FEWA And du Finalise Landmark Agreement

In continuation of the signing of a Memorandum of Understanding (MoU) between du and the Federal Electricity and Water Authority (FEWA) in January 2010, a strategic agreement has been finalised that will give du immediate access to FEWA’s extensive Dark Fibre Network. The partnership allows du and FEWA to optimally utilise their respective network resources to enhance the scope of their services and operations efficiency for the benefit of all UAE residents.

The agreement supports du’s plans and is a stepping stone in extending the reach of its fixed services to Northern Emirates which will allow individuals and businesses to enjoy du home and business fixed services.

Commenting on the agreement, Osman Sultan, CEO, du, said: “We believe that increased cooperation between the private and public sectors based on mutual synergies is the way forward. We are proud of this agreement, which is part of our continuous efforts to strengthen our fixed and mobile network capabilities, and is a significant part of our preparations to extend our fixed services footprint nationwide this year.”

Mohammed Mohammed Saleh, General Manager, Federal Electricity & Water Authority (FEWA), said: “Infrastructure is a national asset and we wanted to capitalise on our Dark Fibre Network for the benefit the UAE telecom sector, we are proud of this partnership with du and wish them all the best in expanding their national fixed footprint”.

The initial MoU was signed between Mohammed Mohammed Saleh, General Manager, Federal Electricity & Water Authority (FEWA), and Osman Sultan, CEO of du, in January 2010.
 

Meydan and Emirates Airline announce landmark purchase agreement

Meydan Group today announced the signing of a significant purchase agreement with Emirates Airline for a new gated community of 528 townhouses called Meydan Heights. This is the first project of its kind for Meydan Group and Emirates Airline, with both parties collaborating closely to conceptualise, design and develop what will be contemporary and modern housing for their pilots based in Dubai.

Located next to the training tracks at Meydan Racecourse, Meydan Heights will be built to Emirates’ exacting standards and will feature 528 townhouses with designated areas for a private clubhouse, commercial centre and children’s playgrounds. Developed as a private gated community exclusively for the airline’s pilots, the townhouses are designed to house four ensuite bedrooms, living and dining rooms, a maid’s room and a garage for two automobiles. With its convenient location close to both the city centre and Dubai International Airport, Meydan Heights will provide a quiet and serene environment for its residents.

Emirates currently flies to 111 destinations with a fleet of 152 aircraft. The airline is growing rapidly with a further 200 aircraft on order. To maintain this growth, Emirates is currently recruiting a number of new pilots and meeting the housing requirements for these new pilots has been a key strategic consideration in partnering with Meydan Group.

With a total project plot size of 2,940,793 square feet, the 15-year Lease-to-Own tenure agreement for Meydan Heights has seen the finalisation of its planning and design phases, with tenders soon to be announced for construction-related suppliers.

Saeed Humaid Al Tayer, Chairman of the Board and CEO of Meydan said: "This is a landmark development not only because it will be a built-to-specifications project by Meydan Group in collaboration with Emirates Airline, but because it also allows us to showcase our continued commitment to developing projects which set the benchmark for exceptional design and build-quality. Emirates Airline is not only a global leader in its industry, but a company that is renowned for having a strong focus on employee welfare. Meydan Heights aims to be the blueprint development for providing the airline with quality housing which will meet the exacting standards by which the airline is known for."

Al Tayer added, "Working in conjunction with the project team on Meydan Heights represents a paradigm shift in looking beyond the traditional business model and seeking new ways to maximise a cohesive synergy between our companies. It represents an evolution of what are already very strong partnerships." Ali Mubarak Al Soori, Executive Vice President of Chairman’s Office, Facilities, Projects Management and Procurement & Logistics, The Emirates Group said: "With Emirates’ continued growth we have a need to implement a strong recruitment drive to ensure we meet the demands of our fleet and network expansion. Recruiting the best pilots means providing them not only with maximum job satisfaction but also with a harmonious living environment and we are confident that Meydan Heights will provide this."

