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THE ECONOMY - STOCK MARKET

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

UAE mart 'remains stifled by lack of liquidity'

Posted on 26/07/2002

The UAE stock market has remained stifled by high ownership by the government and key shareholders despite a surge in dealing following the opening of two official floors and plans to launch more exchanges, dealers said yesterday. Poor share activity in the UAE is underscored by the market's capitalisation and turnover in neighbouring Gulf states, with dealing in Kuwait's stock exchange in just one month amounting to turnover in a period of several years in the UAE. In June, turnover in ...  >>MORE

DIFC to ink MoU with Central Bank

Posted on 25/07/2002

The Dubai International Financial Centre (DIFC) will sign a memorandum of understanding (MoU) with the UAE Central Bank with a view to sharing information and also to make sure the local banks establish their facility in DIFC without any hassles. "This will avoid any possible overlap or underlap in the case of local banks intending to have operations from DIFC," said Phillip Thorpe, chief commissioner of the DIFC Regulatory Agency, who will have a permanent office in DIFC soon. Moreover, by ...  >>MORE

UNB maintains position as top stock broker

Posted on 19/07/2002

The Union National Bank (UNB) maintained its position during the first quarter of this year as the country's leading stock broker, holding 28 per cent of the market share in the Dubai Financial Market (DFM) and 21 per cent market share in the Abu Dhabi Securities Market (ADSM). Of the total market value of Dh969.98 million on the DFM, UNB accounted for Dh542.34 million, and of the total market value of Dh271 million on the ADSM, UNB accounted for Dh112.3 million. The total volume of shares ...  >>MORE

UAE stocks likely to gain 10pc this year

Posted on 11/07/2002

The UAE stock market could see a 10 per cent gain in prices by year-end, helped along by sound corporate earnings which are estimated to grow by an average 8 per cent, according to a local mutual fund operator. The better tidings on the corporate front will be discounted in local share prices, boosting the P/E (price/earnings) to about the 15 mark. However, the rest of the Gulf bourses are expected to turn in a better performance, continuing from where they left off in the first half. ...  >>MORE

Daman Value Fund reports 30pc growth

Posted on 11/07/2002

Daman UAE Value Fund, a closed end, Mauritius-registered mutual fund focused on the UAE stock market, has reported a cumulative gain of 30.08 per cent during the past one year, Shehab Gargash, director of the Fund announced yesterday. The fund managers expect the UAE market to deliver higher values on selected scrips in the medium term and are hopeful of delivering higher net asset value (NAV) to investors. The Fund's performance during its first year of operation has outpaced all other UAE ...  >>MORE

EIB to commence dealing in stock market

Posted on 10/07/2002

The Emirates Industrial Bank, EIB, yesterday said that it would deal in the stock market by buying and selling shares of profit making companies. In a statement after a meeting here, the EIB Board said that the purpose was to diversify the Bank's income sources, enhance the capital and make effective efforts in providing financing to the country's industrial sector. The meeting, Chaired by Dr. Mohammed bin Kharbash, Minister of State for Financial and Industrial Affairs and EIB's Board ...  >>MORE

Top companies to guide DIFC

Posted on 08/07/2002

The Dubai International Financial Centre (DIFC) has appointed the U.S.-based Turner Construction and the renowned financial centre developers, DTZ Middle East, as lead property advisors for the Financial District project. The financing of this project will be done through a mix of equity and debt, including the US$300-US$500 million bond issue. Top sources also said DIFC is currently holding talks with top U.S. and European financial institutions to identify a financial advisor who will do ...  >>MORE

Three more trading floors coming up

Posted on 07/07/2002

The UAE will soon have more formal stock exchanges as it pushes ahead with a drive to streamline share dealing, attract capital and encourage its citizens to repatriate part of their large overseas investment, according to the Arabic press. An official floor will be launched in Ras Al Khaimah by month-end while two exchanges would be opened in Sharjah and Fujairah in September. Newspapers, citing bourse officials, said the three new floors would be electronically linked to the two existing ...  >>MORE

EBG's FRN issue may be listed on local bourses

Posted on 06/07/2002

The domestic floating rate note (FRN) issue to be launched by Emirates Bank Group (EBG) in the last quarter of this year may be listed on the Dubai Financial Market (DFM) as well as the Abu Dhabi Securities Market (ADSM). Speaking to Gulf News, Suresh Kumar, general manager of Emirates Financial Services, said plans are under way to get the domestic FRN listed on both the DFM and ADSM. Once the approval is in place, these notes will be traded on the secondary DFM and ADSM markets following ...  >>MORE

