Economy

Abu Dhabi Global Market Records Unprecedented Performance During First Half ‹ Al Wathan Newspaper

Published

2 weeks ago

September 14, 2023

Abu Dhabi Global Market Records Unprecedented Performance During First Half ‹ Al Wathan Newspaper

Abu Dhabi, the capital of the United Arab Emirates, continued to attract major international and regional companies to its international financial hub, the Abu Dhabi Global Market, as the market’s strong performance in the first half of 2023 reflected significant growth. Various levels, which establish a positive momentum for the remainder of the current year and ensure that the market continues its role in strengthening Abu Dhabi’s position as a leading financial power, in line with the “Balkan Economy” model.

Recent data shows that many investment firms and hedge funds have established their businesses in the Abu Dhabi Global Market, today the number of asset managers working in the Abu Dhabi Global Market is 102, managing 128 funds, which strengthens Abu Dhabi’s leading position. In the asset management sector, the volume of assets under management recorded growth of 35% year-on-year at the end of June.

One of the notable additions to this sector is the announcement of amendments to the Financial Services Regulatory Authority’s regulatory framework for investing in debt through the establishment and participation of existing collective investment funds credit facilities in the Abu Dhabi Global Market. . These amendments are aimed at improving access to alternative financing for private companies, especially small and medium enterprises.

The attractiveness of the Abu Dhabi Global Market as a comprehensive financial center and the region’s sole geographic scope based on the direct application of English Commons Law contributed to the attraction and licensing of many major international companies in 2023. These companies include “Breven Howard”, “Ardian”, and Goldman Sachs, DKHaw Capital, Blackstone, SBI Capital, Asian Infrastructure Investment Bank, Apollo, Fifth Wall, Federa and Vibrant Capital; The first half of 2023 saw another major addition to the international financial hub to its business environment, as the market welcomed the addition of well-known international investor Ray Dalio, who chose Abu Dhabi as the next strategic hub to expand his global presence. His family office.

Abu Dhabi Global Market is the destination of choice for prominent local and regional companies such as ADQ Holdings, Chimera Capital, G42 Group, Gulf Capital, 1AM and Investcorp.

His Excellency Ahmed Jassim Al Zaabi, Head of the Department of Economic Development in Abu Dhabi and Chairman of the Board of Directors of Abu Dhabi Global Market, said: What we are witnessing in Abu Dhabi today is a major transformation that supports growth and diversity. The “Balkan Economy”, especially many leading and influential companies have chosen Abu Dhabi as their business headquarters. As part of the continuous growth process of the market, we are proud of the positive results achieved from the first end. half of 2023, which will undoubtedly strengthen our position as the fastest growing international financial center in the region.

His Excellency stressed: Our ongoing efforts are a reflection of the economic vision of the Emirate of Abu Dhabi and the comprehensive strategy of the Abu Dhabi Global Market, which aims to improve the contribution of the financial sector to the Emirate’s GDP. Abu Dhabi and its contribution to the knowledge-based economy expresses its desire to continue these positive results this year, while we continue to work with strategic partners in government agencies. Companies looking to make Abu Dhabi their headquarters.

The overall positive outlook for 2023 that Abu Dhabi Global Market has demonstrated since the beginning of the year reflects its alignment with its 2023-2027 growth strategy and Abu Dhabi’s goals to support sustainable economic diversification efforts driven by the increasing growth of the financial sector.

More leading global and regional companies in the financial sector are set to operate in the Abu Dhabi Global Market, with 46 companies receiving initial approval in the first half of 2023, as this figure represents a 119% increase in the number of companies. received preliminary approvals.compared to the same period last year.

Commenting on his company’s expansion in the region and the opening of its new offices in the Abu Dhabi Global Market; Alan Howard, founder of Brevan Howard, said: Abu Dhabi and Abu Dhabi Global Market are differentiated by offering an integrated business environment of banking operations, financial technology and investment management. A leading financial centre, offering enormous and unparalleled capabilities, we are delighted to contribute to strengthening the Abu Dhabi Government’s efforts to build and develop the future.

Notably, Brevan Howard manages more than $30 billion in assets on behalf of several companies worldwide.

Rajiv Mishra, CEO of 1IM, said: “Abu Dhabi has become a global hub that attracts investors, employers and employees alike. We believe that obtaining a license to provide financial services in the Abu Dhabi Global Market will enable us to benefit from the various opportunities offered by the region, which will support the growth of our company and pave the way for further development in the future.

