Special Features
Borse Dubai
The Dubai Government will consolidate its holdings in Dubai Financial Market (DFM) and Dubai International Financial Exchange (DIFX) into a new holding company, Borse Dubai.The Government’s move is in line with the Dubai Strategic Plan 2015, and demonstrates its commitment to further position Dubai as the leading capital market in the region.
DIFX and DFM will continue to be regulated by Dubai Financial Services Authority (DFSA) and the Emirates Securities and Commodities Authority (ESCA) respectively. Borse Dubai will build on existing synergies between both exchanges, with improved exchange infrastructure, to better serve all stakeholders.
Explaining the role of Borse Dubai within the new structure, DFM Chairman Essa Kazim, who has been appointed as the Chairman of Borse Dubai, said that the company is intended to be a facilitator, allowing DIFX and DFM to explore joint opportunities for the development of capital markets in the region and in the broader context of global exchanges. He commented: "Both exchanges will share best practices, maintaining operational efficiency at international standards. Borse Dubai will boost confidence among issuers, investors, and intermediaries who will benefit from a presence in both exchanges, as well as a broader and more varied range of services." Stating that DFM would continue its firm commitment to maximise value for its shareholders, Essa Kazim said: "DFM’s Board and management team will continue to drive DFM’s business and execute the current growth strategies. Given the rapid transformation of capital markets around the world, it was the right time to jointly build on the synergistic opportunities provided by both exchanges and to create Borse Dubai as a platform for further growth." Dr. Omar Bin Sulaiman, Governor of Dubai International Financial Centre (DIFC) stated that the strategic alignment of DFM and DIFX is in line with the objectives of the Dubai Strategic Plan 2015 and the vision of His Highness Sheikh Mohammad Bin Rashid Al Maktoum. He said: "Dubai 2015 plan seeks to position our Emirate as a global hub of a diversified economy. Naturally, a mature and well structured financial industry is instrumental for sustainable and rapid growth of such an economy. Borse Dubai is the answer and the right vehicle for this." Soud Ba’alawy, Chairman and Board Member of DIFX emphasised the new platform as a gateway to opportunities within the region as well as a bridge between East and West. He said: "DIFX, being a DIFC entity, is unique in the region. Its standards are comparable to those of leading international exchanges in New York, London and Hong Kong. Borse Dubai, based on DIFX’s and DFM’s strengths, will facilitate easier access for international and regional investors, providing for a potentially diverse investor base." This move is subject to necessary approvals from the regulatory authorities.
