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.
Arabian Gulf League fixtures:
Friday:
- Emirates v Hatta, 5.15pm
- Al Wahda v Al Dhafra, 5.25pm
- Al Ain v Shabab Al Ahli Dubai, 8.15pm
Saturday:
- Dibba v Ajman, 5.15pm
- Sharjah v Al Wasl, 5.20pm
- Al Jazira v Al Nasr, 8.15pm
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
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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
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.
Asian Cup 2019
Quarter-final
UAE v Australia, Friday, 8pm, Hazza bin Zayed Stadium, Al Ain
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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