Global EVP Appointed on DIFX Committee

Published October 24th, 2005 - 08:00 GMT

Global Investment House "Global" announced today that Dubai International Financial Exchange (DIFX) has recently appointed Mr. Bader AL-Sumait, Executive Vice President at Gklobal on its Practitioner Committee.

Mr. AL-Sumait expressed his pleasure for his selection as a member of the esteemed committee noting that he is already a member in two sub-committees the Listing Committee and the Disciplinary Committee.

“I’m pleased with the trust DIFX reflects in appointing me a member in such a vital part of the organization. The committee has an important role in the exchange as it oversees other committees who regulates and monitor trading, and I hope I will add value to its work,” he stated.

Mr. AL-Sumait is a Co-founder of Global and has about 25 years of experience. Through his career, he served as a chairman, board member, and managing director in a number of financial institutions in Kuwait.

Founded in May 2004, The Practitioner Committee was formed as a forum of exchange stakeholders. Its members are representatives from potential issuers and members, many of whom are prominent financial and investment personalities.

The committee’s 23 members meet twice a year and it has three sub-committees; Listing Committee - which considers applications for listing, Disciplinary Committee - which considers breaches of the Listing Rules and Business Rules (trading, clearing and settlement), and Appeals Committee – which considers appeals from decisions of the Listing Committee and/or Disciplinary Committee.

Mr. AL-Sumait said that at Global, “We believe that DIFX will fill the gap in the Middle Eastern stock exchanges that restricted foreign ownership of shares and international banks from becoming brokers or members.”

“We also believe that the new exchange will be following international standards and regulations, which will bring in more transparency in the market as this has been one of the biggest issues in the GCC markets.”

The international exchange has been created with the aim to be the first to attract large number of international brokers, including some of the world's biggest investment banks. We believe that DIFX will become the gateway for international and regional investors especially from European and Asian markets.

Global EVP expressed his belief that DIFX will be more focused on driving attention of companies that are listed on international exchanges such as the London Stock exchange or Asian stock market, as it will be the only international exchange in the Middle Eastern region so far.

“We also believe that DIFX is likely to spur Initial Public Offering (IPO) market and will help increase the number of local companies approaching the capital market to raise funds. Family businesses are likely to go public from DIFX by listing a minimum of 25 per cent of its share capital,” he followed.

In addition, “we believe that the abundant liquidity available in the region will attract a number of foreign companies approaching DIFX to float IPOs,” Mr. AL-Sumait concluded.

The DIFX was launched on September 26, 2005, the third stock exchange in UAE and the first international stock exchange in the Middle East. DIFX, owned by the Dubai International Financial Center Authority (DIFCA), aims to become the main exchange in the Middle East region for equities, bonds, Islamic products, funds, index products and derivatives. The new international exchange was launched with four member banks, which are CSFB (Europe) Ltd, Deutsche Bank AG, HSBC Bank plc and UBS AG.


 


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