Dubai to list 10 state-owned companies in bid to increase stock market

Dubai plans to list 10 government and state-owned companies on the Dubai Financial Market as part of a broad strategy to increase the total volume of its stock markets to Dh3 trillion ($816.7 billion).

The emirate’s authorities also launched a market maker fund worth Dh2bn as it seeks to encourage listings from sectors such as energy, logistics and retail.

A fund worth Dh1bn will be formed to attract more technology companies to list in the local bourse and encourage innovative products, Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance, tweeted yesterday, following the first meeting of the Securities and Exchange Higher Committee.

“Dubai has a stock market, Nasdaq Dubai, and a gold and commodities exchange. We are the second largest Islamic sukuk centre in the world and the third highest country in diamond trading,” he said in a tweet.

“We have one of the largest gold exchanges, we are the largest country to re-export tea and we have exchanges to trade these commodities. Our next stop will be to organise digital assets for the future.”

The Securities and Exchange Higher Committee approved the formation of the Dubai Markets Supervisory Committee and specialised courts for capital markets, Dubai Media Office said.

The committee will study a regulatory framework to attract new digital assets to operate from Dubai and will support environmental, social and governance factors, and reporting in operations.

The Dubai Markets Supervisory Committee will be chaired by Dr Abdulla Al Ghafari and will be responsible for supervising, monitoring and protecting the rights of shareholders and investors, and improving transparency in the emirate’s securities and commodities markets.

The committee also approved the formation of two courts within the Commercial Court to settle securities disputes from January.

They will deal with both major and minor disputes based on the financial value of each case.