Dubai Chamber Introduces Monthly Fresh Food Price Index (FPPI)

As part of its overall Consumer Price Index monitoring system, the Dubai Chamber of Commerce and Industry has introduced the monthly Fresh Food Price Index (FPPI) containing the price indices for fresh meat, fish and sea foods, fruits and vegetables.

The April results of the FPPI is based on a collection of 595 price quotations acquired from Dubai’s main fish and vegetable market, major hypermarkets as well as from smaller but easily accessible groceries.

Targeting businesses and consumers, this latest initiative tracks prices for fresh food items by comparing their monthly as well as year-on-year price changes that would serve as a reference for all the Chambers’ stakeholders.

The latest April fresh food price index indicates a drop of 4.1% in comparison to the month of March and a 1.8% slide from the previous year.

On a year-on-year basis, average price index for fresh food dropped, registering an average inflation rate of -1.8%, with price index for fresh vegetables registering the largest drop of 8.2 %. Price index for fresh fruits also dropped, though at lower rate of 1.6 %. On the other hand, price index for fresh meat rose by 1.8%, while for fresh fish and sea foods, by 1.1%.

Meanwhile, all price indices indicated month-on-month slowing down, with average inflation rate for fresh food dropping by 4.1% in April. Largest decline in the price index was noted for fresh fruits, at 6.3%; followed by fresh meat, at 4.5%; fresh fish and sea foods, at 3.6%; and fresh vegetables, at 1.7%.

 

Dubai Ladies Club Announces Art Conversations  A Monthly Series Of Open Discussions On Art Organised By Funoon

Dubai Ladies Club announced today the launch of ‘Art Conversations’ – a Monthly Series of Open Discussions on Art facilitated by leading luminary art experts from the local and international art scene. The series are being organised by Funoon, the art & culture division of Dubai Ladies Club, to provide a platform for the exchange of ideas and expertise related to the art, culture and education. The topics will focus on assisting emerging artists to further develop and improve their creative and conceptual thinking, art critique, art appreciation and Aesthetics . Admission to these events will be free for all interested men and women.

Muna Bin Kalli, Executive Director of Dubai Ladies Club commented, “‘Conversations’ is a unique forum that encourages exchange of ideas through a series of discussions with the artistic student community of UAE and the public at large. It opens an opportunity for dynamic and inspiring dialogue as cultural wealth lies in our ability to have a dialogue. Such meetings between different generations and fields of expertise help preserve and communicate the various thought process. The sessions of shared experiences and creative energy would play a vital role in molding and guiding a new generation of intelligent minds.”

Kicking off the season on Tuesday, 3 May 2011, will be a special interactive session with world famous artist and curator, Patricia Millns, who will share her experience in art and her passion for Islamic and Arabic arts. Millns has been living in the UAE for more than twenty nine years and has developed and honed her experience to become an intermediary artist between European and Islamic-Arab arts.

Then, ‘Conversations’ will return again on the first Tuesday of the following month (7th June, 2011) for a special talk with respected Emirati artist, Ebtisam Abdulaziz who will share valuable insights as an established artist, writer and curator. Her work has been shown at Dubai’s Third Line Gallery during the Al Bastakiya Art Fair (2009) and at the Sharjah Art Museum (2007). Her work has also been shown in the Denmark National Museum, Copenhagen (2010), the UAE’s platform at the 2009 Venice Biennale, the Kunst Museum in Bonn and the Singapore Biennial (2006). In 2009, she curated the annual Emirati Fine Arts exhibition at the Sharjah Art Museum.

Bin Kalli added. “I would like to invite everyone that is even slightly interested in the arts to attend our first gathering. Our stated objective behind this project is to equip emerging artist by developing their cognitive thinking process through exchanging of ideas with established artists. I encourage everyone to come along and share their perspectives and opinions among their peers and mentors.”

‘Conversations’ will be one of several new art initiatives launched by Funoon – the art division of Dubai Ladies Club. The newly reinvented art division was established to guide and solidify the role that arts and other cultural resources play in defining and enhancing the social fabric and quality of life of people living in the UAE. Funoon with work local, regional and international foundations to enhance the UAE’s reputation as a cultural destination through programs that educate and expose the public to a rich and diverse range of cultural expressions through a variety of initiatives.
 

NASDAQ Dubai Monthly Trading Report: September 2010

The value of equities traded on NASDAQ Dubai increased by 31% in the first nine months of 2010 compared to the same period in 2009, from USD722 million to USD948 million.

