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THE ECONOMY - STOCK MARKET

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

Earnings growth in UAE bourse tops region

Posted on 01/04/2002

Earnings growth in the UAE stock market based on reported 2001 earnings has outpaced all the other markets in the Gulf region and is expected to continue doing well into 2002, according to Shuaa Capital. The report puts its stakes on the UAE stock market despite the average P/E ratio of the UAE market being below both the Kuwaiti and the Saudi Arabian stock markets. It said that not only has the UAE emerged the leading stock market in the region by for Shuaa, the UAE market is the top pick in ...  >>MORE

UAE bourse turnover put at Dh1.54b

Posted on 17/03/2002

The UAE's regulated market comprising DFM and the ADSM saw a turnover of over Dh1.54 billion in 2001, even at the official Emirates Securities and Commodities Authority (ESCA) index tracking 28 listed stocks advanced 11.67 per cent in the same period. In terms of percentage, the yearly turnover was just about three per cent of the market capitalisation of the 28 stocks, which is an indication of the potential that the regulated market offers for improvement in terms of liquidity in the future. ...  >>MORE

UAE intends to join Arab stock database

Posted on 12/03/2002

The UAE is planning to join an Arab stock database created by the Arab Monetary Fund in Abu Dhabi seven years ago to provide information on regional bourses and promote inter-Arab investment. The AMF said it would start publishing quarterly information about share dealing in the UAE and five other Arab bourses along with the existing nine exchanges in the second quarter. "The AMF is expected to be able in the second quarter to cover the activities of the remaining Arab stock markets ...  >>MORE

EMAAR accounts for 50pc trading on Dubai floor

Posted on 11/03/2002

Almost half of the total traded value on Dubai Financial Market (DFM) during 2001 took place in a single stock - EMAAR Properties, which alone witnessed a trading of Dh485.202 million. This works out a whopping 49.46 per cent of the total trading on DFM during 2001, which was to the tune of Dh980.99 million. The second and third in line after EMAAR on this count, were Dubai Islamic Bank (DIB) which saw a trading to the extent of Dh133.049 million (13.56 per cent) and Emirates Bank ...  >>MORE

New firm to manage DIFC operations

Posted on 05/03/2002

The Dubai International Financial Centre has set up DIFC Development Co with seasoned banker Hussain Al Qemzi as chief operating officer, Anis Al Jallaf, DIFC chairman, announced yesterday. He also confirmed that talks have entered a 'serious' stage with partners identified to run DIFC's proposed regional electronic stock exchange, and the agency to monitor DIFC licensed banks and financial institutions. Both Al Jallaf and Al Qemzi said DIFC is scheduled to be fully operational by the end of ...  >>MORE

Nasdaq may manage DIFC bourse

Posted on 03/03/2002

There is a possibility that the U.S. electronic exchange, Nasdaq, could be selected to run the regional bourse proposed by the Dubai International Financial Centre (DIFC), according to a top official. "It is very likely that we could ask Nasdaq to run the exchange for us," said Ian Hay Davison, DIFC acting chief commissioner. "We will need someone to run it (the exchange). We can't do it ourselves. But, we don't know yet who will," Davison told Gulf News after the recent announcement of the ...  >>MORE

Shuaa posts Dh1.3m profit

Posted on 28/02/2002

Shuaa Capital posted profits of Dh1.3 million in 2001 compared to losses of Dh17.4 million in 2000. The company, whose financial year-ends on March 31, said its net income totalled Dh20.5 million in 2001 compared to Dh2.1 million in 2000. Profits totalled Dh6.2 million and net income in the fourth quarter of 2001 was Dh11.2 million. The company attributed the profits to an improvement in the performance of its investment funds. Customers' assets run by the company rose from Dh159 million ...  >>MORE

UAE stock market recovers slightly

Posted on 23/02/2002

The UAE stocks market last week made a weak recovery, but was unable to cover the losses of the last two weeks. For the week ended February 20, the UNB Market Index gained 0.29 per cent of its value to stand at 106.04 points, the bank's stocks report said. Total market capitalisation stood at Dh98.43 billion. The UAE stock market will reopen for trading on February 25 after the Eid Al Adha holidays. Cumulative weekly volume fell marginally over the past week to stand at Dh103.96 million. ...  >>MORE

