His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Governor of Dubai, Deputy Prime Minister and Minister of Finance, announced the listing of 10 government and semi-government companies on the Dubai Financial Market, in a move that sector will support in the emirate in an unprecedented way and stimulate the growth rate in it To achieve more achievements and successes that consolidate Dubai’s leading position as one of the most important financial and business markets in the world.
The announcement came during the chairmanship of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the first meeting of the Committee on Capital Markets Development and Exchanges in Dubai, where His Highness announced the establishment of the Financial Markets Law Enforcement Committee. in Dubai and special courts for financial markets.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum emphasized that the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and ruler of Dubai, is to value Dubai’s financial markets and its stock exchanges double. to three trillion dirhams. His Highness said: “We will work to develop integrated and comprehensive plans to develop the financial markets and stock exchanges in the Emirate of Dubai, to consolidate Dubai as the capital of business and finance. The financial markets in Dubai are ‘ an example of transparency and law enforcement, and the precepts of Mohammed bin Rashid (No one is above the law). “
The meeting discussed the formation of a group of specialized committees and departments to ensure the optimal implementation of new trends, monitor performance in the sector, and propose solutions that meet the requirements of the next phase. The committees will work to maintain the highest levels of coordination between all components of the financial market system, and to ensure the application of best international practices. His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum directed the establishment of the Dubai Financial Markets Law Enforcement Committee, chaired by Dr Abdullah Al Ghafri. The committee will work on developing financial procedures and monitoring financial markets, accelerating the pace of business, monitoring violations and enforcing laws. His Highness also instructed to start forming two departments within the Commercial Court to expedite the resolution of security disputes, namely the “Partial Security Dispute Department” and “The Total Security Dispute Department”, provided their work begins in January 2022, as part of the efforts aims to continue to support The legislative framework, and to provide it with the strengths that enable it to meet the requirements of the new phase.Both departments specialize in the adjudication of shares, securities litigation or other securities, according to the financial value of each lawsuit. At its first meeting, the Higher Committee for the Development of Capital Markets and Exchanges in Dubai instructed to work on coordinating operations between the Dubai Financial Market, the Nasdaq Stock Exchange, the Dubai Gold and Commodities Exchange, and the Dubai Multi Commodities Center. , to take advantage of the potential of the four major entities, and the impetus they can provide to the market. The committee’s meeting witnessed the approval of the establishment of a fund of up to two billion dirhams as a market maker. investors. , which is based on the ongoing support of their companies at all levels. This move comes from the zeal to provide a supportive environment for private companies operating in the Emirate of Dubai, of all types and sizes, where collaboration will be made with a group of the world’s most prestigious financial and advisory institutions to ‘ develop a sustainable system that ensures easy access for companies looking to the financial markets in the emirate, especially companies.Small and medium-sized companies, and emerging companies, in order to improve their growth and support their path to globalization, based on their headquarters in Dubai. The meeting also approved the establishment of a fund worth one billion dirhams to support advanced technology companies in Dubai and to encourage them to list in the emirate financial markets, by providing financial liquidity in the financial markets, and enable them to provide the necessary support for initial public offerings, especially in specialized companies In advanced future technologies, which enhance the contribution of these companies in shaping the characteristics of the future economy in Dubai. In addition, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum led the study and development of the legislative and regulatory framework for digital asset products “Crypto Currencies”.
Deputy Governor of Dubai:
• «We will work on the development of integrated and comprehensive plans for the development of financial markets and stock exchanges in Dubai to consolidate the emirate as the capital of finance and business».
• “The financial markets in Dubai are an example of transparency and law enforcement … and the precepts of Mohammed bin Rashid (No one is above the law)”.
The Higher Committee for the Development of Capital Markets and Exchanges in Dubai includes Minister of Cabinet Affairs, Muhammad bin Abdullah Al Gergawi, Minister of State of Finance, Muhammad Hadi Ahmed Al Husseini, Minister of State of Artificial Intelligence, Digital Economy and Remote Work in Applications , Omar bin Sultan Al Olama, and CEO of the Dubai Center The World Trade Center, Hilal Al-Marri, the Governor of the Dubai International Financial Center, Issa Kazim, the Executive Director of the Dubai Center for Economic Security, Faisal bin Sulaiten, the Chairman of the Board of Directors of the Dubai Financial Services Authority, Fadel Al-Ali, and the Director-General of the Dubai Chamber of Commerce and Industry, Hamad Buamim.
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