Abyaar announces intention to list on Dubai Financial Market

Boutique Middle East property developer, Abyaar Real Estate Development Company ("Abyaar" or the "Company"), today confirmed that it intends to pursue a capital increase and secondary listing on the Dubai Financial Market ("DFM").

The Company, which has appointed NBD Investment Bank, an Emirates NBD company, as its Financial Adviser and Lead Placement Agent, has submitted an application to the Emirates Securities and Commodities Authority ("SCA") and to the DFM for approval to list its shares on the DFM. Abyaar shares are already listed on the Kuwait Stock Exchange.

Commenting on the announcement, Marzooq Rashed Al-Rashdan, Vice Chairman and MD, Abyaar said: "Demand for the company's luxury developments in the UAE, which is testament to the high end nature of our design and finishing, continues to grow.

"A capital increase will support us in our ambitious growth plans, which involve further funding of our land bank and diversification into new markets in the Gulf. A listing on the DFM provides an opportunity for UAE based investors to have direct access to this strong and growing market.

"Bearing in mind that the majority of our projects are UAE-based - secondary listing and share sale will no doubt enhance the stocks tradability." The capital raising is expected to be launched within the first half of 2008, with the listing on DFM expected within weeks of the launch, subject to ESCA and DFM approval.

Abyaar have called for an extraordinary general meeting (EGM) where the 10% capital increase and a possible upcoming Sukuk issuing will be discussed.

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Al-Salam Bank (Sudan) to list its shares in the Dubai Financial Market start June

Al-Salam Bank- Sudan declared that it will list its shares in the Dubai Financial Market, and they will be put into circulation on Thursday, June 5th 2008, after the bank received the approval of the Emirates Securities and Commodities Authority for the inclusion of its shares in the Emirati financial markets.

Al Salam Bank�s shares will be listed in the said market during a great ceremony to be held in the Dubai Financial Market, in the presence of the members of the board of directors and the director general of Al-Salam Bank, Issa Kazem Chairman of the Dubai Financial Market, in addition to many members of the Executive Administration of Al-Salam Bank and the Dubai Financial Market.

Hussein Mohammed Al-Meeza, Vice Chairman declared: "The listing of the shares of Al-Salam Bank- Sudan, in the Dubai Financial Market, with the scope of the bank�s strategy aiming at enhancing its position and its strength among the Arab financials, and consolidating its regional and international presence, as the bank�s directors seek to facilitate the circulation process for the shareholders in the UAE and the other states of the region, but also to grant them the freedom of selection for circulation in many financial markets, according to their priorities and interests." Al Meeza added: "Al-Salam Bank- Sudan is one among the most important banks in Sudanese market, and it recently made huge steps, as its headquarter was moved to the capital Downtown (Khartoum). Accordingly, a comprehensive study was prepared in order to open many branches for the bank during the current year in many locations in Sudan. Furthermore, many automatic banking machines will be commissioned in key places in the Sudanese capital and other main cities." He explained: "Al-Salam Bank (Sudan) will keep on offering the best bank services which will keep pace with the economic developments in Sudan, so that it contributes to enhance the pillars of the Sudanese economic growth." Al-Salam Bank (Sudan) is considered among the most important banks, with respect to the capital in the Khartoum market of financial papers, and among the most eminent banks operating in the Sudanese market, throughout its innovative and excellent bank services. The bank constitution came as a fruit of an Emirati- Gulf- Sudanese cooperation; as its operations started up on May 25th 2006, with a capital of 100 million dollars.

The results of the bank for the year 2007 show record results, despite its recent presence in the Sudanese bank market, as the bank managed to achieve the aimed balance between the investment returns and the investment risks and it contributed to achieve high growth rates against the minimum possible of risks. Within the scope of the evaluation of the bank performance, it managed to achieve brilliant results in the central Sudanese bank, for the preventive control for the last quarter of the year 2007, according to CAEL indicators, since it obtained a strong classification, which is regarded as one of the greatest achievements of the bank.

The big bank investments during the year 2007 resulted in good returns, achieving a profit of 30 Million Dollars against 25 million during the year 2006, including the share of depositors from profits which reached 7.4 Million Dollars against 7 Million for the year 2006. In addition, it achieved a net profit for shareholders, which reached 12.3 dollars after the deduction of zakat and taxes. As for the property rights, they reached 149 Million Dollars with a growth rate of 8% for the year 2006.

