Shuaa plays market maker
Dubai-based Shuaa Capital is set to become the second market-maker to trade shares on the Dubai International Financial Exchange (DIFX). 'We're negotiating an agreement [with DIFX] but haven't specified a stock yet,' Shuaa managing director of capital markets Salam Saadeh told MEED on 20 November. 'We need a new issue that will do well.' Deutsche Bank is currently the only market-maker on the bourse.Trading volumes on the DIFX remain thin and the market lacks liquidity. Only 21 securities are listed on the bourse, which was launched in September 2005. 'There are several listings in the pipeline,' said DIFX chairman Henry Azzam. 'And there will be more by the end of the year. We need more listings. We have seen interest from Indian and Chinese companies and companies in telecoms and services, as well as airlines. We're talking about IPOs [initial public offerings] and these could be primary listings on the DIFX or the London Stock Exchange and AIM [Alternative Investment Market] as well. They could be a combination of ordinary shares and GDRs [global depository receipts].'
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