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- a listing by Fortune Management of Switzerland, the first European firm to list on a Middle Eastern exchange;
- the issuance of the two largest Islamic-compliant bonds in the world. (Forty-four percent of all Islamic-compliant bonds, by value, are listed on the DIFX.)
The total market capitalization of all securities listed on the DIFX at the end of 2006 was over $21 billion, including $6.7 billion of equities, $7.6 billion of Islamic bonds, $1.9 billion of other bonds, and $4.9 billion of structured products.
Abu Dhabi Securities Market
Dubai’s stock market is not the only one in the UAE. The Abu Dhabi Securities Market (ADSM), established in 2000, is now the seventh largest stock market in the Islamic world, currently listing 65 companies from throughout the Emirates. ADSM has trading locations in Fujeirah, Sharjah, and Ras Al Khaimah, in addition to its main base in Abu Dhabi.
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DFSA’s rules and regulations are written in English by a team of experienced regulators drawn from international regulatory bodies and major financial institutions.
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Despite the downturn in regional and global stock markets in 2006, both stock exchanges are poised to expand rapidly in 2007. The global accounting and consulting firm of KPMG estimates that 40 companies are planning to issue initial public offerings (IPOs) on one or the other of the country’s exchanges in 2007.
UAE: A Financial Focal Point Between East and West
The UAE has become a center for the global financial market between London and Singapore. In the past 18 months, such powerful global financial groups as The Carlyle Group and Goldman Sachs have opened regional offices in the UAE, and AIG moved its regional center there.
The UAE – led by Dubai – is also becoming the hub for the Arab private equity and investment sector, hosting such multi-billion dollar regional powerhouses as Abraaj Capital, Daman Securities and Investments, Shuaa Capital, and a host of similar financial sector ventures.
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H.H. Sheikh Khalifa Bin Zayed
Al Nahyan
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President of the United Arab Emirates
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Upon the death of H.H. Sheikh Zayed Bin Sultan Al Nahyan in November 2004, the Rulers of the seven emirates that make up the UAE elected H.H. Sheikh Khalifa Bin Zayed Al Nahyan to serve as the UAE’s new President. The process of succession was very smooth, and one of Sheikh Khalifa’s first steps was to create a new Ministry of Federal National Council Affairs tasked to reform the political process and introduce indirect elections for the FNC’s membership.
Sheikh Khalifa also announced his intention to streamline the federal government and improve government / business relations, stating that his goal is to “entrench the rule of law and due process, accountability, transparency and equal opportunity.” He called on the people of the UAE to contribute to the reform process by being “more active citizens.”
Sheikh Khalifa was born in 1948 in the oasis town of Al Ain and educated in local schools. After his father became Ruler of Abu Dhabi in 1966, Sheikh Khalifa was named Crown Prince. He assumed a number of key positions, including head of the Abu Dhabi Defense Force, which later became the nucleus of the UAE Armed Forces.
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As Crown Prince, one of Sheikh Khalifa’s most important accomplishments was establishment of the Abu Dhabi Department of Social Services, widely known as the “Khalifa Committee,” which he created to ensure that all of Abu Dhabi’s citizens benefitted from the country’s growing oil wealth.
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When the UAE was created in 1971 – with his father, Sheikh Zayed, as the first President – Sheikh Khalifa focused his energies on the development and modernization of Abu Dhabi. As Chairman of the emirate’s Supreme Petroleum Council and the Abu Dhabi Investment Council (ADIC), his actions and policies during this period were largely responsible for the emergence of the modern emirate of Abu Dhabi.
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H.H. Sheikh Khalifa Bin Zayed Al Nahyan
One of Sheikh Khalifa’s most important accomplishments was establishment of the Abu Dhabi Department of Social Services, widely known as the “Khalifa Committee,” which he created to ensure that all of Abu Dhabi’s citizens benefitted from the country’s growing oil wealth.
When the UAE created a unified military in 1976, Sheikh Khalifa was appointed Deputy Supreme Commander and oversaw a vast improvement in the country’s defense capabilities. He worked closely for many years with his late father, the UAE’s first President, to forge a stronger federation and to ensure more equitable development throughout the seven emirates.
Sheikh Khalifa has followed his father’s path of maintaining a UAE that is open to the world – commercially, politically and culturally – for the benefit of its citizens and the region.
At a recent symposium in Abu Dhabi entitled “Khalifa and the Culture of Tolerance,” Sheikh Khalifa was praised by Cardinal Theodore Mc Carrick, former Archbishop of Washington DC, for the “religious tolerance” that characterizes the UAE. Indeed, the UAE has long enjoyed the kind of visionary and tolerant leadership that has allowed the Emirates to become a symbol of modernity and progress throughout the world.
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