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THE ECONOMY - STOCK MARKET

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

Around US$2b returns to UAE in 2002

Posted on 05/02/2003

Around US$2 billion (Dh7.35 billion) returned to the UAE in 2002 and more than US$5.3 billion was repatriated to Saudi Arabia. Kuwait stock market grew 30 per cent. "While this indicate a rise in regional investment, the figures only represent a fraction of Arab funds invested abroad," said Ahmed bin Brek, CEO of Dubai Bank, during keynote speech at The Hedge Funds World Conference yesterday. He urged the region's financial institutions and governments to speed up the development of capital ...  >>MORE

ADSM sets up panel on violations

Posted on 29/01/2003

The Abu Dhabi Securities Market, ADSM has decided to set up a violation committee, charged with ensuring that registered brokers, companies and investors dealing in the market abide strictly to its transaction rules and regulation. The five-member committee pledge to work hard to boost trust, investment and financial stability and to protect investors interest from any violation and malpractices by brokers and companies enlisted on the market. (The Emirates News Agency, WAM) ...  >>MORE

Daman Fund rose by 14.53 per cent in 2002

Posted on 15/01/2003

Daman UAE Value Fund, the Mauritius registered mutual fund, which focuses on UAE stocks grew by 14.53 per cent during 2002, out performing National Bank of Abu Dhabi (NBAD) Index. "The UAE market benefited from somewhat improved market liquidity as well as positive macroeconomic developments such as the high oil price, depressed interest rates and improved capital inflows. The Fund's strong performance was due in large part to our active trading stance and commitment to deliver realised gains ...  >>MORE

Dubai Government issues Dh1.5 billion in bonds

Posted on 14/01/2003

The Government of Dubai yesterday issued a Dhs1.5 billion in bonds ($ 410 million), to be listed in the Dubai Securities Market. The offer is the first ever by the Government of Dubai and also the first of its kind in the UAE to be listed at a fixed rate. The Government of Dubai will approach the Dubai Securities Market to list the offer, said Ibrahim Basilah, the Dubai Government official representative who is overseeing the listing process. He added that the offer was an indication that Dubai ...  >>MORE

SudaTel set for UAE listing

Posted on 06/01/2003

Sudan's telecom and Internet provider (SudaTel) will soon be listed on the Abu Dhabi Securities Market (ADSM), bourse sources said. Sources at the Emirates Securities and Commodities Authority (ESCA) said the body had assessed the situation of the Sudanese and that a report will be sent to the ADFM to set the date of listing. SudaTel shares were listed on Khartoum Stock Market (KSM) in 1997 and on Bahrain Stock Market (BSM) in 2000. The sources expect the stock market will see more listings ...  >>MORE

UAE bourses in record performance despite war fears

Posted on 05/01/2003

Low interest rates and market discipline have allied with strong oil prices and growing confidence in the domestic economy to boost UAE's stock market to a record level in 2002 despite heightening war fears in the region, brokers said yesterday. Market capitalisation of the 56 banks and companies listed on the country's two official bourses in Abu Dhabi and Dubai, gained a staggering Dh15 billion ($4.08 billion) to peak at around Dh119 billion ($32.4 billion) at the end of 2002 compared with ...  >>MORE

Dh1.5b bond to have five-year tenure

Posted on 04/01/2003

The much-awaited Dh1.5 billion Dubai 2003 bond issue will have a tenure of five years and will be issued regionally, though there were plans earlier to issue it globally. Sources said that the dispute over the margin to be offered for the bond might have delayed the decision on the bond in a small way. ABN Amro Bank held discussions with the participating banks - National Bank of Dubai (NBD), National Bank of Abu Dhabi (NBAD), Emirates Bank International (EBI), HSBC and Standard Chartered Bank ...  >>MORE

Esca halves brokers' bank guarantees at ADSM, DFM

Posted on 03/01/2003

The Emirates Stocks and Commodities Authority (Esca) has reduced the bank guarantee of licensed brokers to Dh10 million from Dh20 million. Moreover, Esca plans to appoint an international company to devise a system with rules and procedures for listing of domestic bonds. Earlier, licensed brokers were required to provide bank guarantees of Dh10 million at each of the markets. Thus, most brokers furnished bank guarantees of Dh10 million each at the Abu Dhabi Securities Market (ADSM) and the ...  >>MORE

