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Sun 17 Apr 2016 12:42 PM

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Dubai Financial Market to build new HQ in Business Bay

Stock exchange plans exit from World Trade Centre after 15 years

Dubai Financial Market to build new HQ in Business Bay

Dubai’s stock exchange the Dubai Financial Market (DFM) is to build a new headquarters in Business Bay, moving from its current office in the World Trade Centre for the first time in 15 years.

In a filing to the bourse on Thursday, Emirates Securities and Commodities Authority CEO Obaid Saif Al Zaabi announced that DFM had received a plot of land in the Business Bay to construct its new headquarters.

The plot from Dubai Holding subsidiary Dubai Properties measures 10,232 square metres and has a market value of AED231m ($62.8m), according to the statement.

It is understood that DFM will now seek tenders for the new building from designers and architects, and that it is to be completed within three to four years. 

The planned move is “in line with the market development vision”, the statement added.

DFM chairman Essa Kazim reportedly told The National: “It is a very good site, looking over Sheikh Zayed Road by the entry to Business Bay. It’s very close to the Dubai International Financial Centre and at the heart of the new Dubai.

“It will be a custom-made building that can accommodate our own and the brokers’ requirements, and will have a significant data-recovery capability.”

Kazim said the DFM was considering proposals for a high-tech new trading floor in the new design. “Even in these days of sophisticated financial technology, a trading floor is good for marketing and ceremonial purposes. But we will see what the brokers want. Their business requirements are very important,” he was quoted as saying.

DFM is regulated by the federal Securities and Commodities Authority, while DIFC entities fall under the Dubai Financial Services Authority.

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