Mr. Al Soori added, "Meydan Group was an obvious choice for several reasons; we have a long-standing and successful partnership via our sponsorship of the Dubai World Cup and like Emirates, they are a leading, globally recognised brand. Most importantly, as a premier developer, they have been responsible for some of Dubai’s most iconic and successful projects such as the Meydan Grandstand and Racecourse."

Princess Haya Initiative Joins Hands With Landmark Groups Beat Diabetes Initiative To Launch The First Official Dubai Schools Football League

Princess Haya Initiative for the Development of Health, Physical Education and School Sports, which is a implemented by Dubai School Agency of the Knowledge and Human Development Association (KHDA), today launched the first official Dubai Schools Football League in tie-up with Beat Diabetes, Landmark Group’s corporate social responsibility (CSR) initiative.

The Dubai Schools Football League will see students from over 48 schools teams demonstrating their talents in the most popular game in the world and showing their commitment to physical activity. In addition to 32 boys’ school teams playing 11-a-side matches, the championship will also witness 16 girl school teams competing in seven-a-side matches; the games will be played at school grounds and major clubs across Dubai. The finals for both leagues will be played on 28 February.

Alongside the league matches, Landmark Group’s Beat Diabetes initiative will host health camps in schools. The campaign aims to encourage students to implement an active lifestyle and educate them about the dangers of juvenile diabetes and conduct a nutrition assessment as well as diabetes tests for children. The health camps that run from February – May will use safe and non-intrusive procedures such as Basal Metabolic Index (BMI) testing that will be conducted by qualified physicians from Zulekha Hospitals who are the medical partner for this initiative.

Fatma Al-Marri, CEO, Knowledge and Human Development Association (KHDA), said: “We have been implementing the Princess Haya Initiative in public schools since 2007. In addition to giving a new dimension to Physical Education (PE) programmes, the initiative has also increased student participation. In the larger context, it seeks to instill the benefits of a healthy, active lifestyle among students and offer them an opportunity to experience a variety of physical activities.

“The support of Landmark Group’s Beat Diabetes campaign for the Dubai Schools Football League
Championship is crucial. Its shared mission of encouraging physical activities to fight diabetes, which poses a growing concern for all age groups, remains one of the main objectives of the Princess Haya Initiative.”

Renuka Jagtiani, Vice Chairperson, Landmark Group, who spearheads the Group’s Beat Diabetes initiatives, said: “Over the past few years, we have all become far more aware of the serious health risk that childhood obesity and juvenile diabetes pose. Through our Beat Diabetes campaign, we proactively seek opportunities to support credible public health initiatives. We respect the efforts made by the Princess Haya Initiative for School Sports and are proud to partner with them for the Dubai School Football League.”

Ahmad Abdul-Rahman, Project Manager of Princess Haya Initiative for the Development of Health, Physical Education and School Sports said: “Dubai Schools Football League is a part of our objective to restructure the school sports system for school children. We have commenced the initiative with football as the game holds high appeal among all age categories. However, we aim to add a new sport each year. We are fortunate to have over 200 nationalities living in Dubai, and we hope to see students from all cultures come together in a spirit of sportsmanship for a common cause.”

The Dubai Schools Football League is supported by Channel 4 Network and Zulekha Hospitals.
 

UAE Residents Turn Up in Thousands to Show Support for Landmark Groups Beat Diabetes Walkathon

Landmark Group, the region’s leading retail and hospitality conglomerate, today announced over 7,500 UAE residents joined legendary cricketer WasimAkramto participate in the second ’Beat Diabetes Walkathon’ at the Oasis Centre in Dubai.

Organized by the Landmark Group andsupported by Dubai Sports Council,the initiative to raise awareness on diabetes,also witnessed allparticipantscoming forward to get their blood glucose levels tested at the walkathon. Free testing will continue at Oasis Centre over the weekend on November 12& 13.Other partners in theendeavourincludeRashid Hospital and LifescanJohnson & Johnson.

