DOCSLIB.ORG

Client Alert

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Client Alert Number 1288 14 February 2012 Client Alert Latham & Watkins Corporate Department NASDAQ Dubai Consults on New Admission and Disclosure Standards On 6 February 2012, the NASDAQ The ADSs and the DFSA’s Dubai securities exchange, which Markets Rules is based in the Dubai International Financial Centre (the DIFC), opened It is proposed that the ADSs will its proposed new Admission and form part of the NASDAQ Dubai Disclosure Standards (the ADSs) for Business Rules and will replace public consultation. the existing Issuers and Securities Rules. Separately, the DFSA has Reform of the DIFC’s Listing been consulting on its proposed new Markets Rules, which will Regime include the DFSA’s listing rules. The The proposed ADSs form part of Markets Rules will be promulgated “The proposed significant ongoing reform of the by the DFSA pursuant to a power to be conferred on it by a new DIFC ADSs form part regulatory architecture governing NASDAQ Dubai and other securities Markets Law, which is currently in of significant exchanges in the DIFC. On 1 October the final stages of being passed, and ongoing reform 2011, responsibility for maintaining which will replace the existing DIFC Markets Law of 2004. It is intended of the regulatory an Official List and listing authority functions in the DIFC was transferred that the new NASDAQ Dubai Business architecture from NASDAQ Dubai to the DIFC’s Rules incorporating the ADSs and the governing regulator, the Dubai Financial Services DFSA Markets Rules will come into force at the same time. NASDAQ Authority (the DFSA). Responsibility for admission of securities to trading Dubai and on NASDAQ Dubai remains with the NASDAQ Dubai’s other securities exchange. This approach mirrors the Objectives exchanges in the position in the UK, where there is a similar split in functions between the The ADSs begin with an introduction DIFC.” Financial Services Authority (in its setting out the stated objectives of role as the UK Listing Authority) and the rules, which include (i) ensuring the London Stock Exchange, which an internationally competitive and regulates admission to trading on its accessible market; (ii) maintaining markets for listed securities. fairness, transparency and an orderly market; (iii) ensuring liquidity and (iv) following international standards for trading securities. NASDAQ Dubai reiterates the importance of its relationships with issuers. Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in the United Kingdom, France, Italy and Singapore and as affiliated partnerships conducting the practice in Hong Kong and Japan. Latham & Watkins practices in Saudi Arabia in association with the Law Office of Mohammed A. Al-Sheikh. In Qatar, Latham & Watkins LLP is licensed by the Qatar Financial Centre Authority. Under New York’s Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding our conduct under New York’s Disciplinary Rules to Latham & Watkins LLP, 885 Third Avenue, New York, NY 10022-4834, Phone: +1.212.906.1200. © Copyright 2012 Latham & Watkins. All Rights Reserved. Latham & Watkins | Client Alert Ensuring Liquidity on This provision is likely to prove NASDAQ Dubai controversial with market participants, who will be concerned at the practicality One of the key issues for consideration of such prescriptive measures. For as part of the public consultation process example, US$2,000 may be seen as too is NASDAQ Dubai’s proposals that high an amount to allow local retail seek to ensure adequate liquidity on investors, who should be encouraged the exchange. The trading liquidity to participate in local IPOs, to count of securities has historically been a towards the eligibility threshold for significant challenge for exchanges in listing. Similarly, the threshold of the GCC region compared to major 250 shareholders may be seen as an exchanges in established financial unrealistically high number, particularly centres such as London, New York taking into account the regulatory and Hong Kong. However, the lack hurdles associated with pursuing a of foreign ownership restrictions, local retail offering in the wider UAE a sophisticated trading platform, a beyond the boundaries of the DIFC. robust regulatory framework and the Although the concept of a retail offering international brand offered by NASDAQ of securities solely within the DIFC Dubai ought to position the DIFC’s is theoretically possible (at least as a principal securities exchange to enjoy matter of law), it would be virtually increased liquidity as it becomes a more impossible in practice to find 250 retail established financial centre. (or non-institutional) shareholders within the 110 acres that make up the DIFC To address liquidity concerns, it is free