Dubai stock market given Business Bay land

17 April 2016

The exchange plans to construct a building to house its future headquarters

Dubai Financial Market (DFM) has said it has received a plot of land worth AED231m ($63m) in the Business Bay area of Dubai.

DFM has received the plot from Dubai Properties, a subsidiary of Dubai government-controlled investment firm Dubai Holding, “free of cost”, the exchange said in a bourse filing on 17 April.

DFM plans to construct a building on the plot measuring 10,232.9 square metres, which will house the future headquarters of the exchange. The company did not say when it will start construction or how much it will cost.

A total of 73 companies trade on the exchange, which currently operates out of the Dubai World Trade Centre building.

Government-owned Borse Dubai controls 79.63 per cent of DFM while the rest is held by the public.

MEED reported in 2007 that the DFM had been granted land for a new stock exchange building at Business Bay. The government had instructed Dubai Properties to allocate a 36,000-square-metre plot for the project. The building was to have three floors with 120 broker offices. The development also included Signature Towers, developed by Dubai Properties on the adjoining site.

The UK’s Mace Group was the project manager.

The architect was UK-based Zaha Hadid Architects. 

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