By: Mahmoud Gamal
Dubai – Mubasher: The merger between the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange’s (ADX) has become inevitable due to many factors among them the UAE Securities and Commodities Authority’s (SCA) endeavours to join developed markets, an analyst told Mubasher.
In May, an informed source told Al Khaleej newspaper that the settlement of the twin bourses’ transactions was assigned to the Central Bank of the UAE (CBUAE), which was deemed a preparatory procedure before the potential merger.
This merger will help reflect the national economy’s growth and development and will attract new liquidity from foreign investment institutions in the coming period, Wadah Al-Taha, member of the National Advisory Board of Chartered Institute for Securities &Investments (CISI), added.
Tariq Qaqish, managing director of asset management at MENACORP, stated that the merger between the DFM and the ADX is a positive step that would prove the UAE's progress toward the establishment of a strong giant financial institution that could compete globally.
Translated by: Muhammad Khalid
