His Excellency Essa Kazim:

  • Our success is driven by the proficiency and innovation of employees and we are well positioned for further achievements in the future

  • Enabling participants' access to the market through Smart Borse as well as realizing the full capacity of the economy are our main strategic pillars for the upcoming period

Dubai, March 30, 2015:

Dubai Financial Market (DFM) has organized its Annual Gathering for employees as the leading financial market locally, regionally and internationally celebrates its 15th anniversary. The gathering aimed at recognizing the vital role of the employees through its successful journey. During the event, His Excellency Essa Kazim, Chairman of DFM, has highly commended employees' integral role in strengthening DFM's leading position as (The World Class Regional Marketplace), in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai to further reinforce Dubai as a dynamic financial hub globally.

The gathering was held at the Raffles Hotel in the presence of Mr. Rashid Al Shamsi, Vice Chairman, Mr. Ali Rashid Almazroei, Board Member, as well as Division heads. HE Essa Kazim underlined the key milestones of DFM's momentous journey over the past 15 years since the exchange was inaugurated by His Highness Sheikh Mohammed bin Rashid Al Maktoum on March 26, 2000.

The Chairman voiced his pride at what DFM has achieved through its 15 years history, as it surmounted early challenges and rapidly succeeded to lead regional markets and obtain a significant status amongst prominent financial markets across the world, strengthening Dubai's position as a global financial hub in line with the vision and directions of the Emirate's leadership.

According to HE Essa Kazim, the establishment of DFM was the beginning of a new era in the financial markets in the UAE in particular and the region in general. DFM initiated its journey making use of the most advanced trading and clearing technologies, replacing the traditional over the counter trading with a highly regulated market environment. Through its 15 years history, the DFM has  successfully managed to accomplish its vital role of providing an effective platform that has enabled companies to expand and massively transform various economic sectors in the Emirate including; Real Estate, Banking, Investment, Services and others. DFM-listed companies have raised AED 34 billion through IPOs or capital increases to implement their expansion plans. The DFM also provides an attractive platform that offers sizable investment opportunities for local and international investors enabling them to participate in the significant and constant growth of Dubai's economy. Total trading value amounted to AED 2.4 trillion over the past 15 years.

DFM is the first regional exchange to go public, offering 20% of its AED 8 billion capital in 2006 ahead of the DFM Company listing on March 7th 2007. As the first Sharia'a compliant exchange globally, since 2007, DFM has played an integral role in Dubai's efforts to become the Capital of Islamic economy. It has issued the Standard of owning and trading in stocks as well as the Standard for Sukuk. It also pursues intensive efforts to enhance Dubai's position as the global Sukuk centre, which lifted the total value of Sukuk listed on the emirate from AED 30 billion early 2013 to AED 88 billion by the end of 2014.

HE Essa Kazim said: "DFM's efforts and initiatives to further enhance its infrastructure in line with international best practices such as Delivery versus Payment (DvP), Buyer Cash Compensation and Market Making have been decisive in the upgrade of the UAE to Emerging Market status by international companies such as MSCI and S&P Dow Jones. The DFM is a regional leader in adopting the most advanced trading platforms and technologies. In 2009, the DFM introduced the X-Stream platform and it is at the forefront regionally in providing a fair and transparent market place. The DFM implemented SMARTS, the highly advanced market surveillance system, in 2009 and it is currently preparing for its ambitious Smart Borse project."

HE Essa Kazim reaffirmed that the DFM is well positioned to accomplish further successes that noticeably exceed what has been achieved in the past, supported by its world class trading and clearing systems and regulations. The two pillars of DFM strategy over the coming period are to fully transform into Smart Borse, enabling participants to access market services through smart tools and from their hand-held devices, as well as striving to achieve the best representation of the economic sectors. Although sectors representing as much as 65% of the GDP still absent from the exchange, HE Essa Kazim is optimistic about DFM's ability to reach more balanced representation of the Dubai economy, with the implementation of IPOs for companies from the retail, education, healthcare and tourism sectors during the second half of 2014, as suggested by initial  indications.

-Ends-

About Dubai Financial Market
Dubai Financial Market (DFM) was established as a public institution with its own independent corporate body. DFM operates as a secondary market for the trading of securities issued by public shareholding companies, bonds issued by the Federal Government or any of the local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the market. The DFM commenced operations on March 26, 2000. Following its initial public offering in November 2006, when DFM offered 1.6 billion shares, representing 20 per cent of its paid-up capital of AED 8 billion, DFM became a public joint stock company. Following the IPO, the Government of Dubai retained the remaining 80 per cent of DFM Company through Borse Dubai Limited. www.dfm.ae

For further information, please contact:
Atef Fathy
Vice President- Head of Media & Public Relations
Dubai Financial Market
Tel: 04-3055334
Email: afathy@dfm.ae

© Press Release 2015