Private shareholding companies should convert themselves into public companies, said the Abu Dhabi Securities Exchange (ADX).

All public shareholding companies in the UAE are now listed on the countrys financial markets.

"The ADX has listed Gulf Livestock Company, which was the last public shareholding company to be listed on the countrys financial markets," Rashed Al Baloushi, ADXs Deputy Chief Executive and Director of Operations, told Emirates Business yesterday.

"The markets do not have any public shareholding companies awaiting listing and this is a real and big problem," he said.

Baloushi said the fact that private companies have stopped turning their firms into public companies is harming the economy.

"There is no justification for them not to convert. Our economy and financial markets are in an urgent need of new public shareholding companies."

He said private companies were refraining from converting for purely psychological reasons.

"Our economy is different compared to the world. The UAE approved the biggest budget in the history of country on Monday. Banks and companies have reported good profits and interest rates for loans have fallen."