Performance Highlights

February 2013

  • Nasdaq Dubai sets up Advisory Group to prepare for SME IPO and listings market
  • DP World holds the first Company Focus Week facilitated by Nasdaq Dubai and DFM, engaging local investors and brokers

March 2013

  • H.H. Sheikh Maktoum bin Mohammed Bin Rashid Al Maktoum rings bell to welcome listing of DEWA Sukuk
  • H.H. Sheikh Ahmed Bin Saeed rings bell to welcome listing of Emirates Sukuk
  • Nasdaq Dubai welcomes Emirates NBD bond to its market
  • Dubai Islamic Bank lists Sukuk 

April 2013

  • Nasdaq Dubai visits India to discuss capital-raising options for Indian companies
  • Nasdaq Dubai welcomes listing of Sharjah Islamic Bank Sukuk

May 2013

  • Nasdaq Dubai opens platform for trading Sukuk and bonds on-exchange
  • Nasdaq Dubai welcomes Emirates Islamic Financial Brokerage (EIFB) as a Member

June 2013

  • Nasdaq Dubai welcomes listing of a second Emirates NBD bond
  • Nasdaq Dubai welcomes MSCI’s upgrade of UAE to Emerging Market status

September 2013

  • Nasdaq Dubai Academy announces key corporate governance and anti-fraud training courses

October 2013

  • Bank of London and The Middle East lists its shares
  • Majid Al Futtaim celebrates Sukuk listing

November 2013

  • H.H. Sheikh Ahmed Bin Saeed rings bell to celebrate listing of two Sukuk by Emirates Islamic Bank
  • H.H. Sheikh Omar bin Saqr Al Qasimi rings the bell to celebrate listing of RAK Capital Sukuk
  • GEMS Education lists Sukuk

December 2013

  • Emaar lists Sukuk 

Equities Traded

Value ($) Volume (shares) No. of trades
2013 633 million 199 million 11,910
2012 508 million 259 million 11,782
Equities Traded Chart

FTSE Nasdaq DUBAI UAE 20 INDEX

The index rose 87% over the year, from 1,820 at the end of 2012 to 3,397 at the end of 2013. It tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and Nasdaq Dubai.

FTSE Chart

MEMBERS’ MARKET SHARE BY VALUE OF EQUITIES TRADED, 2013

Most active 10 members by % traded value

Member % value
EFG-Hermes Brokerage 33.88
Arqaam Securities 23.82
Deutsche Bank 20.75
Al Ramz Securities 8.28
Mubasher Financial Services 4.18
National Bank of Abu Dhabi 2.36
Mashreq Securities 1.98
Al Dhabi Brokerage 1.54
Emirates NBD Securities 1.36
MENA Corp Financial Services 1.35

EQUITY LISTING

Issuer Month Shares listed
BLME October 195,733,691

SUKUK LISTINGS

Issuer Month Value $
DEWA March 1 billion
Emirates March 1 billion
Dubai Islamic Bank April 1 billion
Sharjah Islamic Bank April 500 million
Majid Al Futtaim July 400 million
Emirates Islamic Bank (2017) September 500 million
Emirates Islamic Bank (2018) September 500 million
RAK Capital October 500 million
GEMS Education November 200 million
Emaar December 500 million

BOND LISTINGS

Issuer Month Value $
Emirates NBD March 750 million
Emirates NBD June 1 billion
Majid Al Futtaim July 500 million

Dubai’s market provides a globally leading, integrated platform in terms of regulation and operation and enjoys increasing trust among investors around the world. We are ready to issue or list Islamic bonds with high rates of success and efficiency.

His Highness Sheikh Maktoum bin Mohammed Bin Rashid Al Maktoum
Deputy Ruler of Dubai and President of Dubai International Financial Centre

Business Review

by

Hamed Ali

Hamed Ali
Chief Executive Officer, Nasdaq Dubai

Nasdaq Dubai’s market made rapid strides in 2013, growing in depth and breadth as well as trading activity. While this expansion is very welcome for Nasdaq Dubai itself, the real success story is that the exchange is proving increasingly valuable to issuers who wish to raise capital and enhance their public profile, and investors who are seeking attractive opportunities.

