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Wed 10 Mar 2010 04:00 AM

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The rise and fall

A look at the UAE's best and worst performing stocks.

The rise and fall
The rise and fall
Aramex CEO, Fadi Ghandour.
The rise and fall
Emaar is engaged in property investment and development, property management services and healthcare.
The rise and fall
Mohannad Sweid is CEO and co-founder of DEPA.
The rise and fall
Khaldoun Tabari is the vice chairman and CEO of construction giant Drake & Scull International.
The rise and fall
Established in 1975, Dubai Islamic Bank is the world’s first fully-fledged Islamic bank.
The rise and fall
Riad Kamal is the man at the helm of one of the Middle East’s biggest construction companies.
The rise and fall
National Bank of Fujairah has 12 branches across the UAE and offers financial services over four divisions.

CEO Middle East ranks the best and worst performing stocks in the UAE during the past six months.

So you want to make some money from the UAE stock markets and need some advice? It's simple, read the next eleven pages.

We all know about profits, assets, price earnings ratios, and debt but in truth none of that really tells us how much money an investor can make from listed companies. That is until now. For the first time ever, CEO Middle East has combined a list of all of the companies trading across the UAE's three bourses (NASDAQ Dubai, Abu Dhabi Securities Exchange and the Dubai Financial Market) and ranked them according to their share price performance over the six months ending February 6 2010; making it possible to see just how much money investors have made (and lost) by trading in these companies.

Are the big boys such as Emaar and DP World really the biggest money earners? According to our list, bigger doesn't necessarily mean better. Top of the list is Gulfa Mineral Water, which owns and manages the Gulfa Mineral Water Plant in Masfout, Ajman. The firm manufactures mineral water, juices, soft drinks, foodstuffs, as well as markets and distributes them. It may not sound like the most glamorous of industries but chairman, Saif Rashid Hamarain, has a lot to be happy about. According to our list, his company was by far the best performer of all UAE stocks in the past six months, giving investors a staggering 150 percent return on their cash. That's 83.3 percent higher than the second listed company, Abu Dhabi-based Foodco Holding.

It's clearly a good time to be in the water business. Just four places behind is Jeema Mineral Water, which manufactures and distributes bottled mineral water, as well as other plastic containers and bottles. Its manufacturing plant is located in Hatta and major clients include Emirates Airline, Burj Al Arab Hotel, Jumeirah International and the Shangri-La. All of which would help explain a hefty 52 percent jump in its shares over the past six months.

Another big industry for investors is driving. Sixth on our list is the Emirates Driving Co, which has benefited from the new rules concerning driving licenses. Its shares have rocketed just over 51 percent in the past six months.

So what about the big guns? The first of these is Aramex, which provided its investors with a 43 percent return on its shares. Founder and CEO, Fadi Ghandour, has been in the business longer than most and nothing seems to be stopping him. In January, the logistics provider posted a better-than-expected 28 percent rise in fourth-quarter profit and said it was financially solid enough to expand this year after previous revenue declines bottomed out. This puts Aramex eighth on our list, one place ahead of another one of the UAE's biggest companies, DP World. For all its reported troubles, the company has provided a more than healthy return for its investors during the past six months. Investors in one of the world's biggest ports operators have seen a 39 percent return on their investment, largely because of the firm's exceptionally low price last year.

The highest placed bank on our list is First Gulf Bank, at number seven with a 45 percent increase in its share price, while the second best performing bank stock was Bank of Sharjah. All of which proves it is still possible to make money during a downturn.

(Data courtesy of Bloomberg and Google Finance)

1. Gulfa Mineral Water

Percent change:+150.00 Bourse:Dubai Financial Market Market cap:NA

Gulfa Mineral Water & Processing Industries owns and manages the Gulfa Mineral Water Plant in Masfout, Ajman. The company is engaged in the establishment of manufacturing plants for the production of mineral water, juices, soft drinks, foodstuffs, as well as marketing and distributing them across the UAE. 2. Foodco HoldingPercent Change:+66.67 Bourse:Abu Dhabi Securities Exchange Market cap:AED315.01m

Foodco Holding, formerly known as Abu Dhabi National Foodstuff Co, is engaged in the import and distribution of foodstuff and household items. Its products include frozen poultry and meat, beverages, canned food, cereals and flour and commodities. The firm has two wholly owned subsidiaries, Oasis National Foodstuff Co, which is active in foodstuff packing, and Foodco, which is engaged in wholesale distribution of foodstuff. It also has capital stakes in Foodco Bahrain and Sense Gourmet Food Co.

3. Fujairah Building Industries

Percent change:+66.26 Bourse:Abu Dhabi Securities Exchange Market cap:NA

Fujairah Building Industries Co is engaged in the production of concrete blocks, interlocks, curbstones, tiles, in addition to quarry, ceramic, marble and Rockwool products. It has five wholly owned subsidiaries; Fujairah Concrete Products, Fujairah National Quarry, Emirates Ceramic Factory, Fujairah Rockwool Factory and Fujairah Marble and Tiles Factory.

4. National Corporation for Tourism & Hotels

Percent change:+62.12 Bourse:Abu Dhabi Securities Exchange Market cap:NA

National Corporation for Tourism and Hotels (NCTH) owns, manages and invests in hotels and leisure complexes across the UAE. Its portfolio of hotels includes Abu Dhabi InterContinental Hotel and Al Ain InterContinental Hotel, Al Dhafra Beach Hotel and Danat Resort - Jabal Dhanna, which are all owned and operated by the firm. It also manages three Abu Dhabi-based hotels and holds a 50 percent stake in National Transportation Co, which operates of a fleet of luxury taxis and buses.

5. Jeema Mineral Water

Percent change:+52.23 Bourse:Dubai Financial Market Market cap:NA

Jeema Mineral Water manufactures and distributes bottled mineral water, as well as other plastic containers and bottles across the UAE. Its plant, which is located in Hatta, produces bottled water in different shapes and sizes. The firm's clients include Emirates Airline, Burj Al Arab, Jumeirah International and the Shangri-La hotel.

