Ministry Of Finance Publishes Statistical Report On The Gulf Common Market  2010

The Ministry of Finance (MoF) has published its annual statistical report for the year 2010 pertaining to the Gulf Common Market (GCM). Results presented in the report indicated an increase in the number of registered traded real estate held by GCC nationals within the UAE. While the number of registered property contracts amounted to 4,024 contracts in 2009, the number has increased to 4,604 in 2010. Consequently, gross cumulative rates of GCC citizens owning property in the UAE rose to 34,029 contracts in 2010 compared to 29,425 in 2009.

Commenting on the report, HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, said: “The UAE aims at enhancing socio-economic ties with fellow GCC states as it believes that doing so will result in greater economical opportunities for GCC citizens and will allow for a wider range of investment prospects. Furthermore, increasing collaborative efforts will aid in enhancing economic integration and in promoting the concept of a common GCC citizenship at various levels. The outcomes reflected in the report clearly indicate an increased level of participation among GCC nationals in the economic and real estate sectors within the UAE, and highlight their role in enhancing development in those two fields. The UAE economy has proved to be comprehensive and adaptable enough to meet the needs and requirements of GCC citizens.”

HE added: “The UAE is at the forefront GCC countries in its commitment to the implementation of all resolutions pertaining to the Gulf Common Market, as the initiative will result in increased benefits for UAE nationals and GCC citizens. We are dedicated to enhance the concept of a Gulf citizenship and to achieve equality for all GCC citizens in the areas of professions and trades, economic and investment activities within the UAE.”

The ministry’s report also highlighted a cumulative increase in the rates of licenses granted to GCC citizens to practice economic activities within the UAE, where 26, 223 licenses were issued in 2010 compared to 24,109 in 2009. GCC bank branches in the UAE also witnessed a noticeable stability in growth rates, where 7 banks were registered in 2010.

“The 2010 statistical report highlighted the growth of property ownership among GGC citizens in the UAE, with cumulative rates of GCC property owners increasing by 16% within the last year. Furthermore the number of licenses granted to GCC citizens to practice economic activities in the UAE has also increased by 9%. These rises reflect the high appeal the UAE holds to GCC citizens in various sectors, including the economic, education and social sectors,” HE Al Tayer explained.

Furthermore, the report highlighted a rise in the rate of GCC citizens working within the UAE, which have all been registered in the social security system pertaining to the country, where they amounted to 4,190 employees in 2010 in comparison to 3,589 in 2009. These numbers reflect the UAE’s commitment towards the implementation of the GCM, placing the UAE as a pioneer with regards to GCC integration efforts.

Furthermore, the report registered a noticeable rise in the rate of GCC citizens working within the federal public sector by a number of 184 employees, where the figure recorded in 2009 was 605 employees, compared to 789 in 2010. Results point, however, to a decline in the rate of GCC individuals employed within the private sector from 3080 in 2009 to 2906 in 2010.

In relation to the education sector, the numbers of GCC students enrolled in UAE public schools in all its levels show varying results. Students enrolled at the elementary level have increased to 4,891 in 2010 compared to 4,752 in 2009, while preparatory level enrollment rates have remained consistent at 4,314 students for 2009 and 2010. Secondary school enrollment showed a slight decline, where there were 2,888 GCC students in 2009, and the number for 2010 was 2,886.

The rates for GCC student enrollment in private schools in the UAE also reflected a rise for the primary level from 1,475 pupils in 2009 to 1,507 in 2010, whereas private schools have recorded a decline in the number of GCC pupils in the preparatory phase where the number was 751 in 2009 and 749 in 2010. GCC students enrolled in the secondary level in private UAE schools reflected an increase from 465 in 2009 to 552 in 2010.

The report also indicated that the number of GCC students enrolled in UAE public higher education institutions amounted to 723 students in 2010, compared to the number of students enrolled in UAE private higher education institutions in the same year, which was equivalent to 6,843.