The pick-up of energy at the exchange is part of a broad picture of development of the UAE’s capital markets. One of the most exciting initiatives is Dubai’s intention, announced in January 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, to become the global centre of the Islamic economy. Nasdaq Dubai is delighted to have played a significant role towards meeting this objective by enormously expanding the size of Dubai’s listed Sukuk market during the year. In addition Bank of London and The Middle East, Europe’s largest Islamic bank, chose the exchange to list its shares. Nasdaq Dubai also opened a platform for trading Sukuk as well as conventional bonds - an innovation that is without parallel in the region. Other developments included detailed preparations to welcome more small and medium-sized enterprises to the exchange.

Market sentiment turned increasingly positive during 2013, lifted by MSCI’s decision to promote the UAE to Emerging Market status and by the award of Expo 2020 to the UAE, as well as by the nation’s sound economic fundamentals and growing business opportunities in the region. In this positive environment, Nasdaq Dubai pursued a dynamic programme of engagement with a range of actual and potential market participants, from issuers and sponsors to brokers and investors, in the UAE and beyond. This activity greatly increased public knowledge of the opportunities provided by the exchange, and in turn increased Nasdaq Dubai’s appreciation of what the market requires from us and how we can meet those expectations.

Listings

Welcoming Nasdaq Dubai’s first Sukuk listing of 2013, a one billion dollar issue by Dubai Electricity and Water Authority (DEWA) in March, His Highness Sheikh Maktoum bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of Dubai International Financial Centre, explained: "Dubai’s market provides a globally leading, integrated platform in terms of regulation and operation and enjoys increasing trust among investors around the world. We are ready to issue or list Islamic bonds with high rates of success and efficiency."

His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline, was next to ring the DFM bell, to celebrate the listing on Nasdaq Dubai of a one billion dollar Sukuk issued by the airline. This was followed by a one billion dollar listing by Dubai Islamic Bank and then a 500 million dollar listing by Sharjah Islamic Bank.

Many of the ceremonies throughout the year were attended by His Excellency Mohammed Abdulla Al Gergawi, Chairman of The Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, and Chairman of the Higher Committee for development of the Islamic Economy sector and our Chairman Abdul Wahed Al Fahim. This senior level of participation underlined the significance of the events in the wider context of the expansion of Dubai’s capital markets.

A celebration in October welcomed a 400 million dollar Sukuk listing by Majid Al Futtaim, and in November His Highness Sheikh Ahmed Bin Saeed returned to DFM in his capacity as Chairman of Emirates NBD to celebrate the listing of two Sukuk by Emirates Islamic Bank with a total value of one billion dollars.

Later the same month His Highness Sheikh Omar bin Saqr Al Qasimi, Executive Manager of the Investment & Development Office of Ras Al Khaimah, celebrated the listing of a 500 million dollar Sukuk by RAK Capital. The year ended with a 200 million dollar Sukuk listing by GEMS Education in November and a 500 million dollar Sukuk listing by Emaar in December.

Three conventional bonds listed during 2013. Two were issued by Emirates NBD with values of 750 million dollars and one billion dollars, and Majid Al Futtaim listed a 500 million dollar instrument at the same time as its Sukuk. Sectors that raised capital through Nasdaq Dubai fixed income listings over the year ranged from finance to education and water to construction, demonstrating the broad contribution of the exchange to the regions’ economy.

In October the exchange attracted a significant equity listing. Bank of London and The Middle East (BLME), Europe’s largest Islamic bank, said it chose Nasdaq Dubai because of the Emirate’s commitment to becoming the global capital of Islamic finance. BLME Chairman Yacob Yousef Al-Muzaini rang the market opening bell at DFM on the day of the company’s listing. Welcoming BLME to the exchange, Adbul Wahed Al Fahim commented: “Nasdaq Dubai looks forward to attracting further substantial regional and international equity listings, including initial public offerings, as well as developing new markets in Islamic and conventional asset classes.”

Trading

Equities traded value on the exchange rose 24% to 633.3 million dollars in 2013, compared to 508.4 million dollars in 2012. The share price of DP World, the exchange’s largest primary listing, rose by 52%. Further evidence of the improvement in market sentiment was shown by the 87% rise over the year of the FTSE Nasdaq Dubai UAE 20 index, to 3,397. The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and Nasdaq Dubai.

