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THE ECONOMY - STOCK MARKET

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

Ras al Khaimah Cement enlisted on Abu Dhabi Securities

Posted on 19/03/2004

Abu Dhabi Securities said yesterday it will start enlisting from next Monday the shares of the Ras al Khaimah Cement for subscription in the industry category. The new decision will raise the number of companies on the list of the Abu Dhabi Securities to 31, while the number on the Dubai Financial Market stands at 13. Abu Dhabi Securities said subscription of the Ras al Khaimah Cement shares outside the subscription hall will end on the same day and any subscription activity of the company ...  >>MORE

DIFX to open in first quarter of 2005

Posted on 14/03/2004

Dubai's new international stock exchange will open in the first quarter of next year to coincide with a series of flagship privatisations of government-owned enterprises. The ambitious plans to roll out the Dubai International Finance Exchange (DIFX) took a giant leap forward recently with its announcement of a tie-up with Euronext, AtosEuronext, LCH.Clearnet and Euroclear. The plan remains for the DIFX to concentrate initially on equities and bond trading with a derivatives market to follow ...  >>MORE

NBAD launches new UAE Trading Fund

Posted on 13/03/2004

Driven by bullish prospects for mutual funds, the National Bank of Abu Dhabi (NBAD) yesterday launched its new UAE Trading Fund, expecting it to grow to Dh250-300 million by the end of this year. The new fund is expected to provide more liquidity in the local markets as well as provide investors a choice depending on their risk preferences and asset allocations. Called the NBAD UAE Trading Fund, it will focus on short-term trading opportunities investing primarily in UAE stocks, although its ...  >>MORE

Emirates launches US$500 million bond issue

Posted on 13/03/2004

Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Emirates, announced last Wednesday that the debut Eurobond issue for Emirates would be launched at US$500 million. The issue will be a Floating Rate Note (FRN) with a tenure of seven years and will pay a margin of 0.80 per cent over 6 six months USD Libor. The issue will be listed in Luxembourg. This is the largest ever-unrated Eurobond issue by an airline and also the largest ever unsecured issue by a corporation within the GCC. The response ...  >>MORE

ESCA approves registration of Bank of Sharjah

Posted on 07/03/2004

The Emirates Securities and Commodities Authority (ESCA) has agreed to register the Bank of Sharjah (BS) with effect from the beginning of March prior to licensing it to list its shares on the local financial market. It is expected that the BS will be listed on the Abu Dhabi Securities Market (ADSM) but only after examining the listing process before shares are offered for trading. Following the registration of the BS, the number of joint stock companies registered with the ESCA has risen ...  >>MORE

DIFX signs deal with four global giants

Posted on 06/03/2004

The Dubai International Financial Exchange (DIFX) took a giant step forward yesterday with the signing of an agreement to promote the creation of the regional exchange. It signed a memorandum of understanding with four international financial institutions - Euronext, AtosEuronext, LCH.Clearnet and Euroclear - which it said would facilitate the building of the components of the exchange in the Dubai International Financial Centre (DIFC). The aim is that Euronext and AtosEuronext will provide ...  >>MORE

Saud Al Qasimi opens RAK branch of Abu Dhabi Securities

Posted on 02/03/2004

Ras Al Khaimah Crown Prince and Deputy Ruler, Sheikh Saud bin Saqr Al Qasimi, officially opened yesterday the Ras Al Khaimah branch of the Abu Dhabi Securities. Sheikh Hamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Economic Department, a number of sheikhs and officials attended the opening ceremony. According to Hareb Mas'ood Al Darmaki, Abu Dhabi Securities Board Chairman, the opening of the Ras al Khaimah branch marks the beginning of ...  >>MORE

Trading in UAE stock markets rises

Posted on 28/02/2004

Trading in the local stock markets this week slightly increased by 2.7 per cent to touch Dh 254 million compared to around Dh 247 million. The service sector earned 68.3 per cent of trading raking in Dh 173.1 million, an increase of 21.7 per cent from last week, followed by the banking sector with 24.6 per cent of total trading or Dh 62.3 million, a decrease of 22.1 per cent. The insurance sector, however, came third gaining 7.2 per cent or Dh 18.2 million approximately; a slump of 26.8 per ...  >>MORE

