UAE Sees Growing Interest From UK Fintech Firms for Dual Listings - Bloomberg
The United Arab Emirates has seen a pick up in interest from a number of UK financial technology firms hoping to pursue a dual listing in the Gulf country, according to Economy Minister Abdulla bin Touq Al Marri.
The talks have accelerated after the two countries signed a memorandum of understanding in October to encourage cooperation in financial services, Al Marri said. They come as hundreds of financial services firms have set up operations in both Dubai and Abu Dhabi as they seek to take advantage of the country’s booming capital markets.
“I’m glad to see that the Gulf is a great opportunity for these,” Al Marri said in an interview with Bloomberg News. “The MoU is on track, we have a dedicated team to really look at the plumbing aspects, what can we do on aspects of dual listings.”
Al Marri was speaking at an event hosted by Investopia, a UAE-based platform launched by the minister and Sheikh Mohammed Bin Rashid Al Maktoum, the country’s vice president and the ruler of Dubai. Representatives from Abu Dhabi’s Mubadala Investment Co. as well as HSBC Holdings Plc and Citigroup Inc. were among those in attendance.
A potential pick up in dual listings would follow a booming year for initial public offerings in the Gulf. Listings in the Middle East raised more than $10 billion last year and Gulf countries accounted for about 45% of total IPO volumes in Europe, the Middle East and Africa.
UK companies aren’t alone in their interest in dual listings. Abu Dhabi Securities Exchange in November signed a deal with the New York Stock Exchange that allows companies listed on the NYSE to expand their business and tap capital in the emirate.
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