FINANCIAL NEWS

Dubai studies SMEs dedicated market

14 Mar 2011

(MENAFN) Sheikh Ahmed bin Saeed Al Maktoum, chairman of Supreme Fiscal Committee and an uncle of Dubai’s ruler, said that the emirate is looking into starting a secondary initial public offering (IPO) market and a bourse dedicated to trading of shares of small and medium-sized enterprises, reported Reuters.

An affiliate of Dubai Department of Economic Development (DED), Dubai SME, had launched the Dubai SME 100, which aims at supporting initiatives related to SMEs, and thus, Sheikh Ahmed said that SME 100 could help in starting an SME secondary IPO market listing, and the building of an equity market dedicated to SMEs.

SME 100 Chief Executive said that the agency is studying the feasibility of supporting such an initiative.

If the launch of the new market is approved, the Ministry of Economy should finalize the definition of an SME by June, before submitting the SME law to the cabinet.

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