Abu Dhabi - October 7, 2008 - The floor of the Abu Dhabi Securities Exchange October 7, 2008. One investor said, "many people are very sad." ( Jeff Topping / The National ) *** Local Caption ***  JT-011-STOCKS 7F8Q2511.jpgJT-011-STOCKS 7F8Q2511.jpgBZ04JU MARKETS.jpg
The floor of the Abu Dhabi Securities Exchange. ADX is in talks to merge with the Dubai Financial Market.

ADX chief backs tie-up with Dubai bourse



The acting head of the Abu Dhabi stock exchange says he favours a merger with the Dubai bourse, but there are official and commercial considerations to navigate. Rashed al Baloushi, the acting chief executive of the Abu Dhabi Securities Exchange (ADX), said in an interview that talks about consolidating with the Dubai Financial Market (DFM) were "not a rumour".

"The exchange has to be big enough to reflect the real economy of the country. I very much wish to see the exchanges come together. I support it very much," he said. Mr al Baloushi stressed that he did not know the status of the talks because they were being held on the governmental, rather than operational, level. A source close to the situation said Abu Dhabi and Dubai officials would need to agree on issues including where the bourse would locate its headquarters, who would be chairman and how its board would be chosen. Also complicating matters was the fact that DFM was publicly traded, while the ADX was owned by the Abu Dhabi Government, the source added.

The comments provided confirmation of what has been widely discussed since Essa Kazim, the chairman of the DFM, first mentioned last month the possibility of a merger. But he later backed off those remarks. When contacted yesterday, DFM officials referred to a statement the bourse sent to the Emirates Securities and Commodities Authority this month, in which it said it "had no information or clarity about this subject" and was unable to confirm or deny merger talks. Mr Kazim declined to comment yesterday.

Three exchanges operate in the country. In December, Borse Dubai, the majority owner of DFM and NASDAQ Dubai, agreed to buy NASDAQ OMX's stake in NASDAQ Dubai. Regulatory approval for that merger is pending, but the two continue to operate independently. A final merger, eventually leading to a unified UAE bourse, has been touted by analysts as a potential catalyst for foreign investment. "If they do merge, there are synergies to be had and it is good for both the markets. It just lifts the investment profile of the UAE as a country," said Nour al Zoubi, the general manager of MAC Sharaf Securities in Dubai.

In recent weeks, the ADX and DFM have experienced low trading volumes due to a combination of uncertainty about Dubai World's debt restructuring and the European debt crisis. Mr al Baloushi is the acting head of the ADX after the departure last month of the former chief executive Tom Healy. The board was likely to discuss for the first time the process of hiring a new chief executive at its meeting on Sunday, Mr al Baloushi said.

ADX is taking several steps to increase foreign investment, including a roadshow to China this month, he said. As part of a larger delegation from the UAE, Mr al Baloushi plans to meet Chinese officials from mutual funds and other institutions that could put money to work in the region. "The purpose is to meet investors who are interested in the UAE, to present the ADX, its opportunities and how they can access our markets," he said.

The bourse is also looking to introduce products to bring in new foreign money. It introduced the UAE's first equity exchange-traded fund (ETF) two months ago and is looking to launch an Islamic equity ETF soon, said Elie Ghanem, the bourse's head of market and product development. Local investors have accounted for 91 per cent of trading activity in the ETF, although the bourse said it had seen strong interest from Japanese investors.

* with additional reporting by Sarmad Khan breagan@thenational.ae halsayegh@thenational.ae

Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a+“three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

THE SPECS

Engine: 3.6-litre V6

Transmission: nine-speed automatic

Power: 310hp

Torque: 366Nm

Price: Dh200,000

MATCH INFO

Chelsea 4 (Mount 18',Werner 44', Hudson-Odoi 49', Havertz 85')

Morecambe 0

UAE athletes heading to Paris 2024

Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

Where the Crawdads Sing

Director: Olivia Newman
Stars: Daisy Edgar-Jones, Taylor John Smith, Harris Dickinson, David Strathairn
Rating: 2/5

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

The Last White Man

Author: Mohsin Hamid 

192 pages 

Published by: Hamish Hamilton (UK), Riverhead Books (US)

Release date: out now in the US, August 11 (UK)

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

'The Alchemist's Euphoria'

Artist: Kasabian
Label: Columbia
Rating: 3/5

'Manmarziyaan' (Colour Yellow Productions, Phantom Films)
Director: Anurag Kashyap​​​​​​​
Cast: Abhishek Bachchan, Taapsee Pannu, Vicky Kaushal​​​​​​​
Rating: 3.5/5

How to join and use Abu Dhabi’s public libraries

• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.

• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.

• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.

• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.

• For more information visit the library network's website.

Sam Smith

Where: du Arena, Abu Dhabi

When: Saturday November 24

Rating: 4/5

If you go

There are regular flights from Dubai to Addis Ababa with Ethiopian Airlines with return fares from Dh1,700. Nashulai Journeys offers tailormade and ready made trips in Africa while Tesfa Tours has a number of different community trekking tours throughout northern Ethiopia. The Ben Abeba Lodge has rooms from Dh228, and champions a programme of re-forestation in the surrounding area.



Dengue fever symptoms

High fever (40°C/104°F)
Severe headache
Pain behind the eyes
Muscle and joint pains
Nausea
Vomiting
Swollen glands
Rash

SQUADS

South Africa:
Faf du Plessis (capt), Hashim Amla, Temba Bavuma, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, JP Duminy, Imran Tahir, David Miller, Wayne Parnell, Dane Paterson, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada
Coach: Ottis Gibson

Bangladesh:
Mashrafe Mortaza (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Mustafizur Rahman, Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shakib Al Hasan, Soumya Sarkar, Tamim Iqbal, Taskin Ahmed.
Coach: Chandika Hathurusingha

SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now

Baby Driver

Director: Edgar Wright

Starring: Ansel Elgort, Kevin Spacey, Jamie Foxx, Lily James

Three and a half stars

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Changing visa rules

For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.

Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.

It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.

The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.

The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 


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