EFS offers bonds issued by IBRD

Posted on 23/02/2002

Emirates Financial Services (EFS), an Emirates Bank Group division, is selling bonds issued by the International Bank for Reconstruction and Development (IBRD), the main lending arm of the World Bank, in the form of limited edition dollar range accrual notes. Minimum investment in this seven-year bond is US$100,000 and it carries an interest rate of 8 per cent as long as the three-month dollar Libor is within 0-7 per cent. Currently, the three-month dollar Libor is 1.97 per cent. Interest on ...  >>MORE

Maktoum decree on Financial Centre

Posted on 18/02/2002

H.H Sheikh Maktoum bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, today issued a law, formally setting up Dubai International Financial Centre (DIFC). The 34-article law, to be known as (Law No. 3 of 2002, for the establishment of DIFC), outlines the objectives of the centre, its organisational structure, activities and responsibilities of its executive body. Article 10 of the law specifies the number of board members and the advisory council. According to article ...  >>MORE

Dubai International Financial Centre established

Posted on 17/02/2002

Crown Prince of Dubai and Minister of Defence Lt. General Sheikh Mohammed bin Rashid Al Maktoum today announced the establishment of Dubai International Financial Centre. Announcing the establishment of the centre, Sheikh Mohammed said the move was in tandem with the global financial and market trends. It would also make the presence of this region constantly felt in the global landscapes of the business, financial and market networks, he said. Sheikh Mohammed said that communication and ...  >>MORE

Dubai, Jordan, Bahrain plan virtual bourse

Posted on 16/02/2002

Dubai, Jordan and Bahrain stock markets have come together to set up a virtual stock market where stocks from these countries will be allowed to get listed. The modalities of the market are said to be worked out and according to sources, the market should begin functioning in the near future. According to informed sources, a memorandum of understanding (MoU) was signed among these stock markets recently so that steps could be taken towards the formation of this innovative market which will ...  >>MORE

Law on foreign firms' listing awaits nod

Posted on 06/02/2002

The law relating to listing of foreign companies on the UAE bourses is likely to be passed shortly after listing norms are finalised by the Emirates Stocks and Commodities Authority (Esca), officials said yesterday. Meanwhile, Esca has approved the listing of Al Khaleej Cement as also officially approved the listing of EMAAR Properties on the Dubai Financial Market (DFM). One more new brokerage firm has been granted a licence. The UAE Minister for Economy and Commerce, Sheikh Fahim bin ...  >>MORE

UAE stocks end 2001 on record-breaking note

Posted on 02/02/2002

Spurred on by very heavy activity in Abu Dhabi - notably in the Abu Dhabi Commercial Bank, Emirates Insurance and Abu Dhabi National Hotels - complemented by continued action in EMAAR, activity on the UAE stock market ended trading on the last day of 2001 in rousing, record-breaking fashion. With bonds activity also kicking in, the overall market saw transacted activity soaring to Dh60.45 million - a new record after the establishment of the two official bourses in Dubai and Abu Dhabi. The ...  >>MORE

Emaar opens accounts with brokers

Posted on 30/01/2002

Emaar Properties has opened accounts with brokers at the Dubai Financial Market (DFM) as part of its preparations for the buy-back, which is expected to begin from February 2. It is on February 1, the mandatory 14-day period following the public announcement on the buy-back getting lapsed, paving the way for Emaar to go ahead with it. A lot of trading has taken place in the interim period, mostly by traders in the hope that the price will go up once the company begins the buy-back, sources ...  >>MORE

ADSM will reap rich returns in long run

Posted on 19/01/2002

Ahmed Humaid Al Mazrouie, director-general of the Abu Dhabi Securities Market (ADSM), is all smiles and cheer, and with good reason. "The market is picking up with trading volumes growing. What is more important, investors have gained trust in the market and 2002 looks very good. All this is very good for a new market," he begins, keeping one eye on the electronic stock board, monitoring share prices. The ADSM witnessed a strong pick-up last month with total trading in December 2001 alone ...  >>MORE

ADSM to open branches in RAK, Fujairah, Sharjah

Posted on 19/01/2002

In an effort to provide investors stock trading facilities in the northern emirates, the Abu Dhabi Securities Market, ADSM is opening branches in Ras Al Khaimah, Fujairah and Sharjah this year. ADSM's first branch will be opened end-April in Ras Al Khaimah to be followed by Fujairah and Sharjah. Within the next three to four months, a contract will be awarded to a civil works company to set up the Fujairah branch. The ADSM witnessed a strong pick up last month with a total trading in December ...  >>MORE

