Dubai Financial Market's first quarter net profit reaches Dhs314m, up 231%

DFM Company recorded a net profit of Dhs314m from operational activities and investments for the first quarter of 2008, an increase of 231% compared to Dhs95m from operational activities and investments for the same period in 2007.

The company recorded total revenues of Dhs351m during the first quarter of 2008, including Dhs273m from operational activities and Dhs78m from investments, up 158 % compared to Dhs136m in total revenues for the same period in 2007.

Essa Kazim, Chairman of Dubai Financial Market, said: 'We are very pleased with our financial results in the first quarter of 2008. Our continued profit and growth is due in no small part to the confidence expressed in our institution by investors and the success of the Dubai Financial Market. Investors are drawn to a market and company that is dynamic, and that gives them unlimited possibilities.

'The DFM Company is the result of a unique initiative for the region, giving investors the ability to purchase a piece of a financial market itself, as well as allowing investors to directly participate in the economic future of Dubai. We fully intend for the success of this company to continue by implementing groundbreaking programmes that give investors abundant opportunities for strong returns.

'These programmes include the recently signed MoUs with the Karachi Stock Exchange, Khartoum Stock Exchange and the Bahrain Stock Exchange, agreements that will allow for cross listings to take place between Dubai and these exchanges, and enable the transfer of knowledge and experience. In January, we also signed a Depository Participant Agreement with Standard Chartered, giving Custody Services to local and international investors. These agreements and programmes are reinforcing DFM's status as the region's foremost financial exchange and centre of commerce.'