Emirates Financial Services to consolidate two funds

Posted on 30/12/2002

Emirates Financial Services (EFS) is in the process of merging its Emirates Banking Stock Fund (EBSF) with the Emirates Equity Fund (EEF), a senior official with EFS confirmed yesterday. The company had recently communicated to its investors regarding the proposed consolidation which will take effect in mid-January 2003. Replying to a query from Khaleej Times, Vijay Kapoor, senior vice-president, EFS confirmed the move. "A number of underlying stocks are common to both funds and we have ...  >>MORE

Daman Fund grows 1.3 per cent

Posted on 18/12/2002

Daman UAE Value Fund grew 1.35 per cent during November as the UAE capital market rebounded to near year-high levels. A Press release from the fund yesterday said that on the year, the Daman Fund has grown 12.97 per cent, outperforming the National Bank of Abu Dhabi Index, which was up 12.83 per cent in the same period. Shehab M. Gargash, director of the fund, said that the market has recovered almost all of the ground that it lost in the last couple of months and ended November near its ...  >>MORE

DIFC releases paper on proposed fee structure

Posted on 15/12/2002

Dubai International Financial Centre (DIFC) proposes a fee structure under which a wholesale bank or corporate finance institution can pay an initial application fee of Dh110, 100 (US$30,000) and an annual fee varying from Dh110, 100 (US$30,000) to a maximum of Dh367,000 (US$100,000), based on the institution's total income. Fees are also payable for each category of business undertaken - for each permission. Registration fees for individuals are proposed at Dh3,670 (US$1,000) for the initial ...  >>MORE

21 ADSM listed companies do well

Posted on 08/12/2002

Performance of 21 stocks listed on the Abu Dhabi Securities Market (ADSM) rose by 3.7 per cent during the past nine months with the banking sector being the largest gainer. Total profits of the 21 stocks climbed to about 4.106 billion dirhams from around 3.9 billion dirhams during the same period last year. Gains by the banking sector surged by 4.3 per cent to reach 2.117 billion dirhams from just 1.7 billion in past year. Most of gains were apportioned among the National Bank of Abu Dhabi ...  >>MORE

UAE market cap up to Dh125.7b in October

Posted on 20/11/2002

The market capitalisation of UAE stocks witnessed a slight increase during October although the volume of local share trading declined, said the latest report from National Bank of Abu Dhabi. The market cap of UAE stocks reached Dh125.7 billion compared with Dh123.8 billion in September, a growth of 1.5 per cent. Trading volume of local shares, however, fell by 36.2 per cent to Dh322.5 million from Dh505.7 million in September. The trading volume at the Abu Dhabi Securities Market (ADSM) ...  >>MORE

DFM market cap up to Dh33.24b in third quarter

Posted on 18/11/2002

The total market capitalisation of Dubai Financial Market (DFM) increased by 7.64 per cent to Dh33.244 billion as of the end of third quarter of 2002, from Dh30.884 billion. While the market cap of the banking sector advanced marginally from Dh22.681 billion in the second quarter, to Dh24.270 billion in the third quarter, the market cap of insurance sector improved marginally from Dh264.400 million to Dh288.500 million. In the case of the service sector, the market cap grew from Dh7.204 ...  >>MORE

DFM to allow free zone firms to go public

Posted on 14/11/2002

The Dubai Financial Market (DFM) has completed a draft law to facilitate the 3,000 companies registered with the three free zones to go public and get listed on DFM. Top officials of DFM who confirmed this, said the legal umbrella for this progressive initiative is complete and an agreement between these free zones and DFM will be signed shortly. Once the legal framework is officially announced, those companies which are largely foreign-owned will be able to raise funds from the local ...  >>MORE

DIFC insolvency law to have U.S. Chapter 11 features

Posted on 11/11/2002

The Dubai International Financial Centre (DIFC) is working on a new DIFC insolvency law which is intended to provide protection for companies similar in manner to the U.S. Chapter 11 or the UK Administration Proceedings. The second Information Paper published by the DIFC Regulatory Authority yesterday details the proposed legal and regulatory blueprint for the financial centre. According to the paper, the existing UAE insolvency regime established under the 1993 Commercial Transactions Law ...  >>MORE

Shuaa Capital net jumps 205 per cent

Posted on 10/11/2002

Shuaa Capital yesterday announced a 205 per cent increase in its net revenue for the six months ended September 30, 2002, compared to the same period in the previous year. A Press release from the company said that net revenues were up to Dh25.3 million compared to Dh8.3 million in the comparative period in the previous year. Net income after operating expenses and minority interest came in at Dh8 million, according to the release. Shuaa's net operating income, after accounting for interest ...  >>MORE

