Dubai Stock Exchange

The Dubai Stock Exchange or the Dubai International Financial Exchange (DIFX) is owned by the one and only shareholder, Dubai International Financial Centre Authority (DIFC). On September 2005 the DIFC launched the Dubai securities trading market. The Dubai Financial Services Authority (DFSA) regulates the operations of the exchange because of it being situated in the newly established financial free zone called the Dubai International Financial Centre.

The DIFX continues to grow as a company; it started with four members on the board but already had 13 member banks. The goal for the end of 2006 is to have incorporated a total of 40 members. The Dubai Stock Exchange provides its members with a completely electronic AtosEuronext Market Solutions NSC system for all their trading, clearing and settlement. The DIFX also provides international investors a chance to invest in the Middle East, Turkey, North and South Africa, the Indian sub continent and Central Asia by giving them free access to companies in the region.

One of the companies listed with the Dubai stock exchange is a Dubai-based mobile phone company Investcom. Although Dubai has a relatively small population its total non-oil imports came to Dh 149,046 million in 2004 because it is a major re-export center for the region. Dubai is ranked second highest in its GDP per Capita in the region, with an average of USD 19,000. Dubai has been named "the City of Merchants" with trade historically being the cornerstone of Dubai's economy. Dubai exports base metals, textile and mineral products, chemical and allied industries, cement, asbestos, ceramics and glass. It imports pearls, precious stones and metals, vehicles, aircrafts and vessels, machinery, recorders and T.V.

Traditionally petroleum has dominated the economy producing immense wealth, which has been ploughed into social services and invested in capital improvements in all seven of the emirates. Industrial development is basically just petroleum based but is limited by the amount of raw materials and the lack of trained personnel. Petroleum production takes place in Dubai and in Abu Dhabi. The emirate of Dubai has become the key to global distribution and transport due to its strategic location between the Middle East and Africa as well as between the Far East and Europe. Over 1.5 billion consumers are opened up to Dubai from the countries surrounding the Gulf and the Red Sea.

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