zone. Another consideration is that proposed that ADS Rule 2.1 (Liquidity there is little possibility of institutional Requirements) will contain certain investor-only offers (the encouragement provisions to encourage liquidity. The of institutional investors in the GCC draft ADS Rule 2.1.1 gives NASDAQ should be a wider objective) and also Dubai a general discretion as to whether the potentially higher costs of wider to admit equity securities to trading. marketing efforts to attract a high There would need to exist, in the enough number of investors. opinion of NASDAQ Dubai, “conditions for sufficient supply and demand of such equity securities to facilitate Other Provisions a reliable price formation process”. The draft ADSs contain a number of ADS Rule 2.1.2 goes on to set out the provisions regarding the procedural conditions as to which an issuer will steps needed for admission to trading. need to satisfy NASDAQ Dubai in this They do not generally touch on matters regard, namely (i) that it will have a of eligibility for listing, as there has “sufficient minimum number” of bona been an effort on the part of NASDAQ fide shareholders, each holding equity Dubai to avoid overlap with the DFSA’s securities of the issuer with a value of Markets Rules. The ADSs contain a at least US$2,000 or (ii) sufficient price number of features that are specifically formation is maintained through the tailored for the GCC region, including appointment of one or more market requirements for Shari’ah-compliant makers. In the case of (i), NASDAQ securities and pronouncements of Dubai provides guidance that 250 Shari’ah compliance. It should also be shareholders will generally be a noted that, in alignment with the DFSA’s sufficient minimum number, although strategy of bringing the DIFC closer the exchange reserves discretion. In the into line with EU and UK listing and case of (ii), the appointment of a market disclosure requirements, the structure of maker would need to be made pursuant the new ADSs will be familiar to those to an agreement between the market market participants who are used to the maker, the issuer and NASDAQ Dubai. securities offering regimes of the UK and other EU member states following the EU Prospectus Directive standards. 2 Number 1288 | 14 February 2012 Latham & Watkins | Client Alert Prospectus Review Process If you have any questions about this One question that market participants, Client Alert, or would like to provide particularly issuers and their advisers, us with any thoughts or feedback will likely be asking is how these to include in our response to the proposed changes affect the review consultation, please contact one of the process for having an offering document authors listed below or the Latham approved. Effectively, the new process, attorney with whom you normally which again mirrors the position in consult: the UK, is that it is the regulator (here, the DFSA) that will be responsible Andrew Tarbuck for reviewing and commenting on +971.4.704.6353 an offering document and providing [email protected] final approval of the document. The Dubai exchange (in the form of NASDAQ Dubai) will not review a prospectus for Oliver Simpson substantive content but will instead +971.4.704.6369 be focused on ensuring that the issuer [email protected] meets the requirements for admission Dubai of securities to trading (including the liquidity requirements discussed above). Deadline for comments The consultation period closes on 5 March 2012. NASDAQ Dubai’s official announcement of the opening of the consultation period can be viewed at www.nasdaqdubai.com/regulation/ regulation-public-consultation.html, which also contains a link to the draft ADSs. Latham & Watkins will be submitting a full response. 3 Number 1288 | 14 February 2012 Latham & Watkins | Client Alert Client Alert is published by Latham & Watkins as a news reporting service to clients and other friends. The information contained in this publication should not be construed as legal advice. Should further analysis or explanation of the subject matter be required, please contact the attorney with whom you normally consult. A complete list of our Client Alerts can be found on our website at www.lw.com. If you wish to update your contact details or customise the information you receive from Latham & Watkins, please visit www.lw.com/LathamMail.aspx to subscribe to our global client mailings program. Abu Dhabi Houston Paris Barcelona London Riyadh* Beijing Los Angeles Rome Boston Madrid San Diego Brussels Milan San Francisco Chicago Moscow Shanghai Doha Munich Silicon Valley Dubai New Jersey Singapore Frankfurt New York Tokyo Hamburg Orange County Washington, D.C. Hong Kong * In association with the Law Office of Mohammed A. Al-Sheikh 4 Number 1288 | 14 February 2012.
