Dubai deputy ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum has announced the listing of 10 government and state-owned companies on the Dubai Financial Market or DFM, local reports have said.
The move is a part of accelerating new listings in various sectors including energy, logistics, and retail, said the reports.
Sheikh Maktoum, who is also the UAE’s Minister for Finance, also announced the formation of a Dubai Markets Supervisory Committee and specialized courts for capital markets in Dubai.
He said that, as part of the vision of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, Dubai aims to increase the total volume of its stock markets to AED3 trillion ($816.88 billion).
The announcements came during the first meeting of the Securities and Exchange Higher Committee chaired by Sheikh Maktoum.
The committee approved the establishment of a market making fund worth up to AED2 billion ($544.59 million) to increase liquidity in the markets.
The committee is also expected to launch a AED1-billion ($272.29-million) fund to support tech company IPOs and encourage innovative financial products and solutions.
It will also reportedly mandate the study of a regulatory framework to attract new digital assets to operate from Dubai, in addition to supporting Environmental, Social, and Governance (ESG) factors and reporting in operations.
