During the Dubai Financial Market Company's (DFM) Annual General Meeting on Monday, shareholders approved the Balance Sheet which, The Board of Directors reported on the Company's results and financial condition for the fiscal year ending December 31, 2020. The external auditor's report and the Fatwa and Sharia'a Supervisory Board's report were all ratified by the shareholders.

The electronically-held AGM allowed Company shareholders to participate and vote remotely. The shareholders also released members of the Board of Directors and the External Auditors from their obligations for the fiscal year ending December 31, 2020, and named Price Waterhouse Coopers as the external auditors for the fiscal year beginning January 1, 2021.

According to paragraph (4) of Article (40) of the Corporate Governance Guide released by Resolution of the Chairman of the SCA No. 3/R.M of 2020, the shareholders approved the appointment of two shareholders' representatives.

The shareholders confirmed the appointment of Fatwa and Shari'a Supervisory Board members for the year 2021 during the meeting. The Zakat of shares for the year 2020 has been estimated using the Net Assets Method at Dhs8.18 per 1000 shares, according to the Fatwa and Shari'a Supervisory Board's analysis. The Sharia Board encouraged shareholders who bought shares to purchase them to allocate the Zakat according to their shareholdings. The Shari'a Board also estimated that the Company's non-Shari'a-compliant profits from operations in 2020 would be Dhs31 million, including equivalent revenues from Nasdaq Dubai.

The Dubai Financial Market Company recorded a net profit of Dhs137.9 million for the financial year ending December 31, 2020, up 14 percent from Dhs120.6 million the previous year. In comparison to Dhs315.8 million, total sales increased by 7% to Dhs337.2 million. The overall revenue was Dhs219 million, in operating revenue and Dhs118.2 million in expenditure and other revenue. Expenses for the year 2020 totaled Dhs199.3 million.

DAFZA, DFM, and Nasdaq Dubai recently conducted a joint virtual webinar to launch the DFM Main Market and Nasdaq Dubai Growth Market, which include initial public offering, IPO, and listing opportunities for free zone businesses. The webinar covered the most recent regulatory and legislative changes that would benefit companies seeking to list on the Dubai Financial Market and Nasdaq Dubai. It also discussed the Securities and Commodities Authority's (SCA) new regulations governing the public offering of free zone companies' shares.

The IPO and listing of free zone companies are in line with the Dubai 10X initiative's strategic goals. By granting access to DFM's Main Market and Nasdaq Dubai Growth Market, small and medium-sized businesses, SMEs, and larger free zone businesses would be able to draw new investors, allowing them to grow their businesses and increase their appeal in global markets.

Experts from leading banks and legal consultancy firms spoke at several workshops, highlighting collaborative projects between stakeholders across the UAE, including DAFZA, DFM, Nasdaq Dubai, SCA, and the Supreme Legislation Committee in Dubai. These initiatives are intended to aid Dubai's efforts to achieve its strategy of strengthening the emirate's status as a regional hub for major international corporations.

DFM was founded as a public corporation with its board of directors. DFM serves as a secondary market for the exchange of securities issued by public shareholding firms, bonds issued by the Federal Government or any of the country's local governments and public institutions, mutual fund units, and any other local or international financial instruments approved by the market. The DFM first opened its doors on March 26, 2000, and has been the world's first Islamic Shari'a-compliant exchange since 2007. DFM became a public joint-stock company on 7 March 2007 with the trading symbol DFM after its initial public offering in November 2006, when it offered 1.6 billion shares, representing 20% of its paid-up capital of Dhs 8 billion (DFM). The Government of Dubai held the remaining 80% of DFM Company after the IPO through Borse Dubai Limited.