6. Emirates Driving Institute

Percent change:+ 51.43 Bourse:Abu Dhabi Securities Exchange Market cap:NA

Emirates Driving Institute manages and develops motor vehicle driver training solutions to nationals and expatriates living in the UAE. Its training programme features a range of courses, including advanced courses for heavy vehicle and light vehicle examiners and traffic police and road risk management. The firm has a subsidiary, Qeyadah Driving Institute, whose principal activity is to establish, operate and manage automobile driving schools. 7. First Gulf Bank

Percent change:+ 45.91 Bourse:Abu Dhabi Securities Exchange Market cap:AED21.86bn

A leading financial institution in the Gulf, First Gulf Bank provides Sharia-compliant banking and investment solutions to its clients. The bank offers its services through three units; corporate banking, treasury and investments, and retail banking. Its retail banking services include current accounts, saving accounts, fixed deposit, call accounts, credit cards, safe deposit lockers and various types of loans.

8. Aramex

Percent change:+43.22 Bourse:Dubai Financial Market Market cap:AED2.24bn

Logistics firm Aramex offers freight, express, logistics and supply chain management businesses solutions through the acquisition and ownership of controlling interests in companies in the Gulf and other parts of the world.

It provides express delivery and freight forwarding services from its offices worldwide. It operates through a network of 40 independent express companies across the world with a support of more than 12,000 offices and a fleet of 33,000 vehicles.

9. DP World Ltd

Percent change:+ 39.42 Bourse:Dubai International Financial Exchange Market cap:AED7.64bn

DP World is engaged in the business of international marine terminal operations and development, logistics, and related services. The company operates 49 marine terminals in 31 countries worldwide, and provides logistics, infrastructure development and consultancy services.

Its logistics services include general and bulk cargo handling, roll on, roll off vessels handling, and passenger terminals handling. Through its wholly owned subsidiary, P&O Maritime Services, the firm also provides specialty maritime services to industrial customers and governments.

10. Bank of Sharjah

Percent change:+ 37.50 Bourse:Abu Dhabi Securities Exchange Market cap:AED4.24bn

Bank of Sharjah is a leading financial institution that offers commercial and investment banking services through its head office and three branches across the UAE.

The bank is organised into two major business segments; commercial and retail banking. Its commercial banking products include current accounts, loans, overdrafts, letters of credit, letters of guarantee and project finance while its retail banking segment offers current and savings accounts, fixed deposits, credit cards, and personal and car loans.

11. Al Khaznah InsurancePercent change:+ 37.35 Bourse:Abu Dhabi Securities Exchange Market cap:AED412m

Al Khazna Insurance offer clients all classes of life and non-life insurance and reinsurance products and services through a network of six branches across Kuwait. The company's products are structured into seven divisions; marine cargo and hull, energy and aviation, property, engineering, general accident, medical and life, and motor insurance. 12. Agthia Group PJS

Percent change:+ 34.81 Bourse:Abu Dhabi Securities Exchange Market cap:AED1.08bn

Emirates Foodstuff and Mineral Water, also known as Agthia Group, is a conglomerate whose principal activities include the establishment, investment, trade and operation of companies involved in the food and beverage processing business in the UAE and abroad. The company operates four wholly owned subsidiaries; Grand Mills for Flour and Feed Co, Al Ain Mineral Water Co, Al Ain Vegetable Processing and Canning Factory and Al Ain Food and Beverages, an Egypt-based company engaged in tomato paste processing. 13. National Marine Dredging Company

Percent change:+ 30.56 Bourse:Abu Dhabi Securities Exchange Market cap:AED1.80bn

National Marine Dredging's line of business is in the execution of dredging contracts and associated land reclamation works in the territorial waters of the UAE and Qatar, under the directives of the Government of Abu Dhabi. The company incorporates multidisciplinary workshops, administration and technical departments. The firm is involved in projects such as Sir Baniyas Island, Al Bahr Palace Channel and New Corniche Phase II.

14. Al Salam Bank Sudan

Percent change:+ 29.17 Bourse:Dubai Financial Market Market cap:AED275m

Sudan-based Al Salam Bank is an Islamic banking and financial services institution that provides Sharia-compliant products and services to its clients. The bank offers its services through two business divisions; retail and corporate banking. Its retail banking unit offers current and savings accounts while the corporate banking division offers letter of credit, letter of guarantee and Wakala. The lender's securities are listed on both Khartoum Stock Exchange and Dubai Financial Market. 15. Ras Al Khaimah Company for White Cement & Construction MaterialsPercent change:+ 28.57 Bourse:Abu Dhabi Securities Exchange Market cap:AED513.7m

Ras Al Khaimah Company for White Cement & Construction Materials manufactures and supplies white cement and lime products. The company also invests its surplus funds in securities that are classified as available-for-sale investment and held-for-trading investment. The company's annual production capacity is 450,000 tonnes of cement, which is sold and distributed to the local market within the UAE. It also distributes its products to other GCC counties as well as India, Bangladesh, Sri Lanka and East Africa.

16. National Bank of Abu Dhabi

Percent change:+ 28.07 Bourse:Abu Dhabi Securities Exchange Market cap:AED26.09bn

National Bank of Abu Dhabi provides banking and investment services through a network of local and international branches. The lender offers its services through six divisions; domestic banking, financial markets, international banking corporate, investment banking and global wealth. NBAD also offers a range of Sharia-compliant products to its clients.

17. National Bank of Ras Al Khaimah

Percent change:+ 26.76 Bourse:Abu Dhabi Securities Exchange Market cap:AED513.70m

RAKBANK provides retail and corporate banking services that are organised through two main business segments, personal and business banking. The bank also offers treasury services, such as money market related services and foreign exchange transactions. RAKBANK operates through a network of 25 bfranches across the UAE.

18. RAK Ceramics

Percent change:+ 25.93 Bourse:Abu Dhabi Securities Exchange Market cap:AED1.04bn

Ras Al Khaimah Ceramics manufacturers and sells ceramic products, including tiles, bathroom sets and sanitary ware. The company's product range is divided into three categories; ceramic, Gres Porcellanato and sanitary ware. It is one of the world's largest ceramics firms with an annual sales turnover exceeding $400m. It export its products to more than 135 countries worldwide.

19. Finance House

Percent change:+ 25.83 Bourse:Abu Dhabi Securities Exchange Market cap:AED1.53bn

Finance House offers financial products and services to its clients. The company's main activities consist of investments, consumer and commercial financing, as well as other related services. Its products and services cover three segments; consumer finance, commercial finance and alternative finance. In addition, Finance House also provides services in the flotation and IPO of companies from initial setup of founders committee to the listing on the securities market.

