The Abu Dhabi Securities Exchange (ADX) said yesterday that it had made enhancements to its trading system, the improvement of which is a key factor in achieving emerging market status.
The UAE's stock markets - the ADX, Dubai Financial Market and Nasdaq Dubai - are still classified as frontier by MSCI after the index provider decided against an upgrade last summer, citing concerns "regarding specific market accessibility issues related to custody and clearing and settlement".
The new procedure, which will take effect next month, means that a buying investor will be paid cash compensation in the event of securities being unavailable for delivery to the buying investor on settlement date, the ADX said yesterday.
This is called a buyer cash compensation (BCC) settlement procedure and relates to delivery versus payment mechanisms.
"With the implementation of BCC, ADX not only seeks to reinforce the current implemented DVP [delivery versus payment] model, but also to keep in adherence with international standards for financial markets infrastructure," it said.
Rashed Al Baloushi, the ADX chief executive, said "applying this … will assist us in utilising the necessary measures to strengthen our overall frameworks, minimise operational risk, and streamline processes for effective day-to-day operations which will be vital as we continue to enhance services we provide to our stakeholders".
ADX said it would be conducting briefing sessions for its market participants to explain the many aspects of the new procedure.
An upgrading by MSCI to emerging market status is expected to bring greater liquidity to local markets and mark a key moment in the development of regional capital markets. Qatar is seeking a similar upgrade.
Criteria for index inclusion includes economic development, size and liquidity requirements as well as market accessibility factors.
The latter category includes foreign ownership limits, clearing and settlement and DVP mechanisms.
The UAE in November 2011 introduced a DVP system, where cash is paid at the same time when securities are delivered. However, traders have complained of glitches in the system.
Local equities have performed strongly this year, showing an increase in volumes and renewed interest in property and banking stocks.
The MSCI UAE index was one of the top frontier market performers in the first quarter, showing a return of almost 25 per cent.
Emerging market indexes traded lower for the most part during the first three months of the year.
business@thenational.ae
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Kabir Singh
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Directed by: Sandeep Reddy Vanga
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A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
UAE currency: the story behind the money in your pockets
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- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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Engine 3.9L twin-turbo V8
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
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- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
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Transmission: eight-speed automatic
Power: 290hp
Torque: 340Nm
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Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
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- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
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- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
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- Sheryll Murray
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- John Whittingdale
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