RenukaJagtiani, Vice Chairpersonof the Landmark Group,WasimAkram, International cricketer and a global spokesperson for diabetes and Rashid Al Kamali, Commercial Director of Dubai Sports Council, joined the residents sporting blue ’Beat Diabetes’ T-shirts to walk through the 3.1 kmroutestarting at Oasis Centre.

RenukaJagtianisaid: "The unprecedented support we have received from all quarters for our second Beat Diabetes Walkathon is indeed heartening. We are proud of the residentsof the UAEwho stepped out of their homes on a Friday morning to show support for a cause that truly deserves due attention. This only sets the tone for the other Beat Diabetes Walkathons being hosted across five morecountries, where we have launched the campaign this year – Bahrain, Oman, Kuwait, Qatar & India.

We are confidenttoday is only the beginning of a long-term commitment to a better lifestyle that first-timers at the Walkathon have demonstrated. Diabetes is a very real threat for us all, and we hope the cause is adequately highlighted to spread awarenessfor the benefit of everyone across the region."

The Beat Diabetes Walkathon began with a high octane mass warm-up conducted by Fitness First for all the participants, followed by a diabetic Tai-chi demonstration by Master John Duval, a 5 Dan black belt from Shaolin Temple, with over 20 years of experience. Free bloodglucose testing along with a healthy breakfast werealso offered toall participants.

WasimAkram, international cricketer and spokesperson for diabeteswho led the walkathon, said: "Diabetes is a serious threat to anyone& affects people of all ages. My personal struggle with the condition has required a lot of patience. Like any other person, maintaining a consistent, disciplined lifestyle and monitoring sugar levels has always remained a challenge."

"The Landmark Group’s ’Beat Diabetes’ initiative has been very inspiring and informative. It was great to see so many people turn up to show their support andjoin us in this walkathon to raise awareness aboutdiabetes and take the first step towards leading a healthier lifestyle – by taking the test."

Also speaking at the event were Rashid Al Kamali, Commercial Director, Dubai Sports Council and Dr. Rima Tahan from the Diabetes Unit at Rashid Hospital.

Landmark Group has a presence across all categories within the retail sector and has diversified to areas such as hospitality and leisure.
 

Landmark Group Launches Second Edition Of Beat Diabetes Walkathon

Landmark Group, the region’s leading retail and hospitality conglomerate, today announced the launch of the second edition of its ‘Beat Diabetes’ walkathon, a corporate social responsibility (CSR) initiative aimed to further spread awareness about the condition and its causes among the wider community.

The launch ceremony at Citymax Hotel, Al Barsha was attended by Dr. Ahmed Al Sharif, Secretary-General of Dubai Sports Council, Wasim Akram, legendary cricketer and an international spokesperson for diabetes, and Vipen Sethi, CEO, Landmark Group.

In its second edition, the campaign expands to five new countries – Kuwait, Oman, Qatar, Bahrain and India, in addition to the UAE. In 2011, the campaign will also move to other countries where Landmark Group has a presence.

The ‘Beat Diabetes’ campaign this year will host walkathons and free blood glucose screening across all the six participating countries throughout the month of November. Wasim Akram has pledged his support to the campaign while Dubai Sports Council will be the supporting partner for the Beat Diabetes walkathon on Friday, November 12 in Dubai at the Oasis Centre mall.

Vipen Sethi, CEO, Landmark Group, said: “Diabetes is growing at an alarming rate across the globe. When we reviewed the research figures about its impact on this region last year, we realised that a high percentage of the individuals who are living with Type-2 diabetes are not even aware of the fact that they are suffering from this condition. This prompted us to take up the cause and help spread awareness about diabetes.

“As a retail network of over 900 stores across 15 markets, we realised it is also our responsibility to communicate to our customers the need for regular medical check-ups, adopting the right lifestyle and help increase awareness levels in the community. At this stage, we are focused on relaying this message through partnerships with specialist organizations and like-minded corporations.”

