Dubai Financial Market gets grant to build headquarters

Source: Dubai Financial Market

Dubai Financial Market (DFM) announced today that it has received a land grant from Dubai Government.

As per Dubai Government's directives, Dubai Properties will allocate to DFM a land plot (Number BBA03-057/A) in the Business Bay project that is developed by Dubai Properties. The current market value of the land is estimated at around AED280 million. The land plot measuring 390,000 square feet oversees the Business Bay's waterfront from three angles.

DFM will use the plot to construct its main building that will house the market's future headquarters, in line with the market's development vision.

Covering 43,500 square metres, the new headquarters will upgrade and replace existing DFM facilities. It will be three-storey high with a main trading floor, housing 120 broker offices compared to the existing 58 offices. The new facilities will also feature VIP areas, press rooms, conference and meeting rooms, and restaurants and cafes.

Essa Kazim, Chairman of Dubai Financial Market, said: "On this special occasion, we extend our deep appreciation to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. This generous grant confirms his leading initiatives that have always resulted in huge achievements and prosperity to the UAE's nationals and residents and shareholders in DFM in particular."

"DFM will see a new stage of growth especially after its landmark IPO that was also guided by Sheikh Mohammed's vision to sharing the wealth with Dubai Government employees, nationals, expatriates, DFM's valued partners comprising of brokers and listed companies across nationalities and institutions. Sheikh Mohammed's directives resulted in a high share distribution among UAE nationals, as well as an extremely equitable distribution among all the other categories," he added.

Kazim concluded: "DFM will continue to offer high-quality financial services to various segments of local, regional, and international institutions. The market will meet the demands of different categories of investors in a transparent environment. The market will also focus on implementing the latest technology in upgrading its trading platform, raising customer satisfaction, enhancing performance of listed companies, attracting Sharia-compliant investments from the regional and international markets, conducting ongoing educational programmes, and supporting Emiratisation."

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