EFS plans dirham bond issue next week

Posted on 03/07/2002

Emirates Financial Services (EFS), part of the Emirates Bank Group, on Tuesday said it would issue dirham bonds next week which would be listed on the Dubai Financial Market. The bonds would be used for financing expansion projects and balancing the budget of the Emirates Bank International, Deputy Director of Emirates Financial Service Fawzi Sirhan, said. Although Sirhan declined to disclose the volume of bonds to be issued, he said the new bonds would be offered at an interest rate of 35 ...  >>MORE

DIFC plans Dh1.85b bond

Posted on 02/07/2002

The first bond to be offered through the Dubai International Financial Centre (DIFC) will be its own and could be as much as Dh1.85 billion (US$500 million). The issue is likely in the last quarter - before construction of the DIFC Financial District starts. The bond will have Islamic and conventional components. It will be listed at the DIFC, and will set off a series of bond issues including the Dubai 2003 bond and the proposed World Bank offer. Sources said the bond size could start from ...  >>MORE

Performance of securities markets satisfactory: SCC board

Posted on 01/07/2002

The board of directors of the Securities and Commodities Commission, SCC, has expressed satisfaction over the performance of the securities markets in the country specifically those of Abu Dhabi and Dubai. In a meeting held under the chairmanship of Sheikh Fahim bin Sultan Al Qasimi, Minister of Economy and Commerce, the SCC's board reviewed a number of topics of interest to local securities markets, mainly coordination and circulation processes, according to Saif Khalfan, Assistant Under ...  >>MORE

ADSM market cap doubles after ETISALAT listing

Posted on 26/06/2002

The market capitalisation of Abu Dhabi Securities Market (ADSM) has doubled to Dh70.3 billion after ETISALAT's formal listing on Monday. Brokers expect trading volumes to pick up in the coming week after dematerialisation of ETISALAT shares, currently underway, is completed. With a market capitalisation of about Dh35 billion, ETISALAT accounts for half of the total shares traded on the ADSM. ETISALAT's buy order at ADSM yesterday was Dh117 per share. "ETISALAT's listing has boosted ADSM ...  >>MORE

ETISALAT gets formal listing on ADSM

Posted on 25/06/2002

ETISALAT, the UAE's largest capitalised public joint stock company, officially listed on the Abu Dhabi Securities Market (ADSM) yesterday. The move is expected to boost investor confidence and lend the much-needed depth to the markets. However, there were no trades on the opening day although the buying price on the stocks screen was put at Dh116.5. "The listing of ETISALAT is a watershed move for ADSM as it will activate trading and boost investor confidence in the market, given its large ...  >>MORE

High dividend yields aiding UAE stocks

Posted on 24/06/2002

Low interest rates combined with rising dividend yields is likely to make sure that the UAE stock market continues to move sideways during the summer with spurts of gains and drops once in a while. According to experts and brokers the volumes will remain steady at around the present levels or drop slightly deeper into the summer months, although there could be some increase in activity one the first half results starts coming in. Mohammed Yasin, general manager of Emirates Commercial Centre ...  >>MORE

First Gulf Bank gets listed on ADSM

Posted on 22/06/2002

First Gulf Bank (FGB) has secured official listing on the Abu Dhabi Securities Market (ADSM) with trading to start on the bourses today, officials involved in the listing confirmed. Meanwhile, the much-awaited official listing of ETISALAT on the ADSM will take place on June 24. FGB thus becomes the fourth Abu Dhabi-based bank to be listed on ADSM. Trading of FGB's shares outside the official bourses will thus be illegal from today. "FGB has fulfilled the conditions required for listing and ...  >>MORE

ETISALAT listed on Abu Dhabi market

Posted on 19/06/2002

ETISALAT said on Tuesday it had been granted a listing on the Abu Dhabi stock market, which analyst expect to boost trading on the exchange. The company, which currently trades on the unofficial over-the-counter, OTC, market, said trading would start June 24. "All investors have been awaiting ETISALAT to be listed,” said Jamal Ajaj, a trading manager at the Al Sharhan Stock Centre. "The company accounts for 30 per cent of the total market capitalisation. It is one of the most important shares ...  >>MORE