Arab bourses gain US$55b in first half

Posted on 09/11/2002

Arab bourses gained nearly US$55 billion in the first half of this year after the UAE and Qatar joined an official stock database set up by a key Arab League organisation and the markets of Kuwait and Saudi Arabia surged ahead, according to official estimates. From US$152.2 billion at the end of 2001, the combined market capitalisation of 12 stock exchanges listed in the Arab Monetary Fund (AMF) database jumped to nearly US$207 billion at the end of June, the Abu Dhabi-based AMF said in its ...  >>MORE

Four banks short-listed for Dubai 2003 bond

Posted on 22/10/2002

With nearly a year left for the mega meetings of the IMF and World Bank, Dubai 2003, the body set up to host these meetings next September is said to be sprucing up for the Dh1.5 billion bond issue. Though an official confirmation of the names of the financial institutions to be involved in this bond issue was not possible, it is learnt from sources close to a foreign bank associated with this issue, that Dubai 2003 is currently holding talks with banks like HSBC, Standard Chartered Bank, ...  >>MORE

Pharmaceutical firm listed on ADSM

Posted on 21/10/2002

Shares of a major pharmaceutical company, the Gulf Pharmaceutical Industries (Gulphar) yesterday started to be traded in the Abu Dhabi Stock Market bringing to 24 the number of local and foreign companies listed on the bourse. According to financial statements distributed by the company, Gulphar has accrued net profits of more than Dh 10.611 million over the year's first three months whereas overall proceeds it managed to accumulate throughout last year amounted to about Dh 41.636 million. The ...  >>MORE

Plans to go for a Dh33-million IPO on October 19

Posted on 12/10/2002

Dr Mohammed Khalfan bin Kharbash, Minister of the State for Financial and Industrial Affairs and the Chairman of the Dubai Islamic Bank, on Wednesday announced the establishment of the UAE's first Islamic Insurance and Re-insurance Public Joint Stock Company - AMAN. Addressing a Press conference in Dubai, Kharbash said the newly established company will go for a Dh33 million Initial Public Offering (IPO) starting on October 19 and closing 13 days later. "We are quite optimistic that the ...  >>MORE

Majority of DFM firms witness profit growth

Posted on 01/10/2002

The half-yearly financial results of most companies listed on the Dubai Financial Market (DFM) show that while seven companies have reported higher profits, the remaining three reported lower profits. Total profits of Dh1.3 billion were reported for the first six months of the current year compared to Dh1.6 billion for the same period last year. The companies that have recorded a rise in their profits include EMAAR Properties Dubai Investment, National Bank of Dubai, Mashreqbank, Shuaa Capital, ...  >>MORE

25 top firms sign up with DIFC

Posted on 25/09/2002

More than 25 top financial services companies have confirmed their berth with Dubai International Financial Centre (DIFC) even before the legal framework and legislation for the centre is ready. Julius Baer - a leading Swiss bank - will be one of the early institutions to be established in DIFC as it has decided to open its headquarters for the Middle East and Indian Subcontinent at the centre. Almost 70 per cent of the firms that have booked their place with DIFC well before the registration ...  >>MORE

'National Marine Dredging shares have a lot of potential'

Posted on 21/09/2002

National Marine Dredging, which is among a handful of companies in the UAE stock market trading at a price earning ratio of below 10, has a lot of upside potential, according to a review of the share from Emirates Financial Services (EFS). The analyst Imran Shiwani, who is a portfolio manager with EFS, feels that among some of the drags that kept the share undervalued are comparatively a smaller free float and lack of earnings visibility. Given the growth in the profits in 2001 and factors ...  >>MORE

UAE stock turnover set to surge, say brokers

Posted on 18/09/2002

The UAE stock market is living its heyday this year as turnover is set to surge to one of its highest levels due to strong performance by listed firms, low interest rates and return of overseas funds due to global market turbulence, dealers said yesterday. Turnover in the two official bourses of Abu Dhabi and Dubai as well as over-the-counter share trading was as high as Dh3.31 billion (US$901 million) by the end of August, far higher than the turnover during last year of Dh2.13 billion (US$580 ...  >>MORE

UAE shares hit by Iraq speculation

Posted on 17/09/2002

Weakness in the sentiments across Kuwait, Qatar and Jordan because of the war scenario looming over Iraq, has hit the UAE market or at least the speculators are having a field day driving prices down. Between September 11 and yesterday the market capitalisation of the UAE market has dropped over Dh4 billion with some of the badly hit shares being EMAAR, First Gulf Bank and Abu Dhabi Islamic Bank. But brokers were worried yesterday with ETISALAT also witnessing some downward pressure as the ...  >>MORE

