With the aim of doubling the size of the emirate's financial markets and stock exchanges to 3 trillion dirhams

Maktoum bin Mohammed announces listing of 10 government and semi-government companies in Dubai Financial

  • Maktoum bin Mohammed while chairing the meeting of the Higher Committee for the Development of Capital Markets and Exchanges in Dubai.

    From the source

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His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, announced the listing of 10 government and semi-governmental companies on the Dubai Financial Market, in a move that would support the financial sector in the emirate in an unprecedented way and stimulate the pace of growth in it. To achieve more achievements and successes that consolidate Dubai's leading position as one of the most important financial and business markets in the world.

The announcement came during the presidency of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the first meeting of the Committee for the Development of Capital Markets and Exchanges in Dubai, where His Highness announced the formation of the Law Enforcement Committee for the financial markets in Dubai and special courts for financial markets.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum stressed that the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is to double the value of the Dubai financial markets and its stock exchanges to three trillion dirhams. His Highness said: "We will work on developing integrated and comprehensive plans to develop the financial markets and stock exchanges in the Emirate of Dubai, to consolidate Dubai as the capital of money and business. The financial markets in Dubai are an example of transparency and law enforcement, and the directives of Mohammed bin Rashid (No one is above the law)."

The meeting discussed the formation of a group of specialized committees and departments to ensure the optimal implementation of new trends, monitor performance in the sector, and propose solutions that meet the requirements of the next stage. The committees will work to achieve the highest levels of coordination among all components of the financial market system, and ensure the application of best international practices. His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum directed the formation of the Dubai Financial Markets Law Enforcement Committee, headed by Dr. Abdullah Al Ghafri. The committee will work on developing financial procedures and monitoring financial markets, accelerating the pace of business, monitoring violations and enforcing laws.His Highness also directed to start forming two departments within the Commercial Court to expedite the settlement of securities disputes, namely the “Partial Securities Disputes Department” and the “Major Securities Disputes Department”, provided that their work begins in January 2022, as part of the efforts aimed at continuing to support The legislative framework, and providing it with the strength factors that enable it to meet the requirements of the new phase. Both departments are specialized in adjudicating lawsuits about shares, bonds or other securities, according to the financial value of each lawsuit. The Supreme Committee for the Development of Capital Markets and Exchanges in Dubai directed, during its first meeting, to work on coordinating operations between the Dubai Financial Market, the Nasdaq Stock Exchange, the Dubai Gold and Commodities Exchange, and the Dubai Multi Commodities Center, to benefit from the potential of the four large entities, and the impetus they can provide to the market.The committee’s meeting witnessed the approval of the establishment of a fund of up to two billion dirhams as a market maker. The launch of the fund constitutes a continuation of the solid relationship and great trust that Dubai has established with businessmen and investors over the past decades, which is based on the continuous support of their companies at all levels. This step comes out of keenness to provide a supportive environment for private companies operating in the Emirate of Dubai, of all types and sizes, where cooperation will be made with a group of the world's most prestigious financial and advisory institutions to develop a sustainable system, ensuring that companies wishing to enter the financial markets in the emirate easily and easily, especially companies Small and medium-sized companies, and emerging companies, in order to enhance their growth and support their path towards globalization, based on their headquarters in Dubai.The meeting also approved the establishment of a fund worth one billion dirhams to support advanced technology companies in Dubai and encourage them to list in the financial markets in the emirate, by providing financial liquidity in the financial markets, and enabling them to provide the necessary support for initial public offerings, especially in specialized companies. In advanced future technologies, in order to enhance the contribution of these companies in shaping the features of the future economy in Dubai. In addition, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum directed the study and development of the legislative and regulatory framework for digital asset products "Crypto Currencies".In addition, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum directed the study and development of the legislative and regulatory framework for digital asset products "Crypto Currencies".In addition, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum directed the study and development of the legislative and regulatory framework for digital asset products "Crypto Currencies".

Deputy Ruler of Dubai:

• «We will work on developing integrated and comprehensive plans for the development of financial markets and stock exchanges in Dubai to consolidate the emirate as the capital of finance and business».

• “The financial markets in Dubai are an example of transparency and law enforcement.. and the directives of Mohammed bin Rashid (No one is above the law).”

Committee members

The Higher Committee for the Development of Capital Markets and Exchanges in Dubai includes Minister of Cabinet Affairs, Muhammad bin Abdullah Al Gergawi, Minister of State for Financial Affairs, Muhammad Hadi Ahmed Al Husseini, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Omar bin Sultan Al Olama, and CEO of the Dubai Center World Trade Center, Hilal Al Marri, Governor of the Dubai International Financial Center, Issa Kazim, Executive Director of the Dubai Center for Economic Security, Faisal bin Sulaiten, Chairman of the Board of Directors of the Dubai Financial Services Authority, Fadel Al Ali, and Director General of the Dubai Chamber of Commerce and Industry, Hamad Buamim.

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