Volume fell by 13% from 2.32 billion shares to 2.02 billion. For both value and volume, this was the strongest performance by any UAE stock exchange over the nine-month period, measured by percentage change.

NASDAQ Dubai outsourced its trading, settlement, clearing and custody functions for equities to Dubai Financial Market on July 11, 2010, as part of a strategy to increase trading of its equities by individual investors and bring them together in one liquidity pool with institutional investors.

UAE brokers have increased their share of trading of NASDAQ Dubai equities since the outsourcing. In September, the most active broker by volume was Al Futtaim HC Securities, followed by Deutsche Bank and then EFG Hermes.

Equities traded value on NASDAQ Dubai reached 90 million dollars in September 2010, down 33% from September 2009. Volume for the month reached 168 million shares, down 36%.

The FTSE NASDAQ Dubai UAE 20 index rose strongly in September 2010 to end the month at 1,768, up 14% from the end of August. Since the start of the year the index has lost 4.5%.

The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai. It has been designed as a hedging and investment mechanism for GCC and international investors.

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 Borse Dubai with a two-thirds stake. NASDAQ OMX Group 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).

Dubai Financial Market (DFM) has agreed to acquire all the shares of NASDAQ Dubai, subject to regulatory approval.

For more information, visit www.nasdaqdubai.com.

For further information contact:

Mark Fisher
NASDAQ Dubai
Tel: +971 4 3612220
Mob: +971 50 6245805
Mark.fisher@nasdaqdubai.com
 

NASDAQ Dubai Monthly Trading Report: July 2010

The value of equities traded on NASDAQ Dubai rose by 9% in the first four weeks following its operations outsourcing to Dubai Financial Market (DFM), compared to the same period of 2009.

The value reached 51.3 million dollars, up from 47 million. The proportion accounted for by individual investors, as opposed to institutions, also increased. Volume in the four-week period, beginning on July 11 2010, fell by 18% to 107 million shares, from 131 million the year before.

Measured by percentage change, the figures for both total value and total volume were the best performing of any UAE stock exchange over that period.

NASDAQ Dubai outsourced its trading, settlement, clearing and custody functions for equities to DFM on 11 July, 2010, as part of a strategy to increase trading of its equities by individual investors and bring them together in one liquidity pool with institutional investors.

UAE brokers have increased their share of trading of NASDAQ Dubai equities since the outsourcing took place. In the first four weeks, the most active broker by volume was Al Futtaim HC Securities, followed by Deutsche Bank and then EFG Hermes.

In the first seven months of 2010, traded value of NASDAQ Dubai equities rose to 780 million dollars from 521 million in the same period of 2009, an increase of 50%. Volume fell to 1.69 billion in the same period from 1.89 billion, a decrease of 11%.

The FTSE Nasdaq Dubai UAE 20 index ended July 2010 at 1,609, up 6% from the end of June 2010 and 13% lower than at the start of the year.

The index tracks 20 stocks listed on the DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai. It has been designed as a hedging and investment mechanism for GCC and international investors.

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.
 

NASDAQ Dubai Monthly Trading Report: June 2010

The value of equities traded on NASDAQ Dubai rose by 52% in the first six months of 2010 to 728 million dollars, from 479 million dollars in the same period of 2009. Equities volumes fell by 10% to 1.58 billion shares in the same period, from 1.75 billion.

Measured by percentage change, both the value and volume figures were the best performing of any UAE stock exchange in the six-month period, compared to the same period in 2009.

Traded equities value on NASDAQ Dubai in the month of June 2010 fell by 19%, reaching 61 million dollars, compared to 75 million dollars in June 2009. Equities volumes in June 2010 were 123 million, 35% lower than the total of 189 million in June 2009. The June 2010 figures were also the best performing of the UAE’s stock exchanges, measured by percentage change from the year before.

Citigroup was the most active Member of the exchange by equities volume in the first six months of 2010, followed by Deutsche Bank and then HSBC. EFG Hermes was the most active regional Member during the period, followed by Arqaam Capital and then Shuaa Capital.

The FTSE Nasdaq Dubai UAE 20 index ended June 2010 at 1,516, down 8% from the end of May 2010 and 18% lower than at the start of the year.

The index tracks 20 stocks listed on Dubai Financial Market, the Abu Dhabi Securities Exchange and NASDAQ Dubai. It has been designed as a hedging and investment mechanism for GCC and international investors.
 

