By Amr Adel
Dubai – Mubasher: UAE’s Securities and Commodities Authority (SCA) has received several requests for the listing of new companies in local bourse, said Obaid Al-Zaabi, deputy CEO.
Speaking to reporters on the sidelines of a conference held in Dubai, the official added that several local companies in Dubai and Abu Dhabi submitted applications for new listings and share issues.
These listing requests are in final stages, the official said, adding that most of these companies are awaiting the right time for going public.
Al-Zaabi expects one company at least to launch an initial public offering during the first quarter of 2016.
IPO activity stalled in the UAE for several years following the global financial crisis. However, the share offering activity resumed in Dubai last year.
SCA’s chairman said last July some UAE companies shelved their listing moves due to weakness in the local equity markets.
Meanwhile, Al-Zaabi indicated that talks are underway with to services companies to float shares and list on the secondary market.
Abu Dhabi Securities Exchange successfully listed two companies on the secondary market in December, which are Manazel Real Estate and The National Investor.
Al-Zaabi also noted that SCA held a meeting today to discuss amendments to the investment funds law, which will help boost trading activity and positively impact retail and corporate investments.
Translated by Sayed Abdel Rahman
