20% of Dubai Financial Market shares to be offered for subscription
General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince, UAE Defence Minister and Chairman of Dubai Executive Council on Tuesday ordered that 20 percent of Dubai Financial Market's shares be offered for subscription to shareholders.
According to Sheikh Mohammed's order, 25 percent of the DFM shares earmarked for subscription will be offered to the current and retired employees of Dubai government, 10 percent to be subscribed by accredited stock brokers, 10 percent by public shareholding companies listed in DFM and the remaining 55 percent to be offered for public subscription.
According to WAM, Sheikh Mohammed's order was made following a presentation made by Eissa Kazim, Director General of DFM on the market status, trading activities and role played by DFM in boosting national economy.
The DFM, which was established in 2000, has already eclipsed the region's other stock markets in terms of trading volume and transactions carried out, despite the fact that its index is composed of just 29 stocks. During the first ten months of 2005, the trading volume in DFM has amounted to just over $98 billion.