DIFC to host awareness seminar
Dubai, July 29, 2008
The Dubai International Financial Centre (DIFC) will hold a seminar on August 4 to raise awareness on how recent amendments in federal bylaws governing DIFC and amendments to the listing requirements for DIFX have opened new business and investment opportunities for companies and investors.
The seminar will be held at the DIFC Conference Centre.
Under the theme of "Going to Market in the DIFC", the seminar will explain how changes to the listing regulations in the Dubai International Financial Exchange (DIFX) allow for UAE-based companies to list on the exchange via a holding company incorporated in DIFC, without lengthy procedures.
Abdulla Al Awar, managing director of the DIFC Authority said: "The seminar is part of DIFC's efforts to raise awareness about how new changes in regulations have opened a whole new world of business and investment opportunities for local companies. Some of these amendments will contribute to the growth of the UAE economy by enabling companies to raise new capital necessary for their growth."
Senior DIFC and DFSA officials, leading legal experts and top investment bankers will address seminar participants, including Jeffrey Singer, the newly appointed CEO of DIFX.
A UAE federal bylaw passed in August 2007 permits DIFC holding companies to own companies operating in the UAE - provided that the holding companies abide by UAE Commercial Companies Law, including the requirement that no less than 51 per cent of a UAE company remains UAE or GCC national-owned.
Listing on the DIFX begins with a formal letter of intent submitted to the exchange.
Other requirements include having an expected market capitalisation of at least US$50 million, independent International Financial Reporting Standards (IFRS) audits for three financial years and demonstration that the company operates to corporate governance best practices. - TradeArabia News Service