PHOTO
The Dubai Financial Market (DFM) has fully doused speculations that it is merging with the stock market in Abu Dhabi.
Reuters recently reported that Dubai is in talks with Abu Dhabi for support from the state fund Mubadala. One of the areas where this can be done “in the near term” is through a merger of DFM and Abu Dhabi Securities Exchange (ADX), a source was quoted as saying.
The Dubai Media office immediately dismissed the report, citing that the claim was not verified by a credible source.
However, DFM today said in a statement that it does not have any knowledge regarding the matter that requires public disclosure.
“Regarding a potential merger of the financial markets in the UAE mentioned in the report, please note that the company has no information that requires disclosure and confirm its full commitment to the disclosure and transparency regulations,” the DFM said.
“The company will disclose any matters that may have an impact on its share trading movement at Dubai Financial Market accordant to Market and Securities and Commodities Authority applicable disclosure and transparency rules,” it added.
This is not the first time reports have emerged of the possible merger of the UAE’s local stock markets. In 2014, there were reportedly discussions around the subject, but no official agreement was reached.
(Writing by Cleofe Maceda; editing by Seban Scaria)
#DFM #DUBAI #ABUDHABI #EQUITIES #MERGER
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020
