19/06/2017 01:42 AST
A total of 24 venture capital funds have been incorporated by the Securities and Commodities Authority, SCA, by the end of 2016, running assets of more than Dhs2.4 billion, according to SCA statistics.
Most of these funds are affiliated to local banks and a number of other financial institutions, investing their assets in the UAE capital markets and in some GCC financial markets.
Since its establishment, SCA has been encouraging the incorporation of venture capital funds in the country in order to incentivise corporate investments and streamline the application of relevant agreements with GCC states and other advanced industrial countries with the ultimate objective of augmenting capital inflows.
Within this context, SCA launched in 2016 a new legal system regulating venture capital funds as part of its mission to develop an investment-conducive environment and strengthen the investment sector.
The new system involves necessary regulations and obligations order to facilitate the work of innovators and draw venture capital funds to the country so as to bolster the UAE’s innovation enablers and strengthen its position in the international innovation index ranking.
Meanwhile, Abu Dhabi Securities Exchange, ADX, has distributed around Dhs22.1 billion in cash dividends to investors during the first six months of 2016 on behalf of its listed companies.
ADX Chief Executive, Rashed Al Blooshi, said,”The distributed cash dividends were sent via direct bank transfers to the accounts of investors who have updated their bank account details with ADX or through bank cheques. This comes in accordance with Securities & Commodities Authority, SCA, decision in 2015, whereby companies listed at financial markets have to transfer cash dividends to their shareholders through the financial market bank account.” The total amount of cash dividends declared by ADX listed companies for the fiscal year 2016 reached around Dhs22,177 billion for more than 200,000 investors whereas Dhs16,400 billion were distributed via direct bank transfers to investor’s accounts, and AED5,777 billion distributed through bank cheques.
ADX Chief Executive added, “We would like to urge investors to update their contact details and their bank account information, including the International Bank Account Number, IBAN, so that they can receive their cash dividends promptly. ADX has provided multiple and easy channels to accomplish this, whether through e-services provided to investors on ADX’s website, through its call centre toll-free: 800239, or through the investor’s broker.”
The Gulf Today
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