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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

DFM gets ISO certificate

Posted on 20/06/2001

Dubai Financial Market (DFM) has received the ISO 9001:2000 certification from Lloyd's Register Quality Assurance (LRQA). The ISO 9001:2000 certificate was received yesterday by Essa Kazim, director general of DFM, from Tony Muncer, regional manager of LRQA. A DFM Press release also said that the certificate comes as an official approval from LRQA for the efficient work processes at DFM apart from the effective work procedures. Muncer noted that DFM has become a model to follow in obtaining ...  >>MORE

DFM launches Supreme Quote System on mobile

Posted on 12/06/2001

The Dubai Financial Market (DFM) on Monday announced the launch of Supreme Quote System which will help investors track stock prices through mobile phones, both SM and WAP. The Supreme Quote System launched in co-operation with the Dubai Internet City (DIC)-based wireless application service provider, Ducont.com, will provide real-time information about the stock prices and latest news on DFM-listed companies through mobile handsets. In a related move, DFM also signed an agreement with the ...  >>MORE

Al Otaiba plans dotcom public share offer

Posted on 03/06/2001

Al Otaiba Communications has confirmed plans to raise Dh100 million through private placements and an initial public offering (IPO) over a three-year period for its dotcom venture, Gsmpro.com. If the IPO goes ahead, Gsmpro.com expects to be the first UAE-based dotcom venture to do so on the local stock market. The company is working out the details for the pre-IPO offering, which should be ready in 18 months, according to senior officials. "In the private placement process, the shares will ...  >>MORE

Share buy-back under consideration

Posted on 12/05/2001

A proposal to allow public joint stock companies (PJSCs) to buy-back 10 per cent of their shares will be looked into this Sunday by the ministerial legislation committee, said Sheikh Fahim bin Sultan Al Qasimi, Minister of Economy and Commerce. The proposal is to be submitted to the Cabinet in its coming session. Sheikh Fahim told the Arabic daily ‘Al Khaleej' that the ministry's proposal to add an article to the current trading companies law will allow the 10 per cent buy-back of shares by ...  >>MORE

Amlak considers bonds issue

Posted on 08/05/2001

Amlak, the financing arm of the leading property developer, EMAAR, on Sunday said it is looking at setting up a fund management unit and is considering tapping the debt market through bond issues. "We are working on setting up a fund management unit to do fund initiation for properties," Abdul Razaq M Al Jassim, a director on Amlak board and executive director, corporate services and organisation development, EMAAR said. "One of our options is to go to the debt market through the bond route." ...  >>MORE

DFM launches guide on UAE capital market regulations

Posted on 30/04/2001

The Dubai Financial Market (DFM) on Sunday released a guide to UAE companies for going public in a bid to encourage companies tap the benefits of the UAE capital market. The 60-page book, "Guide to going public and listing on DFM," has two main sections -- one on the benefits of going public and second an introduction to the country's capital market. The first section of the guide titled, "Going public in the UAE," explains some of the gains in going public, including gaining access to the ...  >>MORE

UAE Trading Floors close to link-up

Posted on 30/04/2001

Both the Dubai and Abu Dhabi floors are "technologically ready” for the UAE Stock Market link-up, with officials form either floor now working vigorously towards rapidly establishing a common platform, informed sources stated. Official paperwork "is now in the final stages,” they said, signifying the authorities are eager to first line the official bourses in the UAE – the Dubai Financial Market and the Abu Dhabi Securities Market – before proceeding on cross-border linkages with other regional ...  >>MORE

Al Khazna net rises to Dh33.63 million

Posted on 10/04/2001

Despite fierce competition, deterioration in rates and a general downtrend in the local insurance market, Al Khazna International Co has posted a net profit of Dh33.63 million for 2000, a rise of 11.43 per cent. The ADSM-listed company has announced a dividend of Dh7 a share amounting to Dh26.6 million, the same as the previous year, at its annual general meeting. The stock is currently trading around Dh125. The four-year-old entity has seen consistent growth in profits despite the tight ...  >>MORE

