By: Amr Adel
Dubai - Mubasher: Two new companies are expected to be offered to the public subscription before the end of 2016, Obaid Al Zaabi, acting CEO of the securities and commodities authority (SCA), told Mubasher on Thursday.
One of the two companies will be a new offering, while the other will be changed from a limited to a public company, Al Zaabi said to Mubasher on the sidelines of the GITEX technology week in Dubai.
The two companies are among 10 that are ready for subscription, while other four firms have increased their capital at the beginning of this year.
The SCA also intends to create new tools and systems to upgrade the UAE markets from “emerging” to “developed”.
Al Zaabi also revealed that there are discussions currently with the UAE Central Bank of regarding microfinance rules, to protect clients.
The SCA has granted new tools for the Abu Dhabi Securities (ADX) and the Dubai Financial Market (DFM) to help regulate the markets, and assure proper precautions and measurements.
He also said that the authority is also cooperating with the UAE bourses to attract more liquidity, which left a positive impact on the markets, he added.
The recent instabilities in the markets are due to the individual investors whose trading activity was vastly affected by factors such as, speculations, oil prices, and geopolitical developments, in oppose to institutions and funds, who had clearer visions and methodologies.
Al Zaabi expects the markets to witness a noticeable improvement, with the recent efforts by the SCA, and the training and awareness programs for all parties.
Translated by: Moslem Ali
