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28 March 2024

21 UAE firms to be listed on London FTSE

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By Staff

Twenty-one listed companies from the UAE will be added to London's Financial Stock Exchange (FTSE) from Monday.

The Regional Director of FTSE exchange told The National newspaper that 21 listed companies from the UAE would be added to its global equity index from Monday in a move that promises to bring the shares to more international investors.

The inclusion on the FTSE index “is a strong step towards the development and growth of the market as a whole”, Marwan Shurrab, Vice-President and Chief Trader at Gulfmena Alternative Investments in Dubai, was quoted as saying.

FTSE, the largest indexes provider outside North America, classified the UAE as a “secondary emerging market” last year but the stocks will not be added to the Global Equity Index Series until next week, said Jonathan Cooper, Regional Director for FTSE.

Being a part of the index means global fund managers controlling tens of billions of dollars will begin evaluating the shares as potential investments against those in other emerging markets.

Of the 21 stocks to be included, 13 are traded on the DFM, seven on ADX and one – DP World – is listed on Nasdaq Dubai, the paper reported.