Maktoum appoints DIFC Authority’s Board of Directors

Sheikh Maktoum Bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the Dubai International Financial Centre, has issued Directive No. 5 of 2020, appointing DIFC Authority’s Board of Directors for a two-year term.

DIFC Authority’s Board of Directors is mandated to ensure that all of the Centre’s activities, ranging from infrastructure development, financial management and client relations are structured and implemented to serve the vision of Dubai’s leadership.

The Board members will play an instrumental role in directing DIFC’s strategic objective of driving the future of finance and consolidating its position as the Middle East, Africa and South Asia, MEASA, region’s leading global financial centre.

In addition to his role as Governor of DIFC, Essa Kazim continues to be the Chairman of DIFC Authority’s Board of Directors. He is joined on the Board by Hesham Abdulla Al Qassim, Abdulla Jasim bin Kalban, Abdullah Salim Al Turifi, Khalfan Juma Belhoul, Ahmad Hassan bin Al Shaikh and Salem Ali Al Sharhan.

The Chairman of DIFC Authority’s Board of Directors expressed his appreciation to outgoing Board members for their contribution. Hussain Al Qemzi, Hamad Buamim and Rashid Saif Al Jarwan will be stepping down from the Board following the successful completion of their tenures.

Meanwhile, the Dubai Financial Market, DFM, on Sunday introduced equity futures trading, as part of its new Futures Trading Platform, amid unprecedented participation from the brokerage community.

This step provides further impetus to DFM’s strategy to diversify product offerings and attract more investments. The DFM has developed a robust regulatory framework, in line with international best practices, creating a favourable environment for active participation from various market participants. This strategic step also enables investors to diversify and hedge their portfolios and access equity futures.

To celebrate the launch of this comprehensive futures platform, the DFM today hosted an opening bell ceremony in the presence of Hassan Al Serkal, CEO of DFM, Maryam Fekri, CEO of Dubai Central Clearing and Depository Holding, Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of DFM, along with senior representatives of the Launch Partners. To date, the platform has attracted 16 leading companies as Launch Partners, including trading members, market makers, as well as technology and data providers.

“The DFM spares no effort in its quest to continuously develop its products and services, providing market participants with a wider range of innovative products, in response to their evolving expectations. The launch of this new platform is another milestone in DFM’s momentous journey. It underlines our commitment to diversify investment opportunities for DFM’s large and diversified base of local and international investors. Owing to this strategy, the DFM has become one of the leading regional markets that provide multiple asset classes, including shares, bonds, Sukuks, ETFs and equity futures. Additionally, we plan to add REITs trading and expand our platforms and attract new companies for listing in the coming period,” noted Essa Kazim, Chairman of DFM.

“We look forward to seeing various market participants fully leverage the benefits of this promising platform, as we are confident of its growth prospects, considering investors’ growing demands for diversified financial instruments and multiple asset classes,” added Hassan Al Serkal, CEO of DFM. “This demand enabled us to launch the platform with unprecedented support and strong participation from brokerage firms that showed interest in taking part from day one as trading members and market-making Launch Partners.”

It is noteworthy that the new platform leverages the experiences and capabilities of DFM’s Group members, including DFM, Dubai Clear and Nasdaq Dubai.

Meanwhile, field inspectors from the Commercial Compliance and Consumer Protection, CCCP, Sector in Dubai Economy continued their visits to a number of open markets and shopping centres across the emirate on Saturday to make sure that commercial establishments commit to the precautionary measures against COVID-19. Remarkably, all 454 businesses inspected on Saturday at open markets and shopping centres were found to have fully complied with the guidelines.

Praising the efforts made by everyone to implement the precautionary measures, including adherence to physical distancing and wearing masks, Dubai Economy said the approach evident now will guide the emirate to safe shores and ensure business continuity, while preserving public health and safety.

WAM