Daman Fund grows 37.35%

Posted on 11/09/2002

The Net Asset Value (NAV) of the Daman UAE Value Fund grew 3.14 per cent during August 2002, bringing the fund's growth since inception to 37.35 per cent. The fund has posted 14 consecutive months of growth since its inception on July 1, 2001, making it the only consistently growing mutual fund in the UAE, said a press release. In the 14-month period since the fund's inception, it has not had a negative month, whereas the National Bank of Abu Dhabi Index has posted declines in five of the past ...  >>MORE

ADSM posts marked growth in all parameters

Posted on 03/09/2002

Abu Dhabi Securities Market (ADSM) has recorded marked growth in all performance indicators since its inception, the Central Bank said. Trading volume, number of deals and market capitalisation have persistently increased until end of December 2001, the report said. Trading volume increased from Dhs3.7 million in November 2000 to Dhs4.4 million in December of the same year and continued to increase in variant rates to a maximum level of Dhs167.8 million during December 2001. The total ...  >>MORE

International firms to draft DIFC laws

Posted on 03/09/2002

The DIFC Regulatory Authority has appointed three leading international legal firms to help the authority to formulate legislation. While Clifford Chance will draft the key legislation, which will establish the Regulatory Authority, describe its powers and provide the core regulatory framework for day-to-day operations of the authority, Allen & Overy has been appointed to draft a companion suite of commercial laws, covering companies' legislation, insolvency, securities and collateral laws. ...  >>MORE

ADCB share price could cross Dh60

Posted on 01/09/2002

Prospects for a further upturn in Abu Dhabi Commercial Bank's share value are quite high following the split of its shares late last week, according to analysts. ADCB closed Saturday's trading session at Dh57. Analysts predicted that the price could cross the Dh60 mark in the near term. There are 125 million shares outstanding of ADCB, which was the most profitable banking entity in the UAE in 2001 with a net profit of Dh615 million. The Abu Dhabi Investment Authority is a major shareholder ...  >>MORE

DIFC to get separate set of laws shortly

Posted on 28/08/2002

The Dubai International Financial Centre (DIFC) will have a separate set of laws called Commercial Code, comprising a comprehensive set of regulations like company law, legislation on property rights, including laws on security and collateral, title to goods and securities, commercial transactions and contracts, and insolvency. This will be ready by the last quarter of this year, according to a statement released by DIFC yesterday. According to the statement, it is expected that DIFC ...  >>MORE

DIFC releases draft licensing criteria

Posted on 28/08/2002

The Dubai International Financial Centre (DIFC) Regulatory Authority yesterday issued an Information Paper on its proposed licensing criteria for institutions and individuals wishing to operate from the DIFC. The full details of the authority's licensing regime will be finalised later in 2002, but the authority is now able to provide guidance on the main elements of the structure it expects to have in place. The over-riding aim of the authority is to have licensing standards that match or ...  >>MORE

Jumeirah Beach Residence opens doors

Posted on 17/08/2002

A new property development in Dubai, the Jumeirah Beach Residence, is selling luxury flats in high-rise towers to nationals and expatriates. Advance bookings for studios, 1, 2, 3 and 4-bedroom apartments will begin today through the Dubai branches of four banks: the National Bank of Dubai, Dubai Islamic Bank, HSBC and Citibank. Down payments and bookings can only be made on a first come, first served basis, said Mohammed Al Gergawi, Jumeirah Beach Residence board chairman. The four banks ...  >>MORE

DIFC likely to seek listing of state firms

Posted on 15/08/2002

The Dubai International Financial Centre (DIFC) may invite government-owned companies such as Emirates, Dubal, and entities like Dubai Electricity and Water Authority to list their shares on the securities market to be set up in the centre. DIFC has shortlisted three financial services entities with global reputation to run the stock exchange. The regional financial exchange, one of the five services to be offered by DIFC, is expected to start functioning next year itself. Sources close to ...  >>MORE

DIFC shortlists seven firms

Posted on 13/08/2002

Dubai International Financial Centre, DIFC, yesterday announced short-listing seven "best-of-breed” firms to fast track the development of the DIFC Gate Building, which will be headquarters for the Financial Centre. The construction of the Gate Building is expected to begin in November 2002. The building has been dubbed the DIFC Gate because it will symbolically serve as the gateway to the new Dubai Financial District, positioned at the main entrance adjacent to the Emirates Towers Complex. ...  >>MORE

