(MEBG) – Tabreed has officially been listed on the Dubai floor of the UAE Stock Exchange, bringing the number of listed companies to 11, with total share value of Dh23 billion.
According to a report by Gulf News, additional companies are expected to shortly be listed, with Manasek being the next in line.
The number of expatriates applying for “investor numbers”, which allows trading in UAE company stocks, presently stands at approximately 300. An official figure is required to enable non-national individuals and institutions to register with authorized brokers so as be able to trade in the local stock market.
"We expect demand from non-nationals seeking “investor numbers” to further increase once Emaar goes live, offering 20 percent of its shares to foreign entities," said Director-General of the bourse Essa Abdulfattah Kazim. He anticipates Emaar will open its doors to this new class of investors “very soon”.
According to industry sources, however, Emaar will most likely delay its share offering to expatriates, given the state of the market and the company’s share price, which reached a high of Dh30 towards the end of June, though sharply fell this month to a low of Dh22 on July 10. Nonetheless, the share price has since appeared to be on the comeback, trading at Dh25.20 on July 19th.