Dr. Ahmed Al Sharif, Secretary-General of Dubai Sports Council, said: “This is a commendable initiative from Landmark Group. We welcome such endeavours from private sector organisations not only because healthcare needs public-private partnership if the benefits are to reach everyone in the community but also this event is in line with our vision of creating a unique sports community. We are confident the ‘Beat Diabetes’ campaign will positively impact the community at large and inspire people to lead active lifestyles and adopt a balanced diet to reduce the risk of acquiring this medical condition.

“At the Dubai Sports Council, along with cultivating a strong sporting and cultural talent for the youth of the country, it is also our mission to advocate a healthy lifestyle for people to follow.”

In 2009, the Landmark Group ‘Beat Diabetes’ walkathon attracted over 5,000 people and offered free blood glucose testing service to all the participants.

Wasim Akram said: “It is good to see Landmark Group taking the initiative to continue the ‘Beat Diabetes’ campaign to the second year. I will join the ‘Beat Diabetes’ walkathon’ in Dubai on 12 November, and urge everyone in the community to come forward to support this cause. Awareness is the first step in the battle against this condition”

Wasim’s personal battle with diabetes has been a source of inspiration to several individuals. The role model cited his disciplined lifestyle and a concerted effort to observe a healthy diet as the key factors that have helped him cope with the disease.

Landmark Group has a presence across all categories within the retail sector and has diversified to areas such as hospitality and leisure.
 

Landmark Group Unveils Shukran Customer Loyalty Programme In UAE

Landmark Group, the region’s leading retail and hospitality conglomerate, today announced the UAE launch of Shukran, its rebranded loyalty initiative, offering rewards and points across several leading brands within the fashion, lifestyle, food, hospitality and leisure space.

The new loyalty card, previously known as the Centrepoint Privilege Club Card, is being introduced in a phased manner since mid-September across countries where the Group has a presence.

Across the UAE, Landmark Group will embark upon a rigorous exercise of extending the Shukran cards to the existing loyalty customer-base while aiming to add new members to the programme. As a first step towards the roll out of the rebranded loyalty initiative, existing members will receive welcome packs with introductory letters explaining the new benefits that Shukran will entitle them to and their own Shukran card.

Shukran has been re-launched successfully across Bahrain, Oman, Kuwait, and Qatar, while early October witnessed its first time launch in Jordan. The loyalty programme will soon be re-launched in Saudi Arabia as well. The rebranded customer loyalty programme will reach over 800 outlets in seven countries and cover more than 1.5 million members.

Micky Jagtiani, Chairman, Landmark Group, said: “We have enjoyed the overwhelming support of our customers on the basis of a relationship built over nearly four decades. Our loyalty plan will help customers maximise the value they receive with every purchase. Shukran will offer our loyal customers the chance to earn and redeem benefits and shopping rewards across a wider array of Landmark Group’s brands. It is our way of supporting our customers for their loyalty.”

Vipen Sethi, CEO, Landmark Group, said: “Landmark Group has always maintained a proactive approach towards retaining customers and we consider our loyal customers as our most significant shopper-base. On account of being ambassadors who graciously endorse our products and brands, they share a relationship with the Group.

“As the Group has grown and diversified its interests since the launch of our first loyalty programme, we have redesigned it to now offer a much wider array of benefits and rewards. With Shukran, our loyalty programme members will enjoy a much more enticing set of offerings, with benefits across our retail, wellness, food and hospitality brands. Shukran will surely be the region’s largest and most rewarding customer loyalty programme.”

In the UAE, some of the region’s most loved brands that will offer rewards and benefits through the Shukran card include Centrepoint, Babyshop, Shoe Mart, Splash, Lifestyle, Beautybay, Home Centre, Q Home Decor, Emax, Iconic, Max, Shoexpress, New Look, Koton, Ecco, Pablosky, Kurt Geiger, Dumond, Foot Solutions, Bianco, Fun City, F&B Outlets in Citymax Hotels (Lounge Bar, Maxx Music Grill & Lounge Bar, Clay Pot, Sizzling Wok, Sports Bar), Spaces, Bazerkan, Bite Cafe, La Gaufrette, Wild Ginger, Zafran, Carluccio’s, Mango Tree, Mango Tree Bistro and Ushna.