A decline was noticeable; however, with regards to the rate of GCC investment in public shareholding companies which are registered in the Emirates Securities and Commodities Authority (SCA) with shares accessible to GCC nationals. The decrease in the number of GCC investors was recorded at 208,316 in 2010 from 276,805 in 2009.
 

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
 

DTCMs 2010 First Half Report Shows Dubais Growing Appeal As A Tourism Hotspot

A recent report released by the Dubai Department of Tourism and Commerce Marketing (DTCM) shows that Dubai has achieved significant growth in terms of hotel occupancy and tourism arrivals in the first half of 2010 (January through June), where the number of hotel guests in Dubai reached 4,181,326 with a 9% increase from 3,852,742 guests in the first half of the last year.

Khalid Ahmed Bin Sulayem, Director General of DTCM, said that despite the challenging conditions faced by the global tourism industry last year, Dubai was still able to achieve impressive results in terms of tourist arrivals, hotel revenues and tourism related events.

Statistics from DTCM show that the number of hotels operating in Dubai has reached 566, representing a 7 per cent increase from 530 last year, while hotel rooms reached 67,369, indicating a 16 per cent increase from 58,188 rooms last year.

Hotel revenues by the end of the first half of 2010 reached AED 6,888,477, representing a 6 per cent increase over the first half of 2010, during which revenues reached AED 6,519,691.

Bin Sulayem congratulated the private sector in Dubai for this achievement and said that “this would not have been possible without their sincere efforts and cooperation, especially given the challenges faced by the global tourism industry in general.”

Statistics issued by the Department referred to the 18 per cent increase in the number of tourist nights, which reached 12,462,209 nights compared to 10,541,955 during the same period last year.

Hotels sustained their occupancy rate of 71.7 per cent despite the increase in the number of hotel rooms. Meanwhile, the occupancy rate of hotel apartments increased from 67.2 per cent last year to 68.8 per cent this year; representing a 2 per cent increase.

Figures show that total Arab guests in Dubai reached 1, 216, 024 or an increase of 10 per cent from 1,110, 088 last year.

There were 494,309 guests from the GCC, registering a 20 per cent growth from 412,145 during the same period last year. Guests from other Arab countries reached 338,532, rising by 3 per cent from 329,599 in the first half last year.

The number of Asian guests increased by 17 per cent to reach 1,059,096 compared with 902,878 in the same period last year.

European guests reached 1,254,518, increasing by 3 per cent over last year’s 1,216,415.

Hotel guests from the Americas reached 334,984 compared with 312,904 during last year’s first half, representing a 7 per cent increase.

Guests from Australia and Pacific countries reached 100,077, with a 7 per cent increase from 93,159 last year.
There were no remarkable changes in the number of African guests, which reached 216,626 in the first half of 2010.

UK had the most number of guests coming to Dubai in the first half of this year as the country accounted for 382,356 guests, while KSA came first among Arab countries with 227,382 guests.

GCAA Announces Preliminary Report On Accident Involving UPS6 Boeing 747 #8211; 400

The UAE General Civil Aviation Authority (GCAA), announced today the preliminary report on the fatal accident of Boeing 747 – 400 Cargo airplane on 3rd September 2010.

According to this report the UPS6 B744 had departed from Dubai International Airport at 14:53 UTC (6:53pm local time) headed to Koln-Bonn (Cologne) – Germany. At 15:15 UTC (7:15pm local time) information was received from Bahrain that the aircraft was returning to Dubai Airport with a smoke in the cockpit, unable to maintain altitude and requested the airport for landing.

