02 November 2021 – Arab News – www.arabnews.com.
DUBAI: Dubai on Monday announced the listing of 10 government and state-owned companies on the Dubai Financial Market, in an effort to accelerate new listings in various sectors including energy, logistics and retail.
Sheikh Maktoum bin Mohammed bin Rashid, deputy ruler of Dubai and UAE minister of finance, also announced the formation of a Dubai Markets Supervisory Committee and specialized courts for capital markets in the emirate.
The announcements came during the first meeting of the Securities and Exchange Higher Committee, which is charged with developing the vision for the financial sector and evaluating plans and policies to meet strategic objectives.
The emirate aims to increase the total volume of its stock markets to 3 trillion UAE dirhams ($816.77 billion) as part of the vision of UAE Prime Minister and ruler of Dubai Sheikh Mohammed bin Rashid.
During the meeting, the committee approved the establishment of a 2-billion-dirham market-making fund “to increase liquidity in the markets,” and will launch a 1-billion-dirham fund “to support tech company IPOs (initial public offerings) and encourage innovative financial products and solutions,” a statement on state news agency WAM said.
“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.”
The committee also approved the formation of the Dubai Markets Supervisory Committee, chaired by Dr. Abdulla Al-Ghafari, and the formation of two specialized courts within the Commercial Court to settle securities disputes starting from January.