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
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY%20PROFILE
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The%20specs
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Killing of Qassem Suleimani
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Results
6.30pm Madjani Stakes Rated Conditions (PA) I Dh160,000 I 1,900m I Winner: Mawahib, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm Maiden Dh150,000 I 1,400m I Winner One Season, Antonio Fresu, Satish Seemar
7.40pm: Maiden Dh150,000 I 2,000m I Winner Street Of Dreams, Pat Dobbs, Doug Watson
8.15pm Dubai Creek Listed I Dh250,000 I 1,600m I Winner Heavy Metal, Royston Ffrench, Salem bin Ghadayer
8.50pm The Entisar Listed I Dh250,000 I 2,000m I Winner Etijaah, Dane O’Neill, Doug Watson
9.25pm The Garhoud Listed I Dh250,000 I 1,200m I Winner Muarrab, Dane O’Neill, Ali Rashid Al Raihe
10pm Handicap I Dh160,000 I 1,600m I Winner Sea Skimmer, Patrick Cosgrave, Helal Al Alawi
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Notable Yas events in 2017/18
October 13-14 KartZone (complimentary trials)
December 14-16 The Gulf 12 Hours Endurance race
March 5 Yas Marina Circuit Karting Enduro event
March 8-9 UAE Rotax Max Challenge
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Fringe@Four Line-up
October 1 - Phil Nichol (stand-up comedy)
October 29 - Mandy Knight (stand-up comedy)
November 5 - Sinatra Raw (Fringe theatre)
November 8 - Imah Dumagay & Sundeep Fernandes (stand-up comedy)
November 13 - Gordon Southern (stand-up comedy)
November 22 - In Loyal Company (Fringe theatre)
November 29 - Peter Searles (comedy / theatre)
December 5 - Sinatra’s Christmas Under The Stars (music / dinner show)
MATCH INFO
Inter Milan v Juventus
Saturday, 10.45pm (UAE)
Watch the match on BeIN Sports
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Army of the Dead
Director: Zack Snyder
Stars: Dave Bautista, Ella Purnell, Omari Hardwick, Ana de la Reguera
Three stars
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
THREE
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
MATCH INFO
Uefa Champioons League semi-final, first leg:
Liverpool 5
Salah (35', 45 1'), Mane (56'), Firmino (61', 68')
Roma 2
Dzeko (81'), Perotti (85' pen)
Second leg: May 2, Stadio Olimpico, Rome
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5