Company Lookup
عربي
Download Demo
 

Market News

This Month News

This Month News

send to a friend by email

Dubai, Abu Dhabi Said to Complete Bourse Merger Due Diligence

2014-02-04

Abu Dhabi and Dubai completed due diligence on a potential merger of the two stock markets in the United Arab Emirates, bringing the combination a step closer, according to two people familiar with the matter. Valuation and structuring work was completed in December, with the deal now requiring approval from the governments of the two emirates, the source said, asking not to be identified as the information isn’t public. The merger would come after the exchanges failed to attract local listings in 2013 and would create the largest bourse in the Middle East after Saudi Arabia. The combined market value of companies listed on the DFM and the ADX, as the two bourses are known, would be about $200 billion, or the same size as Turkey and compares with about $480 billion in Saudi Arabia. “It will provide a deeper pool of liquidity and access to the UAE markets will be enhanced,” Jaap Meijer, Dubai-based director of equity research at Arqaam Capital Ltd., said by phone Monday. There will be “substantial cost synergies for the combined entity,” he said. The exchanges are still considering how to proceed after missing a previous deadline to complete the deal before the end of 2013, one of the people said. There isn’t a clear timetable as to when the merger will take place, the two people said. Shares of Dubai Financial Market, the only listed stock exchange in the Middle East, jumped 3.2 percent. The benchmark DFM General Index erased losses to close 0.5 percent higher, while Abu Dhabi’s measure fell0.3 percent. The measures were among the top performers of more than 90 indexes tracked by Bloomberg globally last year. Dubai’s gauge more than doubled, while Abu Dhabi’s jumped 63 percent as MSCI Inc. in June upgraded the UAE, the second-biggest Arab economy, and Qatar to emerging-market status. The upgrades have the potential to draw $1 billion of new funds into the UAE and the Qatari markets, investment bank EFG-Hermes Holding SAE said in a Jan. 16 note. The possible merger is “another important step in taking the UAE markets from frontier markets and confirming their status as an emerging markets player,” Mohammad Ali Yasin, managing director of NBAD Securities LLC, said by phone. The exchanges’ integration would follow a $15 billion joint venture between Dubai Aluminium and Abu Dhabi’s Emirates Aluminium Co. Abu Dhabi and the UAE’s central bank lent Dubai $20 billion in 2009 to stave off a default by the country’s commercial and trading hub. The Dubai stock exchange is home to Emaar Properties PJSC, the builder of the world’s tallest skyscraper, and the UAE’s largest lender Emirates NBD PJSC, while shares of Emirates Telecommunications Corp., the most valuable company in the UAE, trade in Abu Dhabi. JPMorgan Chase & Co. and First Gulf Bank PJSC are advising Abu Dhabi, according to the sources. Citigroup Inc. is advising Investment Corp. of Dubai, the investment company which controls the Dubai Financial Market, they added. KPMG examined Dubai Financial Market’s books, while Ernst & Young completed a similar exercise on the Abu Dhabi Securities Exchange, one of the people said. Spokesmen for Citigroup, Ernst & Young, Dubai Financial Market, JPMorgan and KPMG declined to comment, while no one at First Gulf Bank was available. A spokesman for Abu Dhabi’s stock market didn’t respond to calls and an email requesting comment. Dubai Media Office didn’t respond to emailed questions.

 


 

2017-08-17
Medium liquidity with the end of the legal semi-annual disclosures’ period

2017-08-16
PADICO posts net income of $7.46 million in H1 2017

2017-08-16
PRICO realizes net loss of JD1.28 million in H1 2017

2017-08-16
WASSEL reports net income of 0.07 million in H1 2017

2017-08-16
JCC reports net income of JD0.27 million in H1 2017

2017-08-16
AZIZA reports net income of JD2.20 million in H1 2017

2017-08-16
PID realizes net loss of JD0.03 million in H1 2017

2017-08-16
PIIC records net income of JD3.33 million in H1 2017

2017-08-16
PIBC records net income of $1.97 million in H1 2017

2017-08-16
LADAEN realizes net loss of JD0.50 million in H1 2017

2017-08-15
NCI reports net income of $0.15 million in H1 2017

2017-08-15
PALAQAR reports net income of JD0.07 million in H1 2017

2017-08-15
JREI realizes net loss of $0.17 million in H1 2017

2017-08-15
TIC records net income of $1.33 million in H1 2017

2017-08-15
NSC reports net income of JD0.13 million in H1 2017

2017-08-15
ABRAJ posted net income of $0.18 million in H1 2017

2017-08-14
AQARIYA reports net income of JD0.42 million in H1 2017

2017-08-14
BOP posted net income of $24.72 million in H1 2017

2017-08-14
TRUST posted net income of $2.83 million in H1 2017

2017-08-14
PICO reports net income of $2.13 million in H1 2017

2017-08-14
GMC posted net income of JD0.60 million in H1 2017

2017-08-14
JPH posted net income of $0.76 million in H1 2017

2017-08-14
GUI records net income of $0.96 million in H1 2017

2017-08-14
BPC reports net income of $6.02 million in H1 2017

2017-08-14
TNB records net income of $5.36 million in H1 2017

2017-08-14
PEC reports net income of $5.25 million in H1 2017

2017-08-13
ELECTRODE records net income of JD0.09 in H1 2017

2017-08-13
AIB reports net income of $4.01 million in H1 2017

2017-08-13
NAPCO records net income of JD0.18 million in H1 2017

2017-08-13
APIC reports net income of $7.87 million in H1 2017

2017-08-10
Al-Quds Index increases amid the semi-annual financial data disclosures’ domination

2017-08-09
ARAB records net income of JD0.05 million in H1 2017

2017-08-09
ISBK reports net income of $6.37 million in H1 2017

2017-08-09
APC records net income of JD0.70 million in H1 2017

2017-08-09
MIC posts net income of $1.00 million in H1 2017

2017-08-07
UCI reports net income of $0.54 million in H1 2017

2017-08-07
VOIC posts net income of JD3.39 million in H1 2017

2017-08-07
PSE realizes net loss of $0.10 million in H1 2017

2017-08-07
QUDS reports net income of $6.13 million in H1 2017

2017-08-07
PALTEL records net income of JD33.06 million in H1 2017

2017-08-07
BJP records net income of JD0.59 million in H1 2017

2017-08-03
Executing several transactions raises the market's trading value this week

 

 

 
Sahem Trading & Investments Company - PEX Member and licensed by PCMA
© All Rights Reserved 2013