EMAAR posts record turnover, volume on Dubai bourse

Posted on 17/01/2002

The EMAAR scrip on Wednesday touched a record 52-week high of Dh26 during the mid-session of the Dubai Financial Market (DFM) and closed at Dh25.25 with a smart gain of Dh1.25 on high buyback expectations. The counter also witnessed record transactions, volume and turnover on the DFM. In 290 deals involving 1.27 million shares, the value reached Dh32.29 million, according to reports in the UAE's dailies. The rally on the counter took the total DFM turnover to a high of Dh35.85 million. Brokers ...  >>MORE

Shuaa okays Dh180m bond issue

Posted on 14/01/2002

In a move considered a first for a publicly traded UAE company, Shuaa Capital's extraordinary general meeting yesterday approved a resolution to borrow up to Dh180 million by way of a medium-term bond issue. The issue, once completed, will be the second issue for a UAE company, the first being Emirates airline's Dh1.5 billion bond in 2001. Shuaa will however be the first local, non-government public shareholding company to issue a bond. (The Gulf News) ...  >>MORE

ETISALAT shines on healthy profit projection

Posted on 10/01/2002

It's not the 15 per cent jump ETISALAT has posted in its net profit for 2001 which has made the telecom monolith the investors' favourite, but the 'great expectations' built around this stock accounting for more than 30 per cent of the combined market capitalisation of all stocks traded in the UAE. If the company comes out with a 50 per cent dividend for year 2001 as it has been doing in the past, the yield would work out 4.35 per cent at yesterday's closing price of Dh115. Even if the stock ...  >>MORE

Market cap of UAE stocks up sharply

Posted on 08/01/2002

The entire growth witnessed by the UAE stock markets in the aggregate market capitalisation during 2001 has taken place during the September 11-December 31 period. While the combined market cap of 43 UAE stocks listed on Dubai Financial Market (DFM), Abu Dhabi Securities Market (ADSM) and Over-The-Counter OTC) exchange grew from Dh80.45 billion as on January 1, 2001 to Dh80.658 billion as on September 11, it went up to Dh94.958 billion as on December 31, 2001 - an 18.03 per cent rise. ...  >>MORE

UAE pioneers growth strategy

Posted on 07/01/2002

The UAE has urged regional countries to benefit from its own experience in establishing stock markets through initiatives spearheaded by His Highness President Sheikh Zayed bin Sultan Al Nahyan, and to further open up their economies. Arab states need to take measures to develop their capital markets to attract funds and face challenges created by globalisation and openness, said Dr Sheikh Sultan bin Khalifa bin Zayed Al Nahyan, head of the Abu Dhabi Crown Prince's Court, addressing a ...  >>MORE

Single GCC stock mart proposed

Posted on 07/01/2002

Qatar yesterday proposed the creation of a single GCC stock market to attract capital, activate growth and support a drive for economic integration among members. Dr Ghanem Al Hamadi, director of the Doha Securities Market, made the proposal at a capital market conference in Abu Dhabi, where stocks officials and experts from most regional countries were present. The GCC states have frequently floated the idea of a common bourse but the project has been held up by the disparity of trade and ...  >>MORE

DFM board to display Daman UAE Fund

Posted on 31/12/2001

Daman UAE Value Fund will be displayed on Dubai Financial Market monitors from this week, according to Ezza Kazim. Director General of DFM. Daman is the third fund to be displayed on DFM monitors after NBAD UAE Growth Fund in August this year and Emirates Equity Fund last week. The fund is still in its initial public offering period where DFM would display the fund's net asset value (NAV) on the DFM monitors. Subscribers can purchase units at the prevailing NAV until the end of the initial ...  >>MORE

Volumes leap in four UAE banks' shares

Posted on 18/12/2001

Big volumes on the counters of Abu Dhabi Commercial Bank (ADCB) and National Bank of Abu Dhabi (NBAD) at Abu Dhabi Securities Market (ADSM); and Union National Bank (UNB) and Commercial Bank of Dubai (CBD) on the OTC (over-the-counter) in recent weeks have surprised market observers. Shares of these four companies were traded on ADSM and OTC to the tune of Dh7.5 million each. "Trading in these shares cannot be seen as part of the regular trading on ADSM or OTC," said a source. There are ...  >>MORE

UNB to list on Abu Dhabi Stock Market

Posted on 25/11/2001

UNB to list on Abu Dhabi Stock Market Union National Bank (UNB) is set to become the 16th company and the fourth bank to be listed on Abu Dhabi Stock Market (ADSM). The three other banks already listed on ADSM, which altogether has 15 names on its rolls, are Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB) and National Bank of Abu Dhabi (NBAD). Mohammad Nasr Abdeen, chief executive officer (CEO) of UNB, said the listing will most probably take place in the first quarter of ...  >>MORE