The ordinary general assembly, held in Khartoum on 23/3/2008, declared the distribution of the monetary profits among shareholders, at a rate of 10%.

/WAM/

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Foreign investors buy Dh2.47b worth shares on DFM

Dubai Financial Market announced yesterday that the value of shares bought by foreign investors, or non-UAE nationals, during last week (May 04- May 08) reached Dh2.470 billion comprising 29.4 per cent of the total value of stocks traded during the period.

The value of stocks sold by foreign investors during the same period reached Dh2.084 billion comprising 24.8 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh386 million during the same period, as aggregate buy.

The value of stocks bought by institutional investors during last week reached Dh1.963 billion comprising 23.4 per cent of the total value of stocks traded during the period. /Khaleej Times/

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Controversy: The Ghost Stocks of the Gulf

The Merriam-Webster dictionary defines the word ghost as "a faint shadowy trace” which brings to mind several stocks that are apparently listed on the Gulf stock markets. There are two kinds of ghost stocks in the Gulf, those that are actually listed but whose equity is so tightly controlled by a single family or two therefore are rarely traded if ever and those that are heavily traded but have a faint shadowy presence in real life.

DFM Blues

Of the 61 stocks with a listing on the Dubai Financial Market (on March 4th) 40 of them did not have a single transaction. That works out to be an enormous 65% of the stock market listings that remains dormant. If one looks at the remaining 35% of the market, many of them have one or two digit trades, and that’s in a good day. The question that one needs to ask is, why bother listing these stocks in the first place? According to the resourceful web portal Zawya.com, one major trade-starved bank listed on the DFM, has a 10% share free float, hence it is controlled and managed by one single prominent family. This share does not trade and it oddly didn’t decline in the 2005 UAE stock market crash unlike almost every other stock.

A strange phenomenon has to be that of GCC cross border listings. On this day for example, Gulf Finance House which is listed in Kuwait, Bahrain and Dubai with the promise of an upcoming listing in London (see Gulf News November 2006) didn’t have a single trade. It seems that the hopes of the bank’s CEO of becoming “one of the proactive companies in the DFM” vanished sometime ago.

Another abnormal occurrence must be those firms that most people have never heard of such as the “Aerated Concrete Industries” company (zero trades), one simply known as “Shop” (apparently they have malls, also zero trades) as well as the interestingly named “United Kaipara Dairies” (you guessed it, zero trades). Pundits can recall the UAE Ministry of Economy’s ultimatum concerning the listing of all public joint stock companies two years ago, but couldn’t that be coupled with a minimum amount of shares being held by non founders?

Some companies in Saudi Arabia present the second type of ghost shares as there are several well publicized cases of companies that exist on paper but not much else. A case in point would be a firm known as Bishah Agricultural Development Company which was suspended from trading in early 2007. According to Tadawul, the official Saudi stock market website, Bishah whose nominal value was 10 Riyals was trading at eight times its multiple and millions of Riyals in value just one day prior to its suspension. One could ask what were these poor unfortunate investors, estimated at 10,000 people, buying and selling other than empty promises.

Keep in mind that this is a firm that was valued by investors at $120 Million the day before its suspension and had nothing to its name except three derelict pieces of land “in a good location”. Please read the following line carefully, as the herd mentality of the region manifests itself fully. In February 2006, Bishah, which reported impressive profits to the tune of 206,000 Riyals ($55,000) and turnover of One Million Saudi Riyals in 2005, was valued by investors at a staggering 489 Riyal per share giving this grand daddy of all fiascos an astronomical value of 2.5 Billion Saudi Riyals ($650 Million). Fortunately, the Saudi Arabian Capital Market Authority was quick to react and intervened only one year later to suspend the stock’s trading[4]. These fantastical figures translate into a PE ratio of 13,000 (plus or minus one thousand) meaning that should you be a lucky investor in Bishah you will be able to recoup your hard earned cash in the year 15,000 AD or so; a great stock for those of us looking for long term investment opportunities.

