#Dubai plans to increase stock market size by listing 10 state-owned firms | ZAWYA MENA Edition

Dubai plans to increase stock market size by listing 10 state-owned firms | ZAWYA MENA Edition

Dubai has announced plans to list 10 government and state-owned companies on the Dubai Financial Market (DFM) and expand the stock market’s size to 3 trillion dirhams ($816 billion).

The emirate also launched a market-making fund worth 2 billion dirhams and another fund worth 1 billion dirhams, to encourage companies in the technology sector to list on the local stock market, said Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance.

The goal is to cement Dubai’s status as a leading financial hub.

“We want to move to develop the financial markets very quickly during the coming period,” bin Mohammed said on Twitter.

“Dubai has a stock market, Nasdaq Dubai and a gold and commodities exchange. We are the second-largest Islamic sukuk centre in the world and the third-highest country in diamond trading. We have one of the largest gold exchanges and we are the largest country to re-export tea and we have exchanges to trade these commodities. Our next stop will be to organise digital assets for the future,” he said.