Mohammed’s vision made Dubai a world hub for multinationals
- 27 Oct 2022
Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of the Dubai International Financial Centre (DIFC), said that Dubai continues to progress as the world’s foremost hub for multinationals seeking to enter the region and grow their business, in line with the vision and directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
Sheikh Maktoum Bin Mohammed made these comments during his discussions at the DIFC with Bruce Flatt, Chief Executive Officer of Brookfield Asset Management, one of the world’s largest alternative investment management companies with more than $750 billion of assets under management.
The discussions focused on how Dubai can further support the global investment major in enhancing its growth and investment in the UAE, the region and beyond. Sheikh Maktoum said Dubai is keen to expand cooperation with global investment leaders like Brookfield to shape a new future for the financial services sector.
He noted that Dubai was a pioneer in fostering innovative models for partnerships between public and private sectors to create new growth possibilities and unlock fresh investment opportunities. He added that Dubai’s policy transparency and stability, its collaborative approach, and unparalleled access to international talent helped reinforce its position as a global hub for finance and investment.
Sheikh Maktoum reiterated Dubai’s commitment to supporting global companies in expanding their business by providing them with a world-class business-enabling ecosystem and a growth-friendly legislative framework.
The Brookfield CEO said during the meeting that Dubai’s state-of-the-art infrastructure, robust regulatory framework and business-friendly ecosystem provide the investment conglomerate with the ideal platform to serve its clients and tap new growth avenues across the region.
The UAE, he said, represents one of Brookfield’s major growth markets across the world. He noted that Dubai was uniquely positioned to offer Brookfield the scale and flexibility it seeks to increase its global presence.
He added that Dubai was at the centre of one of the most critical regions for the world’s drive to transition to a sustainable energy future, a business area that Brookfield was keen on growing further. Brookfield is present in more than 30 countries and has made more than 2,000 investments globally. The diversified investment major operates across several sectors, including renewable power and transition, infrastructure, private equity, real estate, and credit and insurance solutions.
Also present during the meeting were Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs; Abdulla Al Basti, Secretary-General of Dubai Executive Council; Helal Saeed Al Marri, Director-General of Dubai’s Department of Economy and Tourism; and Essa Kazim, Governor of DIFC.
DFM posts profit: Dubai Financial Market (DFM) Company on Thursday announced its financial results for the first nine months of the year ended 30th September 2022, registering an increase of 133 per cent in net profit to Dhs89 million compared to Dhs38.1 million in the same period of 2021.
The Company’s total revenue reached Dhs237.8 million during the first nine months of this year compared to Dhs183.1 million during the corresponding period of the previous year. The revenue comprises Dhs173.3 million of operating income and Dhs64.5 million of investment returns and other income. The Company’s expenses increased by 2.6 percent to Dhs148.8 million by the end of September 2022 compared to Dhs145 million in the same period of 2021, despite the significant increase in operating revenue, operating expenses only increased by 0.4 per cent as a result of operational efficiencies and cost optimisation initiatives. Helal Al Marri, Chairman of the DFM Company, said, “We have posted a strong set of results in the third quarter. Increasing investor interest and activity is testament to the dynamism and growth of Dubai’s capital markets. This is illustrated by the DFM being one of the most active listing venues globally right now.”
It is noteworthy that the total Market Capitalisation of listed securities increased 40 per cent to Dhs575.5 billion compared to Dhs411 billion at the end of 2021, as a result of both organic and non-organic growth driven by the wave of successful IPOs as well as the improvement in listed securities’ performance. The DFM General Index advanced 4.5 percent this year.
During the first nine months of 2022, the total trade value jumped 79.5 percent to Dhs69.5 billion compared to Dhs38.7 billion during the same period of 2021. The DFM also maintained its attractiveness to foreign investors, who accounted for 47.3 percent of trading value at the end of September with net purchases of Dhs3.2 billion, a 146 percent increase compared to the corresponding period.
