On January 26, 2021, the Ruler of Dubai issued Decree No.3 of 2021 requiring public joint stock companies incorporated in Dubai, as well as public joint stock companies incorporated elsewhere in the UAE but with strong ties to Dubai, to list their shares on a Dubai stock exchange.
This comes further to the regulations recently issued by the UAE Securities and Commodities Authority on November 2, 2020 permitting companies established in the UAE’s free zones to carry out public offerings and list their shares “onshore”. The Decree envisages close coordination with free zone authorities, and its application to free zone companies will depend on the signing of a Memorandum of Understanding between the relevant free zone and the SCA, as provided by the SCA regulations.
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