collaboration with the Dubai based investment bank SHUAA Capital – yesterday launched the Dow Jones DIFC Arabia Titans 50 index, a regional blue-chip index that covers companies in Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Tunisia and United Arab Emirates, according to a press release issued today from New York. Designed to underlie investment products such as funds, ...  >>MORE

Abu Dhabi Securities Market posts 46.8 million as trading volume

Posted on 07/07/2004

Abu Dhabi Securities Market posted 46.8 million as trading volume with 1.9 million shares traded through 257 deals involving the listed 23 companies. In a statement issued here today, the Abu Dhabi Market said the banking sector ranked first in terms of trading value, with Dhs.20.6 million, accounting for 44 per cent of the total trading value. Services sector ranked second with Dh18 million, accounting for 40.1 per cent of the trading value, followed by the industry, hotels, and insurance ...  >>MORE

EMAAR share price touches 52-week high

Posted on 29/06/2004

EMAAR Properties touched its 52-week high of Dh59.5 during yesterday's trading when 4.232 million shares changed hands for nearly Dh242.30 million. According to leading brokers, the company's forward looking plans, such as listing on regional and international exchanges, buy-back of up to 10 per cent shares, stock split to bring down the face value of its shares to Dh1 from Dh10, boosted the gain. The expectation of higher half-yearly earnings has prompted shareholders to place greater faith ...  >>MORE

Sharjah gets ADSM floor

Posted on 28/06/2004

The Abu Dhabi Securities Market (ADSM) has opened a trading floor in Sharjah to facilitate trading of shares for nationals living there, a move that will boost share trading in the country. This is ADSM's third branch, or trading floor, in the UAE. Along with its trading floor in the capital, ADSM opened a branch in Ras Al Khaimah in March and plans to open a branch in Fujairah. Licenced stockbrokers will start operating on the Sharjah trading floor next week. "The decision to open a branch ...  >>MORE

DFM trading posts Dh144 million

Posted on 27/06/2004

Eight million shares valued at Dh 144 million were traded at the Dubai Financial Market (DFM) yesterday through the execution of 760 deals with the index closing at 229.44 points. The service sector ranked first, raking in Dh 138 million of the total value of trading. The banking sector secured the second position with Dh 4 million, investment sector third with Dh 1 million and the insurance sector fourth with Dh 153,000 of the total value of trading. Trading in securities listed on DFM was ...  >>MORE

EMAAR approves share split

Posted on 27/06/2004

The extraordinary general meeting (EGM) of the shareholders of EMAAR Properties held in Dubai yesterday approved the board's recommendation to split its shares. EMAAR's board had resolved to split the nominal value of its shares to Dh1 from Dh10. The move has been aimed at making the share more accessible and affordable to small investors. The shareholders authorised the Board to implement another shares buy-back scheme of a maximum of 10 per cent of the total shares of the company, subject to ...  >>MORE

UAE stock market emerges the best GCC performer during May

Posted on 26/06/2004

The UAE bourse was the star performer in the GCC last month as a surge in cement and other shares boosted the market to its highest ever level, "Gulf News” reported yesterday. The UAE bourse index swelled by 4.86 per cent in May as a result of the increase in most trading companies' shares which are again heading for another record year. Dealers likened the share activity over the past three months to an investor stampede triggered by low interest rates, and strong performance of trading firms ...  >>MORE

Esca issues deadline for non-listed firms

Posted on 21/06/2004

The Emirates Securities and Commodities Authority (Esca) has given non-listed companies one year to be listed on the UAE's official bourses in line with the decision taken in April. The Esca board which met yesterday has also approved the listing of Dubai Islamic Insurance Co (Aman) although the company has not met the full criteria for listing. In April this year, Esca took a decision forcing all public stock joint firms trading their shares on the over-the-counter (OTC) market to get ...  >>MORE

ADSM companies show good performance in Q1

Posted on 16/06/2004

Listed companies in the Abu Dhabi Securities Market (ADSM) have shown remarkable improvement in performance in terms of gains, earnings, assets and shareholders' equity in the first quarter of the year. According to an ADSM financial statement, profits of local companies rose 27.2 per cent in the first quarter of 2004 to Dh1.8 billion against Dh1.4 billion for the corresponding period in 2003. 'Earnings grew 16.5 per cent to reach Dh5.2 billion against Dh4.5 billion,' the report showed. The ...  >>MORE

