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THE ECONOMY - STOCK MARKET

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

DFM, ADSM witness record three-day trade of Dh200m

Posted on 07/09/2003

The UAE stocks markets - Dubai Financial Market (DFM) and Abu Dhabi Securities Market (ADSM) - have been witnessing huge trading volumes during the last couple of weeks pointing to a fact that many of the UAE investors might have started bringing back funds parked outside. The last three trading days alone accounted for close to Dh200 million worth of trading on both these markets. While DFM had witnessed trading to the tune of Dh21 million, Dh23 million and Dh34.3 million during the last ...  >>MORE

EFS launches Portfolio Diagnostic Service

Posted on 30/08/2003

Emirates Financial Services PSC (EFS) has launched a 'Portfolio Diagnostic Service' for Emirates Bank Group clients with a relationship value of a minimum of Dh1 million. EFS proposes to offer this initially to UAE nationals and non-resident Indians (NRIs) with regard to their portfolio holdings of UAE and Indian securities, as well as global fixed income/structured instruments respectively. The new service will be an informed review of the current exposures of a customer. Based on the ...  >>MORE

Emirates Equity Fund attracts over Dh50m since May

Posted on 16/08/2003

The Emirates Equity Fund (EEF), the largest mutual fund in the UAE, has pulled in over Dh50 million since May, taking the total fund size to over Dh300 million. The inflow signals strong investor appetite for stocks against the backdrop of further cuts in bank interest rates, according to a top official at Emirates Financial Services (EFS), which manages the fund. Another big plus was EFS's decision last year to issue quarterly dividends on the EEF. So far, three have been paid of an average ...  >>MORE

GCC stock marts reap US$77b in first half of '03

Posted on 13/08/2003

Stock markets in the six-nation GCC reaped a staggering US$77 billion in the first half of this year as share prices soared to one of their highest levels because of the end of the war in Iraq, strong oil prices and better economic performance. From around US$163.2 billion at the end of last year, the market capitalisation of the GCC bourses shot up to a record US$240 billion at the end of June, according to figures by the Abu Dhabi-based Arab Monetary Fund (AMF). The biggest gain was in ...  >>MORE

ADSM saw 150pc rise in trading volume in 2002

Posted on 11/08/2003

The Abu Dhabi Securities Market (ADSM) recorded marked growth in all performance indicators during 2002 with trading volume increasing by 150 per cent, number of traded shares rising by 230 per cent and the number of executed deals increasing by 97 per cent compared to the previous year, revealed a report by the ADSM and the UAE Central Bank. The trading volume increased by Dh800 million during 2002 to touch Dh1.3 billion, compared to Dh534 million at the end of 2001. In terms of sectorial ...  >>MORE

Profits of 28 listed firms rose 17.6% in the first half

Posted on 10/08/2003

Profits of 28 stock market-listed companies in the first half of this year rose to Dh4.56 billion from Dh3.97 in the same period last year – a growth of 17.6 per cent. Despite the drop in interest rates, the banking sector topped in profits, followed by leading companies such as ETISALAT and EMAAR. The results showed the ability of stock market-listed companies to acclimatise themselves with the poor economic situation in the region in the first half of this year due to the Iraqi war and its ...  >>MORE

Arab stock marts surge 15pc in second quarter

Posted on 02/08/2003

Arab bourses surged by more than 15 per cent to hit their highest capitalisation in the second quarter of this year as investors were tempted by strong oil prices, low interest rates and the end of the war in Iraq, according to official figures. The capitalisation of the 14 Arab markets listed in a stock index network at the Abu Dhabi-based Arab Monetary Fund (AMF) peaked at around $288.6 billion at the end of June compared with nearly $234.5 billion at the end of March. AMF figures showed ...  >>MORE

DFM, EMAAR set stock trading records

Posted on 23/07/2003

The Dubai Financial Market (DFM) witnessed a double record in its trading history yesterday, with a record trading value of Dh68.54 million and EMAAR Properties clocking its record volume of 1.83 million shares worth Dh44.517 million. According to Essa Kazim, director-general of DFM, there is no specific reason that can be attributed to the huge trading that took place on DFM yesterday, but low interest rates and expectations of good half-yearly results may have contributed to the positive ...  >>MORE

Local stock markets see sudden surge in trading

Posted on 21/07/2003

A combination of factors led by strong half yearly performance of listed companies, decline in interest rates and greater investor awareness has resulted in a sudden surge in trading at the local stock markets, said analysts and stockbrokers. The stock market index is up 12.6 per cent and the P/E (price/earnings) ratio of the market has gone up by 16.2 per cent since January. The surge in stock trading, especially in the quiet summer months, is due to a mix of factors but it points to renewed ...  >>MORE

