{"id":619660,"date":"2024-05-08T00:00:00","date_gmt":"2024-05-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/08\/the-dubai-international-financial-center-is-looking-forward-to-its-busiest-year-ever\/"},"modified":"2024-05-08T00:00:00","modified_gmt":"2024-05-08T00:00:00","slug":"the-dubai-international-financial-center-is-looking-forward-to-its-busiest-year-ever","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/08\/the-dubai-international-financial-center-is-looking-forward-to-its-busiest-year-ever\/","title":{"rendered":"The Dubai International Financial Center is looking forward to its \u201cbusiest year ever\u201d"},"content":{"rendered":"

2024 is set to be Dubai International Financial Center\u2019s (DIFC) \u201cbusiest year ever,\u201d<\/strong> Dubai Financial Services Authority (DFSA) CEO Ian Johnston tells Bloomberg<\/a>, saying the financial center will see a \u201crecord number of firms\u201d registering in 2024. The financial hub is \u201calready about 50% ahead\u201d of its record registrations last year, which saw the DFSA issue over 112 financial services licenses<\/a>.<\/p>\n

Another Chinese lender will soon set up shop in DIFC<\/strong>, Johnston also said, without disclosing the name of the Chinese bank, marking the fifth to establish a presence in the business center. \u201cOf the 29 globally systemically important banks in the world, we have 27 doing business in DIFC,\u201d Johnston said. <\/p>\n

REFRESHER<\/strong>- 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<\/a>. DIFC company registrations jumped 34% y-o-y<\/a>, with 1.4k firms registering to set up shop in the freezone. The record growth in registrations was \u201csupported by both financial and innovation companies and non-financial companies.\u201d<\/p>\n

THE MARKETS THIS MORNING-<\/p>\n

Asian markets are mixed this morning <\/strong>as investors sift through earnings reports<\/a>, 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. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

26,430<\/p>\n<\/td>\n

\n

+1.2% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.65<\/p>\n<\/td>\n

\n

Sell 47.79<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.67<\/p>\n<\/td>\n

\n

Sell 47.77<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,358<\/p>\n<\/td>\n

\n

-0.1% (YTD: +3.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,072<\/p>\n<\/td>\n

\n

+0.4% (YTD: -5.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,156<\/p>\n<\/td>\n

\n

0.0% (YTD: +2.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,188<\/p>\n<\/td>\n

\n

+0.1% (YTD: +8.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,314<\/p>\n<\/td>\n

\n

+1.2% (YTD: +9.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,016<\/p>\n<\/td>\n

\n

+1.2% (YTD: +10.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 83.16<\/p>\n<\/td>\n

\n

-0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 2.21<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,324.20<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 63,141.70<\/p>\n<\/td>\n

\n

-0.3% (YTD: -49.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 1.2% at today\u2019s close<\/strong> 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.<\/p>\n

In the green: <\/strong>Abu Dhabi Islamic Bank (+8.8%), Qalaa Holdings (+8.8%), and CIB (+5.1%).<\/p>\n

In the red: <\/strong>Telecom Egypt (-5.6%), E-finance (-3.8%), and Eipico (-2.4%).<\/p>\n

CORPORATE ACTIONS-<\/p>\n

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

\n

#2- City Lab approves GCC alliance sale:<\/strong> Medical diagnostic services company City Lab\u2019s extraordinary general assembly approved selling up to EGP 250 mn worth of shares to a consortium that includes Premium Diagnostics\u2019 Saudi, Emirati, US, and Egyptian arms, the company said in an EGX disclosure (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Financial services authority boss says another Chinese bank will soon set up shop in DIFC<\/p>\n","protected":false},"author":1,"featured_media":619661,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,122,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-uae","wpautop","entry"],"acf":{"mongo_id":"bba4799f-1d5e-44c4-8c54-5df57be5e741","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/474.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The Dubai International Financial Center is looking forward to its \u201cbusiest year ever\u201d","related_issue":[619639],"teaser":"Financial services authority boss says another Chinese bank will soon set up shop in DIFC","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.b7fc7759-cf2a-449d-807c-9fa229fa5c64.mp3"},"yoast_head":"\nThe Dubai International Financial Center is looking forward to its \u201cbusiest year ever\u201d - 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The Dubai Financial Services Authority (DFSA) said that Abraaj used funds from investors to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/2063.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595891,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/08\/cbe-signs-mou-with-dubai-financial-regulator\/","url_meta":{"origin":619660,"position":1},"title":"CBE signs MoU with Dubai financial regulator","author":"enterpriseam admin","date":"8 August 2019","format":false,"excerpt":"The Central Bank of Egypt signed an MoU with the Dubai Financial Services Authority (DFSA) at the end of July to strengthen regulatory ties, the DFSA said in a statement yesterday. 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