Please register to access this content.
To continue viewing the content you love, please sign in or create a new account
Dismiss
This content is for our paying subscribers only

Business Markets

Sheikh Maktoum announces 10 government firms to list on DFM

Dubai seeks to increase total volume of its stock markets to Dh3 trillion



Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance.
Image Credit: WAM

Dubai: Sheikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE, announced the listing of 10 government and state-owned companies on the Dubai Financial Market (DFM) as part of accelerating new listings in various sectors including energy, logistics and retail.

Sheikh Maktoum bin Mohammed also announced the formation of a Dubai Markets Supervisory Committee and specialised courts for capital markets in Dubai. The Deputy Ruler of Dubai said that as part of the vision of His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the emirate aims to increase the total volume of its stock markets to Dh3 trillion.

He had also launched funds worth Dh2 billion and Dh1 billion to encourage technology companies to list in the Dubai financial markets and its stock exchange.

The announcements came during the first meeting of the Securities and Exchange Higher Committee chaired by Sheikh Maktoum Bin Mohammad and attended by Mohammed bin Abdullah Al Gergawi, Minister of Cabinet Affairs; Mohammad Hadi Ahmed Al Husseini, Minister of State for Financial Affairs; Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications; Essa Kazim, Governor of the Dubai International Financial Centre; Helal Al Marri, Director General of Dubai’s Department of Tourism and Commerce Marketing and Dubai World Trade Centre, Faisal bin Sulaiten, Executive Director of the Economic Security Center of Dubai; Fadel Al Ali, Chairman of the Board of Directors of the Dubai Financial Services Authority and Hamad Buamim, Director General of the Dubai Chamber of Commerce and Industry.

Advertisement

The Securities and Exchange Higher Committee approved the establishment of a market making fund worth up to Dh2 billion to increase liquidity in the markets. The Committee will also launch an Dh1 billion fund to support tech company IPOs and encourage innovative financial products and solutions.

Furthermore, the Committee will mandate the study of a regulatory framework to attract new digital assets to operate from Dubai, in addition to supporting Environmental, Social, and Governance (ESG) factors and reporting in operations, which will contribute to shaping Dubai’s future economy.

Image Credit:

The Committee, which is charged with developing the vision for the financial sector and evaluating plans and policies to meet strategic objectives, approved the formation of the Dubai Markets Supervisory Committee, chaired by Dr. Abdullah Al Ghafari. The Committee will be responsible for supervising, monitoring and protecting the rights of shareholders and investors, and enhancing transparency and enforcement in Dubai’s securities and commodities markets through effective coordination between relevant stakeholders

The Committee also approved the formation of two specialised courts within the Commercial Court to settle securities disputes starting from January 2022. The courts will be dealing with both major and minor disputes based on the financial value of each case.

Advertisement