UAE Companies Encouraged To List On DIFX
The Dubai International Financial Centre (DIFC) will hold a seminar to raise awareness
on how recent amendments in federal bylaws governing DIFC and amendments to the
listing requirements for DIFX have opened new business and investment opportunities
for companies and investors.
Under the theme of "Going to Market in the DIFC", the seminar will
explain how changes to the listing regulations in the Dubai International Financial
Exchange (DIFX) allow for UAE-based companies to list on the exchange via a
holding company incorporated in DIFC, without lengthy procedures. The seminar
will be held on Monday, 4th August at the DIFC Conference Centre. Abdulla Al Awar, Managing Director of the DIFC Authority said: "The seminar
is part of DIFC's efforts to raise awareness about how new changes in regulations
have opened a whole new world of business and investment opportunities for local
companies. Some of these amendments will contribute to the growth of the UAE
economy by enabling companies to raise new capital necessary for their growth." Senior DIFC and DFSA officials, leading legal experts and top investment bankers
will address seminar participants, including Jeffrey Singer, the newly appointed
CEO of DIFX. A UAE federal bylaw passed in August 2007 permits DIFC holding companies to
own companies operating in the UAE - provided that the holding companies abide
by UAE Commercial Companies Law, including the requirement that no less than
51% of a UAE company remains UAE or GCC national-owned. Listing on the DIFX begins with a formal letter of intent submitted to the
exchange. Other requirements include having an expected market capitalisation
of at least USD50mn, independent International Financial Reporting Standards
(IFRS) audits for three financial years and demonstration that the company operates
to corporate governance best practices. A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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