In the first half of 2023, the Abu Dhabi Global Market’s Financial Services Regulatory Authority will implement a regulatory framework for sustainable finance, which will include the most comprehensive disclosure requirements for environmental, social and corporate governance practices and regulated funds in the region. and portfolios managed on a discretionary basis, and bonds and sukuk designed to support ventures. UAE National Council to reduce emissions and achieve climate neutrality.

Together with the voluntary carbon market platform AirCarbon Exchange, the regulatory framework is aligned with the Carbon Offset System to create the world’s first regulated exchange and clearing house for trading carbon credits on the Abu Dhabi Global Market.

March this year; The Financial Services Regulatory Authority of Abu Dhabi Global Market, in collaboration with members of the Sustainable Finance Working Group in the UAE, has put forward for consultation the draft “Principles for the Effective Management of Climate-Related Financial Risks”. It will be released in its final form in the second half of 2023.

Earlier this year; The Asian Infrastructure Investment Bank, a USD 100 billion capital multilateral development bank, has signed an agreement to establish its first overseas office, the headquarters of the bank’s operational office at the Abu Dhabi Global Market. Financial infrastructure projects… adopt and apply sustainability principles.

These developments reflect the Abu Dhabi Global Market as a leading hub for sustainable finance, particularly in light of the UAE’s hosting of the COP28 Conference of Parties this year.

The success story of Abu Dhabi Global Market has seen a new milestone, this year announcing that the geographic scope of the market has expanded tenfold, adding Al Reem Island to its current jurisdiction and encompassing Al Maria Island. The largest financial centers in the world, with a total area of 14.38 million square meters.

This expansion comes on the back of the significant growth that the Abu Dhabi Global Market has seen recently, with international, regional and local companies in particular choosing Abu Dhabi as a location to expand and develop their business. This was also reflected in the results for the first half of 2023, when the number of operating companies increased by 36% year-on-year to reach 1,590 companies, while the number of employees at Abu Dhabi Global Market Square increased by 28. % during the same period, bringing the total to 12,080.

With the beginning of the intermediate phase of this expansion; Abu Dhabi Global Market focuses on resource management and is keen to ensure smooth delivery of services to companies. The efficiency and speed of issuance of business licenses has seen a significant improvement of 50% during the period from June 2022 to June 2023. A significant increase in the speed and efficiency of issuing business licenses to special purpose entities was recorded.

Abu Dhabi Global Market’s commitment to excellence is reflected in its “Customer Relationship Management Services” that ensure a smooth and integrated experience for companies, from the stage of preparing companies to register to the stage of establishing a business.

By enabling access to capital providers, government-related entities and key institutions in Abu Dhabi, the exceptional support provided by the Sovereign and Strategic Partnerships Group helps maximize client success and satisfaction.

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”

Economy

UAE stocks add 342 billion dirhams to its market capitalization in 9 months

Published

7 mins ago

October 1, 2023

Nadia Barnett

UAE stocks add 342 billion dirhams to its market capitalization in 9 months

Local stock exchanges added about 342 billion dirhams to their market capitalization in the first nine months of this year, supported by increased demand from companies and investment portfolios, with new listings based on data from the Abu Dhabi Securities Market and the Dubai Financial Market. .

Markets’ market value was boosted by four new listings in the current year, including “ADNOC Gas”, “Brissite” for artificial intelligence solutions and “ADNOC Logistics and Services” on the Abu Dhabi market. Shares of “Al Ansari” Financial Services on the Dubai Financial Market.

The market capitalization of listed stocks rose from 3.206 trillion dirhams at the end of last year to 3.548 trillion dirhams in the last session of last September, with 2.852 trillion dirhams distributed to stocks listed on the Abu Dhabi Securities Market and 696.6 billion dirhams to stocks listed on the Dubai Financial Market.

Local stocks attracted more than 321.6 billion dirhams of liquidity in the first nine months of the year, with 243.9 billion dirhams distributed on the Abu Dhabi Securities Market and 77.6 billion dirhams on the Dubai Financial Market, while around 87.2 billion shares were traded, of which 44.66. billion shares were traded.42.6 billion shares in the Abu Dhabi market by executing more than four million transactions in the two markets in Dubai.