20. Gulf Pharmaceutical Industries

Percent change:+ 25.35 Bourse:Abu Dhabi Securities Exchange Market cap:AED1.24bn

Gulf Pharmaceutical Industries, also known as Julphar, manufactures medicines, drugs and various other types of medical and cosmetic compounds, such as analgesics, anti-malaria, anti-amoebic, antihistamines, cough and cold preparations, vitamins and steroids, as well as cosmetic substances. The company owns and operates six drug manufacturing plants in the UAE and one in Germany. Julphar markets its products to 51 countries worldwide and also holds a 40 percent capital stake in Planet Pharmacies.

21. Waha Capital PJS

Percent change:+ 21.62 Bourse:Abu Dhabi Securities Exchange Market cap:AED1.40bn

Waha Capital, formerly Oasis International Leasing Co, owns, sells, leases and invests in all types of fixed and movable assets worldwide. The company acts as a holding company and operates primarily through four wholly-owned sector-specific subsidiaries; Waha leasing, Waha land, Waha financial investments and Waha maritime.

22. Ras Al Khaimah Poultry & Feeding Company Percent change:+ 21.39 Bourse:Abu Dhabi Securities Exchange Market cap:NA

Ras Al Khaimah Poultry & Feeding Co constructs and purchases poultry farms, and trades in chicken meat and eggs. It also carries out investment fund placements.

The company's assets are spread over an 8 million sq m plot of land located in the Digdaga area in Ras Al Khaimah. Its products include whole fresh chicken, fresh chicken parts, fresh table eggs, and frozen chicken. The firm also holds a 50 percent stake in RAK Packaging, a subsidiary set up to manufacture and import papers, cartons and related products.

23.Abu Dhabi National Hotels Percent change:+ 17.65 Bourse:Abu Dhabi Securities Exchange Market cap:AED3.75bn

Abu Dhabi National Hotels (ADNH) operates in the Gulf's tourism and hospitality industry. Its main activities include the ownership and management of hotels, and undertaking related services. It owns four hotels in the UAE - Hilton International Abu Dhabi, Hilton International Al Ain, Abu Dhabi Sheraton Hotel and Le Meridien Abu Dhabi - and manages four others. It also owns Al Ghazal Transport and holds a 51 percent capital stake in Abu Dhabi National Hotels Compass Middle East.

24. Commercial Bank of Dubai Percent change:+ 17.54 Bourse:Dubai Financial Market Market cap:AED6.62bn

Commercial Bank of Dubai offers consumer and corporate banking, and treasury and investment services. The lender's consumer banking services include current and savings accounts, fixed rate deposit accounts, personal loans, vehicle and mortgage loans, credit and debit cards, foreign exchange, money transfer and the Shahrazade programme as well as other related services. It has 28 branches across the UAE.

25. Dubai Gold SecuritiesPercent change:+ 15.64 Bourse:NASDAQ Dubai Market cap:AED5.5m

Dubai Gold Securities is a Sharia-compliant investment initiative of World Gold Council and the Dubai Multi Commodities Centre Authority. Dubai Gold Securities is traded on NASDAQ Dubai and can be bought through most regulated broker dealers and the firms acting as market makers. Dubai Gold Securities represent the first Exchange Traded Commodity (ETC) to list on NASDAQ Dubai and the first Sharia-compliant gold ETC in the Middle East region.

26. Arabian Scandinavian Insurance Company

Percent change:+ 15.44 Bourse:Dubai Financial Market Market cap:NA

Arabian Scandinavian Insurance Co provides life and non-life insurance products and services to individuals, corporations and government departments through its offices located in Dubai and Abu Dhabi. The company operates through seven main segments; motor insurance, engineering cover, bank's protection, property cover, medical insurance, marine insurance general accident. 27. Emirates Insurance Company

Percent change:+ 15.08 Bourse:Abu Dhabi Securities Exchange Market cap:NA

Abu Dhabi-based Emirates Insurance Co was incorporated in 1982, and offers general life and non-life insurance and reinsurance activities. The company's products and services are structured into twelve divisions across thirteen offices in the UAE. 28. Al Firdous HoldingPercent change:+ 14.29 Bourse:Dubai Financial Market Market cap:NA

Al Firdous Holdings - formerly Manasek - is a leading tour operator that specialises in Hajj and Umrah trips to the holy pilgrimage sites, as well as organises Islamic historical tours and Islamic conferences and exhibitions. In January 2009 the company sold its wholly owned subsidiary, Al Firdous Group Co for Hotels, a company established in Saudi Arabia that manages and operates hotels and restaurants, and organises Hajj and Umrah trips in the Kingdom.

29. Emaar Properties PJSC

Percent change:+ 13.75 Bourse:Dubai Financial Market Market cap:AED19.92bn

Emaar Properties is a real estate giant engaged in property investment and development, property management services, education, healthcare, retail and hospitality sectors. The company operates regionally and internationally in countries such as India, Egypt, Turkey, Morocco, Syria, Pakistan, Tunisia and Saudi Arabia. Its portfolio of projects include; Burj Khalifa, Dubai Marina, Arabian Ranches, Emirates Hills, The Meadows, The Springs and Mushrif Heights. It also holds capital shares in associated firms throughout the MENA region.

30. Invest Bank

Percent change:+ 13.33 Bourse:Abu Dhabi Securities Exchange Market cap:AED1.96bn

Invest Bank provides corporate and retail banking services and investment activities within the UAE. It operates through branches located in Sharjah, Abu Dhabi, Al Ain, Dubai, Ajman, Ras Al Khaimah and Fujairah. The bank's services include loans and advances, revolving overdraft facility, guarantees, foreign exchange, current accounts, call deposits, millennium investor account, auto loans, MasterCard debit cards, project and trade finance, letters of credit, collections, savings accounts, fixed deposits, personal loans and internet banking.

31. Kingdom Hotel Investments

Percent change:+ 12.73 Bourse:NASDAQ Dubai Market cap:AED542.07m

Kingdom Hotel Investments (KHI) is an international hotel, resort and real estate investment company engaged in hospitality investments and with a focus on acquiring, developing, financing and managing hotels in the Middle East, Africa and in Asia and Europe. As one of the region's leading hospitality groups, KHI's geographical presence spans the MENA region, Sub-Saharan Africa, Asia and Europe.

32. Dubai Financial Market PJSC

Percent change:+ 12.33 Bourse:Dubai Financial Market Market cap:AED12.96bn

Dubai Financial Market (DFM) is a financial entity whose parent and controlling party is the Government of Dubai. The company acquired all the assets, liabilities and operations of Dubai Financial Market from the Government of Dubai. In addition to operating the Dubai Stock Exchange, it also trades in financial instruments; acts as a commercial, industrial and agricultural holding and trust company; offers financial investment consultancy services, and deals in local and foreign shares.