Abu Dhabi floor to list Q-Tel soon

Posted on 03/11/2001

Qatar Telecom (Q-Tel) will soon be listed on the Abu Dhabi Securities Market (ADSM), the first non-UAE company to secure such a listing, a top bourse official confirmed. "The process for Q-Tel's listing has begun and a few other non-UAE companies may also be listed later," said Ahmed Humaid Al Mazrouie, director general of ADSM. For Q-Tel, this is the first time it will be listed outside of Doha. Its shares can be traded over Dubai Financial Market (DFM) too as it is linked electronically to ...  >>MORE

Securities authority okays listing of 10 firms

Posted on 31/10/2001

The board of directors of the UAE Securities and Commodities Market Authority has approved licensing 10 joint stock companies and seven stock companies and seven stock brokerage companies. The board decided this at a meeting chaired by Minister of Economy and Commerce Sheikh Fahim bin Sultan Al Qasimi. The meeting discussed proposals for streamlining trading, including the finalising rules and conditions for listing GCC companies on the two markets. The board also discussed asking the two ...  >>MORE

Dubai floor to start trading on Internet

Posted on 24/10/2001

Dubai Financial Market (DFM) will eventually start online trading over the Internet, Essa Abdulfattah Kazim, director general, revealed yesterday. "The project is under development," he confirmed, but declined to specify a timeframe for its implementation. The bourse is, separately, set to formally launch a new website for offering added e-services in the period ahead. This will be for processing applications for Investor Numbers (INs) and allied services, he explained. The DFM board met ...  >>MORE

UAE stock markets may consider regional link-up

Posted on 25/09/2001

The Dubai Financial Market may consider linking up with other markets in order to create a network and add critical mass, Director-General Essa Abdulfattah Kazim said. Addressing the media at a seminar organised at the Dubai Press Club, he said the global trend was towards merging disparate stock markets and setting up new operational models to boost efficiency. Nasdaq officials met regional stock market authorities a year ago and held high-level talks in an effort to link up with the various ...  >>MORE

UAE stock market edges higher during week

Posted on 22/09/2001

Despite profit taking on a number of counters, the UAE stock market edged higher for the week ended yesterday. The UNB (Union National Bank) market index was up 0.11 points to 84.96, UAE dailies reported today. A weekly UNB market review yesterday said that the UNB market index had touched 85.44 points on the Saturday or the week's first day of trading, but fell back because of profit taking towards the later part of the week. Nevertheless, sentiment remained positive as gainers outpaced losers ...  >>MORE

Brokerages need Dh5m as capital

Posted on 08/09/2001

Licences for brokerage offices dealing in UAE shares can be had only from the Emirates Securities and Commodities Authority (Esca), with the Central Bank of the UAE no longer being in the picture. The shift in the licensing authority was effected over a year ago, an Esca spokesperson confirmed late last week. The Central Bank was earlier the issuing authority, but once Esca went operational it took over this function. Capital requirements for brokerages have since risen to Dh5million from Dh1 ...  >>MORE

ETISALAT move to boost liquidity

Posted on 04/09/2001

The move to split each ETISALAT share of face value Dh100 into ten of face value Dh10 is bound to provide a fillip to its liquidity in the stock market and boost activity in the scrip, analysts stated yesterday. "The 10:1 split will automatically result in a 10-fold increase in the number of shares floated in the market," they pointed out. They noted it is the largest capitalised stock to be traded in the UAE. Once the process gets over, ETISALAT will have 300 million shares adding up to a ...  >>MORE

UAE bourse working on official index

Posted on 29/08/2001

Close on the heels of establishing a link between the two official UAE trading floor s – Dubai Financial Market, DFM, and the Abu Dhabi Stock Market, ADSM – the authorities are working on a composite official market index comprising of all the 28 stocks listed on both floors. According to highly placed sources, it was the Federal authorities who sounded the need for a market index which could reflect the movement of both the DFM and ADSM listed shares. The DFM which began trading on March ...  >>MORE

UAE shares may rally by year-end

Posted on 20/08/2001

While stock market activity on the UAE bourses remained inert for the most part of June, the fundamentals are right to expect a pick up before the year-end, according to a local securities firm. In contrast to the downbeat sentiments in the UAE, activity in Kuwait, Qatar and Bahrain picked up substantially during June. "These rallies were instigated by a set of similar reasons, mostly involved with discounted valuations, high growth in the underlying economies and listed companies, as well as ...  >>MORE