DFM breaks several trade records

Posted on 14/06/2004

An overall upbeat mood prevailed on Dubai's capital market saw Dubai Financial Market (DFM) —the emirate's official bourse, registering several all-time records in the areas of turnover, volume, largest traded single stock, largest number of deals, etc, yesterday. DFM alone recorded turnover of Dh838 million as 76 million shares were traded on its bourse yesterday. Interestingly, the largely capitalised EMAAR Properties and its group company, Amlak Finance, were responsible for bulk of the ...  >>MORE

UAE bourses increase in depth

Posted on 08/06/2004

UAE equities have risen strongly in the second quarter, driven by positive news from local corporates and enthusiasm for fresh stocks on offer, according to a report in the Middle East Economic Digest, MEED. The Emnex, NBAD and Shuaa Capital indexes have all increased by more than 10 per cent since the start of the year. And a string of initial public offerings (IPOS) in the pipeline augurs well for local investors thirsting after new investment vehicles, the report said. The level of ...  >>MORE

Fahim inaugurates ESCA unified display screen

Posted on 30/05/2004

Sheikh Fahim Al Qasimi, Minister of Economy and Trade inaugurated in Abu Dhabi yesterday the unified display screen for the Emirates Securities and Commodities Authority (ESCA). The unified screen will display particulars of 48 companies listed in Abu Dhabi and Dubai stock markets. In remarks shortly after the inauguration, Sheikh Fahim who is also Chairman of the ESCA board of directors, praised the performance of ESCA, saying its already excellent performance would further receive a great ...  >>MORE

Highest trading volume in UAE market in April

Posted on 21/05/2004

Local shares trading volume reached a standard record at the end of April 2004 compared to the previous month, increasing by 117.9 per cent to Dh 4,483.7 million, from Dh 2,057.5 million. The monthly Economic and Financial Bulletin of the National Bank of Abu Dhabi said that trading volume at Abu Dhabi Securities Market counters amounted to Dh1,426.6 million. Trading at Dubai Financial market counters amounted to Dh3,048.9 million and value of shares traded over the counter amounted to Dh ...  >>MORE

Cabinet transforms share trading framework

Posted on 11/05/2004

Sheikh Sultan bin Zayed Al Nahyan, Deputy Prime Minister, yesterday issued a number of decisions on GCC citizens' stock ownership and trading and establishment of joint stock companies, amendments on listing of stocks and commodities, the creation of unified commercial register and the levying of registration, renewal and endorsement in the register as well as the regulations on clerics working in mosques. Sheikh Sultan also issued three other decisions regarding the formation of the Higher ...  >>MORE

AMF begins daily tracking of UAE stock exchange

Posted on 11/05/2004

An IMF-style Arab fund tracking regional bourses has added the UAE market to its online daily list and hopes Qatar will be included shortly. The Arab Monetary Fund (AMF), a key Arab League financial organisation, said it began issuing daily data on the UAE's two main bourses in Abu Dhabi and Dubai from Saturday to increase the number of tracked bourses to 11, according to a report in "Gulf News.” Saturday's index showed the UAE's market capitalisation peaked at around US$51.5 billion. "It ...  >>MORE

UAE stocks surge despite global plunge

Posted on 11/05/2004

Share dealing in the UAE stock market nearly doubled yesterday to underscore its immunity against volatility of world markets which have suffered a sharp drop. Turnover, or the value of traded shares, jumped to around US$18.3 million in Abu Dhabi and Dubai bourses yesterday compared with nearly US$10.4 million on Sunday. Both bourses reported a boom in activity as investors shrugged off the panic plunge in global markets because of US economic data suggesting an interest rate hike is ...  >>MORE

New listing rules to deepen UAE stock market: ADSM

Posted on 04/05/2004

The new regulations, which are being finalised for the listing of bonds and sukuks when introduced, would further give depth to the equities markets particularly the booming Abu Dhabi Security Market (ASDM) which during the month of April put on a record performance. It was another record month for the Abu Dhabi Securities Market, as turnover for the month at Dh1.4 billion was the highest to date, with 93.2 million share traded, according to a report in "Khaleej Times.” The number of trades was ...  >>MORE

