Day: January 31, 2023

DUBAI, Emirates NBD Securities, a leading brokerage firm in the UAE, has partnered with Abu Dhabi Securities Exchange (ADX) to provide traders with instant access to the exchange’s listed companies, enabling it to offer instant trading account opening and digital onboarding to another UAE stock exchange.

The partnership will allow more than one million Emirates NBD customers to start trading instantly on ADX and support the buoyant demand for ADX listed companies. Investors will be able to kickstart their trading journey through a simple three-step process which will provide instant National Investor Number (NIN), trading account and investor account. This will eliminate the need to print, sign, scan and e-mail documents.

The initiative supports ADX’s strategy of leveraging digital solutions to widen its investor base and to enhance market liquidity. Trading value on the ADX reached AED 450 billion in 2022, an increase of almost 21.9 percent from 2021, supported by a series of listings and increased international investor participation. Meanwhile, the benchmark FADX 15 Index gained 22.6 percent in 2022, making it the best performing index in the Arab world.

Commenting on the announcement, Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said, “Emirates NBD Securities is delighted to partner with ADX to offer investors quick and easy access to the dynamic companies traded on the exchange, enabling us to provide instant access to both of the UAE’s stock markets. Our end-to-end digital investor onboarding platform will now enable our customers to start trading instantly on two of the region’s top three stock exchanges by market capitalization. With this partnership, our digital onboarding platform, IPO subscription facility and NIN generation service, we are the only regional bank to offer UAE investors an all-inclusive package to trade with ease on the UAE’s burgeoning capital markets. We are confident that our efforts will increase the flow of capital into regional markets, enhance market liquidity and reinforce the UAE’s position as the region’s leading financial center and hub for technological innovation.”

Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of the ADX, added, “We are pleased to partner with Emirates NBD Securities to facilitate access to the ADX, one of the world’s fastest growing and best-performing exchanges. Working with partners to facilitate access to the unique growth opportunities that companies listed on the ADX offer reinforces our strategy of creating a dynamic capital market. We will continue to actively promote the listings pipeline and introduce products and services that will further enhance our offering.”

Emirates NBD Securities recently introduced digital onboarding website also provides access to advanced trading platforms and applications. Investors can also maximize their returns with THARAA’, an innovative Emirates NBD loyalty program that rewards every executed trade.

As members of the Emirates NBD banking Group, Emirates NBD Securities customers enjoy additional benefits such as the ability to manage the proceeds of their trades in real-time through their personal Emirates NBD bank account, a multi-purpose settlement account with an Emirates NBD debit card, and the ability to invest in Shari’ah-compliant shares through the bank’s Investment Murabaha platform.

Source: Emirates News Agency

DUBAI, Dubai real estate market recorded 471 sales transactions worth AED1.87 billion, in addition 70 mortgage deals of AED122.36 million, and 14 gift deals amounting to AED130.13 million on Tuesday, data released by Dubai’s Land Department (DLD) showed.

The sales included 451 villas and apartments worth AED1.56 billion, and 20 land plots worth AED316.57 million.

The mortgages included 47 villas and apartments worth AED68.8 million and 23 land plots valued at AED53.56 million, bringing the total realty transactions of today to over AED2.1 billion.

Source: Emirates News Agency

Dubai, Dubai Chamber of Digital Economy, one of three chambers operating under Dubai Chambers, has released a report detailing plans to boost the emirate’s digital economy.

The report projects the national digital economy will reach US$140 billion in 2031 from US$38 billion today.

The study highlights the importance of the chamber’s efforts and collaboration with stakeholders to establish Dubai as the next digital economy capital of the world. The report outlines Dubai’s digital economy startups and the emirate’s position as a future digital capital.

The Chamber’s plans include attracting 300 digital startups and 100 tech experts to Dubai by 2024, improving laws and policies, organising a conference, promoting digital transformation, and enhancing the business environment to attract global digital firms.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Chairman of Dubai Chamber of Digital Economy, said the goal of doubling the contribution of the digital economy to the UAE’s GDP from 9.7 percent to over 20 percent by 2031 reflects Dubai’s ambition to be a key tech hub.

He emphasised the importance of building a world-class digital infrastructure and supporting the dynamic startup ecosystem to drive digital transformation and sustainable business growth.

Al Olama also stressed the importance of raising awareness about challenges and future trends and highlighting the role of digital transformation in driving sustainable business growth.

Source: Emirates News Agency

Dubai, UAE – Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has issued a recent report detailing plans to drive the emirate’s digital economy ambitions, as part of its efforts to strengthen the digital economy ecosystem in Dubai and achieve the goals of the Dubai Economic Agenda (D33).

The report estimates the national digital economy will grow to well over US$140 billion in 2031, up from today’s nearly US$38 billion. The study underlined the importance of Dubai Chamber of Digital Economy’s efforts, and the collaboration between various stakeholders and digital startups, to firmly position Dubai as the next digital economy capital of the world.

Published in collaboration with Entrepreneur Middle East and titled ‘Dubai’s Digital Economy and its Thriving Startup Ecosystem’, the report explains the fundamental role of the Chamber in supporting digital economy strategies and achieving the wise leadership’s objectives to cement Dubai’s position as a global capital of the digital economy.

H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Chairman of Dubai Chamber of Digital Economy, said that doubling the contribution of the digital economy to the UAE’s GDP from 9.7% to over 20% by 2031, reflects Dubai’s endeavours to establish itself as a key tech hub and leading global destination for digital companies.

H.E. Al Olama stressed that the UAE’s pioneering initiatives to build the economy of the future help create a world-class digital infrastructure and support the dynamic start-up ecosystem. “Our strategic plans will also focus on achieving the objectives of the Dubai Economic Agenda (D33), especially in terms of driving digital transformation, developing a sustainable business sector, and adding an average of AED100 billion per year in economic value to the emirate’s economy,” he said.

“Raising the business community’s awareness about challenges and future trends is a key priority, as is highlighting the importance of digital transformation as an engine of sustainable growth for the business sector,” he added.

The report provides insight into Dubai’s digital economy startups and why Dubai will become the next digital economy capital of the world. Dubai has always been known for its strong entrepreneurial spirit. Approximately 96% of all funds raised in the UAE since 2017 have been raised by startups headquartered in Dubai. In 2021, all startups across the entire country raised US$1.2 billion, the vast majority of which went to Dubai-based startups. The emirate’s startups raised more than US$2 billion in 2022, more than double the funding figures in 2021.

In addition to highlighting the key strategies, drivers, and stakeholders behind Dubai’s digital economy, the report also features interviews with iconic homegrown startups, as well as recent Dubai transplants from various industries.

The study goes on to reveal some of the Chamber’s upcoming plans and strategies, which include attracting 300 digital startups to Dubai by the end of 2024; attracting 100 international experts in advanced technologies; improving laws and policies that would support the growth of the digital economy; organising an international conference on the new digital economy; promoting digital transformation across national companies; and enhancing the business environment to attract global digital firms.

Source: Dubai Chamber of Commerce & Industry