Significant rise in trading value at ADSM in January

Posted on 24/02/2004

The trading value at Abu Dhabi Securities Market, ADSM, amounted to around Dh721.4 million during January 2004, compared to Dh 517.4 million the previous month (December, 2003). The Monthly Statistical Bulletin of the ADSM said that the number of traded shares amounted to 87.9 million shares compared to 37.1 million shares during December, and 4570 transactions were executed compared to 3508 transactions the previous month. The report said that the daily average traded value amounted to ...  >>MORE

DDIA, NYMEX to explore setting up Energy and Commodity Exchange

Posted on 16/02/2004

The Dubai Development and Investment Authority ("DDIA") yesterday announced a Memorandum of Understanding ("MOU") with the New York Mercantile Exchange ("NYMEX"), to jointly explore, in the coming months, the development of the Dubai Mercantile Exchange ("DME"), the region's first commodity futures exchange. According to Mohammed Al Gergawi, Chairman of the Board of DDIA, DME will strengthen Dubai's ties with the international finance and commodities trading community, attract FDI, leverage ...  >>MORE

New investors show more interest in UAE stocks

Posted on 03/02/2004

With the over subscription of Amlak by more than 30 times, and with some big ticket investors in the fray, including from outside the country, the UAE primary market has livened up once more as investors are now looking for a few more new issues to hit the market in the coming months. Market sources said while there are reports of new laws being drafted that would make it mandatory for all UAE joint stock companies to get listed on the financial markets in the country in the near future, ...  >>MORE

Zayed issues decree on ESCA

Posted on 26/01/2004

President His Highness Sheikh Zayed Bin Sultan Al Nahyan has issued a Federal Law to amend the Law No. (4) of 2000 with respect to the Emirates Securities and Commodities Authority (ESCA). According to Article (1) of the amendment, the wording of Article (14) of Law No. (4) of 2000 with respect to the Emirates Securities and Commodities Authority shall be replaced by: "The Authority shall have an administrative body to be organised by a board decision and chaired by a full-time chief ...  >>MORE

Trading in local stock markets falls

Posted on 24/01/2004

Trading in local stock markets this week has slumped to about Dh 253 million from Dh 608 million registered last week, a reduction of 58.4 per cent. The decline is reported to be a result of the public subscription in the newly listed Amlak Finance company, with markets raking more than Dh 28 million apportioned over 28.460 million shares. Despite of a fall of 68.7 per cent, the service sector topped the list bagging 54 per cent or over Dh 136 million of total trading this week. The banking ...  >>MORE

Vienna and UAE markets plan initiative

Posted on 23/01/2004

The Dubai Financial Market and Abu Dhabi Securities Market have held talks with the spectacularly successful Vienna Stock Exchange which could lead to new capital raising and dealing opportunities. Representatives from the three institutions expect concrete developments to come out of this initiative. Dr Stefan Zapotocky, joint chief executive of the Vienna Stock Exchange, said issuers and investors from the UAE and Austria will benefit from the joint initiative. The Austrian Derivatives ...  >>MORE

New laws on listing of public stock firms soon

Posted on 19/01/2004

The UAE Securities and Commodities Authority is in the process to impose new legislations and regulations to force all UAE joint public stock companies to list their shares in the formal UAE exchange in Abu Dhabi and Dubai. The new regulations are expected to be issued before of the end of the current year, according to a report in "Khaleej Times.” Addressing a large gathering of stock market and financial experts as part of SCA's series of seminar yesterday, Abdullah Salim Al Turifi, ...  >>MORE

Amlak to be listed on DFM soon

Posted on 18/01/2004

Dubai Financial Market (DFM) has confirmed that Amlak Finance, the region's premier property finance company, will seek an immediate listing of its shares on the exchange upon complying with the Emirates Stocks and Commodities Authority. It is envisaged that the listing will take place immediately after the process of shares allocation has been completed following the company's IPO which will open on January 18 and close on January 28. Eissa A. Kazim, the Director-General of DFM, said: ...  >>MORE

ADSM showed remarkable growth last year

Posted on 11/01/2004

The Abu Dhabi Securities Market (ADSM) witnessed a remarkable growth last year with indicators of performance showing sizeable increase in the volume of trading and the numbers in transactions and listed companies together with market capitalisation. The value of trading increased from Dh1.34 billion in 2002 to Dh3.69 billion in 2003, a healthy growth of 176 per cent. The daily average of trading value also rose from Dh13.6 million to Dh5.4 million, the graph reaching it peak in September ...  >>MORE

