Month: August 2022

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20,500 new investor accounts added to Dubai Financial Market in first 7 months of 2022

ABU DHABI, Brokerage companies in the Dubai Financial Market added 20,552 new investor accounts in the first seven months of 2022.

The market also witnessed significant momentum since the announcement of the listing of 10 governmental and semi-governmental companies, including the Dubai Electricity and Water Company (DEWA), the TECOM Group, and Union Coop.

The number of new accounts in the Dubai Financial Market grew significantly by over 287 percent during the first seven months of this year, compared to 5,306 new accounts in the same period in 2021.

According to related data, companies added 2,349 new accounts in July; 2,850 in June; 2,468 in May; 4,258 in April; 4,401 in March; 3,231 in February; and 995 in January.

BHM Capital Financial Services acquired the largest share of new investor accounts during this period, totalling 3,471; followed by Abu Dhabi Islamic Bank Securities with 2,855; then Emirates NBD Securities with 2,731; ADCB Securities with 1,369 accounts; International Securities with 1,192 accounts; and EFG Hermes with 1,081 accounts.

The 27 brokerage firms in the Dubai Financial Market executed over 1.41 million deals during the first seven months of this year, trading 40 billion shares valued at AED98.25 billion.

Source: Emirates News Agency

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Cabinet approves formation of ‘Higher Committee for Government Digital Transformation’

ABU DHABI, Chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the UAE Cabinet approved the formation of the “Higher Committee for Government Digital Transformation”, chaired by Ohood Khalfan Al Roumi, Minister of State for Government Development and The Future.

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, will serve as the Vice-Chairman of the Committee.

The Higher Committee for Government Digital Transformation aims to supervise and guide the development of the digital ecosystem for the UAE government, and enhance readiness, competitiveness, flexibility and digital alignment between projects and digital systems in federal government agencies.

One of the Committee’s core goals is to raise the efficiency of its use of infrastructure and digital assets, while enhancing integration between government agencies and institutions to maximise the impact of the comprehensive digital transformation.

The Committee’s duties include preparing policies for comprehensive digital transformation in the federal government. In addition to reviewing and following up the necessary strategies, programmes and initiatives for digital transformation.

To enhance government efficiency, the Committee will be responsible for issuing guiding components for strategic projects related to the digitisation of government services, business and operations, among other.

The Committee includes in its membership, Director-General of the Telecommunications and Digital Government Regulatory Authority (TDRA); Director-General of The Federal Authority for Government Human Resources; Head of Cyber Security for the UAE Government; Chief of Government Services of the United Arab Emirates Government; Deputy Director-General for the Telecommunications Sector at TDRA; and a representative of the Ministry of Finance.

Source: Emirates News Agency