Former Nasdaq exec named CEO of Dubai Financial Market

New appointment part of efforts to 'empower new leaders'

  
A woman walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. Image used for illustrative purpose

A woman walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. Image used for illustrative purpose

REUTERS/Christopher Pike

The Dubai Financial Market (DFM), which operates the Dubai stock exchange, has announced the appointment of Hamed Ahmed Ali as the new Chief Executive Officer (CEO), following a reshuffle of the  board that started last week. 

The newly formed board of directors approved the appointment as part of efforts to “empower new leaders”, the DFM said, citing that Ali has “considerable experiences and achievements in the capital markets sector”. 

Ali was previously appointed Deputy CEO and Chief Markets Officer of DFM in July 2020. Between 2006 and 2008, he served as Executive Director of Nasdaq Dubai. He had also served as Chief Operating Officer of the Dubai International Financial Centre (DIFC) Authority and Executive Director at the Dubai Knowledge and Human Development Authority. 

Last week, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance, announced the DFM’s new board of directors headed by Helal Al-Marri as the new chairman. 

The official had earlier revealed plans to list ten government and state-owned companies on the DFM and expand the stock market’s size to 3 trillion dirhams ($816 billion). 

Further plans 

In its first meeting, the board also elected Wesam Lootah as vice chairman, formed a new compliance committee in charge of market regulations and tackled plans to further strengthen Dubai’s leading status as a global capital markets hub. 

“The DFM is well-positioned to reinforce its dynamic role given its world-class infrastructure and regulations, as well as its highly capable team noting that Emirati talents account for the vast majority of them,” said Al Marri. 

“It is imperative that we jointly work to realise the leadership’s vision on developing Dubai’s capital markets and to elevate to leadership’s expectation.” 

 (Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitiv.com 

Disclaimer: This article 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. Read our full disclaimer policy here.

© ZAWYA 2021

More From Equities