The most active Member by traded value in 2013 was EFG Hermes Brokerage UAE (34% of all trading), with Arqaam Securities second (24%) and Deutsche Bank third (21%.)

The exchange’s Retail Broker of the Month award, which recognizes the Member that handles the largest value of retail equities trades, was won in different months by Al Ramz Securities, Emirates NBD Securities, EFG Hermes Brokerage UAE, Mashreq Securities, Mubasher Financial Services and Union Brokerage Company.

  • DP World share price +52%
  • FTSE Nasdaq Dubai UAE 20 index +87%
Initiatives

Nasdaq Dubai opened the region’s first on-exchange market for trading Sukuk and bonds in May 2013. By the end of the year, 20 Nasdaq Dubai-listed instruments were tradable on the landmark platform, which offers advantages of transparency and potentially excellent liquidity to investors, compared to the fragmented over-the-counter market. Trades are exclusively routed for settlement at Euroclear Bank.

The exchange prepared the ground for welcoming more small and medium-sized companies (SMEs) to its equity market by setting up an SME Advisory Group early in the year. Comprising advisors including investment banks, lawyers, accountants and communications experts, the Group met regularly to propose practical enhancements to the listing experience tailored to SMEs needs. This framework is designed to facilitate more new listings in 2014 and beyond.

Overseas initiatives by Nasdaq Dubai during the year included a visit to India where exchange executives discussed capital-raising options with companies in Mumbai and Delhi. The visit, facilitated by Alpen Capital and the Federation of Indian Chambers of Commerce and Industry, demonstrated the appetite among companies based outside the region for listing on Nasdaq Dubai’s international market. In the UAE, the exchange organized or was involved in many well attended conferences, seminars and forums, including the DFM & Nasdaq Dubai 2 nd IPO Forum and the IPOs on Nasdaq Dubai – A Guide conference, which was organized with PwC and Latham & Watkins, as well as the Bonds and Loans Middle East 2013 event.

Nasdaq Dubai Academy significantly increased its training activities in 2013, providing 12 courses for finance professionals and others in topics ranging from corporate governance to investor relations and fraud to anti-money laundering. Training partners of the Academy included Thomson Reuters and Finance Talking. The Academy also certified individual brokers from a number of Member firms as Trading Managers able to trade on the exchange.

Retail Brokers of the Month

The exchange’s Retail Broker of the Month award, which recognizes the Member that handles the largest value of retail equities trades, was won in different months by Al Ramz Securities, Emirates NBD Securities, EFG Hermes Brokerage UAE, Mashreq Securities, Mubasher Financial Services and Union Brokerage Company.

Nasdaq Dubai looks forward to attracting further substantial regional and international equity listings, including initial public offerings, as well as developing new markets in Islamic and conventional asset classes.

Yacob Al Muzaini

Adbul Wahed Al Fahim
Chairman, Nasdaq Dubai

Corporate Governance

This section provides an overview of Nasdaq Dubai’s governance during the year 2013. It explains how the Company applies principles of sound corporate governance to ensure an environment of strategic direction, performance, accountability and control in the business.

BOARD OF DIRECTORS

At the foundation of a well governed company is an effective Board that provides good leadership and oversight, within a framework of prudent and effective controls that enable risk to be assessed and managed.

The Nasdaq Dubai Board is responsible and accountable to its shareholders, Dubai Financial Market and Borse Dubai, for directing the Company’s affairs, for its system of corporate governance, its strategic objectives and for the stewardship of the Company’s resources. The Board adopts the view that corporate governance should promote good performance and integrity as well as conformance with legislation and that effective governance practices enhance the Company’s ability to achieve its strategy and long-term success.

The Board determines the policies and practices which govern the operation and management of Nasdaq Dubai and has the responsibility to ensure that the Company achieves its key objectives. It is the purpose of the executive and senior management to manage Nasdaq Dubai in accordance with the directions of the Board. In accordance with good governance practice, the roles of Chairman and the Chief Executive are distinct and separate with a clear division of responsibilities. The Chairman is responsible for the running and leadership of the Board and ensuring its effectiveness. The Chief Executive has delegated authority from, and is responsible to, the Board for managing the Company’s business.