Emirates NBD Launches Monthly Interest Payout Fixed Deposit

Emirates NBD, a leading bank in the region, announced today the launch of Monthly Interest Payout Fixed Deposit – an innovative fixed deposit scheme that enables customers to sign up for a fixed deposit and obtain interest payouts on a monthly basis, rather than having to wait for the maturity of the deposit.

“Customer convenience and satisfaction are driving factors at Emirates NBD, as we work across various segments to provide clients with value-added solutions that meet their financial requirements,” said Mr. Jamal Bin Ghalaita, Group Deputy CEO, Emirates NBD. “The new initiative addresses the cash-flow problem normally associated with term deposits, providing increased flexibility and convenience to clients.”

The Monthly Interest Payout Fixed Deposit, which requires a minimum deposit amount of AED 10,000 or its equivalent, is available in various currencies, including the UAE dirham, US dollar, the British pound and the euro. Deposits must be for a minimum tenor of three months, while the maximum term can extend to a period of three years.

“Fixed deposits encourage and facilitate the habit of saving, but clients often hesitate to participate in such schemes because of the inconvenience of their funds being inaccessible for the period,” said Mr. Jamal Bin Ghalaita. “With this new and innovative Monthly Interest Payout Fixed Deposit, customers do not have to wait until the maturity of the deposit to receive the interest accrued.”

The bank has also devised special promotional rates, which will be available for amounts equivalent or greater than AED 100,000. More information on the product is available at any Emirates NBD branch. Alternatively, the information is also available on the Bank’s website, www.emiratesnbd.com or by calling 600540000.
 

NASDAQ Dubai Monthly Trading Report: May 2010

The value of equities traded on NASDAQ Dubai rose by 65% in the first five months of 2010 to 667 million dollars, from 404million dollars in the same period of 2009. Equities volumes fell by 7%, to 1.46 billion shares from 1.57 billion.

Measured by percentage change, both the value and volume figures were the best performing of any UAE stock exchange in the five-month period, compared to the same period in 2009.

Traded equities value on NASDAQ Dubai in the month of May 2010 fell by 21%, reaching 93 million dollars, compared to 118 million dollars in May 2009. Equities volumes in May 2010 were 198 million, 40% lower than the total of 331 million in May 2009. The May 2010 figures were also the best performing of the UAE’s stock exchanges, measured by percentage change from the year before.

Citigroup was the most active Member of the exchange by equities volume in the first five months of 2010, followed by Deutsche Bank and then HSBC. EFG Hermes was the most active regional Member during the period, followed by Shuaa Capital and then Arqaam Capital.

The FTSE Nasdaq Dubai UAE 20 index ended May 2010 at 1,651, 13% lower than at the end of April 2010 and 11% lower than at the start of the year.

The index tracks 20 stocks listed on Dubai Financial Market, the Abu Dhabi Securities Exchange and NASDAQ Dubai. It has been designed as a hedging and investment mechanism for GCC and international investors.
 

DGCX’s volume hits all-time monthly high in June

Total volume on Dubai Gold and Commodities Exchange (DGCX) rose to an all-time high in June at 192,138 contracts, surpassing the previous peak achieved in November 2009, according to DGCX.

The strong activity was led by significant increases in volume across all product suites – precious metals, currencies and crude oil. Month-on-month volume rose by 24% for gold, 95% for Euro/Dollar, 40% for INR and 187% for WTI futures, DGCX said in a press release.

Setting yet another record, the volume of Indian Rupee/Dollar futures also scaled a new monthly high in June, at 12,159 contracts, demonstrating robust demand for the product.

Trading and participation on the Exchange has continued to expand since the start of 2010, borne out by a year-to-date June 2010 volumes of 934,403 contracts compared to 631,850 contracts over the same period in 2009, a growth of 48%.

The underlying value of total commodity and currency futures transactions in June was $10.846bn.

Commenting on the activity in June, Eric Hasham, Chief Executive Officer, DGCX, said, "June marked several milestones for DGCX. In addition to achieving the highest traded overall and Indian Rupee volumes, June also saw the launch of three new currency contracts." "The DGCX INR/Dollar futures contract is the only exchange-traded Rupee futures outside of India, and is witnessing new interest from businesses, arbitrageurs and investors," said Hasham. "This is spurred by the contract’s higher liquidity, competitive trading costs, guaranteed settlement and reduced counterparty risk."