Dubai opens international bourse; eye on Hong Kong
United Arab Emirates-Regional, Economics, 9/27/2005

The Emirate of Dubai opened on Monday an international bourse for banknotes in order to attract new foreign markets, so as to raise more assets, in an oil producing area in the world. This revives the Emirate's hopes to be the Hong Kong of the Arab states.

The new stock market represents the axis of Dubai world financial center which was opened in 2004 with the aim to dominate financial services in the Gulf region.

The executive director of the new Bourse, Steven Schubert, expected at the inauguration ceremony to gather USD 2 billion until the end of 2006. He said that Four international banks: Creedy Swiss, Deutch Bank; UBS and HSBC banks became members in the new Bourse upon its inauguration.

No share for any company were registered in the Bourse which started its activities with five credits linked to the performance of shares stocks in the USA, Europe and Japan. Officials in the stockm market said they expect 15 companies to be registered by the end of 2006.

The new World Financial Dubai bourse aims to become the main financial stock market between West Europe and East Asia. New restrictions on foreign investments will be imposed on the new Bourse. Analysts say that the lists to be applied on it are from the best lists enacted in the world.

Previous Stories:
  Dubai's international finance meetings tomorrow with absence of Netaniahu   (9/22/2003)
  First Arab forum of small, medium-sized industries to be held in UAE   (6/11/2003)
  UAE, AOAD for boosting agricultural relations   (4/22/2003)
  Dubai seminar on financing problems in global economy   (5/16/2002)
  UAE's increased investments volume in the Arab states   (12/22/2000)
  Cooperation agreement between international and Arab funds   (3/10/1999)

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