UAE Bourses Likely To Merge By Year-end

By Editorial 10 October, 2013

The Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) have agreed to merge and have hired banks to advise on the deal, according to insiders.

One of the insiders said that the merger is likely to be announced by the end of the year.

The DFM General Index (DFMGI) climbed 2.7 percent to 2,829.53 on the news of advisors being chosen, while DFM shares soared 15 percent, the most in four months.

Talks on a merger between DFM and ADX began in 2010, but have been held back by disagreements over valuations and Dubai's 2009-2010 financial crisis.

It is hoped that the merger will make it easier for investors to operate across the markets in Dubai and Abu Dhabi, thereby stimulating trade and attracting more foreign investment.

Tags: United Arab Emirates | Investment | Agreements | Stock Exchanges | Trade | Dubai | Expats |


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