Dubai Financial Market (DFM) announced Monday a net profit of 82.8 million dirhams ($ 22.5 million) for the first six months of 2018, down 43 percent from the same period last year.
The company said net profit for the second quarter of 2018 was AED 33.9 million, down 22%. Total revenues of AED 182.4 million were recorded in the first half, down from AED 239.3 million during the first half of 2017. The company’s expenses amounted to AED 99.6 million compared to AED 93.7 million.
During the first six months of 2018, the value of trading on the Dubai Financial Market declined to AED 36.5 billion, down 47.6% over the same period of 2017. “”During the first half of 2018, the DFM implemented numerous development initiatives aimed at further enhancing its infrastructure and regulations in line with international best practices and as part of its strategy 2021 that focuses on diversifying the DFM’s products and services.
“Within this context, the DFM has launched the Allocation Account mechanism in the first step of its kind among regional markets.”, declared Essa Kazim, chairman of the DFM.
Commenting on the DFM’s efforts to strengthen links with international institutions, Kazim added: “The DFM has successfully organised its International Investor Roadshow in New York in early May with senior representatives of international 16 funds managing approximately $3 trillion in assets.
“The event provided listed companies with an efficient platform to highlight their growth strategies and business developments amid international investors’ growing interest and willingness to further strengthen presence in Dubai’s securities market.”.
In a separate context, the Abu Dhabi Fund for Development (ADFD) has allocated an economic aid package of 11 billion dirhams ($3 billion) to the Ethiopian government to support sustainable economic and social development. ADFD said it had deposited AED 3.7 billion in the Ethiopian National Bank to boost the country’s fiscal and monetary policy, as well as to boost its central bank’s liquidity reserves and foreign exchange reserves.
Mohammed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development (ADFD) and Teklewold Atnafu, Governor of the National Bank of Ethiopia, signed a Memorandum of Understanding (MoU) setting the terms of funding in Addis Ababa, capital of Ethiopia.
“In addition to helping Ethiopia overcome the challenges it faces, funding will encourage the UAE private sector to enter the Ethiopian market and capitalize on the investment opportunities it offers,” he said.
Funding would enhance the gross national income of the country and stimulate key strategic sectors.
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