The UAE ATC Centre issued a clearance when aircraft was approximately 40 kilometres from touchdown. The aircraft was high on the approach and was at 8500ft at 24 kilometres from touchdown. It passed the overhead airfield and made a right turn. Position reports were passed to the tower as well as advising that all runways were available for the aircraft to land on. The aircraft tracked south west and rapidly lost altitude. At approximately 15:42 UTC (7:42pm local time), radar contact was lost. The B744 crashed in an unpopulated area between the Emirates Road and Al Ain Highway after 50 minutes from departure and after returning back from Bahrain FIR (Flight Information Region), the report added.

The GCAA responded by launching an immediate investigation team who are currently on site collecting evidence, analyzing the initial onsite evidence, coordinating with all of the emergency services to secure the accident site, liaising with the aircraft manufacturer technical specialists and international accident investigation bodies who have been invited to assist the GCAA onsite in the UAE under the provisions of ICAO Annex 13.

The investigation team recovered the Cockpit Voice Recorder (CVR) approximately 6 hours after the accident; the onsite GCAA investigation team is continuing the recovery effort to locate the Digital Flight Data Recorder (DFDR), while investigating the aircraft structure, systems, engines and flight controls as part of the forensic evidence collecting and data capturing activities associated with major air accident investigation, the GCAA initial report pointed out.

A team from the National Transportation Safety Board (NTSB) will arrive in UAE today to assist the GCAA team in the crash investigation.

Coordination activities with the regional (ANS) is also continuing in the retrieval of important communications and flight planning material crucial to the successful conclusion of this investigation, the report concluded.
 

GCAA Announces Preliminary Report On Accident Involving UPS6 Boeing 747  400

The UAE General Civil Aviation Authority (GCAA), announced today the preliminary report on the fatal accident of Boeing 747 – 400 Cargo airplane on 3rd September 2010.

According to this report the UPS6 B744 had departed from Dubai International Airport at 14:53 UTC (6:53pm local time) headed to Koln-Bonn (Cologne) – Germany. At 15:15 UTC (7:15pm local time) information was received from Bahrain that the aircraft was returning to Dubai Airport with a smoke in the cockpit, unable to maintain altitude and requested the airport for landing.

The UAE ATC Centre issued a clearance when aircraft was approximately 40 kilometres from touchdown. The aircraft was high on the approach and was at 8500ft at 24 kilometres from touchdown. It passed the overhead airfield and made a right turn. Position reports were passed to the tower as well as advising that all runways were available for the aircraft to land on. The aircraft tracked south west and rapidly lost altitude. At approximately 15:42 UTC (7:42pm local time), radar contact was lost. The B744 crashed in an unpopulated area between the Emirates Road and Al Ain Highway after 50 minutes from departure and after returning back from Bahrain FIR (Flight Information Region), the report added.

The GCAA responded by launching an immediate investigation team who are currently on site collecting evidence, analyzing the initial onsite evidence, coordinating with all of the emergency services to secure the accident site, liaising with the aircraft manufacturer technical specialists and international accident investigation bodies who have been invited to assist the GCAA onsite in the UAE under the provisions of ICAO Annex 13.

The investigation team recovered the Cockpit Voice Recorder (CVR) approximately 6 hours after the accident; the onsite GCAA investigation team is continuing the recovery effort to locate the Digital Flight Data Recorder (DFDR), while investigating the aircraft structure, systems, engines and flight controls as part of the forensic evidence collecting and data capturing activities associated with major air accident investigation, the GCAA initial report pointed out.

A team from the National Transportation Safety Board (NTSB) will arrive in UAE today to assist the GCAA team in the crash investigation.

Coordination activities with the regional (ANS) is also continuing in the retrieval of important communications and flight planning material crucial to the successful conclusion of this investigation, the report concluded.
 

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.
 

Participating Malls In Dubai Shopping Malls Group’s DSS Campaign Report Aggregate Sales Of AED 440 Million

Dubai Shopping Malls Group’s incredible DSS promotions offering customers a chance to win two BMW 3 Series sedans every week is proving to be a hit with shoppers. Participating malls have reported total sales of AED 440 million in the first three weeks of the campaign.

