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Dubai, United Arab Emirates (CNN) – Sheikh Mohammed bin Rashid Al Maktoum, UAE Prime Minister and Ruler of Dubai, issued a decree on Saturday requiring local companies to list their shares on Dubai’s stock exchanges before listing them outside the emirate.
The decree, details of which was published by the Emirates News Agency, stipulates that local companies “are obligated to list their shares in the stock exchanges in the Emirate of Dubai, which include the Dubai Financial Market and Nasdaq Dubai, before they list their shares in any of the stock exchanges outside the Emirate of Dubai, provided that In this regard, the provisions of the applicable federal legislation shall be observed.
The decree also indicates that private joint stock companies licensed in the emirate of Dubai by the competent licensing authority must also list their shares in the local stock markets, if they want their shares to be listed in any of the stock exchanges outside Dubai.
The decree requires non-local companies to list their shares in the event that their annual profits or financial returns from carrying out their activities in the Emirate of Dubai amount to more than 50%, or if the percentage of their assets in Dubai amounts to more than 50% of their total assets, provided that To include it in this case within one year of achieving any of these percentages.
As for foreign companies that are established and licensed outside the country, and have branches, assets or activities in Dubai, they can list their shares in the local stock exchanges in Dubai, whether as a main or secondary platform, according to the terms, rules and regulations in force at the local stock markets that desire these. Foreign companies list their shares with it, “according to the statement.
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