DFM ranked top among Arab markets

Posted on 11/01/2004

Dubai Financial Market held the top position among the Arab securities markets as regards the rise in index at the end of the second quarter of 2003, with a record rise of 21.3 per cent, compared with the second quarter of the previous year. The NBAD Economic and Financial Bulletin for November 2003 said that the periodical bulletin issued by the Arab Monetary Fund reported that the Kuwaiti Securities Market ranked second, with a rise of 20.9 per cent, followed by the Oman Securities Market and ...  >>MORE

DFM earns Dhs13.96m in 2003

Posted on 05/01/2004

Dubai Financial Market's income generated from fees and commissions totalled Dhs13.96 million last year against total transactions worth Dhs3.771 billion. The market also received Dhs500,000 in commission against 25,276 deals at the rate of Dhs20 per deal. In addition, there are the fees paid by brokers annually, which total Dhs2.16 million at the rate of Dhs180,000 by each of the 12 brokers listed in the market. The above amounts reflected the growth of the stocks traded in the market ...  >>MORE

Two new firms registered on UAE stock market

Posted on 03/01/2004

Two new local companies have joined the UAE stock market and more firms are expected to follow suit after a decision by the top bourse authority to force all trading institutions to get listed, dealers said yesterday. Union Insurance Company (UIC) and Ras Al Khaimah Cement (RCEM) were listed yesterday by the UAE Stocks and Commodities Authority (USCA), which manages the country's stock exchanges in Abu Dhabi and Dubai. "The Authority would like to announce the registration of two new ...  >>MORE

Abu Dhabi stock market approves evening session

Posted on 28/12/2003

Abu Dhabi's bourse yesterday approved an evening session for share trading on a trial basis in a bid to stimulate dealing that has lagged behind most other Arab markets. Bourse officials said the two-and-a-half-hour evening shift will be enforced on February 1 for two or three months to determine if it is feasible. But investors doubted the new system would be fully enforced in the long run on the grounds it is not expected to have a strong impact on dealing as the Central Bank and most other ...  >>MORE

Abu Dhabi starts levying annual fee for stockbrokers

Posted on 27/12/2003

Abu Dhabi's stock market has joined Dubai's bourse in levying annual fees of Dh180,000 (US$49,000) along with its existing commission from brokers in return for logistic and administrative services, dealers said yesterday. The Abu Dhabi Securities Market (ADSM) has just told the emirate's 12 stockbrokers they have two weeks to pay the fee and warned of stiff penalties against defaulters. "Yes, we have received the notification and I think this sum is reasonable," said Ziad Dabbas, share dealing ...  >>MORE

UAE stock investors reap Dh46b in 11 months

Posted on 24/12/2003

UAE investors turning to more profitable stocks due to low interest rates reaped at least Dh46 billion in the first 11 months of this year because of high corporate earnings. From Dh130.2 billion (US$35.5 billion) at the beginning of 2003, the market capitalisation of the 58 companies listed on the UAE's two bourses in Abu Dhabi and Dubai jumped to around Dh176.8 billion (US$48.2 billion) at the end of November. The increase of Dh46.6 billion (US$12.7 billion) was the result of a surge in ...  >>MORE

ESCA issues strong instructions to all listed companies

Posted on 22/12/2003

The Emirates Securities and Commodities Authority (ESCA) has issued strong instructions to all listed companies to provide preliminary final results for the current year before the end of next month. Moreover, some unlisted public joint stock companies have begun taking steps to secure listings on the bourses. A senior official of ESCA told Gulf News yesterday that all listed companies must provide their initial 2003 financials by the end of January. "Two weeks ago the Authority sent letters ...  >>MORE

Emirates announces 2004 Eurobond issue

Posted on 19/12/2003

Emirates, the Dubai-based international airline, yesterday has announced it plans to launch an international bond issue in 2004. The bond will be denominated in US dollars, for an initial amount of US$ 400 million. It will have a maturity of seven years and will offer investors a floating-rate interest. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates, said: "We have taken formal steps to issue this inaugural international bond early in the new year. This will be the first time that ...  >>MORE

UAE bond market to get big boost

Posted on 19/12/2003

The move by Emirates to list its forthcoming bond on the Luxembourg market is a huge boost for the fledgling bond market in the UAE, which has yet to see any sizeable bonds despite the prospect being repeatedly flagged. Last month, Emaar Properties launched its first-ever Islamic Ijara Sukuk (Islamic bonds) facility, worth Dh184 million (US$50 million), to fund its expanding portfolio of new commercial and residential projects. Emaar has also been contemplating listing its shares on the ...  >>MORE