33. Ras Al Khaimah National Insurance Company

Percent change: +12.28 Bourse:Abu Dhabi Securities Exchange Market cap:NA

Ras Al Khaimah National Insurance Co is a company that undertakes all classes of insurance products and services including life insurance, saving and accumulation of funds. It operates in the UAE through its head office located in Ras Al Khaimah and two branches in Dubai and Abu Dhabi.


Percent change:+ 12.24 Bourse:NASDAQ Dubai Market cap:AED316.51m

Depa is an interior contractor providing interior fit-out and furniture to hotels, yachts, infrastructure projects, hospitals, residential developments and retail units across the world. It has 26 operating divisions across sixteen countries throughout Europe, Africa, Asia and the Middle East. The company's interior activity scope is structured into four main units; commercial interiors, residential interiors and specialist interiors and infrastructure interiors.

35. Dubai National Insurance and Reinsurance Percent change:+ 12.14 Bourse:Dubai Financial Market Market cap:NA

Dubai National Insurance and Reinsurance offers all classes of life and non-life insurance and reinsurance products and services. The company provides personal insurance covering motor, medical, home protector, UAE visit visa, home cargo and all risks; and corporate insurance covering group life, group medical, motor, property, engineering, accident and liability and marine insurance. Dubai National Insurance and Reinsurance operates through its headquarters in Dubai.

36. Etisalat

Percent change:+ 11.67 Bourse:Abu Dhabi Securities Exchange Market cap:AED79.42bn

Emirates Telecommunications Corp, or Etisalat, provides telecommunication services, media and equipment, as well as related contracting and consultancy services to international companies. The company's business divisions include Etisalat University College, UAEnic, e-vision, Ebtikar, The Contact Centre, Emirates Data Clearing House (EDCH), e-Academy, UAELab and Emirates Internet Exchange - EMIX. Its core products feature fixed line services, voice communication, wireless communication and data communication services.

37. Emirates Integrated Telecommunications Company

Percent change:+ 11.40 Bourse:Dubai Financial Market Market cap:AED12bn

Emirates Integrated Telecommunications Co operates under the brand name du, offering fixed, mobile, broadband broadcasting and associated telecommunications services to residential and corporate customers. The UAE's second telco offers its services through three business segments, namely mobile, home and business.

38. Abu Dhabi Aviation

Percent change:+ 9.50 Bourse:Abu Dhabi Securities Exchange Market cap:AED970.44m

Abu Dhabi Aviation is a commercial helicopter operator with a fleet of 59 helicopters and three fixed-wing aircraft. The company's business is geared to the support of Abu Dhabi offshore oil and engineering/construction companies, in addition to medical evacuation, surveying, aerial photography, chartering, firefighting and crop spraying in the UAE and Oman. Its centre of operations is the Abu Dhabi International Airport.

39. Abu Dhabi Commercial Bank

Percent change:+ 9.37 Bourse:Abu Dhabi Securities Exchange Market cap:AED8.27bn

Abu Dhabi Commercial Bank provides retail, commercial, investment, merchant and Islamic banking, as well as brokerage and asset management services through a network of 39 branches across the UAE and two branches in India. The bank operates through three divisions; personal banking, business banking and investment banking.

40. Al Buhaira National Insurance Company

Percent change:+ 9.34 Bourse:Abu Dhabi Securities Exchange Market cap:NA

Al Buhaira National Insurance Co provides all classes of insurance services other than savings and accumulation of funds. It offers its products through eight business divisions; property, engineering, energy, marine and aviation, medical, miscellaneous, motor and travel. 41. National Bank of Umm Al Qaiwain

Percent change:+ 7.69 Bourse:Abu Dhabi Securities Exchange Market cap:AED5.30bn

National Bank of Umm Al Qaiwain (NBQ) provides retail and corporate banking services through its sixteen branches across the UAE. The bank is structured into four divisions; personal banking, NBQ Islamic banking, wholesale banking and institutional banking. NBQ also offers marketing management services through its subsidiary, Twin Towns Marketing Management. 42. Aldar PropertiesPercent change:+ 7.61 Bourse:Abu Dhabi Securities Exchange Market cap:AED10.39bn

Abu Dhabi-based Aldar Properties is a real estate development and investment company that operates a portfolio of projects in the UAE. The company is involved in development, sales, investment, construction and management of real estate and properties. The company's projects include Motor World, Baniyas Towers, Noor Al Ain, Yas Island and Al Raha Beach.

Its principal shareholders include Mubadala Development Co, Abu Dhabi Investment Co, Abu Dhabi National Hotels, National Cooperation for Tourism & Hotels, and The National Investor.

43. United Arab Bank

Percent change:+ 7.59 Bourse:Abu Dhabi Securities Exchange Market cap:AED6.78bn

United Arab Bank offers commercial banking and financial products through a network of ten branches across the UAE.

The bank is structured into three main divisions; retail banking, corporate banking and treasury. During 2009, the bank obtained an approval from the Central Bank of the UAE for operating an Islamic banking window.

44. Shuaa Capital Percent change:+ 6.35 Bourse:Dubai Financial Market Market cap:AED1.37bn

Shuaa Capital offers financial and investment services to its clients in the Gulf.

The company provides its services through four business lines; investment banking, asset management, regional brokerage and private equity. The company also offers financial services through its wholly owned subsidiary, Gulf Finance Corp.

45. Sharjah Islamic Bank

Percent change:+ 5.88 Bourse:Abu Dhabi Securities Exchange Market cap:AED2.49bn

Sharjah Islamic Bank offers banking, financial and investment services in accordance to the Islamic Sharia principles.

The bank offers its services through three main segments; retail, corporate and investment banking. The lender also offers real estate financing and leasing solutions.

Sharjah Islamic Bank operates through a network of 22 state-of-the-art branches across the UAE.

46. Al Sagr National Insurance Company

Percent change:+ 4.65 Bourse:Dubai Financial Market Market cap:NA

Al Sagr National Insurance Co offers all classes of life and non-life insurance and reinsurance products and services through a network of eight branches across the UAE. Its services are structured into five main divisions; fire and general insurance, marine insurance, motor insurance, life insurance, and medical insurance. It has operations in Saudi Arabia through its subsidiary, Al Sagr Co for Co-operative Insurance.

