Plans to merge the Abu Dhabi Securities Market (ADSM)and the Dubai Financial Market are likely to remain on hold for the forseeable future as a result of administrative and technical obstacles, according to local traders.
Reporting this week on figures released by the National Bank of Abu Dhabi, Gulf News Online revealed that turnover of stocks in the two bourses, together with off-the-counter (OTC) trading jumped from Dh2.14 billion ($583 million) in 2001 to Dh4.82 billion ($1.31 billion) in 2002. However, the news service also announced that:
'In terms of turnover, the UAE bourses are dwarfed by the markets of neighbouring Kuwait and Saudi Arabia, where speculation is widespread. Dealers said turnover in one year in the UAE is equivalent to a monthly dealing in Kuwait.'
Although trading turnover in the UAE will undoubtedly receive a boost when the ADSM and the Dubai Financial Market merge, there is uncertainty as to the likely time frame for this.
'I know there are plans to merge or link the two markets but nothing happened so far and I think the project will take time because of long administrative and technical procedures,' an Abu Dhabi-based stockbroker told the news service.
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