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Mon 18 May 2020 01:44 PM

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Dubai Financial Market denies reports of merger plans with Abu Dhabi

Reports suggesting potential merger of assets between the two emirates have already been denied by Dubai Media Office

Dubai Financial Market denies reports of merger plans with Abu Dhabi
Dubai Financial Market has strongly denied suggestions of a possible merger with the Abu Dhabi stock market. Photo by Karim SAHIB AFP

Dubai Financial Market (DFM) has no plans to merge with the stock market in Abu Dhabi.

Media reports over the weekend from news agency Reuters had suggested that Dubai was in talks with Abu Dhabi about merging some of its assets through the help of state fund Mubadala in a bid to cushion the economic blow caused by coronavirus.

The move has already been denied by Dubai Media Office. "The Government of Dubai denies a news report from Reuters that claims Dubai is in talks with Abu Dhabi for support from state fund Mubadala. Reuters published a story without further investigating the accuracy of this claim and verifying the trustworthiness of its source,” it said on its official Twitter account. 

While on Monday, DFM also denied the reports. A statement posted on the DFM site, said: “Regarding a potential merger of the financial markets in the UAE mentioned in the report, please note that the Company has no information that requires disclosure and confirm its full commitment to the disclosure and transparency regulations.”

It added: “The Company will disclose any matters that may have an impact on its share trading movement at Dubai Financial Market accordant to Market and Securities and Commodities Authority applicable disclosure and transparency rules.”

This is not the first time reports have emerged of the possible merger of the UAE’s local stock markets. In 2014, there were reportedly discussions around the subject, but no official agreement was reached.

While last week, Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, indicated that the UAE would be willing to merge some of its ministries in a reform plan to prepare the Arab region’s second-biggest economy for a post-coronavirus period.

“We will review the government’s structure and size, may merge ministries, and change entities,” Sheikh Mohammed said in a tweet.

https://www.arabianbusiness.com/politics-economics/446676-uae-may-merge-ministries-as-part-of-revamp-in-post-virus-plan

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