Epitomising the programme, the rebranded Shukran loyalty card elicits members to shop, dine, play or simply indulge, and find over a million ways to reward themselves.

A leader in the Middle East retail industry with operations across 12 markets, the Landmark Group has successfully established its procurement might and offers high value for money to customers.

Landmark Group Acquires MENA Franchise Of Fitness First

Landmark Group, the leading retail and hospitality Group based in Dubai with a turnover of US$3.8 billion, has acquired the Fitness First franchise business in the MENA region, through its investment arm Landmark Investments.

The transaction, which has been completed, includes the 100 per cent buyout of the business from current franchisee Awwal Fitness Ltd, a Jebel Ali free zone company and part of the Alhokair Group of Saudi Arabia. Alhokair Group is also a major landlord of the Landmark Group in Saudi Arabia.

Fitness First Plc is the largest privately owned health club group in the world with over 540 Fitness First clubs worldwide, reaching 1.4 million members across Europe, Australia, Asia and the Middle East.

Micky Jagtiani, Chairman of Landmark Group, said: “We are excited about this very significant expansion of Landmark Group into the health and fitness segment. Fitness First is a globally recognised brand with an enthusiastic following that fits perfectly into our fast growing cluster of retail and hospitality brands.”

The Fitness First Middle East franchise business presently operates 16 outlets in Bahrain, Qatar, Jordan, Saudi Arabia and the UAE. The Landmark Group looks forward to expanding the operations and providing the ‘Fitness First experience’ to a much larger base of customers in the MENA region.

Fawaz Alhokair, Chairman of the Alhokair Group, said: “We are proud with what we have achieved in such a short time – I am sure the Fitness First brand is in safe hands with the Landmark Group’s expertise and we look forward to seeing even greater achievements in the future.”

Colin Waggett, CEO of Fitness First, said: “The development of our franchise business is an increasingly important part of our strategy and we are delighted to partner with Landmark Group to continue the growth of our business in the Middle East region.”

The acquisition comes on the heels of a series of several growth initiatives, marking the continuous diversification of the Group from its traditional fashion retail business.

David Giampaolo, the non-executive Board Director who has facilitated the deal from a Fitness First perspective, said: “We are delighted to have the Landmark Group as our partner to develop and expand the Fitness First presence in the Middle East region. It has acquired a market leading position, and Landmark Group is a tremendously professional and experienced partner with some very exciting growth plans.”

Landmark Group opened its newly built Oasis Centre in Dubai last year. It made retail history in the Middle East with the opening of 25 retail outlets and three restaurants over 300,000 square feet of retail space, in a single location on a single day at Mirdif City Centre. Landmark Group has also launched its own mid-segment hotel brand Citymax and revealed a US$150 million expansion drive across the Middle East in the next three years.

Anuraag Malhotra, Strategic Investment Advisor of the Landmark Group, said: “Landmark Group is unremitting in its promise of delivering exceptional value to all its customers. We will adopt the same approach with Fitness First and are dedicated to the brand promise of taking everyone’s fitness personally, just as we have taken every customer experience with our established retail brands personally since Landmark Group was incepted in 1973.”

Landmark Group intends to absorb all employees of the existing Fitness First outlets in the Middle East.
 

8 Top Cricket Stars Join Landmark Group Team Of Legends

At a press conference today, Crayons Communications and the Landmark Group announced the names of the eight cricket legends that will be associated with the highly anticipated Dubai Super Sixes 2010, ending the two-month-long suspense surrounding the mystery cricketers.

The “Landmark Group Team of Legends”, as the eight cricket stars are called, comprises of Wasim Akram and Moin Khan (both from Pakistan), Rohan Gavaskar, Venkatesh Prasad and Vinod Kambli (from India), Lance Klusener (South Africa) and Aravinda De Silva and Roshan Mahanama (Sri Lanka).

