U.A.E. to Start Market for Private Joint Stock Companies - Bloomberg:
"United Arab Emirates exchanges will start a platform listing private joint stock companies as the second-biggest Arab economy seeks to develop its financial markets.
The start of the so-called second market was approved by Prime Minister Sheikh Mohammed bin Rashid Al Maktoum who said trading should begin over the next few months, state-run WAM news agency reported. The market is open to local companies and those from other Arab countries and will help address inadequate financing, it said.
“There are a lot of such companies in the region and I expect a good response to listings,” Wadah Al Taha, chief investment officer of Dubai-based Al Zarooni Group, said by telephone today. “There will be no cannibalization” of available liquidity as only existing company shareholders can trade, he said."
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