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DUBAI / WAM
Dubai Financial Market (DFM) on Monday announced its financial results for the first nine months of the year ending September 30, registering a net profit of AED103.7 million.
According to a press statement, total revenue reached AED251.9 million during the nine months’ period ended September 30. The revenue is comprised AED154.3 million of operating income and AED97.6 million of investment returns.
Company’s expenses reached AED148.2 million by the end of September this year. During the third quarter of 2018, the company’s revenue reached AED69.5 million, while expenses amounted to AED48.6 million in the same period.
Commenting on the results, Essa Kazim, Chairman of the Dubai Financial Market Company, said, “During the first nine months of 2018, the DFM has accelerated its efforts to further enhance its infrastructure and regulatory framework as well as diversify product offering and services in line with international best practices and as part of its strategy 2021. Within this context, we have accomplished preparations to launch a new REITs Platform that will represent an important addition to our product offering, after receiving approval of the Securities and Commodities Authority, SCA, on DFM Rules of Listing and Trading of Real Estate Investment Trusts, REITs, which we drafted in line with international best practices. Earlier in the year, we signed an MoU with the Dubai Land Department, as part of our efforts to create a favourable framework for the development of the REITs sector, which has a promising potential considering the importance and global reputation of Dubai’s real estate sector.”
“We also pursued our efforts to further enhance trading activity mechanisms and services. Accordingly, the DFM has witnessed an expansion in the market making and liquidity provision service launched in 2017, and it currently includes four service providers. Additionally, our investors can avail the margin trading service through 30 brokerage firms as well as the Direct Market Access (DFM), service through 14 brokerage firms. Such services create a comprehensive framework that supports the market activity of both investors and brokerage firms alike,” he added.