DIFX eyes bourses
The Dubai International Financial Exchange (DIFX) is considering purchasing a stake in another regional bourse. 'We are looking at a lot of options in terms of capital markets in the region,' says DIFX chief operating officer Nasser Alshaali. The DIFX has signed memorandums of understanding with the Bahrain Stock Exchange (BSE) and the Dubai Financial Market. 'This shows there are opportunities for other exchanges in the region to partner with the DIFX,' he says.To date, only 14 securities are listed on the new bourse. Shares in Albaraka Banking Group will list on 4 September (see below). 'We have a healthy pipeline of issuers originating in several countries in the region and elsewhere,' says Alshaali. 'And we look forward to more Islamic companies listing on the exchange. The timing has shifted, not the number of issuers [that plan to list]. An IPO [initial public offering] depends on market forces and is influenced by external factors. The market was not established to take advantage of the equity spike.'The exchange is also preparing to introduce structured products, such as derivatives, to attract issuers. 'We will introduce new kinds of products to diversify portfolios. This will expand options open to investors,' says Alshaali.The Dubai International Financial Centre upped its stake to 3.5 per cent in pan-European stock exchange Euronext in May (MEED 26:5:06).www.meed.com/companiesmarkets
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