Investors will soon get an extra hour to trade in the United Arab Emirates.
The Abu Dhabi Securities Exchange and the Dubai Financial Market both plan to extend trading hours as of Oct. 3 and scrap the minimum trading commission. The moves are designed to enhance market capitalization and make the exchanges more attractive to retail investors.
Trading volumes on both exchanges have surged this year, driven by local investors. While the changes might add to retail activity, they are unlikely to make a difference to foreign institutional investors, said Hasnain Malik, the Dubai-based head of equity research at Tellimer.
An average of $327 billion was traded daily in Abu Dhabi and $57 billion in Dubai. That compares with $2.6 billion on Saudi Arabia’s stock exchange, the biggest in the region by market capitalization. Abu Dhabi’s benchmark has advanced about 50% this year, making it one of the best performers globally, while Dubai’s benchmark has gained 17%.
As the market improves, more companies are considering going public, including Emirates Global Aluminum, whose profits soared in the first half of the year. The region’s biggest producer of the metal is poised to select three U.S. banks as lead underwriters for the potential IPO.
Chart of the Week
A surprise jump in Turkish inflation pushed the nation’s benchmark interest rate adjusted for price growth into negative territory for the first time since October, dealing a blow to President Recep Tayyip Erdogan’s hopes for an early cut in borrowing costs.
The Slant
The geographic distance between Tel Aviv and Kabul is roughly 2,000 miles. But after the U.S. withdrawal from Afghanistan, Israel is worried, Zev Chafets writes for Bloomberg Opinion. Given the Jihadi enthusiasm inspired by the fall of Kabul, Israel will inevitably be forced to demonstrate its own military prowess in a convincing way at some point in the future. Hopefully President Biden will understand and support whatever action it chooses, Chafets writes.
Need to Know
The UAE is deepening
Saudi TV stations are starting to transfer operations out of Dubai, acquiescing to the crown prince’s push to get multinational companies to relocate headquarters to the kingdom. Staff at Al Arabiya and Al Hadath were told of the plans, according to people familiar with the matter.
Turkey’s military added a new generation of locally produced armed drones to its fleet as part of efforts to make the country’s defense more self-sufficient. The producer said the drones can attack targets in the air and on the ground and operate alongside fighter jets.
Israel’s Delek Drilling agreed to sell a stake in the Tamar natural-gas field to Abu Dhabi’s Mubadala for $1 billion, marking the biggest deal between Israel and the UAE since they normalized ties last year. Tamar is Israel’s biggest field after Leviathan and supplies gas to Israel, Jordan and Egypt.
Qatar is hoping to get military flights out of Kabul to allow evacuations from Afghanistan as soon as possible, according to a British diplomat. International partners, including the U.K. would be offered a quota of seats to evacuate British nationals and others most at risk.
Satellites detected last month a large methane plume halfway between Baghdad and Basra with the same climate-warming impact as 6,500 U.K. cars running for a year. Scientists say that reducing methane emissions is one of the quickest ways to slow down global warming.
Coming Up
- IPO of solutions by stc for participating parties: Sept. 5-13
- OPEC discussion on energy, climate, sustainable development: Sept. 6
- Egypt and Turkey to hold political consultations in Ankara: Sept. 7
- Egypt to hold the International Cooperation Forum: Sept. 8-9
Last Word
Once a year, a mystic Jewish sect called the Essenes gathered to reaffirm their covenant to God at Qumran, the Judean Desert site where the Dead Sea scrolls were found, according to a new interpretation of ancient finds.
The assembly was one of the main reasons for building up the site, that includes ritual baths and an elongated hall, Ben-Gurion University researcher Daniel Vainstub wrote in a report published in Religions magazine.
Researchers had previously hypothesized that sect members had lived there in dwellings such as tents that didn’t survive. The sect’s annual celebration is recorded in two ancient manuscripts -- the Community Rule and the Damascus Document -- as an obligatory event and a condition for remaining in the sect.
"trade" - Google News
September 05, 2021 at 08:01PM
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Middle East Newsletter Sept. 5: More Time to Trade in UAE - Bloomberg
"trade" - Google News
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