Nasdaq Dubai & DIFCA recognize the importance of family businesses

Press release

Published September 6th, 2012 - 05:09 GMT

Al Bawaba

The Chairman of Al Habtoor Group met the new CEO of Dubai International Financial Centre Authority (DIFCA) today at the Group’s headquarters. Khalaf Al Habtoor welcomed Jeffrey Singer and Hamed Ali, Acting CEO, Nasdaq Dubai.

The Al Habtoor Group is considering an Initial Public Offering (IPO) amid further strengthening the UAE's prominent position in the capital markets and increased inflows from the Euro zone. The Group already has a high level of corporate governance and its financial statements are prepared under IFRS and audited by an independent firm.

Khalaf Al Habtoor - the Chairman of the Al Habtoor Group says, “The meeting is an encouraging sign that Nasdaq Dubai and the Dubai International Financial Centre (DIFC) acknowledge the importance of family businesses in the UAE. We are the foundation for the future.”

Al Habtoor acknowledges the cultural changes taking place in family businesses and says the region is moving in the right direction of good corporate governance. He added that the Al Habtoor Group wants to be a market leader for well-known family businesses going public.

The meeting was attended by Khalaf Al Habtoor; Mohammed Al Habtoor, Vice-Chairman and CEO, Al Habtoor Group; Paul Rayner, Advisor to the Chairman, Al Habtoor Group; Sanjeev Agarwala, Director Strategy & Business Development, Al Habtoor Group; Jeffrey Singer, CEO, DIFCA; Hamed Ali, Acting CEO, Nasdaq Dubai and Navneet Maheshwani, Business Development Manager, Nasdaq Dubai.

Nasdaq Dubai appointed Ali in August to lead the next phase of expansion at the region’s international exchange, in another sign of confidence of growth in the region. Ali, who has considerable experience of the capital markets and who managed the Middle East’s largest ever IPO, has understanding of the region’s financial needs. He replaced Jeffrey Singer who was last month appointed CEO of the Dubai International Financial Centre Authority (DIFCA).

Background Information

Al Habtoor Group

The Al Habtoor Group has grown with the United Arab Emirates. What started out as a small engineering firm in 1970, is today one of the region’s most respected conglomerates with interests in the hospitality, automotive, real estate, education and publishing sectors. The Al Habtoor Group has earned itself a solid reputation both locally and internationally due to the vision of its Chairman, Khalaf Ahmad Al Habtoor.