Telco’s AGM to approve cash dividends of 40 fils per share for H2 of 2023
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Dubai Financial Market (DFM) and Nasdaq Dubai on Thursday announced the admission of Emirates NBD Capital PSC as a custodial services provider on both markets.
Emirates NBD Capital has obtained a custodian licence from the Securities and Commodities Authority (SCA). Its venture into custody service provision is a significant development in expanding the securities’ custody offering in Dubai capital markets in line with Dubai Economic Agenda D33 projects aimed at strengthening Dubai’s position as leading commercial and investment destination globally.
Through custodian services, licenced banks provide numerous services to their clients including the segregation and safekeeping of securities, cash management, transfers, securities-collateralized lending, settlement of trades, and managing corporate actions.
Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “We welcome Emirates NBD Capital as a custodian member of the DFM and Nasdaq Dubai. We are very proud to accomplish this significant milestone that marks an important moment in post-trade services. Custodians are an integral part of the securities market infrastructure especially for the asset managers to hold securities portfolios. Accordingly, we are endeavoured to meet and exceed the requirements of our diversified investor base of more than 1 million investors by continuously improving the quality of services and increasing number of service providers, enabling leading institutions such as Emirates NBD Capital to unlock new opportunities and diversify their services in our market.”
Mohammad Al Bastaki, CEO of Emirates NBD Capital, said: “We are delighted to partner with DFM and Nasdaq Dubai on this groundbreaking initiative. The Group’s new global custody proposition, created in collaboration with BNY Mellon, our strategic alliance partner and the world’s biggest custodian bank, will allow us to provide our clients with custody services across multiple geographies. Our custodial services will facilitate global investor access to UAE capital markets and contribute to the development of post trade services across the securities value chain. As regional equity capital markets evolve and deepen, Emirates NBD will continue to take a leading role, supporting the needs of its clients while accelerating the growth of Dubai’s capital markets.”
As the newest Custody Member, Emirates NBD Capital joins a group of leading UAE and international banks that are providing the custody services in Dubai’s capital markets including: Citibank NA, Deutsche Bank, First Abu Dhabi Bank (FAB), HSBC Bank Middle East Limited and Standard Chartered Bank.
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