Navdeep Suri, India’s ambassador to the UAE, has celebrated India’s Independence Day by ringing the market-opening bell at Nasdaq Dubai. The ceremony reflected the rapid growth of the already extremely close financial and economic ties between the UAE and India as well as their strong social and political links.

Bilateral trade has increased from $52 billion in 2017 to $60 billion in 2018, according to official Indian figures.

More than three million Indians live in the UAE.

Navdeep Suri said: “I am delighted to join Nasdaq Dubai in celebrating India’s Independence Day. The initiative taken by Nasdaq Dubai is a reflection of the increasingly close strategic partnership between India and UAE. It also demonstrates recognition of India’s position as a driver of regional economic growth and the enormous possibilities that this opens up for Dubai to create a dynamic, mutually beneficial pathway for capital flows.”

Hamed Ali, Chief Executive of Nasdaq Dubai, said: It is a great pleasure to be celebrating India’s Independence Day at the exchange and we look forward to further strengthening bilateral capital markets ties. Indian companies and nationals continue to make an outstanding contribution to the economic success of the UAE and Nasdaq Dubai is ready to support the growing development of a broad range of markets activities.”

UAE companies including Nasdaq Dubai-listed DP World are major investors in India in sectors including ports, transport infrastructure, energy and housing. Political ties include a visit in 2018 to the UAE by Narendra Modi, the Indian prime minister, during which he met with His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai. India gained independence from Britain on Aug.15, 1947.

Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS).

The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). Nasdaq Dubai is located in the Dubai International Financial Centre (DIFC).

Last month Nasdaq Dubai welcomed the listing of a $1 billion Sukuk and a $300 million conventional bond issued by global trade enabler DP World.

DP World is the largest UAE debt issuer by value on the region’s international exchange, with Sukuk and conventional bond listings now totaling $8.09 billion.

The $300 million conventional bond that listed today was a tap issuance on a $1 billion bond that DP World issued in September 2018.

DP World operates a geographically diverse network of trade enabling businesses including ports and terminals, industrial parks, logistics and economic zones, maritime services and marinas.

DP World’s latest $1 billion Sukuk underlines Dubai’s role as one of the largest global centres for Sukuk listings by value, with a current total of $62.35 billion.

Nasdaq Dubai and Samruk-Kazyna JSC recently signed a Memorandum of Understanding, MoU, to promote international awareness of investment opportunities in Kazakhstan and explore market access.

Samruk-Kazyna JSC, Kazakhstan’s sovereign wealth fund, and Nasdaq Dubai, the region’s international financial exchange, will also work together to promote Islamic capital markets products and solutions and enhance the financial markets overall in both countries.

Commenting on the MoU signing, Hamed Ali, Chief Executive of Nasdaq Dubai, said, “Building on the close ties between our two nations, Nasdaq Dubai is ready to provide its knowhow and infrastructure to facilitate further investment by private and public entity investors into Kazakh businesses operating in a range of industries.”

Meanwhile last week ENBD REIT (CEIC), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, revealed that it has purchased 50,000 of its ordinary shares on the Nasdaq Dubai Exchange.

The transaction has been implemented through the UAE-based broker Shuaa Securities at a price of $0.539 per share, according to a press release.

Moreover, the company noted that it will cancel the repurchased shares, adding that it has 251.050 million shares in issue following the transactions.

Agencies