Load more

Recommended publications
  • Member's Profile
    CSD Company Profile Organization Name: Nasdaq Dubai Limited Country/ Region: Dubai International Financial Centre, UAE Name of CEO: Hamed Ali Capital (US$): N/A Number of Officers and Employees: N/A Ownership and Governance The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai (Main Shareholders) owns one third of the shares. Brief History Nasdaq Dubai, formerly known as the Dubai International Financial Exchange (DIFX), commenced trading operations on 26 September 2005. It is a company limited by shares, as per Companies Law, DIFC Law No 2 of 2009 As Amended by DIFC Law Amendment Law DIFC Law No. 1 of 2017 and operates as an off-shore exchange, listing securities from issuers around the world. In May 2010 DFM acquired two thirds of Nasdaq Dubai and the remainder is held by Borse Dubai. Nasdaq Dubai holds listed securities in a 100% dematerialised electronic form on behalf of participants such as custodians, trading members, clearing members and investors. The Nasdaq Dubai Registry, a functional department of Nasdaq Dubai, holds and maintains the register of shareholder for an issuer. The Nasdaq Dubai Clearing acts as a central counterparty (CCP) and provides multilateral netting, central novation, and settlement assurance. Types and number of Participants : 35 Members, 8 custodians, 4 settlement banks Regulatory Environment The exchange is located in the Dubai International Financial Centre (DIFC), which has an independent commercial legal system based on English law. The exchange is regulated by the Dubai Financial Services Authority (DFSA), which operates to the highest international standards. Stock Exchanges Other CSDs or clearing organization in Dubai Financial Market & Abu Dhabi Securities Exchange your country Services Provided http://www.nasdaqdubai.com/ Eligible Securities The Nasdaq Dubai CSD acts as and operates a system for the central handling of all securities eligible for trading which are admitted on the CSD.
    [Show full text]
  • Why Float on Nasdaq Dubai?
    ADDLESHAW GODDARD Why float on Nasdaq Dubai? Significant benefits can result from listing a company’s shares on a public market. For the company these include the ability to raise significant capital; the opportunity for more sophisticated methods of returning value to shareholders; turning the company’s shares into a more tradable asset that can be used as consideration to fund deals; incentivising management and staff with share options and raising the profile and credibility of the business which, as a result of the increased scrutiny that goes with that, can lead to better terms being offered by third parties for goods and finance. The shareholders, in addition to indirectly benefitting from the advantages to the company, will have the opportunity to sell all or part of their shareholding to raise cash for themselves and, to the extent they do not sell, turn their shares into an asset that can be more readily sold in the future, should they wish to. Of course, the potential benefits a stock market can bring must be balanced with obligations to provide information to that market to keep that updated and to have in place governance systems that ensure all can participate in the market with trust and confidence. The Nasdaq Dubai approach Securities: Not only shares can be listed but also sukuk, depositary receipts, debentures, bonds, REITs, ETFs and Nasdaq Dubai is the international stock market of the other funds and structured products. Middle East which has been operating from the Dubai Track Record and Size: A three year record of audited International Financial Centre free zone (DIFC) since accounts will typically be required and the minimum September 2005.