UAE listed firms make highest profits in 22 years

Posted on 04/05/2004

Local companies listed on the UAE exchange boosted their earnings by more than 20 per cent last year to record their best results since the end of the oil boom 22 years ago. The net profits of 38 firms that have released audited balance sheets for 2003 surged to nearly Dh10.18 billion (US$2.77 billion), up 20.09 per cent over 2002. Figures by the Abu Dhabi and Dubai bourses showed all sectors, including banks, insurance and services, made high profits as a result of a sharp growth in the ...  >>MORE

UAE listed firms put up good show in first quarter

Posted on 03/05/2004

UAE companies trading their shares on the official bourse have reported strong performance in the first quarter of this year and dealers expect another record year. Most companies which have released quarterly results reported higher earnings, which economists said reflected a general upturn in the UAE economy. Four of the five companies which reported results yesterday netted higher income in the first quarter compared with the same period last year while one reported slight drop. Dubai ...  >>MORE

Cabinet demands all joint stock companies to trade in official stock market

Posted on 28/04/2004

The Cabinet demanded all public joint stock companies to apply for listing their shares in the licensed stock markets. According to a memo received by the Emirates News Agency, WAM, the Cabinet endorsed during its weekly yesterday said the new change will eliminate trading outside the official stock market. The new rule stipulates that equity shares of the company should not be less than the paid up capital and that the company's general assembly should be held at least once a year. (The ...  >>MORE

Abu Dhabi Securities Market opens special floor for women

Posted on 27/04/2004

A special floor for business transactions for women have been opened at the Abu Dhabi Securities Market, ADSM. The move is to encourage UAE national women in participating actively in the business activities at the ADSM. According to Khalid Al Suwaidi, Director of Shares and Trading Department of the ADSM, the new special floor for women would start operating within a month after all the necessary equipment have been put in place. He said the number of UAE women engaged in transactions at ...  >>MORE

Stock surge in UAE market reflects economic strength

Posted on 26/04/2004

The stock index stormed the 5,000-mark last week to catapult the official bourse to its best performance since share trading began in the UAE three decades ago. The 1,000-point index of the government-controlled National Bank of Abu Dhabi (NBAD) surged above 5,000 points in 1998, but this was a result of speculation which later led to the collapse of most shares trading in the market. Dealers believe the setting up of formal floors was the main factor for the disappearance of insider ...  >>MORE

Dubai Financial Market on a record-breaking spree

Posted on 18/04/2004

The Dubai Financial Market (DFM) yesterday witnessed one of its best trading days in its history as it created new records on the market index, turnover and number of trades. The DFM official index crossed the 200-mark for the first time since the inception of the market, as it climbed to 205.01 before closing at 204.46 on the back of a record turnover of Dh272.864 million. The market statistics show that 13.584 shares changed hands at the DFM counters yesterday. However, there were rare ...  >>MORE

Finance House to raise Dh110m in share issue

Posted on 18/04/2004

The newly set up Finance House will launch its IPO (initial public offering) next week to raise Dh110 million, the company announced yesterday. It is offering 110 million shares of Dh1 each. The subscription fee is five fils per share. Public subscription opens on April 24 and closes on May 6. The minimum subscription is 10,000 shares with multiples of 1,000 shares. There is no maximum subscription amount but no shareholder will be allotted more than five per cent of the capital of the ...  >>MORE

Abu Dhabi market soars to record high

Posted on 17/04/2004

The Abu Dhabi Securities Market (ADSM) soared to record highs yesterday with investor activity driven by the strong results of listed companies such as First Gulf Bank (FGB). Turnover soared to Dh198 million – up 46 per cent on the previous highest turnover – and trades were 47 per cent higher than the previous best. The number of shares traded was an astonishing 17.8 million – up 24 per cent on the previous record. There was heavy trading of First Gulf Bank shares. "The total value of ...  >>MORE

Union Insurance enters Abu Dhabi exchange

Posted on 12/04/2004

Union Insurance Co was listed on the Abu Dhabi Securities Market (ADSM) yesterday becoming the first company from Ajman to be listed. The listing of Union Insurance comes within the framework of continued efforts by the ADSM to attract companies from Ajman to list in the market in an attempt to strengthen the market's contribution to the national economy and create more investment opportunities, said a statement from ADSM yesterday. The number of companies listed on ADSM is 33. (The Gulf News) ...  >>MORE

Forced stock listing to boost investment

Posted on 10/04/2004

A federal decision to force companies trading their shares in the UAE to be listed on the official bourse will spur investment and curb malpractices outside the trading hall. Dealers said at least 15 joint stock firms trading their shares over the counter (OTC) outside the country's two main bourses will likely join the official exchange this year after adjusting their financial and administrative positions to the new rules. "The decision is very important because listing of those companies ...  >>MORE

