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  • 20-02-22

    UAE gives permission to let co-operatives exchange stocks on financial market

    (MENAFN) On Thursday, the UAE Cabinet gave a proposal to decision to let collaborative organizations exchange their stocks on the domestic stock exchanges.

    According to the government-owned news agency Wam, registering is going to permit collaborates, which are mainly supermarkets and wholesale businesses, to collect new capital from external sources and grow their portfolios.

    Based on Wam, access to capital markets is also going to enhance the collaborates’ contribution to the local economy, boost their competitiveness and aid the industry revenue.

    The growth happens as Dubai aims to register 10 government and country-owned firms on the Dubai Financial Market as part of a larger policy to increase the financial market's size to two-fold valued at Dh3 trillion (USD816.7 billion) along with a huge number of successful initial public offerings on the Abu Dhabi Securities Exchange (ADX), the second biggest stock exchange in the Middle East.

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