The Abu Dhabi market index “Fadex 15” ended last September at 9496.03 points, while the “FTSE” Abu Dhabi General Market Index (Fadji) ended at 9785.32 points and the real estate index rose. 31.6%, consumer goods about 15.6%, and healthcare 7.1%, energy 3.6% and services 2.7%.

Shares of “Abu Dhabi National Hotels” made the biggest gains on the Abu Dhabi market since the start of the year, rising 161%, followed by “Buildco” with gains of 85.2%, and shares of “ADNOC Drilling” with 34.9%, and “Aldar Properties” with 30%, and “ADNOC Gas” 23.8%, “Abu Dhabi Islamic” 23.6%, “ADNOC Logistics” 16.6%, “Abu Dhabi Ports” 12.4%, “Yahsat” 7.2%, and “Boroj” 6.1%.

“International Holding” has the largest share of the trade, attracting more than 65.6 billion dirhams in cash flow, followed by “Alpha Tabi” with about 22.1 billion dirhams, then “Multiplay” with 17.7 billion dirhams, “First Abu Dhabi” with 10.7 billion dirhams, and “Altar” with 9.1 billion dirhams. billion dirhams.

The Dubai Public Market Index rose 24.8% or the equivalent of 827.5 points in the first nine months of this year, jumping from 3336.07 points at the end of last year to reach 4165.58 points in the last September sessions. The real estate sector index was up 40.9%, industrials 30%, financials 22%, and services 16.1%, their highest levels in more than eight years.

The performance of the Dubai market improved with “Emaar Properties” shares rising 37.2%, “Emirates NBD” 36.9%, “DEWA” 10.3%, “Emaar Development” 58.7% and “TECOM” shares 21.8%. %, and “Air Arabia” 30.7%. %, “SALIC” 33.5%, “Dubai Investments” 13.8%, “Empower” 33.1%, “Dubai Financial Market” 5.3%, and “Dubai Islamic” 2.6%, while “Gulf Navigation” posted strong gains of over 974%. “Ajman Bank” also achieved 91.5%.

“Emaar Properties” has the largest share of the trade, attracting about 16.2 billion dirhams, “Emirates NBD” 9.07 billion dirhams, “Ajman Bank” 5.68 billion dirhams, “Dubai Islamic” 5.5 billion dirhams and “Deva” 4.98 billion. billion dirhams.

• 4 new listings in the current year including “ADNOC Gas”, “Brissite”, “ADNOC Logistics and Services” and “Al Ansari”.

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”

Economy

Emirates News Agency – UAE stocks have added 342 billion dirhams to their market capitalization in less than 9 months.

Published

8 hours ago

September 30, 2023

Nadia Barnett

Emirates News Agency – UAE stocks have added 342 billion dirhams to their market capitalization in less than 9 months.

Saturday, September 30, 2023 – 12:42 p.m

By: Rami Samy.

ABU DHABI, 30 September / WAM / Local stock markets added 342 billion dirhams to their market capitalization in the first nine months of this year, driven by increased demand from companies and investment portfolios, and new listings based on data from the Abu Dhabi Securities Market and the Dubai Financial Market.

The market capitalization of listed shares rose from 3.206 trillion dirhams at the end of last year to 3.548 trillion dirhams in the last sessions of this September, with 2.852 trillion dirhams distributed to listed shares and 696.6 billion listed shares on the Abu Dhabi Securities Market. In the Dubai Financial Market.

Local stocks attracted more than 321.6 billion dirhams in liquidity in the first nine months of the year, with 243.9 billion dirhams distributed on the Abu Dhabi Securities Market and 77.6 billion dirhams on the Dubai Financial Market, while around 87.2 billion shares were traded, including 44.6 billion shares. 42.6 billion shares in the Dubai Financial Market in Abu Dhabi and the Dubai market, by executing more than 4 million transactions in the two markets.

– Abu Dhabi Market.

The Abu Dhabi Market Index “Fadex 15” ended this September with 9496.03 points, while the FTSE Abu Dhabi General Market Index “Fadji” gained 9785.32 points and the real estate index rose 31.6. %, consumer goods around 15.6%, healthcare 7.1%, energy 3.6% and services 2.7%.

Shares of “Abu Dhabi National Hotels” achieved the biggest gain in the Abu Dhabi market since the beginning of the year, rising 161%, followed by “Buildco” with gains of 85.2%. “ADNOC Drilling” shares another 34.9%, “Aldar Properties” 30%, and “ADNOC Gas”. “23.8%, “Abu Dhabi Islamic” 23.6%, “ADNOC Logistics” 16.6%, “Abu Dhabi Ports” 12.4%, “Yahsat” 7.2%, and “Boroj” 6.1%.

