By: Mahmoud Gamal
Dubai – Mubasher: Naeem Holding’s stock jumped 2% to AED 2.43 on its first trades on the Dubai Financial Market (DFM) on Sunday.
The dual-listed stock rose although the DFM retreated to 3,136.82 points today by 11:50 am UAE time with a turnover of AED 64.21 million.
The DFM is pressured by declining blue-chip stocks, mainly Dubai Investment, Dubai Islamic Bank (DIB), and Emaar Properties, which shed 1.38% to AED 2.14, 0.9% to Wed 5.42, and 0.5% to AED 5.86, respectively.
On Sunday, the DFM welcomed the listing of Egypt-based Naeem Holding for Investment.
These dual-listings on the DFM show the companies' huge interest in the stock market amid the notable development of the DFM as it provides similar advanced investment instruments of the global stock markets, CEO of Mindcraft Consulting Fady El Ghattis said.
By listing Naeem Holding on the DFM, the number of foreign joint-stock companies listed on the UAE stock market will rise to 18 firms.
The DFM is forecast to see more dual-listings in a bid to diversify the available options for investors, El Ghattis noted.
The SCA had previously approved the listing of Kuwait’s Zima Holding Company on the DFM this year as a foreign joint-stock company.
Founded in December 2005, the Cairo-based Naeem Holding is specialised in establishing companies, preparing feasibility studies, finance lease, and managing initial public offerings (IPOs).
It's worth mentioning that the Egyptian firm had achieved $1.24 million in profits for the fiscal year ended last December, against profits of $2.59 million in 2016, including minority shareholders’ rights.
Naeem Holding’s capital amounts to $218.5 million distributed on 312.2 million shares at a par value of $0.7 per share.
Translated by: Mai Ezz El-Din
