Dubai to set up stock exchange

Ulhas Joglekar ulhasj at bom4.vsnl.net.in
Wed Mar 22 05:49:49 PST 2000


Thursday 9 March 2000

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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