Sheikh Maktoum approves listing of 10 govt, state-owned companies on DFM

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE, has announced the listing of 10 government and state-owned companies on the Dubai Financial Market (DFM).

Sheikh Maktoum also announced the formation of a Dubai Markets Supervisory Committee and specialized courts for capital markets in the emirate. The Dubai Markets Supervisory Committee, chaired by Dr. Abdulla Al Ghafari, 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 coordination between relevant stakeholders

The Securities and Exchange Higher Committee approved the establishment of a market making fund worth up to Dhs2bn to increase liquidity in the markets and will also launch an Dhs1bn 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.

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.

The neighbouring emirate of Abu Dhabi has also welcomed a string of listings on its bourse in recent months. Fertiglobe Holdings jumped 20 per cent on its trading debut last week following a $795m initial public offering.

Earlier this month, ADNOC Drilling Company was also listed on the ADX.

Meanwhile, an Abu Dhabi IPO Fund was also launched in October to help private companies grow and support them through the IPO process by providing liquidity and promoting equity research.

News Source: Gulf Business