The chief executive officer of the UAE’s Securities and Commodities Authority (SCA) said Saudi Arabia’s long awaited move to open up its financial markets to foreign investors will bring rewards to its Emirati counterparts.
Abdullah Al Turifi, the head of the SCA, the UAE markets watchdog, hoped Abu Dhabi and Dubai would be the biggest gainers from the emergence of Saudi Arabia as an international investment avenue. “What’s happening in Saudi Arabia will affect the UAE positively,” he said.
The UAE SCA head also rubbished suggestions that opening up of the Saudi markets would drive investors away from the Emirates.
“We are not working in competition. I don’t think there’s any conflict,” he insisted.
SCA officials recently said they are overhauling regulations governing market activity in order to align themselves with international practices and attract more foreign-fund managers.
Al Turifi also announced his office would begin publishing new rules on margin trading, market-making and short selling next month, after several delays.
“The first will be out within a month or so, before the summer. On short selling before the end of the year hopefully. The financial markets have to get ready for them so we need to give them that time,” he said.
Source: The National