What must be done is some form of fine tuning with regards to the regulations to at least maintain a façade of tackling the issue of equity, market and index manipulation. Illiquid stocks should not be featured in the primary market, nor should they be used in the calculation of the index. Regulators should also be more proactive and react quicker against firms such as Bishah to protect investor’s interest. Introducing market reforms such as the above two will provide investors with a more realistic picture of the available investment opportunities in terms of both, the liquidity and the quality of the listed equities./By Sultan Al Qassimi/

The author is a Sharjah-based businessman and graduate of the American University of Paris. He is also founder of Barjeel Securities in Dubai.

Source

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Student nets $4m in DFM stock game

The third week of Dubai Financial Market’s (DFM) “Online Stock Game” for students has been a tremendous success, with a city college student generating Dh4.047 million ($1.1 million) of virtual profit.

DFM has witnessed enormous portfolio growth by the participating young people. The game is witnessing fierce competition among students of colleges, universities and schools from across the UAE.

More than 1,500 students participated in the game, and almost 60 per cent of the participants were female.

The participants came from 28 separate educational institutions, including institutions from outside the UAE such as Ahmed Bin Mohammed Al-Thani Independent and Al Bayan Educational Complex Secondary Stage, both from Qatar.

Shazad Ali of Skyline College took first place by generating Dh4.047 million ($1.1 million) of virtual profit during the third week.

Farah Sabbar from Skyline College placed second with Dh3.640 million of profit, and Umair Akram from Skyline College came a close third, with Dh2.180 million in profit.

Mubarak Al Doosari, general co-ordinator, DFM Online Stock Game, said: "The game continues to attract the attention of students across the UAE and the Gulf, and acts as an integral part of a student’s financial education."

"A strong understanding of financial markets and investing will not only help these students in their education, it will give future generations the tools necessary to manage their own assets."

Trading orders in the contest are processed and settled directly without brokerage firms. Participants in the Online Stock Game have the opportunity to trade with a virtual amount of money of up to Dh1 million. (TradeArabia News Service)

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Foreigners sole buyers in DFM last week

Non-Arab investors were the only net buyers on Dubai's bourse last week, purchasing Dh490.47 million ($133.6 million) of shares, bourse data showed on Saturday.

Investors from outside the Arab region bought Dh1.2 billion worth of shares and sold Dh708.92 million of shares in the trading week ended April 17, Dubai Financial Market Co said in a statement.

DFM, the only listed Arab bourse, generates its revenues from trading-commission fees. Its first-quarter operating revenue almost tripled to Dh273 million.

Data showed non-Arab investors were the only net buyers last trading week, during which the index rose 2.4 per cent.

UAE nationals, Arabs and nationals of other Gulf Arab states were all net sellers, DFM said. UAE nationals sold Dh351.43 million of shares last week, on a net-trading basis, the data showed. (Reuters)

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DFM income jumps as market recovers

Dubai Financial Market Company (DFM), the only listed Arab bourse, said first-quarter operating revenue almost tripled to 273 million dirhams ($74.32 million) after the market recovered.

Revenue from trading-commission fees almost tripled to 259 million dirhams, and net operating profit surged to 314.4 million dirhams, up from 94.8 million dirhams in the year-earlier period, the DFM said in a statement.

Net income fell to 314.4 million dirhams, or 0.0395 per share, compared with 562.9 million dirhams, or 0.0708 dirhams per share in the year-earlier period, it said. The first-quarter 2007 earnings included 468 million dirhams of income from the Dubai government's 2006 initial public offering (IPO) of the bourse.

"It's not a surprise to the market, because it's a result of the increase in trading volumes," said Rami Sidani, vice president of asset management at Dubai-based investment bank Shuaa Capital. "Trading volumes were lower in the first quarter of last year as the market was beginning to recover from the decline of 2006."

After crashing in 2006, Dubai's main stock index struggled for much of last year, before surging in October. The index at the end of March this year was 5,351.89 points, compared with a 3,727.31 points a year earlier.

"Investors are drawn to a market and a company that is dynamic," DFM Chairman Essa Kazim said in the statement. He could not immediately be reached for comment when newswire Reuters called.

