UAE allows co-operatives to trade shares on local stock exchanges
The UAE Cabinet on Thursday approved a decision to let co-operative associations trade their shares on the local financial markets.
Listings will allow co-operatives, which are primarily supermarkets and retail businesses, to raise new capital from outside and expand their portfolios, the state-owned news agency Wam reported.
Access to capital markets will also boost the co-operatives' contribution to the national economy, improve their competitiveness and help the industry profit, Wam said.
The development comes as Dubai plans to list 10 government and state-owned companies on the Dubai Financial Market as part of a broader strategy to double the financial market's size to Dh3 trillion ($816.7 billion) in addition to a slew of successful initial public offerings on the Abu Dhabi Securities Exchange (ADX), the second largest market in the Arab world.
No comments:
Post a Comment