Held under the auspices of the Dubai Cricket Council, the tournament takes place at the world-class Dubai International Cricket Stadium, from 1st to 15th October. The brand ambassador for the inaugural Dubai Super Sixes 2010 tournament is former Pakistan captain and all-rounder Wasim Akram.

Vipen Sethi, CEO, Landmark Group, said: “We are delighted to present the ‘Landmark Group team of Legends’ and provide the teams that clear the preliminary rounds, an opportunity to play along-side renowned cricketing legends. We are confident the presence of high-profile international players on our domestic turf will add to the tournament’s appeal and we are privileged to sponsor this event.

“The Dubai Super Sixes corporate cricketing tournament is in line with the Landmark Group’s initiatives to promote a healthy work-life balance and takes forward our objective to connect with Dubai’s wider corporate community.”

With prizes worth Dhs.100,000 to be given away, Dubai Super Sixes will see 48 corporate teams locked in a fierce contest for the top honors. The last eight corporate teams to reach the quarter final will be assigned a cricket star from “The Landmark Group Team of Legends”, who will assist the team as mentor and player.

“We are excited that such an impressive line-up of cricketing legends have joined this six-a-side tournament in our first-ever attempt itself,” said Arshad Zaheer, Managing Director of Crayons Communications, organizers of the event. “The presence of these important personalities will make this tournament one of the most notable sports initiatives not only in the UAE but in all cricket-playing nations.”

As per the rules of this fast-paced game, each participating team should comprise of six players along with two substitutes. They will also be provided with five neutral fielders from a large pool of players. Playing under the supervision of neutral umpires, the format requires each side to play a limited 5 overs, which they have to complete in 30 minutes.

Gulf Oil is the main sponsor along with Landmark Group as the associate sponsor. The event is also supported by media partners like Khaleej Times, City 101.6 FM, Star Plus and Star One. Kingfisher Airlines is the travel partner while Dubai Sports City is the venue partner, Media Rotana is the hospitality partner and Edward Steven & Associates as the public relations partner.
 

Landmark Advisory Release Results Of First Green Building Survey

Today Landmark Advisory, one of the leading real estate consultancy companies in the Middle East, released the results of its first green building survey and report. The survey assessed the attitudes of investors and stakeholders in the real estate industry on the feasibility of developing and selling green buildings in the UAE.

Conducted in conjunction with Cityscape Intelligence, the survey sampled primarily responses from institutional stakeholders in the real estate industry including developers, investors, property managers, and analysts. Respondents included UAE residents as well as investors and other stakeholders currently living abroad.

“Through initiatives such as Estidama and Masdar City, it is clear that considerable progress is being made in sustainable real estate, particularly in Abu Dhabi. However, we felt it was important to understand the perspective of various industry stakeholders including their awareness of the various issues surrounding green buildings as well as their opinions regarding the potential demand drivers for green real estate in the UAE,” said Ms. Jesse Downs, Director of Research and Advisory, Landmark Advisory.

Chris Speller, Cityscape Group Director added: “It is vital for the Real Estate market especially in the current economic climate to obtain verified information on how the industry is developing and how it will progress in the future. The first Green Build Survey is an example of the type of analysis that is essential to ensure we understand the focuses and key objectives required to move forward.”

The survey findings highlighted that the vast majority of those interviewed have a grasp on the concept of green buildings with approximately 96% of respondents reporting an understanding of what a green building is. “Of course, this does not test actual understanding, but rather self assessment of knowledge, which is subjective. While this is a very basic question to ask, it is one potential indication of awareness of sustainability in the real estate market. Fostering awareness through education is the critical first step in building a sustainable property market,” explained Ms.Downs.

The candidates who took part in the survey revealed that the factors they most often associate with green buildings include environmental friendliness, lower utility bills and better design. When asked their reasons for wanting to establish an office in a green building, respondents cited similar reasons such as environmental friendliness and lower utility bills in addition to health benefits for employees.