47. Oman Insurance Company

Percent change:+ 4.29 Bouse:Dubai Financial Market Market cap:AED4.18bn

Oman Insurance Co, a subsidiary of Mashreq Bank, is engaged in the insurance business and offers products such as life, health, motor, marine cargo and hull insurance, aviation insurance, fire and general accident insurance, engineering insurance, liability insurance and personal lines insurance. It operates through a network of ten branches in the UAE, and also has a presence in Oman and Qatar. 48. Drake & Scull International

Percent change:+ 3.53 Bourse:Dubai Financial Market Market cap:AED1.89bn

A true heavyweight in the Gulf construction industry, Drake & Scull is an engineering and contracting firm that offers mechanical, MEP solutions; industrial, water and power (IWP) solutions, and a range of civil contracting services across Dubai and Abu Dhabi. The company has two subsidiaries, Drake & Scull International and Gulf Technical Construction Co.

49. Aabar Investments

Percent change:+ 1.70 Bourse:Abu Dhabi Securities Exchange Market cap:AED7.38bn

Aabar Investments is engaged in investment activities in high growth companies in a range of industries. The company has two subsidiaries, Soturo Beteilingungsverwaltungs GmbH and Sopela Beteilingungsverwaltungs GmbH. It disposed of two of its subsidiaries, Pearl Energy Ltd and Dalma Energy LLC in 2008 and 2007 respectively. In April 2009, the firm acquired AIG Private Bank from the American International Group.

50. Abu Dhabi National Takaful Company

Percent change:+ 1.17 Bourse:Abu Dhabi Securities Exchange Market cap:AED341.22m

Abu Dhabi National Takaful Co offers insurance and reinsurance activities in accordance with Islamic Sharia principles. The company's products are structured into nine divisions; motor, engineering covers contractor's all risks, liability, general accidents, property, Hajj and Umrah, medical and family offers life insurance. The company also offers a range of Sharia-compliant investment services. 51.Emirates Islamic Bank

Percent change:+ 0.36 Bourse:Dubai Financial Market Market cap:NA

Emirates Islamic Bank is engaged in providing Sharia-compliant banking solutions across the UAE. EIB focuses on five main divisions; Islamic banking, retail banking, corporate banking, remote banking and investment. The lender operates through a network of more than 24 branches across the UAE.

52. Abu Dhabi Shipbuilding Company

Percent change:+ 0.29 Bourse:Abu Dhabi Securities Exchange Market cap:AED733.49m

Established in 1996, Abu Dhabi Shipbuilding Company was originally set up to support the Navy and has since grown, first tackling naval repairs and refits, and gradually growing to be capable of building sophisticated war ships such as the 70m Baynunah Corvette.

53. Al Fujairah National Insurance Company Percent change:0.00 Bourse:Abu Dhabi Securities Exchange Market cap:NA

Established under the patronage of the Ruler of Fujairah in 1976, Al Fujairah National Insurance Company underwrites all classes of general insurance including aviation and housing, and has a wide network of branches in the UAE. 54. Alliance Insurance

Percent change:0.00 Bourse:Dubai Financial Market Market cap:NA

Alliance Insurance has been operating in the UAE for the last three decades and is today one of the leading composite insurance companies in the country. Alliance provides a complete range of life and general insurance products and services. 55. National General Insurance

Percent change:¬1.22 Bourse:Dubai Financial Market Market cap:NA

Dubai-based National General Insurance's is a BBB Standard & Poor's insurance firm operating across the UAE. Its main shareholders are Emirates Bank International, 
Commercial Bank of Dubai
 and Dubai Investments. 56. Abu Dhabi National Company for Building MaterialsPercent change:¬1.99 Bourse:Abu Dhabi Securities Exchange Market cap:AED591m

Established in the early 1970s, Abu Dhabi National Company for Building Materials - or BILDCO - is one of the UAE's leading manufacturers and traders of a wide range of high quality building materials, and also offers steel cutting and bending services.

57. Sharjah Insurance Company

Percent change:¬4.08 Bourse:Abu Dhabi Securities Exchange Market cap:NA

Sharjah Insurance Company was Sharjah's first national insurance company. The firm offers a wide range of insurance coverage including medical, travel and fire and was established in 1970 under the decree of HH the Ruler of Sharjah.

58. Dar Al Takaful Percent change:¬4.58 Bourse:Dubai Financial Market Market cap:AED144m

Takaful House was established in July 2008 to write general Takaful business with an initial paid-up capital of AED100 million. 55 percent of the company's shares are listed on the Dubai Financial Market. 59. Abu Dhabi Islamic BankPercent change:¬5.02 Bourse:Abu Dhabi Securities Exchange Market cap:AED5.66bn

Founded by members of the UAE's ruling family, the Abu Dhabi Investment Authority and other prominent UAE nationals, Abu Dhabi Islamic Bank was established in 1997. It offers a wide range of contracts, operations and transactions with Islamic Sharia principles.

60. Air Arabia PJSC

Percent change:¬5.05 Bourse:Dubai Financial Market Market cap:AED4.39bn

Sharjah-based Air Arabia is a low cost airline that operates scheduled services to 46 destinations across the Middle East, North Africa, the Indian subcontinent, Central Asia and Europe. Its main base is Sharjah International Airport and has hubs in Egypt, Morocco and Nepal.

61. Tabreed

Percent change:¬5.33 Bourse:Dubai Financial Market Market cap:AED949.37m

Abu Dhabi-based utility company Tabreed provides year-round climate control to communities across the Middle East.
The firm currently owns and operates 33 district cooling plants, and operates 29 plants via wholly-owned joint-ventures and subsidiaries and has operations in Jordan, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. 62. Union Cement CompanyPercent change:¬5.56 Bourse:Abu Dhabi Securities Exchange Market cap:AED1.14bn

Union Cement Company is engaged in the manufacture, marketing and distribution of various types of Portland and oil-well cement products across the UAE and abroad. The company's production plant is located at Khor Khwair area of Ras Al Khaimah. In 2009 it manufactured of 2,542,191 metric tonnes of clinker and 2,126,516 metric tonnes of cement.

63. Islamic Arab Insurance Company Percent change:¬7.06 Bourse:Dubai Financial Market Market cap:AED957m

Islamic Arab Insurance Company - or SALAMA - has provided takaful solutions around the world since 1979. It currently has six direct Takaful companies who provide solutions to customers in the UAE, Saudi Arabia, Egypt, Senegal, Algeria and Jordan and plans to expand its reach to all GCC states, South East Asia and Europe.

