In 1997, the first steps toward an official stock market were taken when the Emirates Bank Group established a mutual fund that was open to foreign investment. The fund, Emaar Properties, only covered stocks valued at $178.9 million; however, offers worth almost $920 million were made. This shows that there is a definite interest in a stock market. For the Emaar Properties Mutual Fund, foreign investment was approved; however, only 20 percent of the value of the fund was allocated for foreign investment. Sales to foreigners are suspended when the percentages reach 20 percent. Numerous disagreements exist as to whether or not to allow foreign participation, and the extent thereof, in a fully operational stock market.
The government approved preliminary plans in October 1999 for the establishment of a bourse in Dubai. Then, in December, it was announced that the stock market would use an electronic trading system that would fully disclose amounts of stocks in order to encourage market stability. In early 2000, the DFM officially opened up for trading in securities only. Initially, the Dubai Financial Market will operate as a secondary market for trading of securities issued by public shareholding companies, bonds issued by the local or federal government, public institutions, and financial and investment institutions. From the website on listed companies on the stock exchange it appears that only 12 companies are listed. Currently, it
The government approved preliminary plans in October 1999 for the establishment of a bourse in Dubai. Then, in December, it was announced that the stock market would use an electronic trading system that would fully disclose amounts of stocks in order to encourage market stability. In early 2000, the DFM officially opened up for trading in securities only. Initially, the Dubai Financial Market will operate as a secondary market for trading of securities issued by public shareholding companies, bonds issued by the local or federal government, public institutions, and financial and investment institutions. From the website on listed companies on the stock exchange it appears that only 12 companies are listed. Currently, it
does not appear as though any technology-related firms are traded
1 comment:
Nice to see your blog. You have selected appropriate articles. You still have to work on the topics that I have given. Would like to see it soon. It would help if you changed your language settings to English. Your blog would also look good and add meaning if you add some pictures and graphs.
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