Majid Al Ghurair, Chairman of Dubai Shopping Malls Group, said: “The increase in sales is a reflection of growing consumer confidence in the economy and the success of our DSS campaign. The prospect of winning two new BMWs every week, mall wide bargains and entertainment activities have turned shopping into a must do activity this summer. We expect a weekly sales growth of 10-12% for the rest of the promotion period.”

DSMG raffle draws for BMW 3 Series will continue for four more weeks.

Ghurair added: “Our partnership with MasterCard has brought in added value as it gives customers a chance to double their chances of winning.”

All shoppers are entitled to one raffle coupon for every AED200 spent at participating retail outlets. Those shopping with MasterCard receive an additional raffle coupon for purchases on their cards.The member malls of DSMG participating in DSS 2010 include Al Bustan Centre, Al Ghurair City, Al Manal Centre, Al Mulla Plaza, Arabian Center, Burjuman, Century Mall, Dubai Marina Mall, Dubai Marina Walk, Dubai Outlet Mall, Gold & Diamond Park, Hamarain Centre, Lamcy Plaza, Mazaya Centre, Mercato Mall, Oasis Center, Palm Strip, Reef Mall, Souk Al Bahar, The Dubai Mall and Town Centre.
 

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.
 

University Of Dubai Team Wins The Prestigious DIFC Globe For Its Report On DP World!

The University of Dubai (UD), a prestigious academic institution established by Dubai Chamber, once again proved its mettle when its team of five students was awarded the prestigious DIFC Globe for their outstanding equity research report and presentation on DP World at the final event of the Global Investment Research Challenge.

The panel of judges evaluated the participating teams from the university, and other well known academic institutions in Dubai, on the basis of their investment case, presentation skills and ability to answer multiple challenging questions from the panel. The UD team was awarded first place based on their overall performance in the competition.

Dr M. Omar Hefni, President of the university, stated: “Once again our students have proved the credentials of our institution and have added a feather to its cap. I take this opportunity to congratulate the award-winning team and wish them every success in the future. Other students will surely draw inspiration from their success which shows that hard work and dedication truly pays. This award once again underlines our commitment to impart top level education to our students and prepare them for the corporate world.”

The award-winning team of students was from the Finance and Banking Department of the College of Business Administration at UD and they were participating for the first time in the Global Investment Research Challenge. The participating students were: Ahmad R. Esmaeel, Deema Nabil Hassan, Najat Kassem Lezziek, Samer Ali and Souheila Issam. A faculty representative from the university, Dr. Reza Chowdhury, and an external mentor, Prabhakar K. (CFA, FSA and CISA), partner and CEO of Moricon International, provided the necessary guidance to the team to carry out their research. The UD team presented and defended its report to a panel of independent judges at the Emirates Towers, Dubai.

The winning team, while expressing their delight, also said they felt deeply honored to have won such a prestigious award in recognition of their entrepreneurial abilities. They thanked the university for trusting their abilities and giving them the opportunity to participate in such a competition. They extended their congratulations to all UD students, saying they should feel proud to be part of such an esteemed institute which encourages top quality research that can have worldwide impact. They hoped that the award would go a long way towards inspiring others to follow in their footsteps and achieve equal entrepreneurial success.

The distinguished panel of judges included Deon Vernooy, Senior Executive Officer at Emirates Investment Services Limited, Ashok Talukdar, Assistant Advisor for Treasury in the Evaluation & Follow-up Department at the Abu Dhabi Investment Authority (ADIA), Redwan Ahmed, Industrial Analyst at EFG Hermes and Yacoub H. Nuseibeh, President of CFA Emirates.

This initiative, organized by CFA Emirates, was first set up in 2002 by the New York Society of Security Analysts (NYSSA) – a member society of the CFA Institute – in order to promote best practices in research among the next generation of financial analysts and to provide students with an insight into the investment industry.
 

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.