DUBAI, 31st January 2016 (WAM) — Dubai Financial Market (DFM) today announced it has charted an all-inclusive plan to reinforce its momentous innovation journey based on suggestions generated during (UAE Innovation Week 2015), the initiative launched by Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum in order to encourage innovation across all sectors.
As many as 60 ideas have been received and many of them represent practical suggestions that will play a pivotal role in achieving further improvement and fortify DFM’s leading position in the UAE and beyond.
DFM’s Smart Borse strategy has led to significant achievements over the past period through the launch of a series of smart services and solutions that have represented an invaluable addition to the exchange’s momentous record of innovation and presenting smart solutions in the capital markets sector.
DFM said it offered various market participants the opportunity to learn more about its innovative solutions through a purpose-built stand at the trading floor. Innovation Week’s events also included five gatherings for various participants and stakeholders including; brokers and custodians, investors, employees, suppliers and issuers.
Additionally, the exchange has hosted the UAE Innovators Forum. These events have provided a brain storming opportunity for market participants in order to explore ways to further enhance the capital markets sector. The events also laid a strong foundation that DFM will build upon to reinforce its participation in the upcoming rounds of Innovation Week thanks to the high level of interaction and large number of suggestions.
Similarly, the participation of prominent Emirati innovators including; engineer Mohammad Al-Shamsi, Mobile Robotics Expert, Khalid Al Ameri, Columnist at Al Khaleej Newspaper and Motivational Speaker & Workshop Leader and Adeeb Al Balooshi, the Youngest Emirati Inventor, has inspired market participants and employees and encouraged many of them to submit several constructive suggestions.
Essa Kazim, Chairman of DFM said, “We are delighted to see this positive outcome of DFM’s participation in Innovation Week 2015. Our activities have created a fruitful brainstorming platform with the participation of market participants. We have jointly explored ways to reinforce DFM’s outstanding innovation journey in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, emphasising the importance of continuous development with the optimisation of advanced technologies enabling market participants’ seamless access to our services. His Highness’s own words (innovate or face demise) clearly underline the vision of our wise leadership, which emphasises the necessity of constant development and innovation of new methods to provide services.
Kazim added taht the DFM Smart Borse strategy has successfully delivered a series of smart services over the past period including; the new DFM website, the new Market Watch page and the smart phone applications. These developments, he noted, play an integral part in achieving DFM’s objective to make its services and data available for investors anytime and anywhere.
The upcoming period will see an expansion in implementing the Smart Borse strategy with the introduction of new innovative solutions based on the outcome of Innovation Week and in cooperation with market participants such as brokers and listed companies, Kazim said.
Following the conclusion of Innovation Week, DFM has formed a special committee to gather, classify and examine the ideas and suggestions, which included various business areas in general, and ways to further enhance service provision and business environment in particular. The participants were keen to explore and formulate ideas to reinforce the quality of smart services in order to strengthen the high competitiveness of the market amongst regional exchanges. The suggestions included ways to constantly enhance the website services, smart phone applications as well as promoting awareness amongst market participants of DFM’s smart services. The suggestions also included the creation of an eco-friendly environment for employees and clients, and the creation of special guiding services for elderly clients and clients with special needs.
As the supervisor of DFM Innovation Week’s activities, Jamal Al Khadhar, Executive Vice President, Head of Strategic Development and Human Resources Division said, “DFM has been transformed into a thriving workshop for capital market innovation and creativity during Innovation Week. We have received many ideas that will be implemented over the coming period thanks to the strong interaction from employees and market participants. As many as 150 people took part in in our Innovation Week activities including; 30 investors, 6 custodians, 15 brokers, 10 listed companies and 25 suppliers.”
He said that strong turnout underlines the mutual commitment of DFM as well as its participants to enrich the discussion on the prospects of further enhancing DFM’s outstanding record in providing innovative and smart solutions.
Following the examination of all suggestions, the evaluation committee has charted a plan to implement the practical suggestions during 2016 in cooperation with our partners. We would like to take this opportunity to extend our sincere thanks to DFM’s participants as their growing confidence and collaboration have always been integral in DFM’s continuous success, Al Khadhar added.