UAE In-Focus — DFM adds over 20K new investor accounts; Dubai’s Everdome sold $18.6m worth of metaverse land plots

DUBAI: Dubai Financial Market brokerage firms added 20,552 new investor accounts in the first seven months of 2022.

Over 1.41 million deals were executed by 27 firms in the DFM during those months, trading 40 billion shares worth 98.25 billion dirhams ($26.7 billion), according to Emirates News Agency.

The market also experienced significant momentum after the listing of 10 governmental and semi-governmental companies, including the Dubai Electricity and Water Company, TECOM Group, and Union Coop.

DFM’s new accounts grew by over 287 percent in the first seven months of this year, compared to 5,306 new accounts in 2021.

The number of new accounts added by companies in July was 2,349; in June, 2,850; in May, 2,468; in April, 4,258; in March, 4,401; in February 3,231; and in January, 995, the statement concluded.

Dubai Municipality restructure to create $2.7 billion in economic opportunities

Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum announced the restructuring of Dubai Municipality with eight main activities to be transformed, creating economic opportunities worth 10 billion dirhams.

As a result of the restructure, the civic body now has institutions for environmental management, facilities management, building licensing, and waste management, according to Emirates News Agency.

Sheikh Hamdan said on his Twitter: “The goal is to build partnerships, achieve financial sustainability, and develop services that offer an unprecedented quality of life.”

In a statement, Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, said that this move would enable the authority to keep up with global environmental, climate, and circular economy changes.

In five years, the restructuring will create economic opportunities worth 10 billion dirhams and reduce operating costs by 10 percent. In May, Sheikh Mohammed tweeted that it will also increase the quality of services by 20 percent.

Dubai’s Everdome sold $18.6 million worth of metaverse land plots

During Everdome’s eight weeks of auctions beginning in June 2022, 11,700 plots were sold, a 97 percent sellout.

As a result of Everdome’s eight auction rounds, 68 million dirhams were sold, which is equivalent to 1,531,000,000 $DOME, according to a statement. An average plot of land in Everdome costs around 130,000 $DOME.

CEO and Founder of Everdome Rob Gryn told Arab News: “Even during the bear market, users and brands have recognized the value of investing in the most hyper-realistic metaverse, Everdome – knowing that they now have the right base to unlock new possibilities.”

Everdome will open its spaceport in Hatta shortly for users to enter the Everdome metaverse, he added.

This is the first of their three-phase Everdome roll-out, which allows their users to explore a spaceport in the Hajjar Mountains, Gryn concluded.

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