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UAE markets spur firms' double-listing

UAE markets spur firms' double-listing
The UAE’s stock markets are seeking to list foreign companies

By: Mahmoud Gamal

Dubai – Mubasher: Bahraini Ithmaar Holding’s stock is planned to be listed on the Dubai Financial Market (DFM), which is expected to boost double-listing on the UAE’s markets in 2018.

The listing on the DFM will enable Ithmaar’s shares to be traded in a more open and vivid market, in addition to creating new investments for GCC investors, said Ahmed Abdulrahim, Ithmaar Holding’s CEO.

Investment alternatives

The UAE’s stock markets are seeking to list foreign companies in order to provide investors with various investment alternatives, Al Safwa Mubasher’s CEO Ehab Rashad commented.

Doubled-listing gives investors more options and increases the number of listed stocks, which can be reflected in the markets’ profits, Rashad added.

The strength of the economy

The strength of the UAE’s economy along with its political stability attracted foreign investors and –consequently- companies planning to double-list their shares, Mena Corp’s financial analyst Issam Kassabieh told Mubasher.

With the listing of Ithmaar Holding, the number of foreign firms listed on UAE’s bourses will be increased to 18, Mubasher’s data revealed.

The UAE’s Securities and Commodities Authority (SCA) should increase the privileges provided to the national companies to keep pace with their double-listed peers, Kassabieh remarked.

Paving the way

The SCA paved the way for these double-listings to attract multinational corporations, in addition to spurring investors and preserving their rights through good governance, capital market analyst Basel Abu Teima concluded.

 

Translated by: Muhammad Khalid