Dubai Demands Joint Stock Firms List on Local Exchanges
(Bloomberg) -- Public joint stock companies established in Dubai, including those set up in special economic zones or free zones like the Dubai International Financial Centre, must list their stocks on local exchanges, the city’s media office said, citing a royal decree.
Private companies can go public in local markets, like the Dubai Financial Market PJSC and Nasdaq Dubai, after ensuring compliance with listing requirements and regulations, the office said on Saturday, citing a decision by the emirate’s ruler, Sheikh Mohammed Bin Rashid. Companies listed in local markets may have secondary listings in other markets.
According to the decree, foreign companies should list their stocks in local markets when their annual profit or revenue generated from activities in Dubai make up at least 50% of the total, or when their total assets owned in Dubai amount to 50% or more of their entire assets. The listing should be completed within one year of the date of reaching this percentage.
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