“International Holding” has the largest share of the trade, attracting more than 65.6 billion dirhams in cash flow, followed by “Al-Dhabi” with about 22.1 billion dirhams, then “Multiplay” with 17.7 billion dirhams, “First Abu Dhabi” with 10.7 billion dirhams and “Aldar” with 9.1 billion dirhams. .

– Dubai market.

In the first nine months of this year, the Dubai General Market Index rose 24.8% or the equivalent of 827.5 points, from 3,336.07 points at the end of last year to 4,165.58 points in the last September sessions. Its highest levels in more than 8 years, with the index rising, real estate sector 40.9%, industrials 30%, financials 22% and services 16.1%.

The performance of the Dubai market improved with “Emaar Properties” shares rising 37.2%, “Emirates NBD” 36.9%, “Dewa” 10.3%, “Emaar Development” 58.7% and “TECOM” shares 21.8%. %, “Air Arabia” 30.7%, and “SALIC”. Stronger than “33.5%, “Dubai Investments” 13.8%, “Empower” 33.1%, “Dubai Financial Market” 5.3%, “Dubai Islamic” 2.6%, while “Gulf Navigation” 974% and “Ajman Bank” 91.5% Profit was achieved.

“Emaar Properties” accounted for the largest share of the trade, attracting about 16.2 billion dirhams, “Emirates NBD” 9.07 billion dirhams, “Ajman Bank” 5.68 billion dirhams, “Dubai Islamic” 5.5 billion dirhams and “Deva” 4.98 billion in liquidity. Dirham.

Ahmad al-Boutli/Rami Samih

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”

Economy

4 new AI tools you can use to edit photos on Instagram

Published

16 hours ago

September 30, 2023

Nadia Barnett

4 new AI tools you can use to edit photos on Instagram

As part of Meta’s Connect conference last Wednesday, Mark Zuckerberg revealed several creative AI features that will be useful for some content creators and influencers. For example, users will be able to use Meta’s AI technology, revealed as Emu. In the Instagram app.

Zuckerberg said Meta will begin rolling out these photo-editing and generative AI tools to Instagram “in about a month,” and Meta’s Emu technology will take seconds to generate images, Zuckerberg said during the Connect conference.

In addition to photo editing tools, Meta is already releasing AI stickers that use Emu and Llama 2 technology, and advanced applications of AI will soon appear in Meta apps in the form of chatbots or AI-powered assistants. Meta will begin testing the beta feature immediately.

Here’s a full rundown of the new AI features Meta brings to Instagram:

– New photo editing tools in the Instagram app:

Like many apps and generative AI filters that are ubiquitous on TikTok, Instagram is adopting its own generative AI tools. Users can also edit photos by “re-styling”, which changes the artistic style of the photo, similar to altering the photo. A watercolor, or “background,” that allows users to replace the background of the image with an illustration.

Any image edited using these tools “represents the use of artificial intelligence,” Mitta wrote in a blog post.

– AI-generated stickers for use in direct messages:

Instead of sticking with Instagram’s existing preloaded stickers or emojis, Meta is rolling out a new tool that lets users create unique stickers using AI. Meta wrote in his blog post that the feature will be rolling out to “select English users next month.”

AI stickers are also available in Instagram features like Live Messages and Stories, and other apps like WhatsApp, Messenger and Facebook’s Stories feature.

– Interactive AI bots – or characters:

In addition to its general AI assistant called “Meta AI,” Meta is working with celebrities and influencers to develop 28 AI chatbots. The first cast uses celebrities and popular influencers like Tom Brady and Kendall Jenner. MrBeast, LaurDIY, and Charli D. Amelio and the AI characters will have their own profiles on Instagram and Facebook.

– Creators will be able to build their own robots in the future:

“We’re building a platform to build AI that can help you do things or have fun,” Zuckerberg said. “The way it works is that people can interact with these AI systems across the entire product universe. .”

Zuckerberg pitched these AI bots as a potential way for creators to “engage” with their communities. The creator of these bots should be “authorized” and “directly controlled,” Meta wrote in a blog post. Already, many startups have released AI tools. Similar applications allow creators to create AI versions such as Afterparty or Render Media.

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”