Dubai exchange signs Emirates Technologies as market data vendor

Source: Emirates Technologies

The Dubai International Financial Exchange has signed Emirates Technologies LLC, a UAE company, as a market data vendor.

The agreement was signed by Mr. Nasser Al Shaali, Chief Operating Officer of DIFX and Mr. Abdul Rahim Sultan, General Manager of Emirates Technologies. Emirates Technologies aims to be the first company to introduce online trading for brokers on the DIFX market through mobile phones. The company will also distribute DIFX market data through mobile phones as well as other channels.

Steffen Schubert, Chief Executive Officer of the DIFX, said: "The DIFX is the first truly international exchange in the region. It is therefore very important that we are able to provide all market data accurately and in a timely manner to all investors who wish to trade on the DIFX. Emirates Technologies have a great opportunity to develop their technology for the local and regional investor base."

Mr Abdul Rahim Sultan, General Manager of Emirates Technologies commented on the agreement: "It is indeed an accomplishment for our company to offer services to the Dubai International Financial Exchange. The credit for this breakthrough goes to our outstanding committed team, to our vision and strategy, and most importantly, to the continuous support we receive from the SME. It is our aim as the first national UAE company to distribute DIFX data to introduce quality service in disseminating market data to empower investors with the right tools.

"Our choice to distribute DIFX data and our decision to apply to become a licensee of the DIFC was influenced by two factors; the set of rules and regulations adopted by the Dubai Financial Services Authority, and the great business potential behind the idea of the DIFC. We are striving to develop our company to meet international standards, with highly skilled staff and management leadership. Our objectives are set to create a gradual growth in our service and to always materialize the inspiring vision of our leader His Highness General Sheikh Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defense Minister - 'People Talk, We Deliver'."

Ali Al Shafar Government Procurement Programme (GPP) Manager at Mohammed bin Rashid Establishment said, "The strategic mission of the Mohammed bin Rashid Establishment is to create a new generation of entrepreneurs who are capable of repeating the success stories of the leading business enterprises of Dubai."

Al Shafar added, "We are happy to provide all possible support to our members and it is encouraging when one of the company’s we support is able to make forays into new fields. The selection of Emirates Technologies by Dubai International Financial Exchange not only reaffirms the standards of service provided by the company but will also encourage other SME members to excel in their chosen areas of specialisation."

Emirates Technologies will provide real-time data, quotes, charts, and a number of financial tools to banks, investors, traders and financial institutions that need a continuous flow of market information. Emirates Technologies has also signed up a Content Provider Agreement with the DIFX to provide data content and a financial tools suite. Using an advanced system based on Microsoft with a number of integrated applications ranging from Oracle database, Java, and WML focusing particularly on creating a wireless portal to be viewed on mobile phones. Emirates Technologies aims to offer investors the right solution required to get all relevant market information on DIFX.

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