Dubai stocks ended 4.55 per cent lower in 2017, a year to forget for Arabian Gulf equities. Jasper Juinen / Bloomberg
Dubai stocks ended 4.55 per cent lower in 2017, a year to forget for Arabian Gulf equities. Jasper Juinen / Bloomberg

Nasdaq Dubai, DFM to launch index-linked futures contracts



Nasdaq Dubai and the Dubai Financial Market (DFM) will this year launch futures contracts linked to the DFM General Index (DFMGI) that will trade on Nasdaq Dubai's equity futures market, in a move aimed to expand the exchanges' offerings to investors.

“Subject to regulatory approval, trading of DFMGI futures is expected to begin later this year with the support of leading UAE brokers, targeted at professional and institutional investors to enable them to take a macro view on the DFM market,” the exchanges said in a joint statement.

Nasdaq Dubai last year launched single-stock equity futures that now feature 13 companies, including eight traded on the DFM. 

“The diversification of products’ range and offering new investment opportunities to our enormous investor base is one of the main pillars of DFM’s strategy 2021,” said Essa Kazim, chairman of DFM.

“We believe that the launch of futures on the DFMGI will be a milestone in the development of Dubai’s financial landscape by offering versatile products that are tailored to the needs of international as well as regional ­investors.”

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Nasdaq Dubai, which launched the futures market last September, has had a surge in traded contracts volume, which jumped 80 per cent to 1.57 million contracts in the six-month period ending August 31 compared with 874,000 contracts in the first six-month period.

“The addition of a DFMGI-linked product to Nasdaq Dubai’s equity futures represents a substantial expansion of the market and widens the opportunities for investors who wish to hedge or invest, as well as make gains whether the value of the index is falling or rising,” said Hamed Ali, chief executive of Nasdaq Dubai.

“The two exchanges will further increase their co-operation in order to make Dubai a leading international centre for trading and clearing a wide range of equity derivatives.”     

The new instruments are expected to attract a range of investors from retail to institutional investors, according to Julian Bruce, the head of institutional trading at Egyptian investment bank EFG Hermes in Dubai.

“There is a an underlying interest and demand from a variety of different investors to be able to access such products in the UAE, so it’s a positive development,” said Mr Bruce.

“There is an ongoing increase in the usage of derivatives by regional-based institutions and so it will only continue to grow and once clearing capabilities are introduced for DVP [delivery-versus-payment], clients then international institutions of a variety of types will be also able to participate.”

DVP means the payment settlement system provides a mechanism to ensure that delivery of securities will occur only if payment for such securities has been cleared.

Nasdaq Dubai has been expanding its remit to help attract more investors and diversify its offerings.

The exchange signed a licence agreement with the index complier MSCI to use its widely-tracked regional indexes to create derivative products to be traded on Nasdaq Dubai’s derivatives platform. 

The DFM also yesterday reiterated its plans to launch regulated short-selling to boost liquidity in stocks and equity futures, but declined to give a timetable. 

The Abu Dhabi Securities Exchange last week introduced a limited form of short-selling for 10 stocks including FAB, the country’s biggest lender, the telecoms operator Etisalat, the lender Abu Dhabi Commercial Bank and the developer Aldar Properties.

Leaderboard

63 - Mike Lorenzo-Vera (FRA)

64 - Rory McIlroy (NIR)

66 - Jon Rahm (ESP)

67 - Tom Lewis (ENG), Tommy Fleetwood (ENG)

68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)

69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)

TICKETS

For tickets for the two-day Maharlika Pilipinas Basketball League (MPBL) event, entitled Dubai Invasion 2019, on September 27 and 28 go to www.meraticket.com.

RESULTS

6pm: Marfa Deira – Conditions (PA) Dh80,000 (Dirt) 1,200m
Winner: Wadheha, Bernardo Pinheiro (jockey), Majed Al Jahouri (trainer)
6.35pm: Dubai Creek – Maiden (TB) Dh82,500 (D) 1,400m
Winner: Barq Al Emarat, Bernardo Pinheiro, Ismail Mohammed
7.10pm: Mina Hamriya – Handicap (TB) Dh95,000 (D) 1,600m
Winner: Tahdeed, Dane O’Neill, Michael Costa
7.45pm: Mina Rashid – Maiden (TB) Dh82,500 (D) 1,900m
Winner: Seyaasi, Xavier Ziani, Salem bin Ghadayer
8.20pm: Al Garhoud Sprint DP World – Listed (TB) Dh132,500 (D) 1,200m
Winner: Mouheeb, Ray Dawson, Michael Costa
8.55pm: Mirdiff Stakes Jebel Ali Port – Conditions (TB) Dh120,000 (D) 1,400m
Winner: Seyouff, Antonio Fresu, Michael Costa
9.30pm: Jebel Ali Free Zone – Handicap (TB) Dh95,000 (D) 2,000m
Winner: Ajuste Fiscal, Jose da Silva, Julio Olascoaga

HAJJAN

Director: Abu Bakr Shawky 


Starring: Omar Alatawi, Tulin Essam, Ibrahim Al-Hasawi 


Rating: 4/5

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

LOS ANGELES GALAXY 2 MANCHESTER UNITED 5

Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')

SPECS

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

SEMI-FINAL

Monterrey 1 

Funes Mori (14)

Liverpool 2

Keita (11), Firmino (90+1)

Kamindu Mendis bio

Full name: Pasqual Handi Kamindu Dilanka Mendis

Born: September 30, 1998

Age: 20 years and 26 days

Nationality: Sri Lankan

Major teams Sri Lanka's Under 19 team

Batting style: Left-hander

Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

The bio

Academics: Phd in strategic management in University of Wales

Number one caps: His best-seller caps are in shades of grey, blue, black and yellow

Reading: Is immersed in books on colours to understand more about the usage of different shades

Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus

Cars: Loves exotic cars and currently drives a Bentley Bentayga

Holiday: Favourite travel destinations are London and St Tropez

The chef's advice

Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.

“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”

Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.

The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.

UAE gold medallists:

Omar Al Suweidi (46kg), Khaled Al Shehhi (50kg), Khalifa Humaid Al Kaabi (60kg), Omar Al Fadhli (62kg), Mohammed Ali Al Suweidi (66kg), Omar Ahmed Al Hosani (73), all in the U18’s, and Khalid Eskandar Al Blooshi (56kg) in the U21s.

Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside


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