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 the most diversified in terms of issuers.
Most recently, The National Commercial Bank (NCB), Saudi Arabia’s largest bank, issued 25 percent of its
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, assessment and approval process of investment applications by QFIs, investment limits on shares and the procedure for applications. The Draft Rules represent a significant
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 listing rules of the Qatar Financial Markets Authority.
With momentum returning to local exchanges combined with increasingly favourable market conditions, the GCC IPO
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 and Bank of London and the Middle East. This resurgence can be attributed to the optimism surrounding Dubai’s Expo 2020 bid,
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 the EU Prospectus Directive (the PD).
The changes include a new DIFC Markets Law (DIFC Law No. 1 of 2012) and an all-new Markets Rules
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 in December 2011, there are increasing signs of an upsurge in economic activity in Iraq. The expected economic boom is likely to be driven by
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 date back to early October 2011, when responsibility for Official List and listing authority functions in the DIFC was transferred from NASDAQ Dubai
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 10 years, with the shares of Ramallah-based Wataniya Mobile admitted to trading on the Palestine Exchange (PEX) in Nablus. The IPO was a sell-out, attracting