UAE bourse merger agreed in principle: Sheikh Ahmed

07/04/2014 14:29 AST

A top Dubai economic policymaker said on Monday that an agreement to merge the two main stock markets in the United Arab Emirates -- the Dubai Financial Market and the Abu Dhabi Securities Exchange -- had been reached in principle but nothing had been finalised.

"It is going to be very positive. The agreement has been reached between the two - there is a dialogue but it is not yet finalised," Sheikh Ahmed bin Saeed Al-Maktoum, head of Dubai's supreme fiscal council, told reporters on the sidelines of a conference in Abu Dhabi.

Sources told Reuters last year that advisors had been appointed to help facilitate a merger of the exchanges, but the idea has been discussed sporadically for years without a deal.

Sheikh Ahmed, who is the uncle of the emirate's ruler Sheikh Mohammed bin Rashid Al-Maktoum, also said Dubai was watching markets for a potential sovereign bond issue.

"When the market is good we should go to the market," he said, adding when asked about current market conditions: "It is good now, there is a lot of liquidity in the market both in the UAE and internationally."

However, he wouldn't be drawn on whether Dubai planned to issue any time soon: "We always think of it," he said.


Reuters

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