His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, announced the establishment of the “xCube” company to organize and facilitate the work of market makers companies in the Dubai Financial Market, as part of the strategy of the Capital Markets Development Committee And the stock exchanges in Dubai, which aim to double the value of the financial markets in the emirate to three trillion dirhams during the next stage.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum issued a decision appointing Issa Kazim as Chairman of the Board of Directors of the X-Cube Company; In addition to appointing Arif Amiri, Saeed Al Awar, Hind bint Muhammad bin Kharbash, and Jacques Visser as members of the Board of Directors. X-Cube aims to use and develop modern algorithms and technologies to support market-making activities and high-frequency trading of cash stocks and financial derivatives listed in the local financial markets of the United Arab Emirates.
Essa Kazim, Governor of the Dubai International Financial Center and Chairman of the Board of Directors of the X-Cube Fund, said: “The company will manage the Market Maker Fund to provide the necessary support to individual and corporate investors alike, as market makers play a pivotal role in improving price differences and reducing volatility. Markets .. Undoubtedly, the adoption of the latest market-making techniques in the local markets will enhance the interest of local and international investors.”
The market maker aims to achieve a wide range of goals, the most important of which is enhancing the competitiveness of the financial markets in Dubai, and attracting more capital and investors from inside and outside the country. Stocks and financial market indices, which in turn leads to enhancing the confidence of investors and dealers in the markets and giving them a positive impetus towards achieving further growth.
It is noteworthy that the Dubai Capital Markets and Exchanges Development Committee announced at the end of last year its plans to establish two funds as market makers with a total value of 3 billion dirhams with the aim of activating trading operations and stimulating the sustainability and stability of the market, in addition to encouraging SMEs and advanced technology companies in Dubai to Listing in the financial markets.
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