Day: July 29, 2022

DUBAI, The Dubai Financial Market (DFM) has announced its consolidated financial results for the first half of the year ended 30th June 2022, posting a 63% increase in its net profit to AED63.4 million compared to AED38.8 million during the corresponding period of 2021.

The net profit of the second quarter of 2022 increased by 134% to AED35.9 million compared to Q2- 2021’s level of AED15.3 million.

The Company’s total consolidated revenue reached AED163.8 million in H1-2022 compared to AED136.6 million during H1-2021. The revenue comprised of AED121.4 million of operating income and AED42.4 million of investment income & others.

The Company’s expenses amounted to AED100.4 million compared to AED97.8 million recorded during H1-2021. During the second quarter of 2022, the Company’s revenue reached AED85.2 million compared to AED63.2 million in the second quarter of 2021, while expenses amounted at AED49.3 million compared to AED47.9 million during Q2-2021.

Commenting on the announcement, Helal Al Marri, DFM Chairman, said, “The DFM has witnessed a positive performance driven by the increasing interest from various market participants and the deep confidence in its prospects in light of the accelerating steps to implement Dubai’s financial markets development strategy. During the first half, the DFM welcomed the listing of (DEWA), the largest initial public offering in the UAE financial markets’ history.

“Additionally, our product diversification strategy gained further momentum by launching trading of Oman Crude Oil Futures as well as new equity futures contracts. The first half also witnessed the accomplishment of key initiatives to develop the regulatory framework through the introduction of the listing and trading rules of cooperatives and special purpose acquisition companies (SPAC), which strengthens DFM ability to attract more listings and diversify investment opportunities.”

Al Marri added that the total trading value increased by 75% during the first half of 2022 to AED49.4 billion from AED28.2 billion during the same period of the year 2021, while the total market capitalisation of listed securities increased 28.2% to AED527 billion compared to end of 2021 level of AED411 billion.

The DFM maintained its attractiveness to international investors, who accounted for 47% of its trading value during the first half with net purchases of AED2.6 billion and their ownership reached to 19.8% of the total market capitalisation by the end of June 2022.

The institutional investors accounted for 53.6% of the trading value, which reflects local and international investors’ confidence in the market.

DFM has attracted 70,432 new investors during the first half of this year compared to 1,842 investors, up 38 times compared to its level at the end of the corresponding period of last year, bringing total number of investors to 921,550 investors from 212 countries at the end of June 2021. International investors accounted for 72% of the new investors. Additionally, the DFM has onboarded 426 new institutional investors during the first half, including 303 foreign institutions.

Source: Emirates News Agency

DUBAI, Commercial Bank International (CBI) has announced its second quarter 2022 financial results, with net profit increasing by 67% from AED20.6 million in Q1 2022 to AED34.4 million in Q2 2022.

The operating profit increased by 82% from AED40.3 million to AED73.2 million, a bank statement said.

Net operating income increased by 42%, from AED110.8 million to AED157.6 million.

Commenting on the Bank’s Q2 performance, Ali Sultan Rakkad Al Amri, CEO of CBI, said, “We continue to support our customers and contribute strongly to economic growth in line with the UAE’s strategy that focuses on growth and development. By further strengthening our core client-centric business model, we have increased our profitability substantially in the second quarter, delivering a net profit of AED34 million, mainly through loan growth.”

Source: Emirates News Agency

DUBAI, The Board of Directors of the Dubai Financial Services Authority (DFSA) has announced the appointment of Ian Johnston to the position of Chief Executive Officer of the DFSA, effective September 1, 2022.

Ian Johnston, who served as the DFSA’s Chief Executive from 2012 to 2018, will succeed F. Christopher Calabia who stepped down from his position.

Over the past four years, Ian has been consulting to regulators and policy makers in Asia, Europe and the Middle East and has undertaken projects funded by the World Bank and the European Bank of Reconstruction and Development. Ian has also served on the DFSA’s Legislative Committee since January 2022.

Fadel Al Ali, Chairman of the DFSA, commented, “The DFSA thanks Chris for his service over the past year and we wish him the very best as he returns to the United States. We look forward to welcoming Ian back to lead the DFSA.”

Source: Emirates News Agency

DUBAI, Dubai’s real estate market recorded a total of 8,897 sales transactions worth AED22.75 billion, the highest volume of sales transactions for the month of June in the past nine years, according to Mo’asher, Dubai’s official sales price and rental performance index.

The month of June witnessed a 34 percent increase in terms of volume and a 24.8 percent increase in terms of value compared to May 2022. 60.05 percent of all sales transactions recorded were for secondary properties and 39.95 percent were for off-plan properties.

The off-plan market transacted 3,554 properties worth a total of AED7.057 billion and the secondary market transacted 5,343 properties worth AED15.692 billion. In comparison to the same period last month, the number of off-plan transactions in June increased by 28.96 percent, and the secondary/ready property transactions increased by 37.53 percent.

Q2 marked the highest quarterly volume of sales transactions for the last decade with a total of 22,504 transactions worth AED59.154 billion. Comparing the quarter-on- quarter data, Q2 obtained 9.61 percent more in terms of volume and 6.77 percent more in terms of value. Q2 demonstrated a significant performance and showed an increase of 45.86 percent for volume and an increase of 61.56 percent for value when compared to Q2 in 2021.

In Q2 2022, 59.68 percent of sales transactions recorded for secondary/ready properties and 40.32 percent were for off-plan properties. In terms of the volume of transactions, the off-plan market transacted 6,025 properties worth AED18.565 billion and the secondary market transacted 13,430 properties worth AED40.589 billion. Comparing this to Q1 2022, the number of off-plan transactions in Q2 increased by 5.75 percent, and the secondary/ready property transactions increased by 12.38 percent.

The most notable outcome in Q2 2022 marks reaching 123,856 rental contracts where 59.48 percent were new contracts while 40.52 percent were renewals. Considering the timeframe for the contracts, in Q2 81.41 percent were annual while 18.41 percent were non-annual.

The top areas that observed the highest rental transactions in June 2022 were Jebel Ali First (1423 contracts), Al Warsan First (1311), Al Barsha South Fourth (1250), Marsa Dubai (1202), and Business Bay (1148).

According to Property Finder proprietary data, the top searched areas for apartment rentals in June were Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle, and Jumeirah Lake Towers. While, the top searched areas for villa/townhouses were Dubai Hills Estate, Jumeirah, Al Barsha, Akoya, and The Springs.

Source: Emirates News Agency