The financial results for the Dubai Financial Market (DFM) for the year ending December 31, 2007 were approved at the company’s Annual General Meeting (AGM) today. During the AGM the assembly approved a 10 per cent cash dividend of the nominal value of shares for its shareholders.

Also during the AGM the assembly discussed and approved the external auditor’s report on the company’s financial statements for the year ending December 31, 2007, and reviewed and approved the company’s balance sheet and income statement for the same period. The Board of Directors’ report on the company’s performance for the same period was also approved.

The assembly also reviewed the Fatwa committee’s annual report and approved the Board of Directors remunerations for the 2007 calendar year. The external auditor for the 2008 fiscal year was also appointed and its fees determined. Finally, the Board of Directors’ and the company’s external auditor’s acts and resolutions were ratified, and both were discharged from responsibility for the 2007 fiscal year.

Essa Kazim, Chairman, DFM, said: “This past year has been one of immense growth and success for DFM. We are incredibly proud of the contribution we have made to Dubai’s financial community and the UAE’s rapidly expanding economy. Our success is symbolic of the prosperity and success that has been enjoyed for the last several years by this country as a whole.”

He added: “We are confident that 2008 will be another year of innovation and profitability. We look forward to seeing the same high level of achievement when we meet again in a year’s time.”

© 2008 Mena Report (www.menareport.com)