Dubai’s stock exchange reported a 167 per cent surge in net profit for last year amid higher trading activity after local stocks were incorporated into MSCI’s Emerging Markets Index and new listings boosted investor appetite.
Net income at the Dubai Financial Market Company stood at Dh759.3 million, compared with Dh284.6m a year earlier, it said . Revenue rose 107 per cent to Dh936.7m last year versus Dh453.1m a year earlier.
For the fourth quarter ended December 31, DFM’s net profit rose 31 per cent to Dh138.2m from Dh105.4m in the corresponding quarter a year earlier.
MSCI, whose indexes are tracked by investors managing US$9 trillion worth of assets, upgraded the UAE from a frontier market to an emerging market in 2013. Shares were removed from MSCI’s Frontier Markets Index last year and incorporated into the Emerging Markets Index.
The result has been a total net inflow of Dh4 billion from foreigners, the bourse said without giving the previous year’s figure.
“DFM has boosted its attractiveness to local and foreign investors when the UAE was classified as a global emerging market by leading international agencies such as MSCI and S&P Dow Jones,” said Essa Kazim, the chairman at Dubai Financial Market.
Last year’s public share sale of four companies – Marka, Emar Malls, Amanat Holding and Dubai Parks & Resorts – along with the listing of Damac Properties in Dubai, helped to boost trading.
Average daily traded value jumped 136.7 per cent to Dh1.5bn last year, compared with Dh642m the previous year. DFM’s board proposed a cash dividend of 7 fils per share. A year earlier it had paid a dividend of 5 fils a share.
Equity markets have since declined amid lower oil prices.
“Dubai’s exchange needs to bring in new listings, initial public offerings and increase volumes,” said Fathi Ben Grira, the chief executive at Abu Dhabi’s Menacorp, an Abu Dhabi-based brokerage. “We expect lower volumes this year, but new IPOs might compensate for them.”
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Biog
Age: 50
Known as the UAE’s strongest man
Favourite dish: “Everything and sea food”
Hobbies: Drawing, basketball and poetry
Favourite car: Any classic car
Favourite superhero: The Hulk original
Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
Engine: 3.5-litre V6
Transmission: eight-speed automatic
Power: 290hp
Torque: 340Nm
Price: Dh155,800
On sale: now
PRIMERA LIGA FIXTURES
All times UAE ( 4 GMT)
Saturday
Atletico Madrid v Sevilla (3pm)
Alaves v Real Madrid (6.15pm)
Malaga v Athletic Bilbao (8.30pm)
Girona v Barcelona (10.45pm)
Sunday
Espanyol v Deportivo la Coruna (2pm)
Getafe v Villarreal (6.15pm)
Eibar v Celta Vigo (8.30pm)
Las Palmas v Leganes (8.30pm)
Real Sociedad v Valencia (10.45pm)
Monday
Real Betis v Levante (11.pm)
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16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
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More than 2.2 million Indian tourists arrived in UAE in 2023
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Founded: 2018
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Sector: Startups
Size: 14
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Date started: 2012
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Florida: The critical Sunshine State
Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991.
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In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.
School uniforms report
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- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
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The biog
Nickname: Mama Nadia to children, staff and parents
Education: Bachelors degree in English Literature with Social work from UAE University
As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families
Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too
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- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
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'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
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“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
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