Number of ADSM-listed stocks reaches 32

Posted on 07/04/2004

With the listing of the Sharjah Bank, the total number of companies listed at the Abu Dhabi Securities Market (ADSM) has increased to 32. ADSM's Chairman, Hareb Al Darmaki while welcoming the listing of the Bank of Sharjah said though the company was listed with effect from Monday but it will become part of the ADSM Index from April 12th. He said that ADSM is committed to provide listing facilities for all UAE companies, so that they reap the benefits of regulated public listing which is now ...  >>MORE

EMAAR to raise size of proposed Islamic Ijara Sukuk to Dh240m

Posted on 06/04/2004

EMAAR Properties is increasing the size of its proposed Islamic Ijara Sukuk set to be issued this year, from US$50 million (Dh184 million) to US$65 million (Dh240 million). The five-year note, being arranged by the Bahrain-based Liquidity Management Centre (LMC), will be issued on the Bahrain Stock Exchange and is expected to have a variable rate of Ijara return. This will be the first Islamic Sukuk to be issued by a corporate regionally. Shuaa Capital's research report has stated that the ...  >>MORE

ESCA approves registration of Gulf Investment Co.

Posted on 06/04/2004

The Emirates Securities and Commodities Authority (ESCA) gave yesterday its green light for the Gulf General Investment Company to b it latest member, pushing the number of companies on its register to 45. A company source said the Dubai-based firm is on the process of finalising formalities for listing on the Dubai Financial Market (DFM). With a capital of Dh 100 million, the real estate and investment company distributed a cash dividend of 10 per cent of its capital for 2003. (The Emirates ...  >>MORE

Amlak becomes largest traded share on DFM in nine days

Posted on 05/04/2004

Though the stock was traded for only nine days in March, Amlak Finance has zoomed to number one position on Dubai Financial Market (DFM) during the month in terms of the number of trades executed, volume of shares traded and the total value of trading. Amlak Finance shares, which commenced trading on March 21, aggregated a total traded value of Dh872.5 million in March. During the month Amlak witnessed trading of 378.5 million shares through 7092 deals. The distant second in terms of all ...  >>MORE

DIFX plans to introduce Dubai depository receipts

Posted on 04/04/2004

DIFX, the regional securities market being set up within the Dubai International Financial Centre (DIFC), is planning to introduce the concept of Dubai depository receipts (DDRs). DDRs are likely be tailored along the lines of American depository receipts (ADRs) or global depository receipts (GDRs) which are issued by well established markets such as those in New York, London and Luxembourg. Lynton Jones, the chairman of DIFX, told Gulf News that DDRs will help eliminate the obstacles to the ...  >>MORE

Trading in local stock markets up 79.2 pc in week

Posted on 03/04/2004

Trading in local stock market saw a growth of 79.2 per cent for this week to Dh 834 million compared with Dh 465 million registered in the previous week. 'Around 147.5 million shared were changed hands in 4,534 trades,' a bourse report said. Analysts attributed the shares' rally in the market to the huge liquidity pumped into the market by local and foreign investment funds as well as companies and individuals. Figures showed that the sector services accounted for the bulk of trading at ...  >>MORE

Sharjah to get share trading floor

Posted on 03/04/2004

Stocks investors in Sharjah will no longer have to travel all the way to Abu Dhabi for share transactions as they will have their own floor soon, dealers said yesterday. The Abu Dhabi Securities Market (ADSM) is planning to open a trading hall in Sharjah within three months to ensure access to its stocks by local dealers in the emirate. The hall will be linked electronically to ADSM and all companies trading their shares in Abu Dhabi will be listed on the Sharjah trading floor. Officials ...  >>MORE

Dubai's securities and capital market imminent

Posted on 31/03/2004

A full-blown securities and capital market with a high-powered regulatory authority could be in place in Dubai within weeks. The way has been cleared for a rapid move towards establishing the emirate as a financial centre with the imminent enactment of a federal law. The move will mark a huge step forward towards Dubai's goal of establishing itself as an international financial centre. It is also one more piece of the jigsaw which will link the UAE to the likes of the US, UK and Far East ...  >>MORE