Daman Fund posts 23.65pc annual growth

Posted on 19/07/2003

Daman UAE Value Fund has raised dividend to Dh2.50 per share for the second quarter of this year on continued good performance. The dividend paid so far works out to Dh4.75 on a par value of Dh100 per share. The fund completed two years of operations on June 30, posting an annualised growth of 23.65 per cent. Since inception, the fund has posted an aggregate growth of 47.29 per cent, including dividend payments of Dh18 per share, according to Shehab M. Gargash, Daman UAE Value Fund ...  >>MORE

ADIB to sell shares today

Posted on 19/07/2003

Abu Dhabi National Takaful Company, a subsidiary of Abu Dhabi Islamic Bank (ADIB), will today begin the public subscription of 55 per cent of its shares worth Dh33 million, said Khalifa Nasser Al Suwaidi, chairman of the company's founding committee. Public subscription will end on July 31, through the branches of Abu Dhabi Islamic Bank and the National Bank of Dubai. The value of each share is Dh1. Payment can be made in cash or by cheque through national banks in the UAE. Al Suwaidi noted ...  >>MORE

Decree empowers DIFC to enact its own laws

Posted on 16/07/2003

The federal decree approved by the Cabinet last Monday empowers the Dubai International Financial Centre (DIFC) to draw up its own legislation. "This is unique in terms of the powers the financial centres the world over enjoy," said Phillip Thorpe, chief commissioner of the Regulatory Authority. Thorpe said the DIFC has a big task ahead of it in the form of formulation of laws like regulatory law, company law and others. According to Thorpe, apart from the freedom to legislate, the decree ...  >>MORE

Abu Dhabi stock market to operate six days a week

Posted on 16/07/2003

In line with the Dubai Financial Market (DFM), the Abu Dhabi Securities Market (ADSM) will also operate six days a week starting tomorrow although stockbrokers are unhappy about it. Meanwhile, Abu Dhabi National Insurance Company (ADNIC) secured a listing earlier this month, becoming the 29th company to be listed on the ADSM. Activity on the ADSM and DFM has picked up well in the last two weeks. Trading volumes increased on the back of healthy second quarter company results. While ADNIC secured ...  >>MORE

Joint listing of Islamic funds close to reality

Posted on 05/07/2003

Joint listing of Islamic funds among the bourses of Muslim countries could become a reality in the near future, said officials here. The size of the global Islamic funds market is estimated to be around US$100 billion and Malaysia is considered to have the largest Islamic capital market. The size of the disposable funds owned by high net worth Arabs is estimated to exceed US$11 trillion, according to experts. Despite having a solid investor base, the Middle East market, however, has not been ...  >>MORE

DIFC may seek tie-up with a GCC exchange

Posted on 01/07/2003

The securities exchange being planned by the Dubai International Financial Centre (DIFC) may be set up in cooperation with another regional exchange - likely to be in the GCC. The move is in contrast to the earlier DIFC idea, in which the new exchange had to be established by an international exchange or an overseas company having the expertise to run it. There were even reports that some reputed exchanges from the West and Far East were shortlisted for this purpose. According to an informed ...  >>MORE

DIFC laws to be ready in early July

Posted on 26/06/2003

A series of laws for the Dubai International Financial Centre (DIFC) - laws regarding companies, insolvency, contracts, securities, Islamic finance and arbitration are being finalised and are expected to be released for consultation early next month. Phillip Thorpe, chief commissioner of the DIFC Regulatory Authority, said these laws will be released for consultation for a few weeks after which they will be sent for the chairman's endorsement. "Most of the laws are in the final stage and ...  >>MORE

Abu Dhabi, Dubai stock markets will soon be linked electronically

Posted on 26/06/2003

The planned electronic link-up between the UAE's two stock exchanges is just a step away as moves are underway to introduce a single investor number and a common stocks screen. Significantly, bonds and Islamic investment instruments will be introduced in the country's stock exchanges. The board of the Emirates Securities and Commodities Authority (ESCA), chaired by Sheikh Fahim bin Sultan Al Qasimi, Minister of Economy and Commerce, yesterday gave thumbs up to the proposal of the UAE Central ...  >>MORE

