News DeskDubai, UAE – The Dubai Chamber of Commerce has officially launched the Dubai Stockbrokers and Investment Services Group (DSIG), a move poised to strengthen the emirate’s financial sector and boost economic growth. The announcement, made on May 23, 2024, follows the initial reveal of the group last year, aligning with the Chamber’s mission to enhance the role of Dubai’s private sector in driving economic development.
The DSIG is now one of 105 Business Groups and over 50 Business Councils under the Dubai Chamber of Commerce, a crucial component of the broader Dubai Chambers network. These groups and councils are designed to represent diverse industry interests and foster economic opportunities both locally and globally.
Leading the DSIG is Sameera Fernandes, Chief Sustainability Officer and Board Member of Century Financial, who has been appointed as Chairwoman. Supporting her are Mostofa Elchiati as Vice-Chairman, Kinly Nassour as Secretary-General, Ahmed Al Salami as Treasurer, and Damodhar Mata as Director of Membership & Marketing. The launch event, attended by prominent figures including Maha Al Gergawi, Vice-President of Business Advocacy at Dubai Chambers, and Omar Khan, Head of the Centre for Business Studies and Research at Dubai Chambers, underscores the group’s strategic importance.
In 2023, institutional investors significantly influenced the UAE stock markets, purchasing stocks worth Dh302.7 billion, with total sales reaching approximately Dh295.8 billion. The establishment of DSIG coincides with the market cap of Arab stock exchanges surpassing US$4.36 trillion at the end of April 2024, according to the Arab Monetary Fund.
The DSIG aims to leverage cutting-edge technologies, ethical practices, and global collaboration to shape a prosperous financial future. Essa Abdulla Al Ghurair, Chairman of Essa Al Ghurair Investment LLC, praised the group’s vision, emphasizing its alignment with the Dubai Economic Agenda (D33), which seeks to double the city’s GDP by 2033 through principles of trust and transparency.
The UAE has emerged as a significant contributor to the growth of Arab stock markets, with the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) playing pivotal roles. By the end of 2023, the UAE’s market value had soared to US$990.6 billion, with ADX contributing US$803.4 billion and DFM reaching US$187.2 billion.
DSIG’s initiatives focus on sustainable investment, innovation in financial services, and financial literacy, including mentorship programs and international expansion support. Chairwoman Sameera Fernandes emphasized the group’s mission to promote ethical standards and integrity while fostering a robust investment community.
In line with its commitment to global engagement, DSIG plans to host an annual investment summit to facilitate networking, address industry challenges, and develop innovative solutions.
The UAE’s equity market saw institutional investors dominate in 2023, accounting for nearly 78% of total trading activity, as reported by the Emirates News Agency (WAM). The Dubai Financial Market experienced a 12.5% increase in investor accounts, with brokerage firms opening 57,054 new accounts in 2023. Additionally, the 29 brokerage firms in the DFM executed over 3.83 million transactions, marking a 32.7% increase from 2022.
The launch event also highlighted the importance of sustainable investment, with Habiba Al Mar’ashi, Co-founder and Chairperson of Emirates Environmental Group, advocating for improved financial literacy and collaboration to promote sustainable development.
With the establishment of DSIG, the Dubai Chamber of Commerce aims to bolster the financial sector’s growth, foster innovation, and drive sustainable economic development in Dubai and beyond.
