Dubai Financial Market PJSC: A Pessimistic Outlook
Dubai Financial Market PJSC (DFM), a public joint stock company incorporated in the Emirate of Dubai, has been experiencing negative yields over the past month. A recent announcement regarding the world's first Belt and Road Initiative (BRI) partner-themed green bonds listing by the Bank of China (BOC) on Nasdaq Dubai, however, has brought some attention to the DFM.
Summary
Despite the listing of BOC's green bonds on Nasdaq Dubai, the future of DFM seems pessimistic. The company's 3 Month Yield stands at -0.23% and the 1 Month Yield at -0.19%, indicating a downward trend. The company's market cap is also at a staggering 10,240,000,000. DFM's primary activities include trading in financial instruments, acting as a holding and trust company, financial investment consultancy, and brokerage local and foreign shares and bonds. The Government of Dubai, which owns 80% of DFM through Borse Dubai Limited, is the ultimate parent and controlling party.
Source
Summary
Nasdaq Dubai has welcomed the world's first Belt and Road Initiative (BRI) partner-themed green bonds listing by the Bank of China (BOC). The bank issued two green bonds through its Dubai and Luxembourg branches, totalling USD 770 million. This listing has increased the total value of fixed income listed on Nasdaq Dubai to USD 119.39 billion. The proceeds from these bonds will be used to finance green projects in BRI partner countries, including the UAE, Saudi Arabia, Portugal, Austria, Bulgaria, and Poland. This issuance marks a significant milestone in sustainable financing and is the first funding initiative by a Chinese issuer focusing solely on green projects in the Middle East.