UAE stock mart posts lowest growth in GCC

Posted on 25/06/2003

The UAE bourse recorded the lowest growth in the GCC financial markets this year and experts blamed what they called the lack of investment awareness, preference of banks and restrictions on share dealing by foreigners. While some bourses leapt by more than 66 per cent in the first five months of this year, the UAE stock market grew by only six per cent although listed companies have reported strong performance and the market is awash with liquidity. "There are some factors that are ...  >>MORE

One-fourth of DFM market cap is held by government

Posted on 24/06/2003

The Dubai government accounts for more than one-fourth of the total market capitalisation of the Dubai Financial Market (DFM). The total capitalisation of Dubai's official stock market is estimated at approximately Dh40 billion as of March 15, but the market value of government holdings in six companies alone amounts to more than Dh10.9 billion, which works out to more than 27 per cent of the capitalisation of the whole Dubai market. According to the 'offering circular' for the Dh1.5 billion ...  >>MORE

Work on first phase of The Gate underway

Posted on 03/06/2003

The first phase of the Dubai Financial District, the real estate component of the Dubai Inter-national Financial Centre (DIFC), is underway and the centre's headquarters building, The Gate, is due for completion by mid-2004, said a DIFC statement. The City will be a signature building of Dubai's financial 'city within a city' development. Its iconic design was the subject of an international competition, which was awarded to U.S. architect Gensler on September 12, 2002. The Gate will be 15 ...  >>MORE

Compulsory listing for joint stock firms

Posted on 28/05/2003

The Emirates Security and Commodities Authority, ESCA, has amended its law, making it mandatory for public shareholding companies to be listed on the stock markets. Under the new amendment, all public shareholding companies that meet the rules of listing must list their shares on the Abu Dhabi Securities Market, ADSM or the Dubai Financial Market, DFM. Of a total 97 registered public shareholding companies, only 38 companies have been listed on the two stock markets. (The Gulf News) ...  >>MORE

Dubai government closes bond issue

Posted on 28/05/2003

The Government of Dubai has announced the successful closing of its Dh1.5 billion-bond issue launched on May 11 2003. The Issue is the first ever by the Government of Dubai and the first ever fixed interest rate bond to be listed in the United Arab Emirates. Listing will take place on Thursday 29th at the Dubai Financial Market. The final pricing was set at 47 basis points over the 5 year USD swap rate to give a coupon of 3.11% .The issue was oversubscribed 1.5 times reflecting a healthy demand ...  >>MORE

Bourse authority gets new board

Posted on 26/05/2003

The Cabinet has named a new board of directors for the Emirates Stocks and Commodities Authority (ESCA) and officials announced plans to develop the country's bourses and allow trading in bonds and Islamic investment instruments. A statement issued by ESCA yesterday said the federal cabinet had approved the appointment of a new board of directors to replace the existing board whose three-year term has expired. It appointed Sheikh Fahim bin Sultan Al Qasimi, Minister of Economy and Commerce, as ...  >>MORE

Market capitalisation of UAE stocks up 6.8pc

Posted on 24/05/2003

A rise in share prices and new listings helped the market capitalisation of UAE stocks increase during April to Dh141.8 billion from Dh132.8 billion the previous month, a 6.8 per cent jump. "The increment in share prices in April and the listing of Union National Bank and Sudan Telecommunications on the Abu Dhabi Securities Market (ADSM), in addition to the listing of Commercial Bank of Dubai (CBD) on the Dubai Financial Market (DFM), led to an increase in the market capitalisation," said the ...  >>MORE

UAE participates in Arab stock markets meeting

Posted on 17/05/2003

Beirut - The UAE will attend the 9th Arab Stock Markets Conference due to be held here from 22 to 23 May with the participation of 700 delegates from 25 Arab and Foreign countries. Dr. Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs, will lead the country's delegation which will also include a number of senior officials from economic and financial institutions. Among the key speakers of the conference will be Amr Mousa, Arab League Secretary General, 10 ...  >>MORE

Shuaa Capital profit soars to Dh17m

Posted on 14/05/2003

Shuaa Capital said its profit for the year ending March 31, 2003, has soared to Dh17 million from 1.2 million a year earlier. Total revenues for the period increased by 82 per cent to Dh57.4 million against Dh31.6 million last year, while net operating income after financing changes and provisions, was up by 95 per cent to reach Dh45 million. Majid Saif Al Ghurair, chairman of the company, said: "Our results for this year reflect the contribution of income from new sources in line with our ...  >>MORE

