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All local public joint stock companies established in Dubai must list their stocks on local exchanges, before seeking listings in other emirates or abroad. Local companies also include those set up in special economic zones or free zones like the Dubai International Financial Centre (DIFC), the Dubai Media Office said, citing a royal decree.
According to a decree from Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, Vice President and Prime Minister of the UAE, private firms can go public in local stock markets after ensuring compliance with local listing requirements and regulations. Companies listed in local markets can also have secondary listings in other markets.
Foreign companies established and licensed outside the country with branches, assets and activities in Dubai can list their shares in local markets as either a primary or secondary listing, according to the rules and regulations of the local securities exchange.
According to the decree, non-local companies should list their stocks in local markets when their annual profits or revenues generated from activities in Dubai reach 50 percent or more of their total annual profits or revenues, or when their total assets owned in Dubai amount to 50 percent or more of their entire assets. The listing should be completed within a year of the date of reaching this percentage.
Non-local companies whose profits or assets have not reached the required percentage can also list their shares in local markets, subject to compliance with local rules and regulations. Foreign companies can also list their shares in local stock markets either in the form of a primary or secondary listing.
(Writing by Seban Scaria; editing by Daniel Luiz)
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