CAIRO (REUTERS) – Dubai plans to launch a 2 billion dirham ($545 million) market-maker fund to boost trading on its stock market, state news agency WAM reported, citing the emirate’s deputy ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.
Sheikh Maktoum, who oversees stock markets in the emirate, was also quoted as saying that Dubai, one of the seven emirates of the United Arab Emirates, had also approved a 1 billion dirham fund to encourage technology companies to list on the local bourse.
He said a committee overseeing the stock market’s development approved a goal to double the financial market’s size to 3 trillion dirhams, adding that 10 state and state-related firms would be listed on Dubai Financial Market.
Sheikh Maktoum also announced the formation of a market supervisory committee and specialised courts for capital markets in the emirate, the trade and tourism hub of the Gulf.
($1 = 3.6726 UAE dirham)
(Reporting by Moataz Abdelrahiem; Editing by David Goodman and David Holmes)