Shares in DFM, which fell 0.58% on Sunday before the results were released, are down about 17% this year, twice as much as the index.
Citigroup last month started coverage of DFM with a "buy" recommendation and a price target of 8.00 dirhams on expectations that Gulf economies would grow, on higher trading volumes and additional IPOs. The stock last traded at 5.15 dirhams. (Reuters)

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The sixth annual “Online Stock Game” kicks on Sunday

Dubai Financial Market (DFM) announced today that it will launch its sixth annual “Online Stock Game” on Sunday.

A total of 30 colleges and universities are participating in the “Online Stock Game,” which is organised by DFM to educate students about the intricacies of the stock market and to develop their talent for investing.

Students can take part in the game, and trade stocks and shares through the DFM’s website (www.dfm.ae) during official trading hours, said a DFm official.

Every participant will have the opportunity to trade with a “virtual” sum of up to Dh1 million ($272,294). Players can then track their investments through the website and newspapers.

Mubaraq Al Doosari, general co-ordinator, DFM Stock Game, said: “We are happy to bring back for 2008 DFM’s ‘Online Stock Game.’ This game has helped thousands of students in the UAE over the past six years learn about trading stocks and making investments in financial markets."

"The game is an invaluable educational tool that gives students the unique opportunity to immerse themselves in the complexities of share trading, and to prepare them for a possible career in the world of business.”

DFM has begun on a series of training sessions aimed at educating students about how to participate in the game. Winners will be selected based on the profits they generate during the playing period, with total cash awards of up to Dh50,000.

Students in the first category will receive Dh15,000; those in the second category will receive Dh10,000; and those in the third category will receive a prize of Dh5,000. Participants ranked between fourth and 13th place will receive Dh1,000, Doosari noted.

Female students will be eligible for additional awards. Those placed first in the category will receive Dh3,000; those ranked second will receive Dh2,000,;and those placed third will receive Dh1,000.

The number of participants has been increasing steadily since the launch of the game, with 357 participants in 2003, rising to 1500 participants in 2007. The number of participating educational institutions increased from 17 in 2003 to 52 in 2007, he added. (TradeArabia News Service)

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Foreign investors purchased AED 2.095 billion worth of shares on DFM

Dubai Financial Market announced today that the value of shares bought by foreign investors, or non-UAE nationals, during last week (March 23 - March 27) reached AED 2.095 billion comprising 43.7 per cent of the total value of stocks traded during the period.

The value of stocks sold by foreign investors during the same period reached AED 2.007 billion comprising 41.8 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached AED 88.2 million during the same period, as aggregate buy.

The value of stocks bought by institutional investors during last week reached AED 1.813 billion comprising 37.8 per cent of the total value of stocks traded during the period. The value of stocks sold by institutional investors during the period reached AED 2.012 billion which constitutes 41.9 per cent of the total value of stocks traded during the period. Net institutional investment on the market reached AED 198.8 million during the period. as aggregate sell. WAM

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Dubai Financial Market (DFM) approved a 10% cash

Dubai Financial Market (DFM) approved a 10 per cent cash dividend of the nominal value of shares for its shareholders at the company's annual general meeting (AGM) in Dubai on Tuesday.

The AGM also approved the financial results for the year ending December 31, 2007 besides the external auditor's report on the company's financial statements. The meeting also reviewed and approved the company's balance sheet and income statement for the same period.

The Board of Directors' report on the company's performance for the same period was also approved. The assembly also reviewed the Fatwa committee's annual report and approved the Board of Directors remunerations for the 2007 calendar year. The external auditor for the 2008 fiscal year was also appointed and its fees determined.

Essa Kazim, chairman, DFM, said: ''This past year has been one of immense growth and success for DFM. We are incredibly proud of the contribution we have made to Dubai's financial community and the UAE's rapidly expanding economy. "

''Our success is symbolic of the prosperity and success that has been enjoyed for the last several years by this country as a whole." "We are confident that 2008 will be another year of innovation and profitability. We look forward to seeing the same high level of achievement when we meet again in a year's time," he added. WAM

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Dubai Financial Market signs MoU with Bahrain Stock Exchange

A Memorandum of Understanding (MoU) was signed today between Bahrain Stock Exchange (BSE) and Dubai Financial Market (DFM). The MoU was signed by the Director of BSE, Fouad Rashid, and the Chairman of DFM, Essa Kazim.

