Dubai to set up stock exchange
DUBAI: Indian expatriates in the United Arab Emirates (UAE) can now invest
their savings in this country as well.
In what is seen as a major step to boost to investment opportunites, the UAE
on Monday announced the setting up of its first official stock exchange in
Dubai, that would match the best in the world.
Addressing a press conference, Mohamed Ali Alabbar, director general of the
department of economic development, said the Dubai financial market (DFM)
would start functioning from March 26.
``The DFM will play a central role in giving the people of UAE increased
investment opportunities and encouraging a healthy and productive culture of
savings and growth on our shores. We hope the DFM will become one of the
most important pillars of the UAE capital market and that it will complement
other markets that will be established in the country,'' he said.
Answering a question, he said, ``we will welcome foreign investors in the
stock market.'' The large number of expatriates in the UAE, who were
hitherto compelled to send their money abroad, could now invest in the DFM,
he said.
The DFM would aim to attract national capital currently invested abroad back
into the UAE economy, where it could be productively channelled into
different economic sectors through the purchase of shares of national
companies, he added.
According to Essa Abdulfattah Kazim, director of studies and planning at the
department of economic development, ``We were relentless in our search for
the most technologically advanced systems and will ensure that our
information dissemination is thorough and real-time. Our share tickets will
be displayed on television, Internet, Reuters, Bridge and teletext.''
``We have studied the region and sourced the best practices and experience
in order to compile our own rules and regulations, engineered to suit the
conditions of this country,'' he added. (UNI)
For reprint rights: Times Syndication Service
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