Yesterday, the Dubai Financial Market announced the extension of trading hours to five hours a day instead of four hours, as of October 3, 2021.
The CEO of the market, Hassan Al-Sarkal, said that this step enhances the position of the market as a major investment destination, and contributes to attracting wider and more diversified segments of investors, especially foreigners who show continuous interest in the market, and therefore extending trading hours would give investors in general, and foreigners. In particular, greater flexibility and a wider time space to carry out their investment activities in the market.
The Dubai Financial Market has a huge and diversified base of investors belonging to 207 different nationalities, and foreign investors account for 48.2% of its trading. Over the past years, the market witnessed a continuous increase in the percentage of foreign investors’ ownership to reach 18.5% of the total market value of the listed shares by the end of June 2021, and foreigners represented 69% of new investors in the market in the first half of 2021.
In a related context, the Abu Dhabi Securities Exchange announced the reduction of trading commissions on all deals by 50%, starting from Tuesday, the first of next September, in addition to extending trading hours for an additional one hour, provided that trading opens at 10 am. Trading will continue until three o’clock in the afternoon, starting from the third of next October.
The Chairman of the Abu Dhabi Securities Exchange, Mohammed Ali Al Shorafa Al Hammadi, said: “We are pleased to be able to meet the calls of investors, issuers and brokers to reduce trading commissions and extend trading hours, and this reflects the increased demand for investment in companies listed in Abu Dhabi.”
He continued: “The Abu Dhabi Securities Exchange provides high-growth investment opportunities, within world-class regulatory frameworks, and a stable and tax-free business environment. The extension of trading hours also contributes to attracting more international investments.”
• Dubai Financial Market has a base of investors belonging to 207 nationalities.
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