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Sheikh Mohammad Bin Rashid Al Maktoum |
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--: Tasaweer of Sheikh Mohammad Bin Rashid Al Maktoum :--
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| Sheikh Mohammad Bin Rashid launches new financial market |  | | UAE Vice President, Prime Minister and ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has approved the plans for a second financial market following a briefed on the project proposed by the Securities and Commodities Authority (SCA). Sheikh Mohammed has directed that trading should begin over the next few months. The new market exclusively trades shares in private companies, and operates on a special platform set up inside the country's existing stock exchanges.
Sheikh Mohammed’s directives came during a meeting with Minister of Economy and Chairman of the Securities and Commodities Authority Sultan bin Saeed Al Mansouri and Chief Executive Officer of Securities & Commodities Authority Abdullah Salem Al Turifi.
Commenting on the project, Al Mansouri said: His Highness Sheikh Mohammed’s approval reflects the leadership’s recognition of the significance of both the public and the private joint stock companies in building the country’s economy and providing for a sustainable development.
He added: Launching the second market, solely dedicated for trading private companies’ shares, is part of SCA’s comprehensive strategy aimed at achieving excellence in developing the financial markets and contributing to the development of the national economy according to the best international standards and practices. The project also complies with the objectives of UAE Vision 2020 and enhances the country’s competitiveness internationally.
The Minister concluded that the new market initiates an adequate platform for private joint stock companies from across the GCC and Arab countries.
On another note, SCA’s CEO Abdullah Al Turifi forecasted that the second market will add value to the market, the companies and the investors. Adding that the listing of private joint stock companies will help those firms overcome problems of raising finance.
Al Turifi added: The second market concept hinges on the listing of private joint stock companies’ stocks on an alternative market operating inside UAE’s financial markets, and it will furnish highly developed environment, state of the art electronic platform and dynamic statutory systems.
Tuesday, September 23, 2014
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