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Dubai has issued new guidelines for the listing of local companies, asking them to list sell shares first in the local stock market and before going for a secondary listing in a foreign stock exchange.
In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Decree No. (3) of 2021 pertaining to the listing of joint stock companies in securities exchanges in Dubai.
Dubai currently has two stock exchanges Dubai Financial Market and Nasdaq Dubai for the listing of companies. Companies listed on Nasdaq Dubai trade in the US dollar while firms listed on the DFM trade in local currency.
The decree said foreign companies established and licensed outside the country with branches, assets and activities in Dubai can also list their shares in local markets as either a primary or secondary listing, according to the rules and regulations of the local securities exchange.
Non-local companies
According to the Decree, non-local companies should list their stocks in local markets when their annual profits or revenues generated from activities in Dubai reach 50 per cent or more of their total annual profits or revenues, or when their total assets owned in Dubai amount to 50 per cent or more of their entire assets. The listing should be completed within a year of the date of reaching this percentage.
Non-local companies whose profits or assets have not reached the required percentage can also list their shares in local markets, subject to compliance with local rules and regulations. Foreign companies can also list their shares in local stock markets either in the form of a primary or secondary listing, said the statement issued by the Dubai Media Office on Saturday.
Dubai Economy, authorities in charge of special economic zones or free zones including DIFC and local securities exchanges including DFM and Nasdaq Dubai will monitor the compliance of local and non-local companies with the bylaws of the Decree, taking action against violators that may include cancellation of registration and licensing until changes have been made to meet the requirements of this Decree.
All companies that are subject to this Decree, should change their status within a year of the issuance of the Decree, said the statement.
-waheedabbas@khaleejtimes.com
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