ESCA looking into listing requirement

Posted on 12/04/2003

Emirates Securities and Commodities Authority (ESCA) is looking into the listing requirement which makes it mandatory for companies to have a two-year track record prior to listing on any official stock market in the UAE. The listing requirements state: "The company should have been incorporated for not less than two years with financial statements issued for each year and audited by an auditor registered in the schedule of working auditors and authorised to audit the accounts of joint stock ...  >>MORE

Sudatel lists on Abu Dhabi mart

Posted on 08/04/2003

Shares of the Sudanese communications company, Sudatel, were yesterday listed on the Abu Dhabi Financial Market, ADFM. However, no trading was reported on the first days. Nabeel Farahat, the main analyst at the Stock and Commodities Authority said this was normal and cited the case of Qatar Telecommunications first day of listing on the ADFM. Sudatel has a large number of shareholders, some of whom are UAE nationals, a statement from the exchange said. (The Emirates News Agency, WAM) ...  >>MORE

Stock market remains firm despites earlier speculations

Posted on 31/03/2003

The Local securities market has remained firm in the face of the current war in Iraq, with trading in stock recording Dh55 million during the first week of the war, According to a report. "Contrary to speculations before the outbreak of the war, the local market has remained firm and continued to witness a balance in supply and demand. Despite cautious optimism, trading recorded Dh55 million during the first week of the war against 141 million in the week preceding the war and about Dh84 ...  >>MORE

Abu Dhabi, Khartoum bourses sign co-operation agreement

Posted on 31/03/2003

The Abu Dhabi Stock and Financial Market, ADSFM, and its Khartoum counterpart yesterday signed a co-operation agreement, which would pave the way for the floating of the shares of the Sudan Telecommunications Corporation, Sudatel, on the ADSFM, according to a press release from the ADSFM. Nizar Ahmed Al Obaidly, Chief Executive Officer of the ADSFM, signed the agreement for his outfit, while Essam Al Mahi, Director General of the Sudatel, also signed for his side. The floating of the Sudatel ...  >>MORE

ADSB joins Abu Dhabi Exchange

Posted on 25/03/2003

The Abu Dhabi Ship Building (ADSB) was today listed on the Abu Dhabi Securities Market for the first time. "Through excellent performance, ADSB has already established its value to our existing shareholders," Abullah bin Hwaileel Al Mansouri, ADSB Chairman, said. He added that by investment in "this prosperous local company, all UAE nationals have an equal opportunity to come to the market and participate in the future growth and prosperity of the UAE." Abu Dhabi Ship Building was ...  >>MORE

Stock market activity normal

Posted on 23/03/2003

With the exception of Kuwait which has shut down its bourse, stock markets in the region re-opened for normal business after the weekend and share dealing was strong yesterday despite tense feelings by investors because of the nearby war in Iraq. Dealers in the UAE and other GCC states said business was normal and investors flocked to stock markets for daily trading although there was a general feeling of tension. Kuwait, the closest GCC member to the battlefield, shut down its stock market at ...  >>MORE

ADSB listing to boost Abu Dhabi bourse

Posted on 14/03/2003

Abu Dhabi's stock exchange is poised for another leap when a major UAE joint-stock company starts trading its shares on the formal bourse this month and other firms are listed later this year, officials and dealers said yesterday. The Abu Dhabi Shipbuilding and Repair Company (ADSB), a UAE-U.S.-French venture, will officially be listed on the Abu Dhabi Securities Market (ADSM) on March 24, the second major UAE firm to join the market a few months after Etisalat. The company has been trading its ...  >>MORE

Tension begins to stifle Gulf bourses

Posted on 09/03/2003

Mounting fears of a possible U.S.-led invasion of Iraq have started sending shivers through the Gulf region as bourses recorded slackening activity and investors sought to diversify their funds by selling shares and expanding their currency deposits. But bankers reported no unusual remittances or withdrawal of funds as was the case during the 1990-1991 Gulf crisis, when several banks ran out of liquidity and prompted regional monetary authorities to pump cash into the banking system. In the ...  >>MORE

UAE stockbrokers to form association

Posted on 03/03/2003

Over-the-counter (OTC) trading of shares in the UAE may soon begin and licensed stockbrokers could set up a formal association, according to the Emirates Stocks and Commodities Authority (ESCA). ESCA will shortly be inviting companies whose shares are currently traded across the OTC for talks to get their shares listed on the formal stock market. "Our aim is to get all companies to list their shares on the stock market," said Abdullah S. Alturifi, chief executive. ESCA, the regulatory body ...  >>MORE

