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Jeff Singer completes successful four years as CEO of NASDAQ Dubai; Hamed Ali is appointed Chief Operating Officer

NASDAQ Dubai announced that Jeff Singer has stepped down as Chief Executive after four successful years at the region’s international exchange. Mr. Singer has taken up the position of Chief Executive of the Dubai International Financial Centre (DIFC) Authority, which operates the onshore financial centre in which NASDAQ Dubai is located.

Hamed Ali, who served as Executive Officer of NASDAQ Dubai from 2006-2008, has returned to the exchange as Chief Operating Officer. Mr. Ali joins NASDAQ Dubai from the Knowledge & Human Development Authority in Dubai, where he has served as Executive Director.

Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said: “Under Jeff Singer’s dynamic leadership, NASDAQ Dubai has expanded its role as a centre of Middle East capital markets enterprise and growth, combining best international practice with regional expertise and understanding. The exchange will continue to pursue this strategy, further strengthening the UAE’s prominent position in the financial markets.”

NASDAQ Dubai will make a further announcement regarding its executive structure in due course.

DFM Company Net Profit surges 140% to AED 40.6 million during the first half of 2012

Dubai Financial Market Company (PJSC) announced its financial results for the first half of the year ending June 30th 2012, recording a net profit of AED 40.6 million, a 140% increase compared to the corresponding period of 2011. The net profit of the second quarter 2012 reached 10.2 million a 31% decrease compared to Q2- 2011. The Company recorded total revenue of AED 118.7 million in H1-2012 compared to AED 113.3 million during H1- 2011. The revenue comprised of AED 94.3 million of operating income and AED 24.4 million of investment returns. The Company expenses reached AED 78.1 million compared to AED 96.4 million recorded during H1-2011. During the second quarter of 2012, the Company’s revenue reached AED 49.6 million compared to AED 64.6 million in the second quarter of 2011, whilst expenses amounted to AED 39.4 million in the same period compared to AED 49.9 million during Q2- 2011.

NASDAQ Dubai welcomes $500 million Emaar Sukuk to its market

NASDAQ Dubai, the region’s international exchange, welcomed the listing of a US$ 500 million Sukuk on its market by Emaar Properties PJSC, the Dubai-based global property developer.

The listing was the first by Emaar on NASDAQ Dubai and constitutes the second drawdown under the company’s recently updated US$ 2 billion Trust Certificate Issuance Programme. With the listing, the total nominal value of the exchange’s listed Sukuk is now $ 5.5 billion.

Mohamed Alabbar, Chairman of Emaar Properties, said: “Our new and extremely successful Sukuk offering has gained strong investor response and is nearly ten times oversubscribed. We are honoured to list it in NASDAQ Dubai, highlighting our support to Dubai and its institutions. The process of listing is investor and issuer-friendly, which will drive stronger regional and international investor response.”

DFM successfully concludes its Summer Training Program 2012

Dubai Financial Market has successfully concluded its Summer Training Program 2012. In total, 18 UAE students participated in the program throughout the month of July, working an average of 6 hours per day from 8.00 am to 2.00 pm. The program covered various aspects of practical training on key areas of the financial markets and represented a major challenge for the participants, especially with the newly introduced courses: ‘The Future Broker’, ‘The Future Technician’ and ‘The Future Researcher’.

Al Ramz Securities is Retail Broker of the Month on NASDAQ Dubai

The winner of NASDAQ Dubai's inaugural Retail Broker of the Month Award is Al Ramz Securities. The value of retail trades handled by the broker in July was 6.6 million dollars, amounting to 75% of the total value of retail trades handled by all Members of the exchange during the month. The Award is designed to give recognition to the Member that is the most active in trading on behalf of its retail clients on a monthly basis.

DFM performance during July 2012

The Dubai Financial Market General Index increased by 6.3% to 1542.64 points at the end of July compared to 1451.87 points at the end of June. At the sectoral level, indexes of seven out of the nine sectors represented on DFM ended the month in the green, with the Real Estate and Construction sector increasing the most by 13.7%, followed by the Services and Telecommunication sectors by 6.8%, and 6.3% respectively. The Consumer Staples sector’s index has not changed during this month, while the Industrial Index decreased by 10%.

The market capitalization increased at the end of July by 2.9% amounting to AED 179 billion compared to AED 174 billion at the end of previous month. The value of stocks traded during this month reached AED 2.8 billion, compared to AED 1.9 billion recorded during June, an increase by 53.3%. The number of stocks traded increased by 33% to reach 2.2 billion stocks during this month compared to 1.6 billion stocks were traded during June. The number of transactions executed during July up by 29% to reach 36.9 thousands compared to 28.6 thousand deals carried out during the previous month.

As for the sectors’ contribution to trading volumes, the Real Estate and Construction sector ranked first in terms of the traded value, to reach AED 1.739 billion, which is 61.2% of the total traded value in the market. The Banking sector ranked second at AED 551 million (19.4%), followed by the Services sector with AED 160 million (5.6%), the Financial and Investment Services sector with AED 128.3 million (4.5%), the Telecommunication sector with AED 102.7 million (3.6%), the Transportation sector with AED 79.4 million (2.8%), and the Insurance sector with AED 79.1 million (2.8%).

On the other hand, the value of stocks bought by institutional investors during this month reached AED 854.5 million comprising 30.1% of the total traded value. The value of stocks sold by institutional investors during the same period reached AED 572 million which constitutes 20.1% of the total value traded. Net institutional investment in-flow into DFM amounted to AED 282.5 million.


NASDAQ Dubai performance during July 2012

The value of equities traded on NASDAQ Dubai in July 2012 reached 23.4 million dollars. This was the same value that was traded in June 2012, and a fall of 12% from 26.7 million dollars in July 2011.

The FTSE NASDAQ Dubai UAE 20 index ended July 2012 at 1,637, up 6% from 1,546 from the end of June 2012 and up 19% from the end of December 2011.

The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai. It has been designed as a hedging and investment mechanism for GCC and international investors.


Indices

The Dubai Financial Market General Index increased by 6.3% to 1542.64 points at the end of July compared to 1451.87 points at the end of June.

The FTSE NASDAQ Dubai UAE 20 index ended July 2012 at 1,637, up 6% from 1,546 from the end of June 2012 and up 19% from the end of December 2011.

The index tracks 20 stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai. The stocks are chosen for high liquidity and openness to foreign investment. Read more about the constituents of the index here

Brokers’ Market share - July 2012

Members Market Share by Value (%)
Arqaam Securities 10.87
Al Ramz Securities 7.72
Mena Corp Financial Services L.L.C 7.56
Emirates NBD Securities 7.25
Abu Dhabi Islamic Securities 5.18
EFG-Hermes Brokerage 5.02
Abu Dhabi Financial Services 4.73
Daman securities center 4.28
Direct Broker for Financial Services 3.69
Emirates Islamic Financial Brokerage 3.30
Members Market Share by Value (%)
Deutsche Bank 24.23
EFG-Hermes Brokerage UAE 23.64
Arqaam Securities 15.55
Al Ramz Securities 14.36
SHUAA Securities 13.97
Direct Brokers for Financial Services 3.93
Emirates NBD Securities 2.19
Mashreq Securities 1.37
Index Securities 0.53
Al Dhabi Brokerage 0.14