|
The
move is aimed at making Dubai a more competitive market against
bigger bourses in the region - Saudi Arabia and neighbouring Abu
Dhabi - that are seeing larger listings and strong liquidity.
A spate of de-listings and absence of big initial public
offerings have put Dubai's stock market under pressure, raising
questions over the future of one of the Gulf's major exchanges,
launched two decades ago.
The latest announcement boosted shares of Dubai Financial Market
by more than 13% in early trade on Tuesday, its biggest intraday
gain in about 18 months.
The benchmark Dubai index also rose 2.6%, the highest percentage
gain among Gulf bourses.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, who oversees
stock markets in the emirate, was also quoted as saying that
Dubai, one of the seven emirates of the United Arab Emirates,
had separately approved a 1 billion dirham fund to encourage
technology companies to list on the local bourse.
He said a committee overseeing the stock market's development
approved a goal to double the financial market's size to 3
trillion dirhams, adding that 10 state and state-related firms
would be listed on Dubai Financial Market.
Sheikh Maktoum also announced the formation of a market
supervisory committee and specialised courts for capital markets
in the emirate, the trade and tourism hub of the Gulf.
($1 = 3.6726 UAE dirham)
(Reporting by Moataz Abdelrahiem and Saeed Azhar; Editing by
David Holmes and Himani Sarkar)
[© 2021 Thomson Reuters. All rights
reserved.] Copyright 2021 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
