There is a shake-up going on in UAE stock markets, kicked off by the announcement of a merger between the Dubai Financial Market (DFM) and NASDAQ Dubai.
For the sake of market transparency and integrity it cannot happen a moment too soon, if the current situation involving Aabar and Arabtec is anything to go by.
At least on the regulatory front, the DFM could do with an immediate injection of the rigorous sanctions NASDAQ Dubai has at its disposal. The Aabar-Arabtec affair also further advances the argument that Emirates Securities and Commodities Authority (ESCA), the UAE federal watchdog, should also be in on the merger.
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