The Board has a formal schedule of matters specifically reserved for its decision-making, which includes the annual budget, strategy and long term business objectives, major projects and contracts and significant capital expenditure. Certain matters are delegated to the three Committees of the Board in accordance with their respective Charters.

During the financial year, the Board met on 6 occasions in person in Dubai. The Board has electronic meetings through the use of iPad and Nasdaq OMX’s online board portal, Directors Desk. In addition to making the board process more efficient, this has had the benefit of considerable savings in resources, paper and printing.

The Nasdaq Dubai Board comprises 7 Non-Executive Directors including the Chairman, Mr Abdul Wahed Al Fahim. Biographical details of the Directors, the Committees on which they serve, and a reference to which Directors are considered by the Board to be independent, are set out below. The biographies demonstrate a wide range of experience and skills enabling the Board members to discharge their responsibilities and to bring independent judgment on matters of strategy, performance and standards of conduct which are important to the success of the exchange.

BOARD CHARTER
Nasdaq Dubai’s governance framework is set out in its Board Charter. The Charter details the corporate governance framework, co-ordinates and aligns supporting policy documents and establishes an environment that enables the Board and officers of Nasdaq Dubai to meet their responsibilities under the prevailing law and to demonstrate good governance practices.
NON-EXECUTIVE DIRECTORS / INDEPENDENCE

In accordance with the DFSA Authorised Market Institution regulation and the Articles of Association, a sufficient number of Board members should be Independent Non-Executive Directors. The Non-Executive Directors, three of whom are Independent, bring wide and varied commercial experience to the deliberations of the Board and its Committees.

An assessment of Directors’ independence is carried out on an ongoing basis and at appointment for new Directors. Each Director discloses their status i.e. independent or connected and discloses changes in external directorships and other potential conflicts of interest. The Board ensures that there are sufficient number of Independent members at all times. The assessment is reviewed by the Nomination and Remuneration Committee and its recommendations are made to the Board for its approval.

A third of the Non-Executive Directors are subject to annual re-election by the shareholders at the Annual General Meeting. In relation to Board remuneration, they receive an annual retainer together with meeting attendance fees for Board and, where applicable, Committee meetings.

BOARD ATTENDANCE
  Board Audit & Risk Management Market Oversight Nomination & Remuneration
No. of Meetings: 6 6 5 6
Abdulla Ghobash 1 of 6* 1 of 6*
Abdul Wahed Al Fahim 6 of 6 5 of 6 2 of 5 ** 3 of 6 **
Edward Knight 5 of 6 4 of 5
Essa Kazim 6 of 6
George Möller 5 of 6 6 of 6 5 of 5
Jamal Nasser Lootah 4 of 6 6 of 6 6 of 6
Majid Saif Al Ghurair 4 of 6 2 of 5 *** 2 of 6 ***
Rashid Al Shamsi 6 of 6 6 of 6
* Abdulla Ghobash left the Board on 11 April 2013
**Abdul Wahed Al Fahim joined the Market Oversight and Nomination and Remuneration Committee on 13 May 2013
*** Majid Saif Al Ghurair left the Market Oversight and Nomination and Remuneration Committee on 13 May 2013
BOARD COMMITTEES

Board Committees play an important role in the governance process and assist the Board in discharging its duties.

The Nasdaq Dubai Board maintains three Committees which manage specific aspects of the Company’s affairs. Each Committee has its own Charter, providing written terms of reference that define its authorities, duties and membership. In line with good practice, membership of the Committees is entirely non-executive and the majority are independent Directors.

AUDIT AND RISK MANAGEMENT COMMITTEE

The Audit and Risk Management Committee is chaired by Jamal Nasser Lootah. The other members are Abdul Wahed Al Fahim and George Möller. The company secretary acts as secretary to the Committee. The Committee is responsible for the independent and objective oversight of internal control and risk management, internal compliance, governance issues, financial reporting, external and internal auditors and financial controls.

During the year, the Committee met on 6 occasions. The Committee reviewed the annual budget, regular finance reports and the annual financial statements. The Committee recommended for Board approval the annual budget and the annual financial statements. In January 2013 and January 2014, it met with the independent auditors, PricewaterhouseCoopers, to consider the results of the annual audit and to review the annual financial statements.