NBAD lists UAE Growth Fund on Dubai Financial Market

Posted on 19/08/2001

National Bank of Abu Dhabi (NBAD) on Saturday pioneered the listing of mutual funds on the Dubai Financial Market (DFM) with its UAE Growth Fund (UGF). The bank launched UGF some time ago to garner Dhs700 million to Dhs1 billion for stock market investments. For DFM, the listing of the mutual fund is another first after the recent floatation of the Emirates' Floating Rate Notes (FRNs), which is the UAE's first listed corporate bond. The UGF is an open-ended fund with a current net asset value ...  >>MORE

Abu Dhabi, Dubai trade floors linked

Posted on 13/08/2001

The official stock trading floors in Dubai and Abu Dhabi have been linked, brokers confirmed yesterday. "We are totally linked," an exchange official said, but declined to elaborate. Offsite terminals were placed with brokers operating on the floors this Saturday, with dealers in Dubai yesterday being given the passwords to access the shares of companies listed on the Abu Dhabi Securities Market. Testing is currently underway. "What this means, in effect, is that brokers in Dubai can now ...  >>MORE

Activity in UAE mart rises in May

Posted on 25/07/2001

The UAE stock market witnessed improved activity during May though the price movements remained minimal. Almost all the markets in the region had not-so-bad month in May except the Muscat Securities Market, MSM, and the Moroccan market. The gulf as a whole saw a continuing strength with improving prospects elsewhere, especially in the Lebanese and Egyptian markets. While the Egyptian market extended its rally on strong telecom, housing and financial stocks, in Tunisia the recovery in the price ...  >>MORE

Launch of Emirates bond listing marks UAE milestone

Posted on 14/07/2001

Trading in Emirates 2006, the maiden bond listing on the Dubai Financial Market, dubbed EK-2006 on the board, began on a bright note yesterday, powering up volume on the official floor past the Dh50 million mark for the first time. It also lent hope to brokers that higher revenues might be in store for them. The market reported 503 EK-2006 units traded in three deals for Dh50.3 million. The transactions were principally between bourse representatives of the National Bank of Abu Dhabi and ...  >>MORE

Emirates doubles bond issue to Dhs1.5b

Posted on 03/07/2001

Emirates will double its first corporate bond issue to Dhs1.5 billion since the original issue of Dhs750 million was oversubscribed by over two-and-a-half times. Emirates' original bond was launched on June 13 to institutional and professional investors with a minimum subscription of Dhs5 million. T he bonds, the first to be listed on the Dubai Financial Market (DFM), is expected to go on trading from July 11. The bonds, arranged by HSBC Financial Services Middle East and National Bank of ...  >>MORE

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Quick List

DFM records big jump in transactions


Earnings growth in UAE bourse tops region


UAE bourse turnover put at Dh1.54b


UAE intends to join Arab stock database


EMAAR accounts for 50pc trading on Dubai floor


New firm to manage DIFC operations


Nasdaq may manage DIFC bourse


Shuaa posts Dh1.3m profit


UAE stock market recovers slightly


EFS offers bonds issued by IBRD


Maktoum decree on Financial Centre


Dubai International Financial Centre established


Dubai, Jordan, Bahrain plan virtual bourse


Law on foreign firms' listing awaits nod


UAE stocks end 2001 on record-breaking note


Emaar opens accounts with brokers


ADSM will reap rich returns in long run


ADSM to open branches in RAK, Fujairah, Sharjah


EMAAR posts record turnover, volume on Dubai bourse


Shuaa okays Dh180m bond issue


ETISALAT shines on healthy profit projection


Market cap of UAE stocks up sharply


UAE pioneers growth strategy


Single GCC stock mart proposed


DFM board to display Daman UAE Fund


Volumes leap in four UAE banks' shares


UNB to list on Abu Dhabi Stock Market


Abu Dhabi floor to list Q-Tel soon


Securities authority okays listing of 10 firms


Dubai floor to start trading on Internet


UAE stock markets may consider regional link-up


UAE stock market edges higher during week


Brokerages need Dh5m as capital


ETISALAT move to boost liquidity


UAE bourse working on official index


UAE shares may rally by year-end


NBAD lists UAE Growth Fund on Dubai Financial Market


Abu Dhabi, Dubai trade floors linked


Activity in UAE mart rises in May


Launch of Emirates bond listing marks UAE milestone


Emirates doubles bond issue to Dhs1.5b