    [Show full text]
  • Initial Public Offerings 2018 Second Edition
    Initial Public Offerings 2018 Second Edition Contributing Editors: Ilir Mujalovic & Harald Halbhuber With contributions by: CONTENTS Preface Ilir Mujalovic & Harald Halbhuber, Shearman & Sterling LLP Foreword Sean C. Davy, The Securities Industry and Financial Markets Association (SIFMA) 1 General chapters Paving the road for SMEs’ access to public equity markets Cédric Pacheco, Association for Financial Markets in Europe (AFME) 7 Going public in the USA: An overview of the regulatory framework and capital markets process for IPOs Ilir Mujalovic, Harald Halbhuber & Rupa Briggs, Shearman & Sterling LLP 14 An overview of structuring and governance considerations for Initial Public Offerings in the USA, Stacy J. Kanter & Michael J. Hong, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates 30 Trends shaping an evolving IPO market, Pippa Bond, Daniel Forman & Lily Desmond, Proskauer Rose LLP 40 Country chapters Australia Daniel Scotti & Nicole Sloggett, MinterEllison 56 Bermuda David Cooke & Edward Rance, Conyers Dill & Pearman Limited 68 Brazil Fernando Zorzo, Pinheiro Neto Advogados 75 British Virgin Matthew Gilbert, Greg Knowles & Richard May, Maples and Calder 86 Islands Cayman Islands Suzanne Correy & Daniel Lee, Maples and Calder 93 China Shiwei Zhang, Zhong Lun Law Firm 102 Denmark Rikke Schiøtt Petersen, Chantal Pernille Patel & Mads Robert Bording Jensen, Gorrissen Federspiel Private Limited Partnership 111 Finland Tarja Wist, Maria Pajuniemi & Emilia Saloranta, Waselius & Wist 121 France Jérôme Lombard-Platet & Gacia Kazandjian, DS Avocats 130 Germany Dr. Achim Herfs & Dr. Anna Schwander, Kirkland & Ellis International LLP 143 Hong Kong Angel Wong & Agatha Chun, ONC Lawyers 154 India Venkatesh Vijayaraghavan, Juhi Singh & Pratichi Mishra, S&R Associates 165 Ireland Matthew Cole, A&L Goodbody 177 Italy Marco Lantelme, BSVA Studio Legale Associato 187 Japan Kagayaki Funakoshi & Shunsuke Aoki, Anderson Mori & Tomotsune 199 Mexico Ricardo Maldonado, Patricio Trad & Manuel Echave, Mijares, Angoitia, Cortés y Fuentes, S.C.
    [Show full text]
  • SUSTAINABLE ISSUANCE GUIDE Acknowledgment
    SUSTAINABLE ISSUANCE GUIDE Acknowledgment This document has been jointly prepared by Standard Chartered, Dubai Financial Market PJSC and Nasdaq Dubai Ltd, for information purposes only. This document is intended for general information purposes only and does not take into account specific investment objectives, financial situation or particular needs. The information and opinions expressed herein are made in good faith and are based on sources believed to be reliable at the date of publication but no representation or warranty, express or implied, is made as to its accuracy, completeness or correctness. Neither Standard Chartered, Dubai Financial Market PJSC or Nasdaq Dubai Ltd, and/or their affiliates nor any of their directors or employees give any representation or warranty as to the reliability, accuracy or completeness of the information, nor do they accept any responsibility arising in any way (including by negligence) for errors in, or omissions from the information. All information and opinions contained in this document should not be regarded by the recipient as investment or legal advice nor as a substitute for due diligence, professional advice and/or the exercise of their own judgment. In the provision of this document neither Standard Chartered, Dubai Financial Market PJSC or Nasdaq Dubai Ltd, and/or their affiliates should be deemed as acting in the capacity of a fiduciary, legal or financial advisor. Neither Standard Chartered, Dubai Financial Market PJSC or Nasdaq Dubai Ltd, and/or their affiliates nor any of their directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or part of this document by the recipient.