The Committee reviewed the amendments to the Articles of Association and recommended the same for Board Approval.

The Committee received quarterly and interim risk management reports from the Head of Market Operations and Risk and reviewed and approved the Money Laundering Reporting Officer’s annual report. The Committee reviewed and recommended for Board approval the update to the Whistle blowing Policy, Personal trading Policy, Anti Money Laundering Policy, Record Retention Policy, Chinese Walls Policy and Code of Ethics and Conduct.

The Internal Audit function, which is provided by Dubai Financial Market, met regularly with the Committee which received the Annual Internal Audit Plan, progress on Internal Audit together with the Internal Audit reports following the completion of each audit.

MARKET OVERSIGHT COMMITTEE

The Market Oversight Committee is chaired by George Möller. The other members are Abdul Wahed Al Fahim and Edward Knight. The company secretary acts as secretary to the Committee. The Committee is responsible for the independent oversight of Market Regulation which includes Issuer Surveillance, Member Compliance and Market Surveillance functions. It also supervises the regulatory functions carried out by other areas of Nasdaq Dubai, including the application of the exchange’s Rules, Members' conduct of business and the clearing and settlement function.

During the year, the Committee met on 5 occasions. The Committee met on each occasion with Market Regulation and its functions and received updates on regulatory and compliance matters, including feedback on regular meetings with the DFSA. The Committee also received reports on any market incidents as part of its regulatory oversight function.

During the year, the Committee reviewed and recommended for Board approval amendments to the Committee Charter, Admission and Disclosure Standards and extension of term of Practitioner Committee members, where applicable. The Committee discussed and received updates on the revised Authorised Market Institution rules and the application for recognition to the European Securities and Markets Authority. The Committee reviewed the annual budget and resources for Market Regulation.

NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee is chaired by Rashid Al Shamsi. The other members are Abdul Wahed Al Fahim and Jamal Nasser Lootah. The company secretary acts as secretary to the Committee. The Committee is responsible for new appointments to the Board, succession planning for the Board and executive management, and reviewing the independence of Directors. It is also responsible for recommending Non-Executive Directors remuneration for Board approval, approving performance measures and target setting for the Chief Executive, broad policies and programs for employee benefits.

During the year, the Committee met on 6 occasions. It considered the findings and determinations of the ongoing Directors’ independence review and recommended these for Board approval. The Committee reviewed and recommended for Board approval amendments to the Committee Charter and Human Capital Policies. It reviewed the Human Capital annual budget and set the targets and objectives for the Chief Executive. The Committee received regular reports from Human Capital on key matters.

INTERNAL CONTROL AND RISK MANAGEMENT

Internal control aims to ensure that processes are in place to achieve a company’s business objectives. Internal audit provides assurances that these processes and controls are effective and being complied with. Through risk management, the company is able to identify, understand and manage risks to the business by reducing the probability that those corporate objectives are jeopardised by unforeseen events.

INTERNAL CONTROL

The Board has overall responsibility for ensuring that Management maintains an effective system of internal control and for reviewing its effectiveness. Such a system is designed to support the identification and management of risks affecting Nasdaq Dubai and the business environment in which it operates. Nasdaq Dubai operates a system of internal control which provides reasonable assurance of effective and efficient operations covering all controls, including financial and operational controls and compliance with laws and regulations. Processes are in place for identifying, evaluating and managing the significant risks facing the exchange. The Board, through the Audit and Risk Management Committee, regularly reviews these processes. The effectiveness of controls is periodically reviewed within the business areas. Regular reports are made to the Audit and Risk Management Committee by Management, Internal Audit, Head of Risk Management and the compliance and legal functions covering matters such as financial controls, compliance and operational controls. The Audit and Risk Management Committee monitors resolution of any identified control issues of significance through to a satisfactory conclusion.

Management is responsible for establishing and maintaining adequate internal control over financial reporting. In accordance with International Financial Reporting Standards (IFRS), the internal control over financial reporting is a process designed under the supervision of the Chief Executive and the Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes.