Bourses to unify bank cover

Posted on 16/06/2002

The Abu Dhabi and Dubai financial markets have agreed to unify the bank guarantee submitted to them by brokerage companies. A bank guarantee of Dh10 million will now have to be submitted instead of the two guarantees of Dh10 million each which used to be submitted by these companies to the Abu Dhabi Financial Market and Dubai Financial Market. Nevertheless the mechanism that will be followed to divide the unified guarantee among the two markets is still not known. Hence, Taleb Mohammed Ali ...  >>MORE

UAE, Qatar join Arab stocks base

Posted on 13/06/2002

The UAE and Qatar have joined a common Arab stocks data base that tracks the share movements of regional bourses, and first indications revealed the emirates recorded the highest growth among the 12 registered markets in the first quarter. The twin stock markets in Abu Dhabi and Dubai as well as Qatar's Doha Securities Market joined the Arab Stocks Data Base (ASDB) at the Abu Dhabi-based Arab Monetary Fund in the first quarter to add nearly US$21.8 billion to the total market capitalisation. ...  >>MORE

DIFC to spend billions on proposed financial district

Posted on 12/06/2002

The Financial District proposed to be created for Dubai International Financial Centre will involve an investment running into billions of dollars, and will cover 3.5 million square feet of land where nine million square feet of master-planned office and commercial development will take place. The development will be done in phases, with the first phase to begin later this year, will witness the latest in architectural form, innovative interior design and networking. Once completed, DIFC's ...  >>MORE

DFM offers new service for investors

Posted on 11/06/2002

Dubai Financial Market (DFM) yesterday announced launching a new service called Al Murshid, which will provide investors with a host of facilities that would include live quotes, SMS alerts and monthly statement of holding per broker through e-mail. A DFM Press release yesterday said that the new service, which was launched in association with Ducont.com, a Dubai Internet City-based company, will help investors to stay in constant touch with the market and derive the consequent benefits, ...  >>MORE

More firms seek listing on ADSM

Posted on 31/05/2002

Encouraged by the moves made by Q-Tel and Sudatel, more non-UAE companies are approaching the Abu Dhabi Securities Market (ADSM) for listing on its bourse, +Gulf News+ reported. Speaking on the new developments on the securities market, Khalid Al Suwaidi, manager awareness, ADSM said, Q-Tel got listed, and talks on the listing of Sudatel at advanced stage. Further, it is learnt that the listing of Etisalat, the company which commands almost 34 per cent of the total market capitalisation of UAE ...  >>MORE

Indexes rise on gains in most segments

Posted on 31/05/2002

Gains across most of the segments took major UAE stock market indexes north yesterday. At the DFM, trading took place on eight counters with Tabreed being the only loser falling five fils to Dh4.85 on five trades of 1,116 shares. According to a report from major UAE dailies, Emaar opened at the day's low of Dh20.60 and touched a high of Dh20.90 before closing at Dh20.85, up 20fils. There were 16 trades for the stock of a total volume of 32,032 shares. National Bank of Dubai was up 45fils to ...  >>MORE

EFS merges two funds

Posted on 30/05/2002

Emirates Financial Services (EFS) announced the merger of Emirates Balanced Fund (EBF) into Emirates Equity Fund (EEF). The Emirates Equity Fund will pay investors a dividend equivalent to three per cent of the par value of Dh10, announced Mirza Hussain Al Sayegh, Chairman of Independent Advisory & Eminent Board Members, Emirates Family of Funds, yesterday. Speaking at a press conference to announce the merger of the two funds, Al Sayegh said, "Fund tools launched by the Emirates Bank Group ...  >>MORE

Q-Tel secures formal listing on ADSM

Posted on 27/05/2002

In a major step forward for the UAE and GCC stock markets, Qatar-Telecom (Q-Tel) yesterday secured official listing on the Abu Dhabi Securities Market (ADSM), thus becoming the first foreign company to be listed. Bahrain Telecommunications Co (Batelco), Sudan Telecoms (Sudatel) and a few more telecom and IT companies are awaiting listing on ADSM. Two deals totalling 4,000 shares and valued at Dh421,500 took place on the opening day of Q-Tel's listing, ADSM officials said. While in the opening ...  >>MORE

DIFC final blueprint this month

Posted on 21/05/2002

The Dubai International Financial Centre (DIFC) has appointed leading international law firm Clifford Chance to assist in drawing up the laws and regulations, which will govern the operations of the centre. It is expected that the first phase involving the preparation of a full legal blue-print will be finalised this month and that work on the detailed drafting of the necessary laws, regulations and codes will begin shortly afterwards. This work will build on the initial high-level framework ...  >>MORE