    [Show full text]
  • IMPORTANT NOTICE This Offering Is Available Only to Investors Who Are Either (1) Qualified Institutional Buyers (As Defined Below) Under Rule 144A Under the U.S
    IMPORTANT NOTICE This offering is available only to investors who are either (1) qualified institutional buyers (as defined below) under Rule 144A under the U.S. Securities Act of 1933, as amended (the Securities Act) or (2) Institutional Accredited Investors (as defined below) or (3) addressees outside of the United States as defined in Regulation S under the Securities Act. IMPORTANT: You must read the following before continuing. The following applies to the offering memorandum (the “Offering Memorandum”) following this page and you are therefore advised to read this notice carefully before reading, accessing or making any other use of the Offering Memorandum. In accessing the Offering Memorandum, you agree to be bound by the following terms and conditions, including any modifications to them, any time you receive any information from us as a result of such access. Nothing in this electronic transmission constitutes an offer of securities for sale or solicitation in any jurisdiction where it is unlawful to do so. The securities have not been, and will not be, registered under the Securities Act, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws. The Offering Memorandum may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution or reproduction of this document in whole or in part is unauthorized. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions.
    [Show full text]
  • NASDAQ DUBAI Equity Futures
    NASDAQ DUBAI Equity Futures PARTNERS Unique regional hedging, investment and leverage opportunities 2 Nasdaq Dubai Equity Futures Market Equity futures increase the opportunities for international and regional investors to profit from market movements and hedge their positions. , Nasdaq Dubai s Single Stock Futures are offered on shares of many of the UAE’s and Saudi Arabia’s leading and most liquid companies. The index futures include UAE’s DFM General Index (DFMGI), ADX General Index (ADI) and MSCI UAE Index. Nasdaq Dubai is the only exchange where futures on regional equities can be traded. The market is the outcome of collaboration between Nasdaq Dubai and leading capital markets participants including SHUAA Capital and Al Ramz Capital, which are providing market making services, and Menacorp Financial Services, Al Ramz Capital, Arqaam Capital, EFG Hermes, Integrated Securities, Al Safwa Mubasher Financial Services, Naeem Shares & Bonds, SICO UAE, Brokerage House Securities, and Daman Securities as brokers. Please refer to nasdaqdubai.com/futures for the latest information. Equity futures are a Nasdaq Dubai single stock Each equity futures contract commitment by two parties and index futures are settled gives exposure to 100 to either buy or sell an through cash, instead of underlying shares. For index underlying equity or equity physical delivery of the futures the contract size is index at a future date (eg. one underlying equity. 10. month’s time) at an agreed price. POTENTIAL Movements of a share price or an index create significant
    [Show full text]
  • GFH Financial Group Rings Market-Opening Bell at Nasdaq Dubai to Celebrate Listing USD 300 Million Sukuk
    GFH Financial Group rings market-opening bell at Nasdaq Dubai to celebrate listing USD 300 million Sukuk • Bahrain-based institution lists its debt issuance on region’s international exchange • Dubai maintains its momentum in attracting regional and international Sukuk Dubai, February 25, 2020 - Jassim Alseddiqi, Chairman of GFH Financial Group (GFH), rang the market opening bell today at Nasdaq Dubai to celebrate the listing of the Group’s USD 300 million Sukuk on the region’s international exchange. The Sukuk is a landmark achievement for GFH as it enters the international debt capital markets. The capital raised supports the expansion of Bahrain-based GFH’s activities, enhancing the financial position of the Group and funding its next phase of growth. The five-year Sukuk was oversubscribed 2.5 times with a total book size exceeding USD 750 million. 53% of the issuance has been allocated to regional investors and 47% to international investors. Fund managers accounted for 61% of the investors and 39% were financial institutions. Jassim Alseddiqi, Chairman of GFH Financial Group, said: “Listing our Sukuk on a well-regulated and international trading platform like Nasdaq Dubai, will expand GFH’s reach and visibility among the global and regional investor community. The overwhelming response received on our Sukuk issuance demonstrates the strong confidence investors have in GFH and its future potential. As we embark on the next phase of our growth, we remain committed to further strengthening our position as a leading regional and international financial group.” His Excellency Essa Kazim, Governor of DIFC, Secretary General of Dubai Islamic Economy Development Centre (DIEDC) and Chairman of Dubai Financial Market (DFM), said: “This listing by GFH Financial Group, one of the region’s most prominent institutions, further strengthens the longstanding ties between the capital markets of Bahrain and Dubai.