64. Dubai Islamic Bank Percent change:¬7.63 Bourse:Dubai Financial Market Market cap:AED7.92bn

Dubai Islamic Bank was the world's first fully-fledged Islamic bank. Today it offers a wide range of retail banking services including private, business, corporate and real estate. It was established in 1975.

65. Union National Bank Percent change:¬8.81 Bourse:Abu Dhabi Securities Exchange Market cap:AED6.19bn

Union National Bank is the only bank that is jointly owned by the governments of Abu Dhabi and Dubai. Established in 1982 and headquartered in Abu Dhabi, the lender offers a variety of products and services to individuals and corporate entities.

66. Gulf Navigation Holding

Percent change:¬9.38 Bourse:Dubai Financial Market Market cap:AED959.9m

Gulf Navigation Holding and its group of companies own and operate crude, PROBOS and chemical tankers. The firm has 11 specialised subsidiaries, owns 15 tankers and is the sole agency for a number of global marine manufacturers. It is the only maritime and shipping company listed on the Dubai Financial Market. 67. RAK Properties

Percent change:¬11.11 Bourse:Abu Dhabi Securities Exchange Market cap:AED1.10bn

Formed in 2005 with the support of the Government of Ras Al Khaimah, RAK Properties develops projects in the coastal and inland areas of the emirate of RAK and aims to attract foreign investors to launch projects, including luxurious hotels, resorts, malls and industrial areas. 68. Ras Al Khaimah Cement Company

Percent change:¬11.38 Bourse:Abu Dhabi Securities Exchange Market cap:AED522.72m

Ras Al Khaimah Cement Co was established in 1995 as part of the continuing economic and social development policy being implemented by the emirate of Ras Al Khaimah. Its plant, which is connected to a terminal inside the adjacent Saqr Port, has the capacity to load ships up to 40,000 dwt.

69. Arabtec Holding Percent change:¬12.93 Bourse:Dubai Financial Market Market cap:AED2.73bn

Arabtec Holding invests in the construction sector through the acquisition of contracting and related companies. The firm is engaged in architectural modelling, civil engineering and building, construction and project management, business development, quantity surveying, high rise development, commercial and industrial projects, offshore and onshore oil and gas installations, residential projects, luxury villas, hotel interiors, cinema complexes, hypermarket fit-outs, food courts, airport development, aircraft maintenance hangars, passenger terminals, departure lounges, fuel tank farms, drainage, and electrical high and low voltage contracting services. Its high-profile projects include Burj Khalifa, Infinity Tower, Ocean Heights, Okhta Social & Business Centre, Burj Dubai Lake Hotel and Fairmont Dubai.

70. Sorouh Real Estate

Percent change:¬14.59 Bourse:Abu Dhabi Securities Exchange Market cap:AED5.93bn

Sorouh Real Estate is involved in real estate development, sale, real estate investment, property management and related services. It develops and constructs commercial, residential and industrial resort complexes. The firm's projects include Shams Abu Dhabi, which is located on Al Reem Island near Abu Dhabi and comprises residential, commercial and entertainment centres.

The island consists of a central park, canals, coastal walkways, the gate district, the sky tower and the sun tower. Sorouh's other developments include Al Ghadeer, Golf Gardens, Saraya, Khalidyah Village, Al Oyoun Village and Sas Al Nakh. 71. Dana Gas

Percent change:¬15.09 Bourse:Abu Dhabi Securities Exchange Market cap:AED5.34bn

Dana Gas is engaged in the business of exploration, production, ownership, transportation, processing, distribution, marketing, and sale of natural gas and petroleum related products, as well as the development of gas-related projects and services.

It has four wholly owned subsidiaries; including Dana Gas LNG Ventures, which is a British Virgin Islands-based company engaged in oil and gas exploration and production, Centurion Energy International Inc, a Canada-based oil and gas exploration and production company, and Sajaa Gas Private Ltd Co (SajGas) and United Gas Transportation Co Ltd (UGTC) are UAE-based subsidiaries engaged in gas transportation. Its operations span throughout the Arabian Gulf, the MENA and South Asia.

72. National Cement Company

Percent change:¬16.36 Bourse:Dubai Financial Market Market cap:AED1.21bn

Established in 1968 under the guidance of the late ruler of Dubai HH Sheikh Rashid, National Cement was set up to produce the base material to fuel the anticipated construction boom in the UAE and the region. Today, with an annual production capacity of more than 1.5 million tonnes of cement, it is one of the largest cement manufacturers in the country.

73. Gulf Medical Projects Company

Percent change:¬16.92 Bourse:Abu Dhabi Securities Exchange Market cap:AED1.44bn

Gulf Medical Projects Company's main activities include hospital and polyclinic management, construction of medicine products manufacturing factories and trading in medical equipment. It wholly owns the Zahra Private Hospital Company and also has investments in Al Zahra Hospital Dubai, a general hospital.

74. Emirates NBD

Percent change:¬17.48 Bourse:Dubai Financial Market Market cap:AED 13.78bn

Emirates NBD is the largest banking group in the Middle East in terms of assets. It was formed in 2007 when the shares of Emirates NBD were officially listed on the DFM. The group also has operations in the UAE, Saudi Arabia, Qatar, the UK and Jersey, and representative offices in India, Iran and Singapore.

75.Dubai Islamic Insurance & Reinsurance Company

Percent change:¬18.75 Bourse:Dubai Financial Market Market cap:AED184m

Dubai Islamic Insurance & Reinsurance Company (AMAN), established in 2002, offers a comprehensive system of Islamic insurance services. It's founding members include Dubai Islamic Bank and The Investment Office.

76. Deyaar Development Company

Percent change:¬18.75 Bourse:Dubai Financial Market Market cap:AED3bn

Dubai-based Deyaar's real estate ventures span most of Dubai's prime locations including Dubai Marina, The Waterfront.

The company is one of the largest developers at Dubai's Business Bay and has projects in Lebanon, Kazakhstan, Turkey, the UK and United States with impending forays into Saudi Arabia, Qatar, and India.

77. Abu Dhabi National Insurance Company

Percent change:¬19.26 Bourse:Abu Dhabi Securities Exchange Market cap:AED2.47bn

Abu Dhabi National Insurance Company offers all classes of life and non-life insurance and reinsurance products and services through a network of five branches across the UAE. The firm is organised into three main business segments; personal, business and overseas. It also has a UK-based subsidiary, Abu Dhabi National Insurance Co.

