- Appointing Essa Kazim as the Chairman of the Board of xCube
Dubai, UAE: – His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance, has announced the launch of xCube company that will organize and facilitate the activities of market maker companies in the Dubai Financial Market.
The launch comes as a part of the Dubai Securities and Exchange Higher Committee strategy aimed at increasing the size of the stock market in the Emirate to AED3 trillion in the coming period.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum has appointed Essa Kazim as the Chairman of the Board of xCube. Arif Amiri, Saeed Al Awar, Hind bint Mohammed Bin Kharbash and Jacques Visser have been appointed as board members.
xCube plans to develop and adopt state-of-the-art algorithms and technology to perform market making activities and high frequency trading on both cash equities and derivatives listed on local markets.
His Excellency Essa Kazim, Governor of Dubai International Financial Centre and Chairman of the Board of xCube said: “Both retail investors and institutional investors will benefit from the improved spreads and the lower volatility that often results from market makers playing an active role in markets. By bringing the latest technologies and know-how in market making to the local markets, we anticipate renewed interest from investors both locally and globally”.
xCube aims to strengthen the competitiveness of the financial markets in Dubai, and to attract more capital and investors from inside and outside the country. The market maker fund also seeks to invest in promising stocks and hedge risks, which in turn leads to enhancing the confidence of investors and create a more dynamic equities market.
The Dubai Securities and Exchange Higher Committee’s has announced last year plans to launch 2 funds with a total value of Dh3 billion to boost trading on the stock markets and encourage small and medium companies to list in the Dubai financial markets.
-Ends-
© Press Release 2022
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