    [Show full text]
  • Dubai Introduces Requirements for Certain Companies to List Their Shares on Its Stock Exchanges
    ALERT MEMORANDUM Dubai Introduces Requirements for Certain Companies to List Their Shares on its Stock Exchanges February 7, 2021 On January 26, 2021, the Ruler of Dubai issued Decree No.3 of 2021 (the Decree) requiring public joint stock companies incorporated in Dubai, as well as public joint stock companies incorporated elsewhere in the UAE but with strong ties to Dubai, to list their shares on a Dubai stock exchange. This comes further to the regulations recently issued by the UAE Securities and Commodities Authority (SCA) on November 2, 2020 permitting companies established in the UAE’s free zones to carry out public offerings and list their shares “onshore”.1 The Decree envisages close coordination with free zone authorities, and its application to free zone companies will depend on the signing of a Memorandum of Understanding between the relevant free zone and the SCA, as provided by the SCA regulations. The practical impact of the Decree is that companies established in Dubai that wish to list their shares, and companies established elsewhere in the UAE with a preponderant presence in Dubai that wish to list their shares, must do so on the Dubai stock exchanges (while preserving the ability to have secondary listings elsewhere). This seems to be a defensive measure to prevent these companies from listing outside the Emirate only. The Decree does not, however, prevent such companies from establishing a holding company outside the UAE that would not be subject to the mandatory listing provisions of the Decree. The Decree distinguishes between three categories of companies: 1. Joint Stock Companies Incorporated in Dubai All public joint stock companies incorporated in Dubai (including in free zones) must list their shares on the Dubai stock exchanges (including the Dubai Financial Market (DFM) and Nasdaq Dubai).
    [Show full text]
  • Guide on Initial Public Offerings in the Gcc
    Guide on Initial Public Offerings in the GCC 2018-2019 GUIDE ON INITIAL PUBLIC OFFERINGS IN THE GCC Introduction hen a company issues the very first sale of of governance and investor relations best practices, stock to the public is known as Initial Public thus enhancement of companies regionally and W Offering (IPO), and before an IPO the com- internationally. Additionally, Dubai Financial Services pany is considered to be private with a relatively small Authority (DFSA) governs and regulates Dubai Inter- number of shareholders. IPO is a type where the compa- national Financial Centre (DIFC). The working of ny sells shares to an institutional investor or individual DFSA and DIFC is explained in detail further in this investor. An IPO is underwritten by the investment guide. banks and who also arranges shares on one or more stock exchange market. IPO plays a crucial role in the empowerment of economic development plans, as they represent an efficient way to raise the necessary funds for the enhancement of sustainable development of the Gulf of Co-operation Council (GCC) economy. When a private companies convert into IPO, it opens a path of joining capital market which provides issuance of an entity with the opportunity to benefit from improved access to capital, increased global profile and access to liquidity. It also allows companies to transform itself into a sustainable business model. The UAE Securities and Commodities Authority (SCA) governs and regulates Dubai Financial Market (DFM). In Abu Dhabi international financial center is Abu Securities and Commodities Authority has the power Dhabi Global Market (ADGM) which is an institution to impose laws and standards which DFM must established by the Federal Law Number (8) of 2004, comply.