New law may let 70pc foreign stake

Posted on 28/03/2001

Foreign companies can expect to secure up to a 70 per cent stake in local firms when the new commercial law is finalised. The UAE's insurance market is also being opened to foreign firms, a senior official of the Abu Dhabi Chamber of Commerce and Industry and a prominent local businessman said. Final discussions are under way at the Ministry of Economy and Commerce to amend the present Companies Law clause that deals with foreign participation (51:49) and allow up to 70 per cent ...  >>MORE

DFM plans bond trading

Posted on 28/02/2001

The Dubai Financial Market (DFM) will list the first corporate bond in two months, a senior official of the bourse said. "We have completed the internal rules and regulations pertaining to bonds. The first bond will be listed on the DFM soon," Essa Kazim, director-general of the bourse, told a seminar organised by the Overseas Indians Economic Forum in Dubai on Tuesday. Kazim said DFM has also looked at the issue of protection to minority shareholders as part of review of the bourse's ...  >>MORE

Dh33 million NGI IPO issue opens today

Posted on 21/02/2001

The Emirates Bank Group (EBG) has sought to end a three-year silence on the UAE primary market by announcing an Initial Public Offer (IPO) by one of its companies, National General Insurance (NGI), a leading player in the Dh2.4-billion insurance sector. NGI, a subsidiary of the Emirates Bank International (EBI), will open the offer of 3.3 million shares to nationals and institutions on Wednesday at Dh10 each at par and a 1 per cent subscription fee of 10 fils each. The IPO will also ...  >>MORE

EMAAR posts 58.3 per cent growth in net

Posted on 19/02/2001

Reporting a 58.3 per cent growth in its net profits EMAAR Properties, the leading property developer of the region officially announced its results for on Sunday. The company posted net profit of Dh304 million last year against Dh192 million in 1999. The profits from operations grossed at Dh105 million up by one per cent from Dh104 million operating profits in 1999. About two thirds of the net profits of the company came from interest income. The interest income totalled Dh195 billion in ...  >>MORE

Lack of floor link blamed for stock market chaos

Posted on 19/02/2001

The absence of a formal link-up between the Dubai Financial Market, DFM, and the Abu Dhabi Securities Market, ADSM, has led to the decline in stock values and a general negative impact on the equity markets. It is therefore, imperative to link the country's two trading floors at the earliest, said Dr Sheikh Sultan bin Khalifa Al Nahyan, Chief of the Abu Dhabi Crown Prince's Court and Honorary Chairman of the Abu Dhabi Chamber of Commerce and Industry. Sheikh Sultan called for greater ...  >>MORE

SAADIYAT market planned as cybercity

Posted on 17/02/2001

The SAADIYAT market is being planned as a cybercity, providing financial and physical commodities services using the latest e-technology and telecommunications links, a top Abu Dhabi Free Zone Authority, ADFZA, said. The SAADIYAT Stock Exchange market will have its won regulations, apart from banking, insurance and companies' regulations. The procedure to register at the stock market will be the same as for other activities in the market. The Abu Dhabi Securities Market was designed to serve ...  >>MORE

EMAAR raises dividend as profits soar 58pc

Posted on 17/02/2001

EMAAR Properties proposes to raise its cash dividend by two points to 7 per cent for 2000 on the back of a 58 per cent surge in net profit to Dh304.6 million. Distributable profit also soared 74 per cent to Dh348.9 million after allowing for transfer from the development land reserve, Chairman Mohammed Alabbar said in the directors' report. The proposed payout totals Dh185.5 million against Dh132.5 million the previous year as earnings per share rise to Dh1.15 from Dh0.73. The company ...  >>MORE

Dubai Financial Market marks three quarters of growth

Posted on 10/02/2001

Trading volumes and values on the Dubai Financial Market (DFM) charted a steady growth during the last three quarters of 2000 since the official market opened for operations on March 26, according to the first statistical bulletin issued by the bourse. Volumes increased from 7.17 million shares in the second quarter to 7.57 million in the third, and showing a marked jump to 9.15 million in the fourth. Values followed a similar pattern: from Dh132.13 million to 139.27 million and, further, to ...  >>MORE

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