ADIB dominates share dealing in Abu Dhabi

Posted on 14/05/2002

The Abu Dhabi Islamic Bank (ADIB) has dominated share dealing in the emirate since its official stock market was launched more than a year ago because of its strong performance and large number of shareholders, according to an official report. Dealing on ADIB's share has totalled nearly Dh104 (US$28.3 million) since the Abu Dhabi Securities Market (ADSM) was launched in November 2000 until the end of 2001, ADSM said in its first annual report on the performance of the emirate's capital market. ...  >>MORE

World Bank plans to raise US$100m through DIFC

Posted on 13/05/2002

The World Bank is seriously planning to issue a bond in the Dubai International Financial Centre (DIFC) by the end of the year - by when the legal and regulatory framework of the centre would be in place. This was suggested yesterday by James D Wolfensohn, president of the World Bank Group at a meeting with top DIFC officials led by Anis Al Jallaf, Chairman, and Hussein Al Qemzi, Chief Operating Officer. The amount suggested by Wolfensohn was US$100 million. He expressed interest in working ...  >>MORE

DIFC's first regulatory draft soon

Posted on 13/05/2002

The first regulatory draft of the Dubai International Financial Centre (DIFC) is expected to be ready in a couple of weeks, sources said here yesterday. Fifteen of the Fortune-100 companies are expected to sign up for the DIFC by August, sources added. Meanwhile, it has been confirmed that Ian Hay Davison, until now acting chief commissioner, is the new chairman of the regulatory council. The chief commissioner of the Regulatory Agency is expected to be appointed by the month-end. Sources said ...  >>MORE

Daman Value Fund reports 29 per cent growth

Posted on 13/05/2002

Daman UAE Value Fund yesterday announced a growth of 29.21 per cent since its inception on July 1, 2001 through April 30, 2002. A Press statement from the company quoted Shehab Gargash, the fund's director, as saying that Daman's performance during the period has outpaced all other UAE focused mutual funds apart from the benchmark National Bank of Abu Dhabi Index, according to reports in the UAE's dailies. He also said that the new net asset value per share of Daman as at April 30, 2002, stood ...  >>MORE

DIFC legal, regulatory framework by year-end

Posted on 12/05/2002

The legal and regulatory frameworks of the Dubai International Financial Centre (DIFC) will be in place by the fourth quarter of the current year. Speaking to Gulf News on the progress DIFC has made since the announcement of the centre three months back, a member of DIFC Advisory Board, Francis Finlay, said DIFC would strive hard to make the framework the best in the world in order to attract world class companies to set up office in DIFC. The first advisory board meeting which took place ...  >>MORE

DIFC entities outside UAE central bank regulations

Posted on 09/05/2002

Banks and other entities licensed by the Dubai International Financial Centre (DIFC) will remain outside the jurisdiction of the UAE Central Bank and will be governed by DIFC regulations. According to Hussain Al Qemzi, DIFC's chief operating officer, laws are being currently drafted that would allow institutions and banks licensed by DIFC to be regulated and governed by DIFC laws and regulations and not the UAE Central Bank. Also the first draft of the DIFC regulations, which would govern the ...  >>MORE

Market turnover up 193pc during week

Posted on 03/05/2002

There was a spurt in the cumulative market turnover in the UAE stock market for the week ended yesterday. Compared to the previous week, the turnover was up some 193 per cent to Dh99.59 million, daily averaging Dh16.59 million as against Dh5.66 million in the previous week, according to a National Bank of Abu Dhabi (NBAD) weekly market review. In the same period, the cumulative market volumes were also up 75.16 per cent to over 3.14 million shares with most of the shares changing hands in the ...  >>MORE

ESCMA approves listing of ETISALAT stock

Posted on 01/05/2002

The Emirates Telecommunications Corporation (ETISALAT) has received the approval for listing from Emirates Securities and Commodities Market Authority. The listing is expected to take place in "the very near future", a company official said. But sources said "the very near future" could be as short as one month. The listing of ETISALAT, which is the heaviest weighted stock on the UAE stock market with a market capitalisation of 35 per cent of the total market, was now due for sometime. It is ...  >>MORE

UNB remains UAE's leading stockbroker

Posted on 22/04/2002

Union National Bank (UNB) maintained its pole position as the country's leading stock broker in the first quarter of this year with a 28 per cent market share in the Dubai Financial Market (DFM) and a 21 per cent share in the Abu Dhabi Securities Market (ADSM), official sources confirmed. UNB has been ranked the number one broker in both markets having achieved 28 per cent of the total trades in the DFM and 21 per cent of total trades in the ADSM during the first quarter of this year, said ...  >>MORE

