Dubai inaugurates official stock market

The emirate of Dubai inaugurated Sunday its domestic high-tech stock market with the hope of luring more investors to the more regulated and more transparent market.

The crown prince of Dubai, Sheikh Mohammad Bin Rashed Al Maktoum, cut the ribbon, and the trading of eight listed companies got underway.

The Dubai financial market (DFM) at the Dubai World Trade center, that was long-awaited by dealers will operate as a secondary market for equity securities, and comprises a floor for trading as well as a clearinghouse.

Mohammad Al-Abbar, the economic development department's director general, said the DFM will complement the UAE financial and commodities market, adding that this is at the same time an important step for creating a healthy investment climate.

The crown prince concentrated on the importance of maintaining domestic stock gains and turning them into an ivestment alternative for the UAE citizens.

He said primarily the DFM will apply its own criteria and will later apply the federal law.