RIYADH: Dubai Financial Market witnessed a surge in new investor accounts, with brokerage companies adding 26,953 accounts in the first five months of 2023, its latest data showed.
Compared to the same period in 2022, the number of new investor accounts at DFM has seen remarkable growth, increasing by over 48 percent.
In June alone, 4,246 new accounts were added, followed by 5,349 in May and 4,249 in April, the DFM data showed.
This came after the financial exchange added 6,591 new accounts in March, 3,436 in February and 3,082 in January.
The rising appetite among investors to open accounts with DFM was fueled by the listing of 10 government and semi-government companies, including Dubai Electricity and Water Co., TECOM Group, Union Coop, Salik and Al Ansari.
This influx of new investor accounts showcases the growing confidence and interest in the DFM, which reflects the increasing opportunities for investors to participate in the region’s dynamic economy.
One of the DFM’s ongoing efforts is to attract new listings and promote transparency and investor-friendly regulations to continue contributing to its success.
ADNOC Gas announces $1.34bn gas pipeline expansion
ADNOC Gas has awarded $1.34bn in contracts to expand its natural gas pipeline network.
The expansion, under its Sales Gas Pipeline Network Enhancement Program, will extend ADNOC Gas’ existing network by more than 300 km, reaching a total length of over 3,500 km.
Petrofac Emirates and the consortium between National Petroleum Construction Co. and CAT International Ltd. bagged the contracts for the expansion.
This extension will enable the transportation of higher volumes of natural gas to customers in the northern emirates of the UAE.
“Our strategic network expansion will bring the advantages of lower-cost, sustainable and cleaner gas to more locations across the UAE by enhancing industrial access to natural gas, a cost-competitive and lower-carbon intensive fuel,” said Ahmed Al-Ebri, CEO of ADNOC Gas, in a statement.
The move is seen as a strategic one for ADNOC Gas, as it aims to solidify its position in the market and cater to the increasing demand for sustainable gas supplies in the UAE.
“The expanded pipeline will drive further growth for ADNOC Gas and our shareholders as we deliver on our mandate to achieve gas self-sufficiency for the UAE,” Al-Ebri added.
Furthermore, the project aligns with ADNOC’s commitment to supporting the UAE’s economy through its In-Country Value Program.
Through the program, over 70 percent of the contracts’ value is expected to be reinvested in the local economy, fostering local industries and encouraging domestic manufacturing.
AD Ports Group completes $720m acquisition of Spain’s Noatum
AD Ports Group announced the buyout of Spanish logistics services provider Noatum in a deal valued at €660 million ($720 million).
The Abu Dhabi-listed company expanded its global asset portfolio with the purchase, gaining full control of Noatum, which operates in 26 markets worldwide.
The port developer obtained final approval from the Spanish authorities after receiving regulatory clearance from the European Commission earlier this year.
When the deal was first announced in November, the enterprise value of Noatum amounted to 2.5 billion dirhams ($681 million), with the transaction set to be funded through a new acquisition loan.
The acquisition is expected to contribute to AD Ports’ strategic growth and enhance its capabilities in providing integrated logistics solutions to its customers.
