Dubai – Mubasher: The Dubai-based SHUAA Capital will build a market in Emaar Development futures to ease liquidity, Nasdaq Dubai said on Monday.
The sale of shares in Emaar Development’s initial public offering (IPO) is valued at AED 4.82 billion, the bourse highlighted.
The bourse added that this would be the largest IPO in the UAE since 2014.
Nasdaq Dubai will add Emaar Development to its futures market once the company lists its shares on Dubai Financial Market (DFM) as expected on 22 November 2017, following its initial public offering (IPO).
The company will join 13 other UAE-listed firms on Nasdaq Dubai’s equity futures market, which offers one-month, two-month and three-month single stock futures and has expanded quickly since it opened in September 2016.
“As the most active Market Maker, SHUAA Capital will continue to prudently deploy this highly specialized service to engage and grow Nasdaq Dubai’s futures market further,” general manager of SHUAA Capital Fawad Tariq-Khan said.
SHUAA Capital has been market making on all Nasdaq Dubai futures since the market opened.
More than 2.9 million contracts have traded on the futures market since establishment, as Emaar Properties was the most highly traded in terms of value, followed by Union Properties and DXB Entertainments.
Traded value in all the futures hiked 135% to reach 265,000 contracts in October 2017 from September.