The MoU aims at strengthening and widening cooperation between Bahrain Stock Exchange and Dubai Financial Market, especially in the areas of mutual expertise and exchange of information relating to the developments in both markets. It also intends to spread awareness of the legal infrastructure available in both markets as well as investment opportunities.

The MoU will ensure a periodic exchange of information between BSE and DFM and encourage cross-listing as well as collaboration between brokers in both markets. BSE and DFM will both benefit from joint training programmes to be conducted following the MoU.

Essa Kazim, Chairman of DFM, said that signing this MoU aims to enhance the cooperation between two GCC stock markets that have been witnessing remarkable growth in all aspects over the past few years.

He added: "Signing this MoU will facilitate the exchange of expertise and experience pertaining to the areas of technology, training, and all legal and technical procedures of the exchanges.

This aims to increase the competitiveness of both markets in a way that will make investments more profitable. Officials in both markets will continue working on opening new areas of cooperation in order to enhance their relations." Fouad Rashid expressed his gratitude in signing the MoU that comes in light of the efforts taken by GCC stock markets to support and develop the investment environment in the region in a way that will benefit all pertinent parties of the opportunities available in the regional capital markets.

Rashid emphasised the importance of this MoU in benefiting all pertinent parties, including institutions, brokers, and investors, saying that it will reflect positively on the performance of both markets. He also praised efforts taken to support and enhance relations with Dubai Financial Market in order to make investment more attractive and profitable, hoping that listed companies in both markets will benefit from this MoU. WAM

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Islamic standards for classifying listed companies

The Dubai Financial Market's (DFM) Sharia Board issued Wednesday the first Islamic standards for trading shares of DFM-companies. The establishment of such standards is in line with DFM becoming first Islamic financial market in the world.

The first set of standards was announced during a special session held today in Dubai. The session was attended by a large number of dealers, brokers, representatives of listed companies, professors in Sharia law and members of the media.

Following the 2007 Annual General Meeting of DFM, when the company announced its intention to become the world?s first Islamic bourse, DFM?s Sharia Board has focused on the establishment of criteria to classify listed companies in terms of Shaira-compliance and accounting practices.

Essa Kazim, Chairman, DFM, said: "The conversion of DFM into a Sharia-compliant bourse further sets Dubai apart on the global stage as a pioneer in the key growth area of Islamic financial services. By providing ample opportunity for conventional firms to continue to serve as full participants in DFM, this strategic move will benefit all our stakeholders.'' Dr. Hussaim Hamid, Chairman of the DFM Sharia Board, said: ?The Islamic financial industry is witnessing the fastest rate of expansion ever seen in its history. It is fitting that Dubai, home of the first Islamic bank in the world, would also be home to the first Islamic financial market.

''None of this would have been possible without the hard work and immense effort undertaken by the management of DFM. The transformation from a conventional market to a Sharia-compliant one has been a huge undertaking, but it has gone extremely well.'' Dr. Hamid added: "Trading within an Islamic financial market requires criteria that distinguish between Sharia-compliant financial instruments and conventional ones. For this reason the DFM Sharia Board developed criteria that will identify all investments in this regard. Today's meeting marks the formalisation of those criteria for classifying equities into these two categories.'' The first standards include details about the trading of DFM-listed companies' shares in accordance with Sharia law, as well as practical implications for brokers stemming from these regulatory changes.

The standards are divided into five sections and cover the following areas: definitions of terms and criteria; implications for brokers and investors; guidelines for compliance for conventional firms; conventional income guidelines; and general rules and regulations. These standards will allow DFM to classify listed companies as either Sharia-compliant or conventional.

Dr. Hamid concluded: "The conversion of DFM from a conventional market to an Islamic one has been implemented according to the principles of Sharia. We are in the process of issuing directives for investors on how to invest in financial markets according to Sharia principles. These directives will be a part of the official DFM Investor Guide, which will be made available soon."

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Foreign investors purchase 38.2pc of shares in a week at DFM

Dubai Financial Market announced today that the value of shares bought by foreign investors, or non-UAE nationals, during last week (March 9 - March 13) reached AED 1.992 billion comprising 38.2 per cent of the total value of stocks traded during the period.

