Dubai announces listing of 10 govt, state-owned companies on DFM

Dubai has 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.

The decision was issued by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE.

Sheikh Maktoum also announced the formation of a Dubai Markets Supervisory Committee and specialised 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 emirate aims to increase the total volume of its stock markets to Dhs3 trillion, he said.

The announcements came during the first meeting of the Securities and Exchange Higher Committee chaired by Sheikh Maktoum and attended by several dignitaries. The 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, official news agency WAM reported.

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 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.

Read: Fertiglobe surges 20% in Abu Dhabi debut after $795m IPO

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

Read more: ADNOC Drilling lists IPO on Abu Dhabi Securities Exchange

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.

Read: New Dhs5bn Abu Dhabi IPO fund launched to support SMEs