For a long time, people have been using money as a form of currency. The popularity of the market is due to its ability to allow for easy trading of money from one individual to another. Perhaps every country needs a marketplace where people can trade goods and services in exchange for monetary rewards.
Just like the conventional markets, there are also financial markets, and as the name implies, it is a marketplace where securities such as the stock market, bond market, derivatives market, among others are traded. Financial markets are critical to the proper running of capitalist economies, and for a flourishing country like the UAE [United Arab Emirates], there is no exception to the need for a financial market.
In today’s article, I will share with you more information on the financial market in Dubai, and how best to trade or invest in any of the markets.
Kindly read through to the end.
What is DFM UAE?
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For every economy, financial markets are required to encourage trade and business growth for both the investors and the traders, and the UAE definitely won’t be left out of the scoop as a country.
The DFM, which means Dubai Financial Market was set up in the year 2000 for Stock exchange. It is located in the heart of Dubai in the UAE, with a listing of over 176 from companies based in the UAE or those with dual listing companies in the MENA [Middle East North Africa] region.
The DFM is one of three stock exchange markets in the UAE, just as there are several marketplaces nearby. The others are the Abu Dhabi Securities Exchange (ADX), which lists predominantly UAE firms, and NASDAQ Dubai, which was established primarily to trade foreign equities.
What is DFM trading?
The DFM which is governed and regulated by the UAE Securities and Commodities Authority (SCA) operates according to Shariah principle is a secondary market for the trading of securities issued by public shareholding companies, bonds issued by federal or local governments, institutions, mutual funds, and other local or foreign DFM-approved financial instruments.
The DFM is dedicated to providing investors with a variety of information resources and tools to help them make sound investment decisions in trading commodities.
How can I invest in the UAE stock market?
One can never get lost when asking the right questions. Well, you can invest in the UAE stock market by following the below steps for your ease.
Register for Investor Number (NIN)
To start with, you are required to complete the Investor Number form online. You may need to speak with a broker or financial expert on this.
You will be required to attach documents like Passport, Family book (UAE Nationals), Residential Visa (UAE Residents), and UAE National ID (UAE Residents)
The documents are to be submitted online at http://www.dfm.ae/ or the World Trade Center, CSD Client services affairs desk, or through a licensed DFM or NASDAQ broker where necessary; afterwards, you can:
Get a Stockbroker
These are experts in financial commodities that will guide and assist with your trading process.
This is the sensitive part of the whole process, as a good choice of commodity and the right timing to buy or sell would determine your trade success.
This means you need to stay uptight on global news, especially those that could ripple to your choice of investment. A good broker saves you from many hassles either way.
Track your trade.
With your already provided trading access, you can virtually monitor the charts of your stocks.
How do I find my investor Number in Dubai?
If all documents are available, you can either visit the Dubai CSD Investor Affairs Desk at the DFM Trading Floor, Ground floor of the World Trade Centre (Sheikh Rashid Tower), Dubai.
Once the Investor Number Request form has been completed electronically, an investor Number will be issued directly, followed by an SMS sent to the investor on his/her registered number.
You can also apply for the Investor Number through the DFM App.
With the use of the eServices, you can go to the DFM website, submit the form and the required documents, where you must have:
- Registered to DFM eServices at DFM Website
- Log in with your details
- Select the eFORMS Menu.
- Select the form and complete it accordingly.
- Attach the required documents and submit them.
- Once completed, you will receive the Investor Number via SMS and an email after the status of the request has been updated.
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