NBD launches two UAE equity indices

Posted on 14/12/2003

The National Bank of Dubai, NBD, has launched two indices covering UAE equities – an important milestone in the development of the country's financial market. The NBD Composite Index, NBDCI, and the NBD Sensitive Index, NBDSI, are the first indices created by National Bank of Dubai, the UAE's largest bank by market capitalisation. As such they will add significant visibility and credibility to the UAE's capital markets, helping to stimulate vital investment in local companies. The NBDCI and ...  >>MORE

Abu Dhabi, Muscat agree to link stock markets

Posted on 12/12/2003

The UAE and Oman yesterday expressed their determination to further boost bilateral relations and cooperation. Abu Dhabi and Muscat agreed at the end of the two-day meeting of the UAE-Oman Higher Cooperation Committee here to enhance economic and trade ties. The committee instructed the authorities concerned to take adequate measures for e-linkage between the Abu Dhabi Securities Market (ADSM) and Muscat Securities Market (MSM), paving the way for a joint listing of companies. The two sides ...  >>MORE

DIFC to establish independent law courts

Posted on 07/12/2003

Dubai International Financial Centre (DIFC), which is waiting for the final go-ahead from federal authorities before it takes off, will establish independent law courts after the enactment of the Commercial Courts Law. David King, managing director, supervision, Dubai Financial Services Authority (DFSA), said the court will enjoy unlimited civil and commercial jurisdiction. He said that the court will operate under the supervision of an internationally reputed chief justice and will be ...  >>MORE

ADSM ranks third among Arab stock markets

Posted on 12/11/2003

The Abu Dhabi Securities Market (ADSM) captured the third place among Arab stock markets in terms of capitalisation at 30 billion dollars, leapfrogging the Egyptian stock market. An ADSM statement said the ADSM ranked third after Saudi and Kuwaiti stock markets, whose capitalisation were valued at 143 and 56 billion dollars respectively. The statement cited the increase in the number of listed companies to 30, their big capital and high value shares as major dynamic forces driving the ADSM to ...  >>MORE

24 local companies earn Dh6.5b in net profits

Posted on 03/11/2003

Twenty-four local joint stock companies have made net profits of Dh6.5 billion (24 per cent) in the first nine months of the current year, compared to Dh5.2 billion in the same period last year. According to a report on the financial results of companies for the third quarter of the year, the biggest profits were made by banks. Ten banks out of 11 that have released their financial details have altogether made a profit of Dh3.4 billion. National Bank of Dubai came first in profitability by ...  >>MORE

Shuaa posts Dh34.3m net

Posted on 02/11/2003

Shuaa Capital has posted a net profit of Dh34.3 million for the first six months of its financial year, compared with Dh8 million for the corresponding period last year. Revenues increased by 180 per cent to Dh70 million from Dh25 million, while earnings per share were Dh0.114 from Dh0.027 a year ago. Shareholders equity gained Dh54 million from the tally at the end of March 2003 to Dh405 million. The increase was due to a combination of operating profit and increase in the revaluation ...  >>MORE

Nine DIFC laws are ready for ratification

Posted on 21/10/2003

Nine out of the more than 20 laws of the Dubai International Financial Centre (DIFC) have been prepared and await final ratification by the Dubai authorities. Phillip Thorpe, chief commissioner of the DIFC Regulatory Authority, told Gulf News that DIFC expects this to happen any time now. "The DIFC team is working on the remaining laws and they are expected to be complete within two to three months," said Thorpe. The laws awaiting final endorsement include the Company Law, Insolvency Law ...  >>MORE

UAE joins IOSCO

Posted on 18/10/2003

The UAE has officially joined the International Organisations of Securities Commissions (IOSCO), the Emirates Securities and Commodities Authorities (ESCA) announced. ESCA said the move came after the UAE had met all necessary requirements of admission to the 91-member organisation. There were seven Arab members in the international gathering of the world most influential financial and economic decision-makers. 'The official joining announcement was made during the annual meetings of the ...  >>MORE

RAK Ceramics secures listing at ADSM

Posted on 15/10/2003

The Ras Al Khaimah Ceramics Company has secured listing on the Abu Dhabi Securities Market (ADSM), raising the total number of listed companies with the ADSM to 30. At a function held at the ADSM on Monday, attended by officials of ADSM and Ras Al Khaimah Ceramics Company, the salient features of the services rendered by ADSM for its listed companies as well as investors were explained. With the latest listing, there are six companies from the services sector, seven from insurance, nine from ...  >>MORE

