BORSE DUBAI
The Dubai International Financial Exchange (‘DIFX’)

DP WORLD – APPLICATION TO LIST

DUBAI – 21 OCTOBER 2007 – The Dubai International Financial Exchange (‘DIFX’) today announced that global marine terminal operator, DP World, has applied for its shares to be admitted to the official list of securities of the DIFX, and to list its shares on the DIFX.

Per E. Larsson, Chief Executive Officer of Borse Dubai and of the DIFX said:

Today’s application to list from the world’s fourth largest marine terminal operator, DP World, underlines the stature of the DIFX as both a regional and international hub for investors. It also provides further support for our strategy of international expansion. 

‘Our world class trading platform will help DP World access the regional investment base, estimated to have $US3 trillion in available liquidity*, and the local retail investor base, as well as the international capital markets.

‘It also reflects the excellent international, independent legal and regulatory platform which has been established in the form of the DIFC and DFSA.

‘We fully expect a number of local and regional companies to apply for listings on the DIFX and DFM. This will further fuel the growth of Borse Dubai and continue to bolster its significant attractions as a route to local and international capital markets.’

Hamed Ali, Executive Officer, DIFX said:

‘This IPO would represent a significant milestone for the DIFX and for Dubai as a financial centre, giving issuers unparalleled access to global and regional liquidity pools.

‘Over the past year we have successfully replicated other international exchanges -- and in one particular area -- listings of Sukuk (Islamic bonds) by value -- we are established as the world’s leading exchange.

‘We have also launched DIFX TraX, the first structured products platform on an exchange in the region, and we will continue to launch new markets and introduce new and innovative products.

‘We have successfully built a very healthy environment for trading, including a world class trading platform and close links with regional and international brokers. These include 19 Members – 14  international and 5 regional - contractual agreements with market makers, and connections with the international central securities depositaries Clearstream and Euroclear.’

*Source: Canada’s International Market Access Report 2007

END

This media release does not imply acceptance by the DIFX of DP World’s application to list

Enquiries:

DIFX
Mark Fisher
Tel: +971 50 624 5805
Mark.Fisher@difx.ae

Peregrine Communications Group
Anthony Payne (London)
Tel: +44 (0) 20 7822 2302 
Mobile: +44 (0) 7930 643 983
anthony.payne@peregrinecommunications.co.uk

Jack Pearce (Dubai)
Tel: +971 4 343 0888
Mobile: +971506240579

Peter Roche (New York)
Tel: 001 860-210-0316

Comir
Johan Hähnel (Stockholm)
Tel: +46 70 605 63 64
johan.hahnel@comir.se

Notes to Editors

About Borse Dubai
Borse Dubai is the holding company for Dubai Financial Market (DFM) and Dubai International Financial Exchange (DIFX). Borse Dubai was created 6 August, 2007 to consolidate the Government of Dubai’s two stock exchanges as well as current investments in other exchanges, expanding Dubai’s position as a global capital market hub.

Borse Dubai builds on existing synergies between both exchanges with improved infrastructure to better serve all stakeholders. Borse Dubai continues to explore opportunities with capital markets across the globe to leverage technology, liquidity, regulation and expertise.
Borse Dubai’s growth mandate is extracted from the 2015 Dubai Strategic Plan which has defined financial services and capital markets as a key focus area to support the development and growth of regional capital markets to the highest international standards. This is complemented with Dubai’s strong heritage of building global leaders in selected industries.

About DIFX
The DIFX is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as international issuers that seek regional and international investment.

The exchange opened in September 2005 and currently has 19 Members – ABN AMRO, Arbuthnot Securities, Barclays Capital, Citigroup, Credit Suisse, Daman Securities International, Deutsche Bank, EFG-Hermes, Hichens, Harrison & Co, HSBC, ING Bank NV, Jefferies International, KAS BANK, Morgan Stanley, Merrill Lynch, Mashreq Capital (DIFC), NBD Investment Bank, SHUAA Capital and UBS.

Issuers on the DIFX: Equities - Albaraka Banking Group (ordinary shares), Boulder Steel (ordinary shares), Citigold Corporation (ordinary shares), Fortune Management (ordinary shares), Gold Fields (American depositary shares), Hikma Pharmaceuticals (global depositary receipts),  Kingdom Hotel Investments (ordinary shares), Man Industries (India) (global depositary receipts), Monarch Gold Mining Company (ordinary shares), Rana Sugars (global depositary receipts); Sphere Investments (ordinary shares); Bonds – DP World (Medium Term Notes), Dubai Holding Commercial Operations Group (Medium Term Notes), Kuwait Financial Centre S.A.K. (Closed) (Notes); MashreqBank (Medium Term Notes), National Bank of Dubai (Medium Term Notes); Islamic Products - Aabar Sukuk (Sukuk), Cherating Capital (Sukuk), DAAR International Sukuk (Sukuk), Dar Al Arkan International Sukuk (Sukuk), DIB Sukuk (Sukuk), DIFC Investments (Sukuk), Dubai World Sukuk (Sukuk), IIG Funding Ltd (Sukuk), Nakheel Development (Sukuk), Ports, Customs and Free Zone Corporation (Sukuk), TID Global Sukuk (Sukuk); Structured Products -  Deutsche Bank, Merrill Lynch, Morgan Stanley

The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is owned by Borse Dubai Limited, a holding company which also owns the Dubai Financial Market. The DIFX is located in the Dubai International Financial Centre.

www.difx.ae

About DFM
The Dubai Financial Market (DFM) was established in March 2000 as a public institution having its own independent corporate body.  It has recently turned itself into a public shareholding company and lists its shares on its own platform; a first in the region. Its goal is to create a fair, efficient, liquid and transparent marketplace that provides choices through the best utilization of available resources in order to serve all stakeholders. DFM is operating as a secondary market for trading of securities issued by public joint-stock companies, bonds issued by the Federal Government or any of the Local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the Market. 

About DIFC
Located at the crossroads of the major international capital markets of New York and London (in the West) and Hong Kong (in the East), Dubai is the complementary hub connecting the region with the 24 hour/7 days a week global financial network.
The Dubai International Financial Centre was conceived by the Government of Dubai for the benefit of the UAE and the wider region as a whole. Its remit is to create a regional capital market, offering investors and issuers of capital world-class regulations and standards. Its hallmarks are: integrity, transparency and efficiency.

As a new global jurisdiction for financial institutions, the DIFC offers its participants a highly attractive investment environment, including:

  • 100 percent foreign ownership
  • zero percent tax rate on income and profits
  • wide network of double taxation treaties available to UAE incorporated entities
  • no restrictions on foreign exchange or capital/profit repatriation
  • dollar denominated environment
  • transparent operating environment with high standards of rules and regulations
  • strict supervision and enforcement of money laundering laws
  • ultra modern office accommodation, state-of-the-art technology, sophisticated infrastructure, data protection/security, operational support and business continuity facilities of uncompromisingly high standards.

But unlike ‘offshore’ tax havens, the DIFC is a fully fledged ‘onshore’ capital market, comparable to Hong Kong, London and New York.

About the DFSA
They are the Dubai Financial Services Authority (DFSA), the independent regulator for the Dubai International Financial Centre (DIFC).

  • They authorise, license and register institutions and individuals who wish to conduct financial and ancillary services in or from the DIFC
  • They supervise regulated participants and monitor their compliance with the laws, regulations and rules that apply
  • They enforce the legislation that we administer

Operating to world-class standards, the DFSA is proud to be a part of the continuing development of the United Arab Emirates, the greater Middle East, and the regions beyond.

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