Nasdaq Dubai’s internal control over financial reporting includes policies and procedures to provide for the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets; provide reasonable assurances that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS and that receipts and expenditures are being made only in accordance with authorisations of Management and the Board; and provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the Company’s assets that could have a material effect on the consolidated financial statements.

Management assesses the effectiveness of internal controls to satisfy itself that the processes followed are effective. The system of internal financial and operational controls is also subject to regulatory oversight by the DFSA.

INTERNAL AUDIT

The purpose of the Internal Audit function is to assist the Board and Management in the effective discharge of their fiduciary and administrative responsibilities by providing independent, objective assurance and consulting services with respect to evaluating risk management, control, and governance process. To ensure independence and objectivity, Internal Audit reports directly to the Audit and Risk Management Committee. The Internal Audit function adopts standards issued by the Institute of Internal Audit (IIA). Internal Audit services are provided by Dubai Financial Market which follows a risk based audit approach. An annual risk based internal audit plan is prepared based on risk factors and input from Management and other stakeholders. The audit plan is both inclusive and exclusive meaning that all key areas subject to high risk are included in the plan while the non-priority and low risk areas are excluded. During the planning process key business areas and operational risks are identified, compiled, risk rated and ranked to draw a final risk assessed audit scope of work that factors in high and medium risk areas. The audit plan, submitted to Management and the Audit and Risk Management Committee for approval, provides information about the risk assessment, the current order of priority of audit projects and how they are to be carried out. The audit plan outlines the key departments, activities and processes to audit together with an estimate of resource requirements, and estimated start dates and completion timelines. The Internal Audit submits regular activity reports to the Audit and Risk Management Committee and Management summarizing the results of the audit work including significant risk exposures and control issues and follow up on the issues raised in the audit report. Internal Audit liaises regularly with internal stakeholders to maintain and uphold communication and relationship to a high level. The key internal stakeholders include legal and compliance, company secretariat and risk management functions.

RISK MANAGEMENT

Risk management is a systematic and continuous process which aims to identify, evaluate, manage, control and report significant risks to which Nasdaq Dubai may be exposed. Nasdaq Dubai has appointed a Risk Officer with overall responsibility for the risk management function and for overseeing the implementation of the risk management strategy on behalf of the Nasdaq Dubai Board. Management within each unit and function are responsible for establishing and maintaining pertinent risk management. The functions and systems for internal control and internal audit are part of the overall risk management process.

Nasdaq Dubai’s exchange, clearing and central securities depository operations require focus on business continuity and incident management. As an exchange and clearing house and, indirectly, central securities depository, Nasdaq Dubai is subject to specific regulation and supervision. Furthermore Nasdaq Dubai is, as a clearing house, exposed to specific risks related to the central counterparty clearing, whereby Nasdaq Dubai acts as counterparty for transactions between the buyer and the seller. One of the primary obligations of clearing members is to provide collateral to Nasdaq Dubai as required by the applicable rules as protection against the counterparty risk assumed. The Head of Market Operations, in consultation with the Risk Officer, is responsible for the policy setting of the management and mitigation of these clearing risks. The clearing risks are among other things mitigated by collateralization of obligations, pertinent clearing membership requirements, dedicated clearing capital, netting arrangements and a proactive risk management including, reports and the use of watch lists.

CORPORATE RESPONSIBILITY

Corporate responsibility has become embedded in the mainstream of corporate governance thinking. Nasdaq Dubai is committed to the highest ethical standards of professional conduct and integrity. In order to meet this objective, employees are required to comply with the spirit and letter of the company’s Code of Ethics and Conduct. All employees receive annual training to support this objective.

Due to the nature of its business, Nasdaq Dubai does not have a high environmental impact. Its principal impact arises from energy, paper and water consumption. In an effort to responsibly manage this impact, we encourage a reduction in energy wastage and there is a focus on recycling.

In order to take advantage of technology and the benefits of the internet, Nasdaq Dubai continues to publish its Annual Review online. This provides convenient access to information about the Company and reduces our consumption of paper in line with our corporate responsibilities.

- Corporate Responsibiliy -

Nasdaq Dubai’s principal environmental impact arises from energy, paper and water consumption. To help responsibly manage this impact we encourage a reduction in energy wastage and there is a focus on recycling.