DUBAI, 2 September 2007 — Japan’s leading bank, Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), has received a license from the Dubai Financial Services Authority (DFSA) to start operation as an authorized firm in the Dubai International Finance Center (DIFC). The bank’s new Dubai office will liaise with its existing BTMU Bahrain branch and four representative offices in the Middle East (Abu Dhabi, Istanbul, Cairo, Tehran), as well as the Japan desk of the National Bank of Abu Dhabi located in Dubai. The new office will also access the network of 73 BTMU offices in Europe, Africa and Asia, areas which have deep financial ties with the Middle East, and will provide support and expertise for BTMU’s customers in the region. Hideki Gohbara, general manager of BTMU Dubai office, said: “The opening of an office at the DIFC will allow us to expand on new opportunities in this dynamic market as well as meet the growing needs of our existing customers.”
Dubai Airports Appoints First CEO
DUBAI, 2 September 2007 — Dubai Airports has appointed its first chief executive officer as a key part of the strategy to develop its airports as a separate commercial business, following the restructuring of the erstwhile Dubai Department of Civil Aviation (DCA). Paul Griffiths, former managing director of BAA’s London Gatwick Airport, will take up the role on Oct.1 this year. Griffiths, 49, brings significant commercial experience in the aviation and transport sector. Prior to joining BAA in 2004, he spent 14 years as an executive director of Richard Branson’s Virgin Group, where he was responsible for the commercial development of British long-haul airline Virgin Atlantic, before moving to a similar role at the Virgin Rail Group.
Foreigners Buy 32.4% of Traded Shares
DUBAI, 2 September 2007 — Dubai Financial Market announced yesterday that the value of shares and bonds bought by foreign investors last week (Aug. 26 – Aug. 30) reached AED1.892 billion comprising 32.4 percent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached AED1.911 billion, comprising 32.7 percent of the total value of stocks traded during the period. Net foreign investment on the market reached AED18.5 million during the same period. The value of stocks bought by institutional investors during last week reached AED1.343 billion comprising 23 percent of the total value of stocks traded during the period. The value of stocks sold by institutional investors during the period reached AED925.6 million which constitutes 15.9 percent of the total value of stocks traded in the week.
