Decree on UAE stock market listings could be a 'game changer', says Shuaa CEO - Arabianbusiness
A royal decree to require public joint stock companies established in Dubai to list their stocks on local exchanges could be a "game changer" for the country's capital markets, according to the head of Shuaa Capital.
According to the decree, foreign companies - including those set up in special economic zones or free zones like the Dubai International Financial Centre (DIFC) - should list their stocks in local markets when their annual profit or revenue generated from activities in Dubai make up at least 50 percent of the total, or when their total assets owned in Dubai amount to 50 percent or more of their entire assets.
The listing should be completed within one year of the date of reaching this percentage.
Jassim Alseddiqi, group CEO of Shuaa Capital, welcomed the move, saying: "We are ready to provide listing and underwriting services to corporates seeking to list on our local exchanges. We believe this to be a long-term positive for corporates, which will benefit from the numerous advantages of a public listing - including enhanced reputation and access to capital.
"Furthermore, we believe this has the potential to be a game-changer for the country’s capital markets, setting them firmly on an exciting new growth path."
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