Here’s what you need to know before Tadawul trading on Sunday

UAE In-Focus — DFM to include Tecom in its general index; Khalifa Fund offers $30m to support Kenyan SMEs

DUBAI: Dubai Financial Market announced on its website that Tecom Group, the operator of business districts in Dubai, will be included in the general and real estate indices starting Monday.

After raising 1.7 billion dirhams ($462 million) in an initial public offering, which was oversubscribed by more than 21 times, the company began trading on the DFM on July 5.

As a result, the UAE retail IPO was oversubscribed almost 40 times in aggregate, exceeding all previous IPOs on the DFM.

A “continued buoyancy” in Dubai’s economy contributed to Tecom’s 54 percent annual rise in net profit in the second quarter.

Profit for the three months that ended in June rose to 237 million dirhams, compared with 153.9 million dirhams during the same period last year, Tecom said in a statement to the DFM.

Supporting Kenyan SMEs

Khalifa Fund For Enterprise Development and the National Treasury and Planning Ministry in Kenya have signed an agreement to support the Kenyan Youth Enterprise Development Fund with 110 million dirhams, according to Emirates News Agency WAM.

As part of the agreement, the Kenyan government will be provided with support in promoting economic development, innovation, and innovative projects, creating job opportunities for youth, developing their skills, and empowering them to contribute to the construction of a sustainable, stable economy, WAM added.

CEO of KFED Alia Al-Mazrouei said: “We aim to support the Kenyan government’s efforts to achieve economic development through enhancing the SMEs sector, and spreading the culture of entrepreneurship among youth and women’s empowerment.”

It is expected that nearly 13,000 job opportunities will be created for Kenyan youth through the financing of more than 3,000 projects.

CEO and president of Dubai Chambers steps down

Dubai Chambers announced that Hamad Buamim has stepped down after 16 years in the role, according to Emirates News Agency WAM. 

He will, however, continue to support Dubai Chambers for the next three months.

In an acting capacity, Hassan Al-Hashemi has been appointed president and CEO of Dubai Chambers, WAM said.

Under Buamim’s leadership, Dubai Chambers has grown its membership four times from 80,000 to over 320,000, making it one of the world’s top 10 chambers and the largest membership-based organization in the Middle East and Africa.

In addition to launching 12 international offices, he strengthened Dubai Chambers’ focus on emerging markets, such as Latin America and the Association of Southeast Asian Nations, WAM added.