Dubai Launches ‘xCube’ to Boost Activities of Market Makers

Dubai plans to launch two funds with a total value of AED3 billion ($816 million) to boost trading on the stock markets. (Asharq Al-Awsat)
Dubai plans to launch two funds with a total value of AED3 billion ($816 million) to boost trading on the stock markets. (Asharq Al-Awsat)
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Dubai Launches ‘xCube’ to Boost Activities of Market Makers

Dubai plans to launch two funds with a total value of AED3 billion ($816 million) to boost trading on the stock markets. (Asharq Al-Awsat)
Dubai plans to launch two funds with a total value of AED3 billion ($816 million) to boost trading on the stock markets. (Asharq Al-Awsat)

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, has announced the launch of “xCube” company to organize and facilitate the activities of market maker companies in the Dubai Financial Market.

The step comes in line with the Dubai Securities and Exchange Higher Committee’s strategy aimed at increasing the size of the stock market in the Emirate to AED3 trillion ($816 billion) in the coming period.

Sheikh Maktoum appointed Essa Kazim as the Chairman of the Board of xCube. Arif Amiri, Saeed al-Awar, Hind bint Kharbash and Jacques Visser were appointed as board members.

XCube targets developing and adopting state-of-the-art algorithms and technology to perform market-making activities and high-frequency trading on both cash equities and derivatives listed on local markets.

Kazim, who is also the Governor of Dubai International Financial Center, said retail and institutional investors will benefit from the improved price margins and the lower volatility that often results from market makers playing an active role in markets.

“By bringing the latest technologies and know-how in market making to the local markets, we anticipate renewed interest from investors locally and globally,” he said.

xCube aims to bolster the competitiveness of Dubai’s financial markets and attract more local and foreign capital and investors.

The market maker fund also seeks to invest in promising stocks and hedge risks, which in turn leads to enhancing the confidence of investors and creating a more dynamic equities market.

In late 2021, a committee overseeing the stock market’s development said Dubai plans to launch two funds with a total value of AED3 billion ($816 million) to boost trading on the stock markets and encourage small and medium companies to list on its financial markets.



Saudi Arabia Issues New Industrial Licenses for Aircraft Maintenance and Repair

The announcement was made during the first edition of the Aerospace Connect Forum in Jeddah. (SPA)
The announcement was made during the first edition of the Aerospace Connect Forum in Jeddah. (SPA)
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Saudi Arabia Issues New Industrial Licenses for Aircraft Maintenance and Repair

The announcement was made during the first edition of the Aerospace Connect Forum in Jeddah. (SPA)
The announcement was made during the first edition of the Aerospace Connect Forum in Jeddah. (SPA)

The Saudi Ministry of Industry and Mineral Resources announced the issuance of new industrial licenses for aircraft maintenance, repair, and overhaul (MRO) services in the Kingdom.

The announcement was made during the first edition of the Aerospace Connect Forum, held in Jeddah under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef and organized by the National Industrial Development Center (NIDC).

The newly introduced industrial licenses, launched in collaboration with the General Authority of Civil Aviation and the General Authority for Military Industries, cover various activities, including aircraft and drone maintenance and repair, navigational and electronic systems servicing, and comprehensive aircraft overhaul operations, said the ministry.

The new licenses will allow investors to benefit from the advantages of industrial licensing, access government incentives and capabilities, and contribute to the development and localization of the Kingdom’s aviation industry—a key sector targeted in the National Industrial Strategy.