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23 July 2024

DIFX plans dirham listings to boost liquidity


By Reuters
Dubai International Financial Exchange, where company shares are listed in dollars, may allow companies to list their stock in dirhams as part of a plan to boost liquidity, its chief executive said on Monday.

The DIFX is seeking to create an environment that fosters regional and international trading on the highly illiquid exchange, Jeffrey Singer told a conference.

Pending regulatory approval from the Dubai Financial Services Authority, the exchange could allow dirham-denominated stocks to list, extend trading hours and open on Sundays to give broader access to United Arab Emirates-based brokers, Singer said.

Dubai set up the DIFX in 2005 to encourage local companies to sell shares to the public, and for foreign companies to tap Gulf Arab wealth.

Unlike other Gulf exchanges, DIFX, 33-per-cent owned by Nasdaq OMX Group, operates according to international standards of accounting and financial reporting.