A new trading platform for the UAE’s private joint stock companies has been approved by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai.
The initiative, first announced by the Securities and Commodities Authority (SCA) in February, is aimed at improving corporate governance and transparency in the sector including strengthening anti-money laundering efforts, according to a statement on Wam on Tuesday.
Firms classified as private joint stock companies can sell shares to individuals without going public.
Trading in shares of as many as 135 firms should begin over the next few months on the new platform, the regulator said.
Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Board of Directors of the Securities and Commodities Authority said that the move could spark similar developments across the GCC and other Arab countries.
The new platform, which is also open to companies from GCC and Arab countries, is also expected to help private firms access more funding and improve liquidity for their shares.
“This will provide means of interactions between the forces of demand and supply, thus achieving better pricing for the companies and protecting ownership in a better way through the protection of stock records at the Clearance Department, which facilitates the easy transfer of these record whenever a company wants to convert to a public joint stock firm,” said Abdullah Al-Turifi, chief executive of SCA.
In February, the regulator said that both the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) this year will launch separate screens for investors to trade shares currently bought and sold over the counter.
Brokers who traded shares of private companies such as Abu Dhabi Cooperative Society and Manazel Real Estate were jokingly referred to as “Dr Briefcase” because they carried valuable documents needed to process the trades.
Several major companies are still traded outside the market, including Manazel, Al Qudra Holding, Noor Capital, The National Investor and RAK Petroleum. The supermarket chain Abu Dhabi Cooperative Society is arguably the most prominent company traded over the counter.
After the global financial crisis, many companies preferred to stay outside the market because they believed their valuations were much higher than what the bourses would offer, or because their shareholders want to keep control.
It is hoped that the new platform will stimulate interest in a full listing on one of the main exchanges, SCA said, amid a resurgence in equity markets with both the DFM and ADX showing significant gains this year.
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Fixtures (6pm UAE unless stated)
Saturday Bournemouth v Leicester City, Chelsea v Manchester City (8.30pm), Huddersfield v Tottenham Hotspur (3.30pm), Manchester United v Crystal Palace, Stoke City v Southampton, West Bromwich Albion v Watford, West Ham United v Swansea City
Sunday Arsenal v Brighton (3pm), Everton v Burnley (5.15pm), Newcastle United v Liverpool (6.30pm)
Jebel Ali Dragons 26 Bahrain 23
Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3
Bahrain
Tries: Kenny, Crombie, Tantoh
Cons: Phillips
Pens: Phillips 2
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents
RESULT
Wolves 1 (Traore 67')
Tottenham 2 (Moura 8', Vertonghen 90 1')
Man of the Match: Adama Traore (Wolves)
More on Quran memorisation:
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
The National selections
Al Ain
5pm: Bolereau
5.30pm: Rich And Famous
6pm: Duc De Faust
6.30pm: Al Thoura
7pm: AF Arrab
7.30pm: Al Jazi
8pm: Futoon
Jebel Ali
1.45pm: AF Kal Noor
2.15pm: Galaxy Road
2.45pm: Dark Thunder
3.15pm: Inverleigh
3.45pm: Bawaasil
4.15pm: Initial
4.45pm: Tafaakhor
Palestine and Israel - live updates
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
RACE CARD
6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m
7.05pm Handicap (TB) Dh87,500 (D) 1,400m
7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m
8.15pm Handicap (TB) Dh105,000 (D) 1,900m
8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m
9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m
10pm Handicap (TB) Dh102,500 (T) 1,400m
WHAT FANS WILL LOVE ABOUT RUSSIA
FANS WILL LOVE
Uber is ridiculously cheap and, as Diego Saez discovered, mush safer. A 45-minute taxi from Pulova airport to Saint Petersburg’s Nevsky Prospect can cost as little as 500 roubles (Dh30).
FANS WILL LOATHE
Uber policy in Russia is that they can start the fare as soon as they arrive at the pick-up point — and oftentimes they start it even before arriving, or worse never arrive yet charge you anyway.
FANS WILL LOVE
It’s amazing how active Russians are on social media and your accounts will surge should you post while in the country. Throw in a few Cyrillic hashtags and watch your account numbers rocket.
FANS WILL LOATHE
With cold soups, bland dumplings and dried fish, Russian cuisine is not to everybody’s tastebuds. Fortunately, there are plenty Georgian restaurants to choose from, which are both excellent and economical.
FANS WILL LOVE
The World Cup will take place during St Petersburg's White Nights Festival, which means perpetual daylight in a city that genuinely never sleeps. (Think toddlers walking the streets with their grandmothers at 4am.)
FANS WILL LOATHE
The walk from Krestovsky Ostrov metro station to Saint Petersburg Arena on a rainy day makes you wonder why some of the $1.7 billion was not spent on a weather-protected walkway.
MATCH INFO
Newcastle United 3
Gayle (23'), Perez (59', 63')
Chelsea 0
THE SPECS
Engine: 6.0-litre, twin-turbocharged W12
Transmission: eight-speed automatic
Power: 626bhp
Torque: 900Nm
Price: Dh1,050,000
On sale: now
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The biog
Age: 46
Number of Children: Four
Hobby: Reading history books
Loves: Sports
if you go
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
QUALIFYING RESULTS
1. Max Verstappen, Netherlands, Red Bull Racing Honda, 1 minute, 35.246 seconds.
2. Valtteri Bottas, Finland, Mercedes, 1:35.271.
3. Lewis Hamilton, Great Britain, Mercedes, 1:35.332.
4. Lando Norris, Great Britain, McLaren Renault, 1:35.497.
5. Alexander Albon, Thailand, Red Bull Racing Honda, 1:35.571.
6. Carlos Sainz Jr, Spain, McLaren Renault, 1:35.815.
7. Daniil Kvyat, Russia, Scuderia Toro Rosso Honda, 1:35.963.
8. Lance Stroll, Canada, Racing Point BWT Mercedes, 1:36.046.
9. Charles Leclerc, Monaco, Ferrari, 1:36.065.
10. Pierre Gasly, France, Scuderia Toro Rosso Honda, 1:36.242.
Eliminated after second session
11. Esteban Ocon, France, Renault, 1:36.359.
12. Daniel Ricciardo, Australia, Renault, 1:36.406.
13. Sebastian Vettel, Germany, Ferrari, 1:36.631.
14. Antonio Giovinazzi, Italy, Alfa Romeo Racing Ferrari, 1:38.248.
Eliminated after first session
15. Antonio Giovinazzi, Italy, Alfa Romeo Racing Ferrari, 1:37.075.
16. Kimi Raikkonen, Finland, Alfa Romeo Racing Ferrari, 1:37.555.
17. Kevin Magnussen, Denmark, Haas Ferrari, 1:37.863.
18. George Russell, Great Britain, Williams Mercedes, 1:38.045.
19. Pietro Fittipaldi, Brazil, Haas Ferrari, 1:38.173.
20. Nicholas Latifi, Canada, Williams Mercedes, 1:38.443.