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Dubai to launch 2 billion dirham market-maker fund -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Prime Minister, Vice-President, United Arab Emirates of Dubai and ruler Dubai Sheikh Mohammed Bin Rashid al-Maktoum, attends Dubai’s Global Women’s Forum, Dubai, United Arab Emirates on February 16, 2020. REUTERS/Christopher Pike/File Photograph

CAIRO, REUTERS: Dubai intends to open a 2 Billion Dirham market-maker (or $545 million) fund in order to improve trading on the country’s stock exchange, WAM reports. The report cites Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum as Dubai’s deputy ruler.

According to Sheikh Maktoum who is responsible for overseeing stock markets within the Emirate, he also stated that Dubai (one of seven Emirates emirates) had approved 1 billion dirham funds to help technology companies list on their local bourse.

A committee that oversees the development and growth of the stock exchange approved a goal for the market to grow to three trillion dirhams. He also stated that the Dubai Financial Market would list 10 companies related to the state.

Sheikh Maktoum announced also the creation of a market supervision committee and courts specialised in capital markets for the Emirate, which is the hub of trade and tourism.

($1 = 3.6726 UAE dirham)

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