Emirates NBD Capital granted admission as custodial services provider by DFM and Nasdaq Dubai
Dubai Financial Market (DFM) and Nasdaq Dubai have announced the admission of Emirates NBD Capital PSC as a custodial services provider on both markets. Emirates NBD Capital has obtained a custodian license from the Securities and Commodities Authority (SCA). The move into custody services is an important step in expanding the securities’ custody offering in Dubai’s capital markets, in line with the Dubai Economic Agenda D33 projects, which aim to strengthen Dubai’s position as a leading commercial and investment destination globally.
Custodian services enable licensed banks to provide numerous services to their clients, including segregation and safekeeping of securities, cash management, transfers, securities-collateralized lending, settlement of trades, and managing corporate actions.
Hamed Ali, CEO of DFM and Nasdaq Dubai, expressed his satisfaction with the admission of Emirates NBD Capital as a custodian member of both markets, stating that custodians are an integral part of the securities market infrastructure, especially for asset managers who hold securities portfolios. He went on to explain that the DFM and Nasdaq Dubai are continuously improving the quality of services and increasing the number of service providers, thereby enabling leading institutions such as Emirates NBD Capital to unlock new opportunities and diversify their services in the market.
Mohammad Al Bastaki, CEO of Emirates NBD Capital, expressed his excitement about the new partnership, stating that the group’s new global custody proposition, created in collaboration with BNY Mellon, the world’s biggest custodian bank, will allow them to provide clients with custody services across multiple geographies. The custodial services will facilitate global investor access to UAE capital markets and contribute to the development of post-trade services across the securities value chain. As the regional equity capital markets evolve and deepen, Emirates NBD will continue to take a leading role, supporting the needs of its clients while accelerating the growth of Dubai’s capital markets.
As the newest Custody Member, Emirates NBD Capital joins a group of leading UAE and international banks that are providing the custody services in Dubai’s capital markets, including Citibank NA, Deutsche Bank, First Abu Dhabi Bank (FAB), HSBC Bank Middle East Limited, and Standard Chartered Bank.
The move will contribute to Emirates NBD Capital’s regional equity capital market growth and enable the bank to provide global investors with access to the UAE capital markets. The partnership will also facilitate the development of post-trade services in the securities value chain. The development of the securities’ custody offering in Dubai’s capital markets is in line with the government’s plan to establish the country as a leading commercial and investment destination globally.
The move is part of a wider trend towards greater integration and internationalisation of capital markets globally. With a growing number of international investors seeking to diversify their portfolios and take advantage of the potential growth opportunities in the Middle East, Dubai’s capital markets are well positioned to benefit from this trend. As such, the admission of Emirates NBD Capital as a custodian member of both DFM and Nasdaq Dubai marks an important moment in post-trade services, and will allow the banks to offer a more comprehensive suite of services to their clients.
The admission of Emirates NBD Capital as a custodial services provider on both DFM and Nasdaq Dubai marks a significant step in expanding the securities’ custody offering in Dubai’s capital markets. The move is part of a wider trend towards greater integration and internationalisation of capital markets globally, and will enable Emirates NBD Capital to provide global investors with access to the UAE capital markets. The partnership will also facilitate the development of post-trade services in the securities value chain and contribute to the growth of Dubai’s capital markets.