The value of stocks sold by foreign investors during the same period reached AED 2.205 billion comprising 42.3 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached AED 213.3 million during the same period, as aggregate sell.

The value of stocks bought by institutional investors during last week reached AED 1.673 billion comprising 32.1 per cent of the total value of stocks traded during the period. The value of stocks sold by institutional investors during the period reached AED 1.796 billion which constitutes 34.4 per cent of the total value of stocks traded during the period. Net institutional investment on the market reached AED 123 million during the period. as aggregate sell. (WAM)

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Foreign investors purchase Dh1.818b of DFM shares

Dubai Financial Market has announced that the value of shares bought by foreign investors, or non-UAE nationals, during last week (March 2-6) reached Dh1.818 billion comprising 36.5 per cent of the total value of stocks traded during the period.

The value of stocks sold by foreign investors during the same period reached Dh2.127 billion comprising 42.7 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh308.9 million during the same period, as aggregate sell.

The value of stocks bought by institutional investors during last week reached Dh1.436 billion comprising 28.8 per cent of the total value of stocks traded during the period. The value of stocks sold by institutional investors during the period reached Dh1.917 billion which constitutes 38.5 per cent of the total value of stocks traded during the period. Source

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Foreign investors purchase shares worth AED 2.783b on DFM last week

The value of shares bought by foreign investors, or non-UAE nationals, during last week (February 24 - February 28) reached AED 2.783 billion comprising 32 per cent of the total value of stocks traded during the period, announced Dubai Financial Market (DFM).

A press release by DFM said the value of stocks sold by foreign investors during the same period reached AED 2.503 billion comprising 28.8 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached AED 280.2 million during the same period, as aggregate buy.

The value of stocks bought by institutional investors during last week reached AED 2.131 billion comprising 24.5 per cent of the total value of stocks traded during the period. The value of stocks sold by institutional investors during the period reached AED 1.687 billion which constitutes 19.4 per cent of the total value of stocks traded during the period. Net institutional investment on the market reached AED 444.3 million during the period. as aggregate buy. (WAM)

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Foreign investors purchased Dh3.9 billion worth DFM shares

Dubai Financial Market announced yesterday that the value of shares bought by foreign investors, or non-UAE nationals, during last week (February 17 - February 21) reached Dh3.854 billion comprising 38 per cent of the total value of stocks traded during the period.

The value of stocks sold by foreign investors during the same period reached Dh3.166 billion comprising 31.2 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh687.6 million during the same period, as aggregate buy. The value of stocks bought by institutional investors during last week reached Dh2.993 billion comprising 29.5 per cent of the total value of stocks traded during the period. The value of stocks sold by institutional investors during the period reached Dh1.931 billion which constitutes 19 per cent of the total value of stocks traded during the period. Source

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Dubai Financial Market's Board of Directors proposes cash dividend of 10%

The Board of Directors of Dubai Financial Market Company (DFM Company) has proposed a cash dividend of 10% of the nominal value of shares, which is equivalent to Dhs800m.

This announcement follows a meeting of the DFM Company Board of Directors, which was held today, and is subject to ratification at the company's Annual General Meeting to be held next month.

This proposal follows DFM Company's announcement of its audited financial results for the year ending December 31, 2007. DFM Company recorded a net profit of Dhs1.440bn for 2007, compared to Dhs797m for 2006, an increase of 80%. Due to the increase in the company's profits, the earnings per share of DFM Company reached Dhs0.18 for 2007.

The Board of Directors approved the Annual General Meeting agenda. The meeting will be held on Thursday, March 20, 2008, after the Emirates Securities and Commodities Authority (ESCA) approval.

Essa Kazem, Chairman of the Dubai Financial Market, said: 'We are pleased to announce this proposal to all our shareholders. DFM signalled another year of excellence and success in 2007 after the listing of DFM Company in the market on March 7, 2007, as the first financial market fully compatible with Islamic Sharia. The market witnessed the listing of 16 companies in 2007 as a direct result of the market's high levels of liquidity.'

