Within the strategy of the Dubai Capital Markets and Exchanges Development Committee

Maktoum bin Mohammed launches "X-Cube" to organize the work of market makers in "Dubai Financial"

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Prime Minister and Minister of Finance and Deputy Ruler of Dubai, announced the establishment of the “xCube” company to organize and facilitate the work of market makers companies in the Dubai Financial Market, as part of the strategy of the Capital Markets and Exchanges Development Committee In Dubai, which aims to double the value of the financial markets in the emirate to three trillion dirhams during the next stage.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum issued a decision appointing Issa Kazim as Chairman of the Board of Directors of X-Cube, as well as appointing Aref Amiri, Saeed Al Awar, Hind bint Mohammed bin Kharbash and Jack Visser as members of the Board of Directors.

X-Cube aims to use and develop modern algorithms and technologies to support market-making activities and high-frequency trading of cash stocks and financial derivatives listed in the local financial markets of the UAE.

market maker

The Governor of the Dubai International Financial Center and Chairman of the Board of Directors of the X-Cube Fund, Issa Kazim, said that the company will work on managing the Market Maker Fund, providing the necessary support for individual and corporate investors alike, as market makers play a pivotal role in improving price differences and reducing from the fluctuations of the markets, stressing that the adoption of the latest market-making techniques in the local markets will enhance the interest of local and international investors.

Competitiveness

The market maker aims to achieve a wide range of goals, the most important of which is enhancing the competitiveness of Dubai's financial markets, and attracting more capital and investors from inside and outside the country.

The fund also aims to adopt a clear vision of investing in promising stocks, and reduce the fluctuations in the trading values ​​of stocks and financial market indices, which in turn leads to enhancing the confidence of investors and dealers in the markets, and giving them a positive impetus towards achieving further growth.

It is noteworthy that the Dubai Capital Markets and Exchanges Development Committee announced at the end of last year its plans to establish two funds as a “market maker”, with a total value of up to three billion dirhams, with the aim of activating trading operations, stimulating the sustainability and stability of the market, as well as encouraging small and medium enterprises, and corporates. advanced technology in Dubai, for listing in the financial markets.

The goals of the company:

■ Enhance the competitiveness of Dubai's financial markets.

■ Attracting more capital and investors from inside and outside the country.

■ Adopt a clear vision to invest in promising stocks.

■ Reducing the fluctuations in the trading values ​​of shares and financial market indices.

■ Enhancing the confidence of investors and dealers in the markets, and giving them a positive impetus towards achieving further growth.

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