UAE non-oil trade up 2.3% to $65bn in Q1
Gov't data shows gold was Gulf state's top exported good; biggest trading partner Asia-Pacific
Publicly listed Dubai Financial Market (DFM) returned to profit on the back of a rebound in investor confidence buoyed by improved bank performance and a recovery in the property market.
In a regulatory filing, the bourse said full-year profit for 2012 reached AED35.2m (US$9.6m) after posting a loss of AED6.9m the year before.
"DFM company is heading into a new phase of development and growth thanks to the thriving economic climate in the emirate of Dubai and the United Arab Emirates," said the bourse's chairman Abdul Jalil Yousuf Darwish.
Growth in the UAE's economy is projected to slow to about 2.6 percent this year from 4 percent in 2012, according to International Monetary Fund estimates. The UAE attracted about US$7.7bn in foreign direct investment in 2011 compared with US$5.5bn in 2010, according to the United Nations Conference on Trade and Development.
"The performance of the economy has recorded a remarkable and rapid improvement, with the majority of its sectors growing at high growth rates," added Darwish. Last year was "the beginning of recovery by the real estate sector, as well as the constant improvement in the performance of the banking sector. These two sectors represent the key pillars for DFM."
The DFM is up about 17 percent since the start of the year, Abu Dhabi is at a 39-month high, while Kuwait is at a nine-month high.
The bourse's revenues reached AED191m at the end of 2012, compared to AED176.5m the year before, with a 52 percent increase in trading value, which reached AED 48.7bn.