Dubai Financial Market’s board of directors has appointed Hamed Ahmed Ali as its new chief executive after the bourse's board was reshuffled last week.
Mr Ali previously worked as deputy chief executive and chief markets officer at the DFM. He also served as chief executive of Nasdaq Dubai and chief operating officer of Dubai International Financial Centre.
He led Nasdaq Dubai to become one of the largest exchanges in the world for sukuk listings and the largest exchange in the Middle East for the US dollar-denominated sukuk and bonds listings, DFM said.
The new chief executive also led the expansion of existing markets and activities at both exchanges and developed new areas of growth, building on the synergies between DFM and Nasdaq Dubai.
The board appointed him to the top post “as part of endeavours to empower new leaders, citing his considerable experiences and achievements in the capital markets sector”.
Last week, Dubai appointed a new board of directors for DFM headed by Helal Saeed Al Marri.
The new board is directed to develop plans and strategies to spur growth and double the size of Dubai's financial markets to Dh3 trillion ($816.7 billion), the Government of Dubai Media Office said last week.
The newly elected board held its first meeting on Monday.
“The DFM is well positioned to reinforce its dynamic role given its world-class infrastructure and regulations as well as its highly capable team noting that Emirati talents account for the vast majority of them,” Mr Al Marri said.
“It is imperative that we jointly work to realise the leadership’s vision on developing Dubai’s capital markets.”
The board has formed a new compliance committee in charge of market regulations in line with international best practices. It also approved the formation of other committees, including an audit committee, a nominations and remunerations committee, and an investment committee.
Dubai is looking to boost its stock market and attract more listings as it seeks to tap into a growing appetite for initial public offerings in the region.
The emirate revealed plans to list 10 state-owned companies as part of its strategy to increase the financial market's size. Dubai Water and Electricity Authority, the government-owned utility company, will be the first government entity to go public on the DFM in the “coming months”, Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance said on Twitter last week.
The government also approved a market-maker fund worth Dh2bn to encourage listings from sectors such as energy, logistics and retail.
The DFM exchange, which has rallied more than 24 per cent since the start of the year, is currently dominated by financial services and real estate companies.