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Dubai Financial Market’s nine month net profit reaches AED 781 million

DFM Company recorded a net profit of AED 781 million for the nine months of 2008, an increase of 97 per cent compared to AED 397 million (excluding IPO profit) in the same period in 2007.

DFM Company recorded total revenue of AED 879 million, including AED 598 million in operating income for the first nine months of 2008 and AED 299 million representing the return on investments made by DFM Company. Total revenue increased by 67 per cent compared to AED 536 million (excluding IPO profit) in the same period in 2007.

DFM Company's net profits for the third quarter of 2008 reached AED 221 million, an increase of 89 per cent compared to the same period in 2007. Total revenues for the third quarter reached AED 260 million compared to AED 161 million for the same period last year.

Essa Kazim, Chairman of DFM, said: "DFM has continued its high growth in revenues and profits through the first nine months of 2008. Our ongoing profitability and overall expansion would not be possible without the unrestrained support of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. These results validate DFM's current growth strategy, as it aims to diversify the equity offerings on the exchange through a series of successful IPOs, which will increase the level of market activity. Above all, I think these results reflect the enormous trust and confidence that investors and companies continue to place with DFM and its management practices.

"DFM is keen to strengthen the opportunities for investors by encouraging new listings and continuing its initiatives aimed at the development of financial markets in the UAE and the wider region. Along with our leading position as the first bourse in the region to go public, we are also the first stock exchange in the region to be fully Sharia compliant. We are now actively seeking and developing new products and investment tools to add to our existing boutique of offerings."

DFM added nine new listings during the first three quarters of this year, which has increased the total number listed securities on the market to 83.

Kazim added: "Our primary focus has always been IPOs and following the nine new listings earlier this year, we expect to see some more listings in the last quarter of this year. Drake and Scull is one of the companies that will be listed on DFM before the end of the year."

Kazim concluded: "Going forward, we will continue to further strengthen our financial performance through the diversification of income sources and the fortification of investment revenues that now represent an important revenue component in addition to our core income source, which is trading commissions. We will continue to develop more innovative products and value added services to further consolidate DFM's premier position locally and regionally."