Commodities exchange project on schedule; Mohammed welcomes NYMEX delegation

Posted on 31/03/2004

The Middle East's first commodity futures exchange Dubai Mercantile Exchange, DME, announced in February 2004, will be operational on schedule, according to a high-level delegation to New York Mercantile Exchange, NYMEX. DME is being set up by the Dubai Development and Investment Authority, DDIA, in collaboration with NYMEX, the largest physical commodities exchange in the world. A NYMEX delegation, comprising of 12 board representatives including member of the Executive Committee Scott ...  >>MORE

UAE stock market enters war on money laundering

Posted on 27/03/2004

The UAE stock market has joined a campaign by banks and other institutions in the UAE to combat money laundering by introducing curbs on financial dealings. The country's top market regulator has told the two main stock exchanges in Abu Dhabi and Dubai to ensure that the cash they receive from investors and other dealers is clean money and set a ceiling on accepted cash of Dh40,000 (US$10,900). "You are requested to verify all information and documents when accepting cash or opening accounts ...  >>MORE

Saudi investment firm commits Dh55om to build DIFC project

Posted on 24/03/2004

Al Salam, a Saudi Arabian development and investment company, has committed Dh550 million to the building project announced by the Dubai International Financial Centre. The deal is said to be one of the biggest foreign direct investments in a building project in the Middle East. Al Salam's investment is the first to be announced following last month's announcement that the centre was seeking investment and joint venture partners. The DIFC is being established to position Dubai as a hub for ...  >>MORE

Amlak sets DFM volume record on day 1

Posted on 22/03/2004

Shares of Amlak Finance, the mortgage finance company owned by EMAAR Group which opened for trading yesterday has set a record in volume and price on a debut day. The Amlak counter attracted 333 trades, involving 25.97 million shares with a turnover of Dh65.13 million on the first day of its listing. The Dh1-face value share opened at Dh2.70 and rose to a high of Dh2.74 in mid-session and closed at Dh2.51. DFM on Sunday witnessed a listed after a gap of close to two year when National ...  >>MORE

Amlak to begin trading its share tomorrow

Posted on 20/03/2004

Amlak Finance announced that it will begin trading its shares on the Dubai Financial Market starting from tomorrow, Sunday. The announcement came after Amlak has fulfilled all the listing requirements for trading on the stock market, including the Initial Offering (IPO) procedures. The company also returned to investors the excess funds that were deposited. Mohammed Ali Al Hashimi, Executive Chairman of Amlak expressed his happiness about this move, saying that it would offer an opportunity for ...  >>MORE

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Quick List

Presidential decree approves DIFC operation


Dow Jones Indexes launches DIFC Arabia Titans 50 Index


Abu Dhabi Securities Market posts 46.8 million as trading volume


EMAAR share price touches 52-week high


Sharjah gets ADSM floor


DFM trading posts Dh144 million


EMAAR approves share split


UAE stock market emerges the best GCC performer during May


Esca issues deadline for non-listed firms


ADSM companies show good performance in Q1


DFM breaks several trade records


UAE bourses increase in depth


Fahim inaugurates ESCA unified display screen


Highest trading volume in UAE market in April


Cabinet transforms share trading framework


AMF begins daily tracking of UAE stock exchange


UAE stocks surge despite global plunge


New listing rules to deepen UAE stock market: ADSM


UAE listed firms make highest profits in 22 years


UAE listed firms put up good show in first quarter


Cabinet demands all joint stock companies to trade in official stock market


Abu Dhabi Securities Market opens special floor for women


Stock surge in UAE market reflects economic strength


Dubai Financial Market on a record-breaking spree


Finance House to raise Dh110m in share issue


Abu Dhabi market soars to record high


Union Insurance enters Abu Dhabi exchange


Forced stock listing to boost investment


Number of ADSM-listed stocks reaches 32


EMAAR to raise size of proposed Islamic Ijara Sukuk to Dh240m


ESCA approves registration of Gulf Investment Co.


Amlak becomes largest traded share on DFM in nine days


DIFX plans to introduce Dubai depository receipts


Trading in local stock markets up 79.2 pc in week


Sharjah to get share trading floor


Dubai's securities and capital market imminent


Commodities exchange project on schedule; Mohammed welcomes NYMEX delegation


UAE stock market enters war on money laundering


Saudi investment firm commits Dh55om to build DIFC project


Amlak sets DFM volume record on day 1


Amlak to begin trading its share tomorrow