The MSCI upgrade of Qatar and the United Arab Emirates to “emerging market’ status marked the beginning of increasingly liberalised GCC stock exchanges. Saudi Arabia’s stock exchange, the Tadawul, is by far the largest securities exchange in the GCC by market capitalisation. It is also the most liquid in terms of daily trading volumes and … Continue Reading
Following last month’s announcement by the Saudi Arabian Capital Market Authority (the CMA) of its proposal to permit participation by qualified financial institutions directly on the Kingdom’s stock exchange (the Tadawul), the CMA has now published its Draft Rules for public consultation. The Draft Rules include detailed provisions relating to qualified foreign investor (QFI) eligibility, … Continue Reading
The Gulf Cooperation Council (GCC) countries accounted for IPO issuances valued at US$1.1 billion in 2013, according to Bloomberg. Notably, Qatar Exchange bounced back this year with the successful IPO and listing of Mesaieed Petrochemical Holding company Q.S.C. (a Qatar Petroleum Subsidiary), the first IPO in Qatar since 2010 and the first under the current … Continue Reading
The strengthening global recovery appears to have brought renewed confidence to the UAE’s capital markets. As such, a number of interesting themes have begun to emerge: Resurgence in Dubai’s Real Estate Sector: Following a four year gap, IPOs and other equity offerings have returned in the form of DAMAC, Al Noor Hospitals, Arabtec, NMC Healthcare … Continue Reading
A number of significant changes to the securities and capital markets regime in the Dubai International Financial Centre (DIFC) came into force on 5 July 2012. The changes represent the policy of the DIFC’s regulator, the Dubai Financial Services Authority (DFSA) to more closely align the DIFC with leading benchmark jurisdictions and the requirements of … Continue Reading
Few countries in the world have come close to matching Iraq in terms of contradictory media coverage in recent years. Stories of economic growth and opportunity are tempered by reports of political, tribal and sectarian divisions. While the world is focussed on insecurity in the immediate aftermath of the withdrawal of US troops from Iraq … Continue Reading
NASDAQ Dubai recently consulted on its new proposed Admission and Disclosure Standards (the “ADSs”). Reform of the DIFC’s Listing Regime The proposed ADSs, issued on 6 February 2012, are part of significant ongoing reform of the regulatory architecture governing NASDAQ Dubai and other securities exchanges in the Dubai International Financial Centre (the DIFC). The reforms … Continue Reading
Investing in the Palestinian territories has traditionally been laced with political and economic risk. But the successful listing of the second player in the Palestinian mobile telecommunications sector has invited a closer look at the potential for investment. 2011 saw the successful completion of the largest initial public offering (IPO) in the Palestinian territories in … Continue Reading