Listing rules issued for foreign firms

Posted on 17/04/2002

The UAE has issued rules governing the listing of foreign companies seeking to trade their shares in the local stock market. Dealers said the move would trigger capital inflow. Issued by Sheikh Fahim bin Sultan Al Qasimi, Minister of Economy and Commerce, the rules stipulated such companies must have a minimum capital of Dh40 million (US$10.9 million), have made sufficient profits over two years and have no restrictions on their shares. Dealers said such rules, which took effect from the ...  >>MORE

Daman UAE Value Fund grows 29pc in nine months

Posted on 10/04/2002

Daman UAE Value Fund has grown almost 29 per cent over the nine-month period from its inception on July 1, 2001, to March 31, 2002. The fund has distributed a total dividend of Dh6.50 per share, which works out a an annualised dividend yield of 7.08 per cent against a UAE stock markets average dividend yield in the region of 3 to 4 per cent. The fund announced the year-end NAV of Dh124.50, up from Dh123.06 as February 2002. The fund has taken a major step to ensure its ability to distribute ...  >>MORE

DFM denies report of LSE deal

Posted on 08/04/2002

Officials at the Dubai Financial Market, DFM, denied a Sunday Telegraph report that London Stock Exchange, LSE is in talks to buy DFM. The London-based newspaper reported yesterday that LSE is in talks to buy DFM in a deal that would be its first corporate transaction since it failed to buy Lifffe, the futures derivatives market, last October. Officials at the DFM said that the report is baseless and does not source it to bourses. They also pointed out that such a deal is not possible with ...  >>MORE

UAE tops in Gulf earnings growth

Posted on 04/04/2002

Earnings growth in the UAE market, based on reported 2001 earnings, has outpaced growth in all other markets in the region and is expected to continue well into 2002, according to research by Shuaa Capital. "Despite this, the average price to earnings (PE) ratio in the UAE remains below than the figure in both Kuwait and Saudi Arabia, the region's leading stock markets," the study found. 'The likelihood that interest rates will be maintained at the current low levels for most of the year, in ...  >>MORE

DFM records big jump in transactions

Posted on 04/04/2002

The total amount of transactions witnessed by Dubai Financial Market (DFM) during the first quarter of the current year was 137 per cent higher than that of the previous quarter (last quarter of 2001). While DFM recorded Dh409.19 million worth of transactions during the last quarter of 2001, the comparable figure for the first quarter of 2002 was Dh970 million. In the first quarter of 2002, some 47.4 million shares were traded in 10,329 transactions. However, the insurance sector saw an ...  >>MORE

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Quick List

DIFC aims to contribute 10pc to UAE GDP


UAE mart 'remains stifled by lack of liquidity'


DIFC to ink MoU with Central Bank


UNB maintains position as top stock broker


UAE stocks likely to gain 10pc this year


Daman Value Fund reports 30pc growth


EIB to commence dealing in stock market


Top companies to guide DIFC


Three more trading floors coming up


EBG's FRN issue may be listed on local bourses


EFS plans dirham bond issue next week


DIFC plans Dh1.85b bond


Performance of securities markets satisfactory: SCC board


ADSM market cap doubles after ETISALAT listing


ETISALAT gets formal listing on ADSM


High dividend yields aiding UAE stocks


First Gulf Bank gets listed on ADSM


ETISALAT listed on Abu Dhabi market


Bourses to unify bank cover


UAE, Qatar join Arab stocks base


DIFC to spend billions on proposed financial district


DFM offers new service for investors


More firms seek listing on ADSM


Indexes rise on gains in most segments


EFS merges two funds


Q-Tel secures formal listing on ADSM


DIFC final blueprint this month


ADIB dominates share dealing in Abu Dhabi


World Bank plans to raise US$100m through DIFC


DIFC's first regulatory draft soon


Daman Value Fund reports 29 per cent growth


DIFC legal, regulatory framework by year-end


DIFC entities outside UAE central bank regulations


Market turnover up 193pc during week


ESCMA approves listing of ETISALAT stock


UNB remains UAE's leading stockbroker


Listing rules issued for foreign firms


Daman UAE Value Fund grows 29pc in nine months


DFM denies report of LSE deal


UAE tops in Gulf earnings growth


DFM records big jump in transactions