UAE stock markets show unprecedented growth

Posted on 11/10/2003

The UAE stock markets have witnessed an unprecedented growth during the first nine months of the current year with the indices closing upward at 1615,7 points by the end of September, registering an increase of 29 per cent compared to the previous year. The market capitalisation has substantially increased to touch Dh4.5 billion, an increase of 17 per cent and Dh642 million compared to same period last year, according to an official report by the Emirates Securities and Commodities Authority ...  >>MORE

ESCA approves uniform national investor number

Posted on 08/10/2003

The Emirates Commodities and Securities Authority (ESCA) yesterday approved a uniform National Investor Number (NIN) for the Dubai Financial Market (DFM) and the Abu Dhabi Securities Market (ADSM). Furthermore, both stock exchanges will have the name "Emirates Financial Market" on their stock display boards. The ESCA board meeting presided over by Sheikh Fahim bin Sultan Al Qasimi, Minister of Economy and Commerce, ratified the proposals put forward by the technical committee. The board also ...  >>MORE

Dow Jones, DIFC plan regional index

Posted on 07/10/2003

Dow Jones Indexes and Dubai International Financial Centre (DIFC) have joined hands to launch a regional blue-chip index, Dow Jones DIFC Arabia Titans 50 index, to cover Arab countries in the Middle East. The new index, to be based on the stock prices of 50 leading companies in the region, will be created in collaboration with the Dubai based investment bank, Shuaa Capital. Once launched, the Dubai Regional Exchange - set to be operational after the second quarter of 2004 - would be able to ...  >>MORE

Listing rules of UAE markets may be amended

Posted on 04/10/2003

The listing rules of the UAE stock markets may be amended in order to help new companies to be listed on the bourses without having to wait for two years after incorporation. According to sources, the Ministry of Economy and Commerce is working on an amendment to the requirement that companies seeking listings on UAE stock markets should have a two-year track record. The listing requirements state: "The company should have been incorporated for not less than two years with financial statements ...  >>MORE

DIFC aims to tap US$1.8tr of Arab wealth

Posted on 19/09/2003

If Dubai's ambitious leaders have their way, a new star will soon take its place in the firmament of global financial markets. The emirate is planning a new financial hub to rival the established centres of London, Frankfurt and New York, no less. With a brash vigour typical of the UAE's business community, the Dubai International Financial Centre (DIFC) intends to lure premier league financial players to the emirate, establishing a marketplace for wholesale banking, asset management, Islamic ...  >>MORE

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Quick List

Amlak to begin trading its share tomorrow


Ras al Khaimah Cement enlisted on Abu Dhabi Securities


DIFX to open in first quarter of 2005


NBAD launches new UAE Trading Fund


Emirates launches US$500 million bond issue


ESCA approves registration of Bank of Sharjah


DIFX signs deal with four global giants


Saud Al Qasimi opens RAK branch of Abu Dhabi Securities


Trading in UAE stock markets rises


Significant rise in trading value at ADSM in January


DDIA, NYMEX to explore setting up Energy and Commodity Exchange


New investors show more interest in UAE stocks


Zayed issues decree on ESCA


Trading in local stock markets falls


Vienna and UAE markets plan initiative


New laws on listing of public stock firms soon


Amlak to be listed on DFM soon


ADSM showed remarkable growth last year


DFM ranked top among Arab markets


DFM earns Dhs13.96m in 2003


Two new firms registered on UAE stock market


Abu Dhabi stock market approves evening session


Abu Dhabi starts levying annual fee for stockbrokers


UAE stock investors reap Dh46b in 11 months


ESCA issues strong instructions to all listed companies


Emirates announces 2004 Eurobond issue


UAE bond market to get big boost


NBD launches two UAE equity indices


Abu Dhabi, Muscat agree to link stock markets


DIFC to establish independent law courts


ADSM ranks third among Arab stock markets


24 local companies earn Dh6.5b in net profits


Shuaa posts Dh34.3m net


Nine DIFC laws are ready for ratification


UAE joins IOSCO


RAK Ceramics secures listing at ADSM


UAE stock markets show unprecedented growth


ESCA approves uniform national investor number


Dow Jones, DIFC plan regional index


Listing rules of UAE markets may be amended


DIFC aims to tap US$1.8tr of Arab wealth