He added: 'Finally, we would like to thank His Highness, Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the United Arab Emirates and Ruler of Dubai, and the Dubai Government for their continues support to Dubai Financial Market, to consolidate Dubai as the most important financial regional hub, and achieve the Dubai strategy 2015 to elevate the role of the financial sector to be one of the most important future development objectives. This support is reflected in the successes of DFM and in its leading position among the financial markets in the world. We would also like to thank all our shareholders for their confidence in DFM Board of Directors.' (AME Info)

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General Index recovered yesterday

Topped by Emirates Integrated Telecommunications Co, known as du, the Dubai Financial Market (DFM) General Index recovered yesterday with a rise of 0.6 per cent to close at 5,631.88. Shares in Abu Dhabi dropped 0.01 per cent at 4,705.02 points.

DFM, whose shares value reached over Dh1 billion, has slumped 10 per cent since reaching this year's high on January 15. There was no loser among the measure's sub-indices, although the materials and common staples sectors were flat.

The country's second telecoms operator, du climbed over three per cent to Dh6.46 followed by Shuaa Capital, which advanced 2.5 per cent to Dh6.51 after it bought 20 per cent of brokerage services company Orion Holding Overseas SA. This would boost Orion's markets in Kuwait, Egypt, Jordan and Turkey, among others.

The Dh193-million ($53 million) purchase includes controlling stakes in five Orion Brokers' subsidiaries, said Shuaa, the country's biggest investment bank, in a statement. The move is also seen to boost Shuaa's securities trading capabilities to eight markets from the previous three.

Dubai-based Orion, which employs over 300 people to provide brokerage and clearing services, plans to shift offices to the tax-free Dubai International Financial Centre. It also has units in Switzerland, Saudi Arabia and Syria. Source

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Foreign investors purchase AED 4.823 billion worth of shares on DFM during the first week of February

Dubai Financial Market announced today that the value of shares and bonds bought by foreign investors, or non-UAE nationals, during last week (February 3 - February 7) reached AED 4.823 billion comprising 36.9 per cent of the total value of stocks traded during the period.

The value of stocks sold by foreign investors during the same period reached AED 4.432 billion comprising 33.9 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached AED 391.0 million during the same period, as aggregate buy.

The value of stocks bought by institutional investors during last week reached AED 3.226 billion comprising 24.7 per cent of the total value of stocks traded during the period. The value of stocks sold by institutional investors during the period reached AED 2.796 billion which constitutes 21.4 per cent of the total value of stocks traded during the period. Net institutional investment on the market reached AED 429.6 million during the period. as aggregate buy. Source

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DFM signs Depository Participant Agreement with Standard Chartered

Dubai Financial Market (DFM) announced today that it has signed a Depository Participant Agreement with Standard Chartered. With this agreement in place, the Bank can now offer custody services to local and international investors.

The signing ceremony was attended by Essa Kazim, Chairman of DFM and Nigel Jones, Chief Executive Officer for Standard Chartered in the UAE.

Commenting on the agreement, Essa Kazim said the DFM is committed to expanding and improving the quality of services offered to the investor community. "This agreement is in line with DFM's long-term strategy to offer best in class services ensuring that the products and services provided meet the growing demands of the global investors," he said.

"We are delighted to sign this agreement to enhance our services to all segments of investors including individuals and institutions across the world. Standard Chartered compliments the existing custody services that DFM started offering lately through financial institutions. We look forward to further expanding these services in the future," he added.

Also commenting on the deal, Nigel Jones, Chief Executive Officer for Standard Chartered in the UAE said his outfit had formed a strategic partnership with DFM to enhance its expanding securities services network. "In line with growing demand in the UAE, we have formed a strategic partnership with DFM to enhance our expanding Securities services network," he said.

"Custody Services is an integral part of Securities Services, Transaction Banking and is a core business of Standard Chartered. The investments allow us to expand our product capabilities and service delivery models across these markets," he added.

"Among our client base are some of the world's largest global custodians, broker-dealers, fund managers and institutional investors. We provide these services through several primary Sales and Client Relationship globally including China, Hong Kong, India, Japan, UAE, UK and USA," he concluded by saying.

Standard Chartered's securities services and custody network extends across 17 markets and it has met the needs of securities industry participants' in the Greater Asia region for over 150 years, serving a discerning client base that comprises leading North American, European and Asian institutions. This agreement paves the way for an expanded coverage by Standard Chartered across the UAE in securities services. (WAM)

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