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Tue, 06 Jan 2009 | 00:40 GMT

Nasdaq Dubai begins courting local IPOs

Emirates Business 24/7
 
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27 November 2008
Nasdaq DubaiNasdaq DubaiLoading... is negotiating with several UAE companies to list future initial public offerings on the exchange. However, the process will take some time and any new listings are expected during the second quarter of 2009, according to a senior executive.

Chief Executive Jeff Singer stressed that the UAE, and the GCC, has strong liquidity but there is no appetite for IPOs now due to worries about the financial crisis. Singer expects the local and regional IPO market to regain momentum by April.

Nasdaq DubaiNasdaq DubaiLoading... is also focusing on secondary or dual listings from several regions, Singer told Emirates Business. "We are looking at companies which are primary-listed in other markets such as Nasdaq US or London. We are encouraging them to come and be listed with Nasdaq DubaiNasdaq DubaiLoading... as secondary listing to be exposed to GCC investors and liquidity here."

There is "active trading among institutional investors" in the derivative produts listed by Nasdaq DubaiNasdaq DubaiLoading... last week, Singer said.

"These derivatives were traded off the exchange without regulation. We brought them on to the exchange because people during turbulent times turn to quality and they need the exchange to alleviate counterparty risk."

By Mohamad Al Kady

© Emirates Business 24/7 2008

 
 
 
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