Dubai Financial Market appoints new CEO, reports 21% rise in H1 profit

Dubai Financial Market appoints new CEO, reports 21% rise in H1 profit

Dubai Financial Market (DFM) Company has appointed Hassan Al Serkal as its new CEO with immediate effect, it announced on Monday.

Al Serkal was previously serving as the COO and head of the Operations division.

One of the founding team members of the DFM since its inception in 2000, Al Serkal will lead DFM's strategic development efforts during the coming period.

In his previous role, he led the Operations division to undertake strategic initiatives and create technology and regulatory infrastructure for the market while also diversifying its product offering and services.

Essa Kazim, chairman of the DFM, said: "This step concludes the wide-ranging reorganisation process of the market's structure over the past two years, which also included the establishment of independent companies for clearing and depository in line with best practices of exchange operators and post-trade service providers.“

DFM also announced that net profit for the first half of this year rose 21 per cent to reach Dhs78.9m, up from Dhs65.1m during H1 2019. Revenues during the period stood at Dhs181.1m, up 10.8 per cent year-on-year.

During the first six months of 2020, the DFM's trading value also exceeded Dhs31bn, a 25 per cent increase compared to H1 last year.

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