Daman up 2.38pc in July

Posted on 13/08/2002

Daman UAE Value Fund grew by 2.38 per cent during July 2002, bringing the fund's growthsince inception to 33.17 per cent. Shehab Gargash, fund director, said the fund's performance has exceeded all other UAE focused mutual funds and the benchmark National Bank of Abu Dhabi (NBAD) index since its inception on July 1, 2001. Commenting on the market conditions during the last month, The fund's ex-dividend net asset value (NAV) per share is Dh124.42 following a dividend distribution of Dh2.25 ...  >>MORE

Shuaa net profit surges to Dh4.9m

Posted on 11/08/2002

Shuaa Capital's net profit for the first quarter ending June 30, 2002, surged to Dh4.9 million from Dh1.1 million during the corresponding period last year. The total revenues of the company improved 26.6 per cent to Dh13.4 million compared with that of the same period last year. "Our success in the first three months is evident also from the fact that assets during this period increased from Dh530 million to Dh567 million, representing a 7 per cent growth," said Majid Saif Al Ghurair, ...  >>MORE

Special Report: UAE sets new trend in bond issues after Emirates' roaring success

Posted on 04/08/2002

The UAE's debt market is also maturing. Until Emirates airline entered the domestic bond market with a bang in 2001 garnering Dh1.5 billion - much more than the airline had initially planned, the financial centres, the world over, have never bothered to take UAE seriously. But the thumping success, Emirates airline bond issue grabbed in the market, has indeed triggered the leaders in the financial service market to give a serious thought to bonds. Big corporates, and even the government, ...  >>MORE

UAE mart turnover surges in first half

Posted on 31/07/2002

The total value of traded shares on UAE stock markets - the OTC, DFM and ADSM - during the first six months ending June 30, 2002, has exceeded the traded value on these bourses during the whole of 2001. While UAE stock markets netted a total turnover of Dh2.132 billion for the whole of 2001, the corresponding figure for the six months ending June 30, 2002 was Dh2.4 billion - a difference of about 13 per cent. While the OTC market witnessed trading of Dh617.16 million for 2001, the ...  >>MORE

DIFC aims to contribute 10pc to UAE GDP

Posted on 30/07/2002

The Dubai International Financial Centre (DIFC) aims to contribute 10 per cent to the total gross domestic product (GDP) of UAE by 2010. According to Anis Al Jallaf, its chairman, the whole reason for the creation of the DIFC was to grow the UAE economy, and the long-term impact of this centre will be substantial. "The current contribution of the financial services sector to the UAE economy accounts to approximately 10 per cent of the GDP. We aim to double this by 2010," he said. He also ...  >>MORE

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Quick List

Shuaa wins mandate for Dh150m offering


Around US$2b returns to UAE in 2002


ADSM sets up panel on violations


Daman Fund rose by 14.53 per cent in 2002


Dubai Government issues Dh1.5 billion in bonds


SudaTel set for UAE listing


UAE bourses in record performance despite war fears


Dh1.5b bond to have five-year tenure


Esca halves brokers' bank guarantees at ADSM, DFM


Emirates Financial Services to consolidate two funds


Daman Fund grows 1.3 per cent


DIFC releases paper on proposed fee structure


21 ADSM listed companies do well


UAE market cap up to Dh125.7b in October


DFM market cap up to Dh33.24b in third quarter


DFM to allow free zone firms to go public


DIFC insolvency law to have U.S. Chapter 11 features


Shuaa Capital net jumps 205 per cent


Arab bourses gain US$55b in first half


Four banks short-listed for Dubai 2003 bond


Pharmaceutical firm listed on ADSM


Plans to go for a Dh33-million IPO on October 19


Majority of DFM firms witness profit growth


25 top firms sign up with DIFC


'National Marine Dredging shares have a lot of potential'


UAE stock turnover set to surge, say brokers


UAE shares hit by Iraq speculation


Daman Fund grows 37.35%


ADSM posts marked growth in all parameters


International firms to draft DIFC laws


ADCB share price could cross Dh60


DIFC to get separate set of laws shortly


DIFC releases draft licensing criteria


Jumeirah Beach Residence opens doors


DIFC likely to seek listing of state firms


DIFC shortlists seven firms


Daman up 2.38pc in July


Shuaa net profit surges to Dh4.9m


Special Report: UAE sets new trend in bond issues after Emirates' roaring success


UAE mart turnover surges in first half


DIFC aims to contribute 10pc to UAE GDP