Nasdaq Dubai will on Wednesday launch futures on Abu Dhabi National Oil Company for Distribution (Adnoc Distribution) and Emaar Malls in a move that will give a boost to the trading of single stock futures and, on the same day, Adnoc Distribution will list on the Abu Dhabi Securities Exchange (ADX).
“With businesses in different industry sectors and listings on different exchanges, Adnoc Distribution and Emaar Malls further diversify the opportunities for investors to hedge or take a position on our equity futures market, including making gains whether the value of the underlying share is falling or rising,” said Hamed Ali, the chief executive of Nasdaq Dubai.
The fuel retailer Adnoc Distribution raised Dh3.1 billion in an initial public offering this month, while Emaar Malls, a unit of Dubai’s biggest listed property developer Emaar Properties, joined the Dubai Financial Market (DFM) in October 2014 after raising Dh5.8bn.
The trading of single stock futures on Nasdaq Dubai, which began in September 2016 with seven UAE-listed companies, will expand to 16 companies with the inclusion of Emaar Malls and Adnoc Distribution. The single stock futures include Emaar Development, which was added in November following its floatation that raised Dh4.8bn.
Nasdaq Dubai is extending its offerings in a bid to attract more investors to its derivatives market, where more than 2.9 million futures contracts have traded since the platform opened.
“We will maintain the expansion of our derivatives platform by adding further products based on UAE and other regional markets in coming months and years,” Mr Ali said.
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Read more:
[ Nasdaq Dubai, DFM to launch index-linked futures contracts ]
[ ADX follows Dubai bourse into the futures with Nasdaq ]
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Dubai-based Shuua Capital, which is the market maker for all Nasdaq Dubai's single stock futures, will provide market-making services to the two new stocks.
In October, the Nasdaq Dubai and ADX said they agreed this year to launch a futures contract linked to the Abu Dhabi General Index, following a similar agreement with the DFM to start a futures contract linked to the DFM General Index, which would be traded on Nasdaq Dubai's derivatives platform.
Launch dates for the futures contracts will be announced soon, Nasdaq Dubai said on Tuesday.
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.
Stock exchanges in the UAE are offering new services and asset classes in a bid to woo more foreign investors and increase liquidity.
ADX in October 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.
The DFM also plans to launch regulated short-selling to boost liquidity in stocks and equity futures, but has declined to give a timetable.
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
The specs: 2024 Mercedes E200
Engine: 2.0-litre four-cyl turbo + mild hybrid
Power: 204hp at 5,800rpm +23hp hybrid boost
Torque: 320Nm at 1,800rpm +205Nm hybrid boost
Transmission: 9-speed auto
Fuel consumption: 7.3L/100km
On sale: November/December
Price: From Dh205,000 (estimate)
World Cup 2023 ticket sales
August 25 – Non-India warm-up matches and all non-India event matches
August 30 – India matches at Guwahati and Trivandrum
August 31 – India matches at Chennai, Delhi and Pune
September 1 – India matches at Dharamsala, Lucknow and Mumbai
September 2 – India matches at Bengaluru and Kolkata
September 3 – India matches at Ahmedabad
September 15 – Semi-finals and Final
SPECS
Engine: 2-litre 4-cylinder turbo
Power: 268hp
Torque: 380Nm
Price: From Dh208,000
On sale: Now
SPECS
Engine: 2-litre 4-cylinder petrol (V Class); electric motor with 60kW or 90kW powerpack (EQV)
Power: 233hp (V Class, best option); 204hp (EQV, best option)
Torque: 350Nm (V Class, best option); TBA (EQV)
On sale: Mid-2024
Price: TBA
The specs
Engine: 3.0 twin-turbo inline six-cylinder
Transmission: eight-speed
Power: 503hp
Torque: 600Nm
Price: from Dh400,000 (estimate)
On sale: now
Indika
Developer: 11 Bit Studios
Publisher: Odd Meter
Console: PlayStation 5, PC and Xbox series X/S
Rating: 4/5
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
Star Wars: Episode I – The Phantom Menace
Developer: Big Ape Productions
Publisher: LucasArts
Consoles: PC, PlayStation
Rating: 2/5
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
COMPANY PROFILE
Name: Elmawkaa
Based: Hub71, Abu Dhabi
Founders: Ebrahem Anwar, Mahmoud Habib and Mohamed Thabet
Sector: PropTech
Total funding: $400,000
Investors: 500 Startups, Flat6Labs and angel investors
Number of employees: 12