78. Takaful Al Emarat Insurance

Percent change:¬20.90 Bourse:Dubai Financial Market Market cap:AED157.5m

Takaful Emarat offers life insurance products and services in accordance to the Islamic Sharia laws and principles.

Its products include life, and health and medical insurance services. It also plans to offer other Sharia-compliant insurance services in the construction, financial and manufacturing sectors across the MENA region.

Aramex — from regional player to global titan

Aramex is a global logistics and transportation solutions provider with 368 offices in 58 countries across the globe, and more than 8,100 employees.

Since its inception in 1982, Aramex has developed itself into a total solutions provider serving a global customer base with multiple and unique product offerings ranging from domestic and international express, air/ocean/land freight forwarding, logistics, supply chain management, and e-commerce solutions.

In January 1997, Aramex became the first Arab-based international company to trade its shares on the NASDAQ stock exchange. After five years of successful trading, Aramex returned to private ownership in February 2002 and continued to expand and excel as a privately owned company, establishing global alliances and gaining stronger brand recognition. In June 2005, Aramex went public on the Dubai Financial Market (DFM) and embarked on a plan to expand globally.

Since that time, the company has enjoyed a stream of annual profit increases - from AED74.403m in 2005 reaching AED184.3m in 2009 - and revenues grew from AED853.853m in 2005 to AED1,961m at the end of 2009. Despite the global economic turmoil, the company posted profit increases of 21 percent and 25 percent in 2008 and 2009, respectively. Aramex also continues to maintain a very healthy balance sheet with a cash balance of AED502m as of December 31, 2009 coupled with an extremely low debt-to-equity ratio of 1.4 percent.

The company's successes in the past years have reflected the viability of its assets-light model, entrepreneurial corporate culture, and investment in its stakeholders. The assets-light model gives the company leverage to manoeuvre flexibly and implement cost-control programmes effectively in economic downturns. The entrepreneurial culture empowers individuals to make decisions, encourages innovation and creativity, and prompts individuals to seek new opportunities.

Aramex's investment and commitment to deliver value to its stakeholders - employees, communities, shareholders, and customers-combined with its actions to decrease the harmful impacts on the environment creates conditions for sustainable growth.

As for the future, Aramex is continuing its global expansion especially in emerging market such as Africa, Southeast Asia and CIS countries by partnering with strategic local companies. The company is also focused on strengthening its capabilities in third party logistics (3PL) services to meet an increasing demand as outsourcing trends continue.

Along with improving its financial and operational performance, Aramex continues to pursue initiatives to fulfill its sustainability commitments. These include adopting environmentally-friendly practices in its operations, actively engaging in community development and partnering with institutions to foster an entrepreneurial environment in which youth and SMEs can thrive.

To strengthen the company's transparency and accountability to its stakeholders and the environment, Aramex was also the first company in the Middle East region to release an audited sustainability report that showcases its commitments.

Aramex is led by its charismatic CEO, Fadi Ghandour.

79. Ajman Bank PJSC

Percent change:¬21.50 Bourse:Dubai Financial Market Market cap:AED840m

Ajman Bank PJSC is engaged in banking, financial and investment activities in accordance to Islamic principles. Its products and services are structured into three divisions; retail, corporate and investment banking. Its CEO is Mubasher Hanif Khokhar.

80. Dubai Investments

Percent change:¬22.13 Bourse:Dubai Financial Market Market cap:AED3.44bn

Dubai Investments invests in companies and projects in different industries across the UAE and the Middle East.

Its has 46 local and international subsidiaries and its primary activities are in real estate, contracting activities, manufacturing and trading of products in the fast moving consumer goods sector.

81. Gulf Cement Company

Percent change:¬26.09 Bourse:Abu Dhabi Securities Exchange Market cap:AED1.35bn

Gulf Cement Company produces and markets cement and related products at its manufacturing plant in the Khor Khuwair in RAK. It has an annual production capacity of 2.5 million tonnes of cement and 1.3 million tonnes of clinker and exports its products both domestically and internationally.

82. Union Insurance Company

Percent change:¬26.86 Bourse:Abu Dhabi Securities Exchange Market cap:AED910.08m

Ajman-based Union Insurance Company provides all classes of insurance products and services except life insurance across seven units; fire, general accident, engineering, marine cargo, group life, motor and medical insurance. It is managed by Al Sagr Insurance Co.

83. Al Ain Ahlia Insurance Company

Percent change:¬27.79 Bourse:Abu Dhabi Securities Exchange Market cap:NA

Al Ain Ahlia Insurance Company offers general insurance and reinsurance activities, operating across a network of four branches and seven motor insurance offices in the UAE. The firm underwrites all classes of insurance activities including motor, engineering, life and health, property, marine, energy and aviation.

84. Al Dhafra Insurance Company

Percent change:¬28.57 Bourse:Abu Dhabi Securities Exchange Market cap:NA

Al Dhafra Insurance Company offers life and non-life insurance and reinsurance activities including marine cargo, marine hull, aviation, energy, fire, household, fire and allied peril and personal accident. It operates through a network of five branches and three traffic department facility offices.

85. International Fish Farming Holding Company

Percent change:¬29.02 Bourse:Abu Dhabi Securities Exchange Market cap:AED890m

Abu Dhabi-based International Fish Farming Holding Co (Asmak) manages and operates fish farms; producing, preserving, and processing fish and fish products.

International Fish Farming has a total production capacity of 2,000 tonnes of fish annually and owns four subsidiaries. 86. Union PropertiesPercent change:¬30.26 Bourse:Dubai Financial Market Market cap:AED1.78bn

Union Properties offers property development, management and maintenance services, as well as related real estate services. Its rental property portfolio includes Skywalk Towers, Creekside Residence and Nadd Rashid Villas.

87. Al Wathba National Insurance Company Percent change:¬31.93 Bourse:Abu Dhabi Securities Exchange Market cap:NA

Al Wathba National Insurance Company provides general insurance and reinsurance activities covering fire, vehicles, marine insurance, oil and energy. It has four branches that operate across the UAE. 88. National Bank of Fujairah

Percent change:¬31.99 Bourse:Abu Dhabi Securities Exchange Market cap:NA

The National Bank of Fujairah has 12 branches across the UAE and offers banking and financial services over four divisions; corporate banking, retail banking, commercial banking and treasury. It has two subsidiaries; NBF Financial Services FZC and NBF Securities LLC.

