Dubai Financial Market appoints Hamed Ahmed Ali as new CEO
The Dubai Financial Market Board has appointed Hamed Ahmed Ali as the new chief executive after the exchange’s board reshuffle last week.
Mr. Ali previously worked as Deputy Director General and Director of Markets at DFM. He was also Managing Director of Nasdaq Dubai and COO of the Dubai International Financial Center.
It led the Nasdaq Dubai to become one of the world’s largest stock exchanges for sukuk listings and the largest exchange in the Middle East for sukuk and US dollar-denominated bond listings, DFM said.
The new Managing Director also led the expansion of existing markets and activities on both exchanges and developed new areas of growth, building on the synergies between DFM and Nasdaq Dubai.
The board appointed him to the most senior position “as part of the effort to hold new leadership accountable, citing his tremendous experiences and accomplishments in the capital markets industry.”
Last week, Dubai appointed a new board of directors for DFM headed by Helal Saeed Al Marri.
The new board is tasked with developing plans and strategies to spur growth and double the size of Dubai’s financial markets to 3 trillion dirhams ($ 816.7 billion), the Dubai government media office.
The newly elected council held its first meeting on Monday.
“The DFM is well positioned to strengthen its dynamic role given its world-class infrastructure and regulations as well as its highly skilled team, noting that Emirati talent represents the vast majority,” Al Marri said.
âIt is imperative that we work together to realize the leadership’s vision on the development of Dubai’s capital markets. “
The Board of Directors has formed a new Compliance Committee in charge of market regulation in accordance with international best practices. It also approved the establishment of other committees, including an audit committee, a nominations and remuneration committee and an investment committee.
Dubai is looking to boost its stock market and attract more listings as it seeks to tap a growing appetite for initial public offerings in the region.
The emirate has revealed its intention to list 10 state-owned companies as part of its strategy to increase the size of the financial market. The Dubai Water and Electricity Authority, the government-owned utility company, will be the first government entity to make the DFM public in the âcoming months,â Deputy Prime Minister and Minister Sheikh Maktoum bin Mohammed said last week. Finance on Twitter.
The government has also approved a market maker fund worth 2 billion dirhams to encourage listings in sectors such as energy, logistics and retail.
The DFM stock exchange, which has risen more than 24% since the start of the year, is currently dominated by financial services and real estate companies.
Update: November 9, 2021, 5:17 a.m.