The Dubai Financial Services Authority (DFSA) last week granted a license to the Dubai International Financial Exchange (DIFX), paving the way for the exchange's scheduled official launch on September 26.
In a statement, the DFSA, the independent and integrated regulatory body for the Dubai International Financial Centre (DIFC), said it had licensed the DIFX as an Authorised Market Institution (AMI) in the tax-free financial district in Dubai.
The DIFX's target region includes the Gulf Cooperation Council and the rest of the Middle East and North Africa, as well as South Africa, Turkey, and the Indian sub-continent. It promises to provide investors and issuers with larger and more liquid markets in equities, bonds and Islamic Finance Instruments, than those that exist in any of the region’s national exchanges. The DIFX is also fully open to foreign investment.
UAE companies will be able to list shares on the DIFX by setting up a holding company in the Dubai International Financial Centre (DIFC), the financial free zone that opened last year. Companies seeking listings on the exchange must have a minimum market capitalisation of $50 million.
“The DIFX is a vitally important project for the whole region, not just Dubai or the UAE," declared Dr Omar Bin Sulaiman, Director General of the DIFC Authority, at a conference earlier in the year.
"It will create opportunities for many family businesses by giving them, for the first time in the Middle East, access to international investment in a stable, liquid and credible market," he added.
Dr Bin Sulaiman stressed that independent regulation, provided to international standards by the DFSA, was one of the main advantages of the DIFX model.
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