    [Show full text]
  • To IPO We Go Ment
    engaged for many months, including periods of high intensity, and it is critical they can work well with each other and the company. The investment bank acts as the quarterback for the IPO, advising on execution, valuation and pricing, as well as marketing the offering to potential investors. banks will often act as a sponsor, providing a link between the company and the relevant stock exchange. In many IPOs, the same investment bank or banks underwrite the offering, taking up shares that | IN-HOUSE PREPARING FOR IPO are not bought by investors on launch. Account- ants will be involved in preparing public and private reports relating to the IPO-offering document, performing financial due diligence and providing advice statement which is often required to be included in the offering docu- To IPO we go ment. They will also ensure that the company has effective financial reporting procedures. The ‘Going public’ can be beneficial for a private company looking to develop, company’s legal advisers will play a key role, but the road to success presents many challenges say Andrew Tarbuck not only in drafting the offering document and and Oliver Simpson other documents needed, but also in advising on any pre-IPO restructuring and on applica- peculation continues that the Middle IPO process can be offset by efficient project ble securities laws in jurisdictions into which East initial public offering (IPO) management, for example, appointing an IPO the offer will be made. An IPO team will also market will awaken over the second committee, and appointing the right team of require the involvement of financial PR advisers, half of 2010.
    [Show full text]
  • Sheikh Ahmed Bin Saeed Rings the Bell for Emirates Sukuk Listing on NASDAQ Dubai • Listing Supports Dubai's Position As
    Sheikh Ahmed Bin Saeed rings the bell for Emirates Sukuk listing on NASDAQ Dubai Listing supports Dubai’s position as the Capital of the Islamic Economy The nominal value of Sukuk listings on Dubai capital markets increases to 10.625 billion dollars Dubai, March 20th, 2013 - His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group today rang the opening bell at Dubai Financial Market (DFM) during the listing ceremony of a Sukuk issued by Emirates Airline on NASDAQ Dubai, the Middle East’s international financial exchange. The listing of the one billion dollar Sukuk supports Dubai’s intensive efforts in this regard after the launch of (Dubai the Center of Sukuk) initiative by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minster and Ruler of Dubai and in line with His Highness’s vision to position the Emirate as the Capital of Islamic Economy globally. It brings the nominal value of Sukuk listed on Dubai exchanges to 10.625 billion dollars, the third largest total in the world. 1 The Sukuk issued by Emirates, one of the fastest growing global airlines, was sold successfully to investors in MENA, Europe, Asia, and some offshore U.S. accounts. His Highness Sheikh Ahmed Bin Saeed Al Maktoum said: “As an international exchange, NASDAQ Dubai gives our listing global visibility whilst at the same time providing us with a listing in the city where we are based. The exchange’s high regulatory standards and streamlined listing procedures make it an ideal venue for
    [Show full text]
  • DFM General Index Rulebook
    DFM General Index Rulebook Classification: Rules & Regulations Type: English Booklet Version: 1 Title: DFM General Index Rulebook Pages: 11 Owner: Market Operations Date: January 2018 1. Introduction About DFM Dubai Financial Market (DFM) was established as a public institution with its own independent corporate body. DFM operates as a secondary market for trading of securities issued by the public shareholding companies, bonds issued by the Federal Government or any of the local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the market. The DFM commenced operations on March 26, 2000 and the first Islamic Shari’a-compliant exchange globally since 2007. Following its initial public offering in November 2006, when DFM offered 1.6 billion shares, representing 20 per cent of its paid-up capital of AED 8 Billion, DFM became a public joint stock company and its shares were listed on 7 March 2007 with the trading symbol (DFM). Following the IPO, the Government of Dubai retained the remaining 80 per cent of DFM Company. About DFM General Index (DFMGI) The DFMGI (DFM General Index) was officially launched by Dubai Financial Market on 3rd December, 2006. The index is aimed to replicate the performance of the Dubai Financial Market listed companies. The DFMGI has been the true barometer for the Dubai stocks and is followed widely by the investor community and business media alike. The index has a Base date of 31/12/2003 2. Eligible Universe DFM listings • All classes of ordinary shares primarily listed on DFM are eligible for inclusion in the DFMGI.
    [Show full text]