89. Green Crescent Insurance Company

Percent change:¬32.00 Bourse:Abu Dhabi Securities Exchange Market cap:AED210m

Health insurer Green Crescent Insurance Company was established in August 2008. It listed 45 percent of its shares on the Abu Dhabi Securities Exchange in March 2009 and has a share capital of AED250m. GCIC uses international health insurance best practices.

90. Arab Emirates Investment Bank

Percent change:¬32.62 Bourse:Dubai Financial Market Market cap:NA

Arab Emirates Investment Bank provides a wide range of banking products and services and is engaged in development banking business and investment portfolio management.

Its main shareholders are Al Futtaim Private Co, Mohammad & Obaid Al Mulla and the Al Owais family.

91. Abu Dhabi National Energy Company

Percent change:¬32.96 Bourse:Abu Dhabi Securities Exchange Market cap:AED7.72bn

TAQA is a subsidiary of Abu Dhabi Water and Electricity Authority that operates in the energy sector. Its business operations are divided into three streams; downstream (power generation and water desalination), midstream (storage, transportation and processing infrastructure) and upstream (exploration and production).

92. Fujairah Cement Industries

Percent change:¬35.15 Bourse:Abu Dhabi Securities Exchange Market cap:AED1.07bn

Fujairah Cement Industries manufactures cement and related construction materials. Its Dibba-based manufacturing plant distributes its products locally and exports it to the other GCC countries. It is dual listed on both Abu Dhabi and Kuwait stock exchanges.

93. Dubai Insurance

Percent change:¬36.33 Bourse:Dubai Financial Market Market cap:AED184m

Dubai Insurance underwrites general life and non-life insurance services, and also invests funds in investment services. The firm issues short term insurance contracts in connection with motor, marine, fire and engineering, general accident, medical and group life risks.

94. Gulf General Investment Company Percent change:¬37.50 Bourse:Dubai Financial Market Market cap:AED1.47bn

Gulf General Investment Company is a Dubai-based conglomerate with diversified business activities across a wide of industries including manufacturing, industrial, financial and brokerage, real estate, insurance, retail, service, trading, transport and hospitality sectors. It owns the Emirates Lube Oil Co, Gulf Prefab Houses Factory and Horizon Energy Co. 95. Commercial Bank International

Percent change:¬40.00 Bourse:Abu Dhabi Securities Exchange Market cap:AED1.93bn

Commercial Bank International PSC offers retail and corporate banking services operating across 15 branches across the UAE. It also offers securities brokerage services through its International Financial Brokerage subsidiary, and real estate brokerage services through its Takamul Real Estate Co subsidiary.

96. Dubai Refreshments Company

Percent change:¬40.62 Bourse:Dubai Financial Market Market cap:NA

Dubai Refreshments is the UAE franchisee and distributor of Pepsi Cola International and 7UP in Dubai, Sharjah and the Northern Emirates. Its production and bottling plant is located in Dubai, and has two distribution warehouses in Sharjah and Ras Al Khaimah. In 2009 it sold its Aquafina water plant to its sister company, Jeema.

97. Sudan Telecommunications Company

Percent change:¬40.66 Bourse:Abu Dhabi Securities Exchange Market cap:AED2.9bn

Sudatel Telecommunications Group Ltd (Sudatel) is engaged in the provision of installation, maintenance and operation of telecommunication services, and the provision of wire and wireless telecommunication services in Sudan and other African countries.

Sudatel's services include information network services, internet, multimedia transmission, rented circuit, Asymmetric Digital Subscriber Line (ADSL) and Integrated Voice Response (IVR) services, Integrated Services Digital Network (ISDN), telex, internet through telephone, messages on landlines and mobile tones, Thuraya system services and Inmarsat telephone services, as well as other integrated telecommunication services.

98. United Insurance Company Percent change:¬42.31 Bourse:Abu Dhabi Securities Exchange Market cap:NA

Ras Al Khaimah-based United Insurance Co was established in 1978. It operates across branches in the UAE; RAK, Dubai, Sharjah and Abu Dhabi and has around 50 staff.

NASDAQ Dubai — attracting the gulf’s finest

NASDAQ Dubai is the international stock exchange serving the Middle East. Its companies attract many individual investors based in the region, as well as fund managers and other investors from around the world. Trading volumes rose by 30 percent in 2009 to 3.1bn shares, up from 2.4bn reported in 2008.

The exchange benefits from international standards of regulation, which include high standards of corporate governance at its listed companies. These include DP World, the global ports operator, which carried out the Middle East's largest IPO on NASDAQ Dubai in 2007, at $4.96bn. The exchange offers many advantages for issuers that are not provided by other exchanges. These include the ability to issue shares at market value in an initial public offering (IPO) after a book building exercise. Issuers also need float no more than 25 percent of a company's shares, ensuring that its owners can retain control even after a listing.

Another key advantage of the exchange is its unique mix of international and regional brokers, including many of the world's leading investment banks such as Citi, Deutsche Bank and Goldman Sachs. These provide links to investors all over the world, while leading regional brokers provide access for individual investors in the UAE and around the Middle East.

NASDAQ Dubai is preparing to consolidate several of its functions with those of the Dubai Financial Market (DFM) early in 2010, subject to regulatory approval. This project includes using DFM infrastructure for trading, clearing, settlement and custody. This is designed to further increase liquidity on NASDAQ Dubai by making it easier, in practical terms, for individual investors in the UAE to access its market.

They will be able to use the same investor number account for both exchanges and the regular statements of share holdings they receive from DFM will also include their NASDAQ Dubai share holdings. NASDAQ Dubai is also encouraging its companies to switch their listing currency from US dollars to UAE dirhams, which is the currency of all DFM equity listings. This outsourcing plan follows the announcement by DFM in December 2009 that it will acquire NASDAQ Dubai from its existing owners, Borse Dubai and NASDAQ OMX.

NASDAQ Dubai will retain its identity as a separate exchange, with its own listing rules, official list of securities, business rules and members. It will continue to be regulated to international standards by the Dubai Financial Services Authority.

The outsourcing arrangements do not apply to NASDAQ Dubai's equity derivatives, which will continue to be traded, cleared and settled on NASDAQ Dubai's own systems. The exchange's rapidly growing derivatives market is unique in the UAE and provides investors with tools for hedging their exposure to investments.

As it builds closer links with DFM, NASDAQ Dubai will maintain its track record of capital markets innovation as well as seek further equity listings from across the Middle East region.

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