Pricing of Dh1.5b Dubai bond

Posted on 27/02/2003

The Dh1.5 billion Dubai Bond could be priced around 40-50 basis points over benchmark dollar swaps, according to Middle East Economic Survey (MEES). MEES also said that the issuers are apparently leaning towards semi-annual payments of interests although quarterly payments are also being considered, the +Khaleej Times+ reported. For subscription, the minimum amount is expected to be Dh1 million with trading, once the bond in listed on the Dubai Financial Market, taking place in multiples of ...  >>MORE

Tabreed set to auction unsold shares

Posted on 27/02/2003

Tabreed (National Cooling Co) will hold a public auction, possibility within the fortnight, on the Dubai Financial Market to sell those shares which have not been taken up by its subscribers. Tabreed has a paid-up capital of Dh250 million, and last September it decided to call in the rest of the capital - another Dh250 million - from existing shareholders. Tabreed's share has a face value of Dh10. The company is set to pay its first dividend to shareholders for 2002. Also, Tabreed is in ...  >>MORE

Dh1m minimum subscription likely for Dubai 2003 bond

Posted on 17/02/2003

The Dh1.5 billion Dubai 2003 bond, which is expected to be launched next month, is likely to have a Dh1 million minimum subscription. According to sources close to arranging banks, investors will be able to trade these in multiples of Dh25,000 once it is listed on DFM. The process for listing the bond on the exchange is underway. In the case of the Emirates airlines bond - offered during 2001 - the minimum subscription was set at Dh5 million and thereafter in multiples of Dh100,000 on the ...  >>MORE

UAE bourse merger plan still on hold

Posted on 17/02/2003

UAE stocks shrugged off regional war fears and more than doubled last year as plans to merge the two official bourses in the country remained on the shelf because of administrative and technical obstacles, dealers said yesterday. Figures by the National Bank of Abu Dhabi (NBAD) showed both Abu Dhabi and Dubai stock exchanges made a record performance in 2002, mainly because of strong oil prices and good results by most listed companies due to an upturn in non-oil sectors. From Dh2.14 billion ...  >>MORE

Shuaa wins mandate for Dh150m offering

Posted on 09/02/2003

Shuaa Capital has won the mandate for a Dh150 million private equity offering by an UAE company. The former recently completed two corporate finance mandates, and will focus on two more mandates this quarter, including the Dh150 million private equity offering. Shuaa Capital's outlook for the region remains positive considering that continued low interest rates and strong oil prices will lead to expansion in market multiples, and a conclusion to the Iraq issue will attract a lot of current ...  >>MORE

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Quick List

DIFC aims to tap US$1.8tr of Arab wealth


DFM, ADSM witness record three-day trade of Dh200m


EFS launches Portfolio Diagnostic Service


Emirates Equity Fund attracts over Dh50m since May


GCC stock marts reap US$77b in first half of '03


ADSM saw 150pc rise in trading volume in 2002


Profits of 28 listed firms rose 17.6% in the first half


Arab stock marts surge 15pc in second quarter


DFM, EMAAR set stock trading records


Local stock markets see sudden surge in trading


Daman Fund posts 23.65pc annual growth


ADIB to sell shares today


Decree empowers DIFC to enact its own laws


Abu Dhabi stock market to operate six days a week


Joint listing of Islamic funds close to reality


DIFC may seek tie-up with a GCC exchange


DIFC laws to be ready in early July


Abu Dhabi, Dubai stock markets will soon be linked electronically


UAE stock mart posts lowest growth in GCC


One-fourth of DFM market cap is held by government


Work on first phase of The Gate underway


Compulsory listing for joint stock firms


Dubai government closes bond issue


Bourse authority gets new board


Market capitalisation of UAE stocks up 6.8pc


UAE participates in Arab stock markets meeting


Shuaa Capital profit soars to Dh17m


ESCA looking into listing requirement


Sudatel lists on Abu Dhabi mart


Stock market remains firm despites earlier speculations


Abu Dhabi, Khartoum bourses sign co-operation agreement


ADSB joins Abu Dhabi Exchange


Stock market activity normal


ADSB listing to boost Abu Dhabi bourse


Tension begins to stifle Gulf bourses


UAE stockbrokers to form association


Pricing of Dh1.5b Dubai bond


Tabreed set to auction unsold shares


Dh1m minimum subscription likely for Dubai 2003 bond


UAE bourse merger plan still on hold


Shuaa wins mandate for Dh150m offering