Based on the results, there is a clear distinction between building new green developments and retrofitting existing buildings. When asked about potential implementation of green building regulation that would require new buildings to achieve a minimum green standard, 34% of respondents reported this should be put into practice immediately. However, respondents also stated that the developers are likely to find it feasible to build green within 2-3 years.

In contrast, respondents reported that any regulation implementing a minimum green standard for the retrofitting of existing buildings should only be put into operation in 2-3 years. Commenting on this, Ms. Downs said: “Implementing green development regulation locally is less contentious than green retrofitting regulation; this is most likely because of the current state of the UAE real estate market. Essentially any green development regulation will have limited impact in the short to medium term because the development market will be extremely restricted over this period. Regardless, implementing both green development and retrofitting regulation is critical for improving the long term sustainability of UAE’s real estate market.”
 

NASDAQ Dubai Routes Trading Through DFM Platform, In Landmark Exchange Consolidation

NASDAQ Dubai announced that all trading of its listed equities is now being routed through the trading platform of Dubai Financial Market (DFM), starting today when the market opened at 10am (6am GMT). The move, under preparation since December 2009, is part of a consolidation between the two exchanges that is unique in the GCC.

Clearing, settlement and custody functions for NASDAQ Dubai equities also migrated to DFM’s systems today, under an outsourcing structure which is designed to substantially increase liquidity on NASDAQ Dubai in due course.

Jeff Singer, Chief Executive of NASDAQ Dubai, said: “This new structure brings together more than half a million individual investors on DFM with NASDAQ Dubai’s institutional investors, many of them based outside the region. It positions Dubai as a leading international capital markets hub, providing investors with excellent liquidity and issuers with a choice of regulatory frameworks.”

NASDAQ Dubai remains a separate exchange regulated to international standards by Dubai Financial Services Authority (DFSA), which gave approval for the outsourcing last week. DFM is regulated by the UAE’s Securities and Commodities Authority.

Essa Kazim, Managing Director and Chief Executive Officer of DFM, said: “Cooperation between the two exchanges will increase, driving the expansion of Dubai as a centre of capital markets dynamism and innovation. Today’s outsourcing is a major step for us and the region. Through these growing links, DFM gains a wider array of product offerings and international expertise, while NASDAQ Dubai benefits from DFM’s high liquidity and enormous base of over 552,000 investors.”

DFM and NASDAQ Dubai equities are now displayed together on the DFM website www.dfm.ae. NASDAQ Dubai equities also continue to be displayed separately on the NASDAQ Dubai website www.nasdaqdubai.com.

Brokers who are members of NASDAQ Dubai access the DFM trading platform either directly, or through NASDAQ Dubai’s Market Place Services function, or through another broker.

In May 2010 DFM acquired two thirds of the shares of NASDAQ Dubai through an acquisition of shares from Borse Dubai and NASDAQ OMX, the international exchange group.

NASDAQ Dubai remains a separate company inside the Dubai International Financial Centre (DIFC). It retains its own legal framework, listing rules and Members.

Under the outsourcing, NASDAQ Dubai’s equities remain listed on NASDAQ Dubai and are not listed on DFM. Trading of equity derivatives continues to take place on NASDAQ Dubai’s own trading platform and systems.
NASDAQ Dubai’s opening hours are now 10am to 2pm UAE time (6am to 10am GMT) Sunday –Thursday. These are also DFM’s opening hours. Previously, NASDAQ Dubai’s opening hours were 10am to 5pm UAE time (6am to 1pm GMT) Sunday-Thursday.

Further details about the outsourcing are available at http://www.nasdaqdubai.com/aboutus/consolidation.html

About NASDAQ Dubai
NASDAQ Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, exchange-traded commodities, structured products, Sukuk (Islamic bonds) and conventional bonds.

The majority shareholder of NASDAQ Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of NASDAQ Dubai is the Dubai Financial Services Authority (DFSA). NASDAQ Dubai is located in the Dubai International Financial Centre (DIFC).
For more information, visit www.nasdaqdubai.com.