2024 is set to be Dubai International Financial Center’s (DIFC) “busiest year ever,” Dubai Financial Services Authority (DFSA) CEO Ian Johnston tells Bloomberg, saying the financial center will see a “record number of firms” registering in 2024. The financial hub is “already about 50% ahead” of its record registrations last year, which saw the DFSA issue over 112 financial services licenses.

Another Chinese lender will soon set up shop in DIFC, Johnston also said, without disclosing the name of the Chinese bank, marking the fifth to establish a presence in the business center. “Of the 29 globally systemically important banks in the world, we have 27 doing business in DIFC,” Johnston said.

REFRESHER- DFSA saw a 125% y-o-y uptick in registrations by hedge fund managers in 2023and expects continued strong interest from global hedge funds looking to set up shop in DIFC, Johnston said in February. DIFC company registrations jumped 34% y-o-y, with 1.4k firms registering to set up shop in the freezone. The record growth in registrations was “supported by both financial and innovation companies and non-financial companies.”

THE MARKETS THIS MORNING-

Asian markets are mixed this morning as investors sift through earnings reports, CNBC reports, while US stock futures are largely unchanged after the Dow yesterday hit its longest stint in the green since December. European equities futures were also little changed in overnight trading.

EGX30

26,430

+1.2% (YTD: +6.2%)

USD (CBE)

Buy 47.65

Sell 47.79

USD (CIB)

Buy 47.67

Sell 47.77

Interest rates (CBE)

27.25% deposit

28.25% lending

Tadawul

12,358

-0.1% (YTD: +3.3%)

ADX

9,072

+0.4% (YTD: -5.3%)

DFM

4,156

0.0% (YTD: +2.4%)

S&P 500

5,188

+0.1% (YTD: +8.8%)

FTSE 100

8,314

+1.2% (YTD: +9.1%)

Euro Stoxx 50

5,016

+1.2% (YTD: +10.9%)

Brent crude

USD 83.16

-0.2%

Natural gas (Nymex)

USD 2.21

+0.6%

Gold

USD 2,324.20

-0.3%

BTC

USD 63,141.70

-0.3% (YTD: -49.3%)

THE CLOSING BELL-

The EGX30 rose 1.2% at today’s close on turnover of EGP 2.9 bn (41.6% below the 90-day average). Foreign investors were net buyers. The index is up 6.2% YTD.

In the green: Abu Dhabi Islamic Bank (+8.8%), Qalaa Holdings (+8.8%), and CIB (+5.1%).

In the red: Telecom Egypt (-5.6%), E-finance (-3.8%), and Eipico (-2.4%).

CORPORATE ACTIONS-

#1- Telecom Egypt is pursuing a USD 500 mn financing for suppliers from a Chinese institution, rather than a loan, as previously reported, the company clarified in an EGX disclosure (pdf).

#2- City Lab approves GCC alliance sale: Medical diagnostic services company City Lab’s extraordinary general assembly approved selling up to EGP 250 mn worth of shares to a consortium that includes Premium Diagnostics’ Saudi, Emirati, US, and Egyptian arms, the company said in an EGX disclosure (pdf).

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