Indian firms mulling Dubai listing, says Nasdaq chief

Chief exec of Dubai bourse sees strong demand following visit to Mumbai and New Delhi
Indian firms mulling Dubai listing, says Nasdaq chief
BOURSE BIDS: US authorities cleared the deal between Bourse Dubai and Nasdaq this week, paving the way for a web of exchanges linking the US, Europe, the Middle East and Asia. (Getty Images)
By Andy Sambidge
Sun 14 Apr 2013 11:26 AM

Nasdaq Dubai's chief has said more Indian companies are contacting him to discuss a possible listing amid growing ties between India and the UAE.

Hamed Ali, acting chief executive of the Dubai-based bourse, said Indian firms were attracted by "the ease of trading on the exchange for regional and international investors and by the international regulatory environment".

His comments came as Nasdaq Dubai officials completed a visit to India to meet companies in Mumbai and New Delhi.

The visit followed a growing number of enquiries by Indian companies about how to raise capital on the Middle East's international exchange, Nasdaq Dubai said in a statement.

It added that the companies are exploring options to raise capital through equity, including global depository receipts, as well as through debt, exchange-traded funds, real estate investment trusts (REITs) and other products.

The visit was organised by Alpen Capital which said it has assisted a number of Indian companies looking to grow in the GCC region through strategic acquisitions, raising capital or partnering with high profile companies.

Ali said: "As business links expand between India and the UAE, as well as the Gulf region, more Indian companies are contacting NASDAQ Dubai to discuss a possible listing.

"They are attracted by the ease of trading on the exchange for regional and international investors and by the international regulatory environment, as well as the global visibility that NASDAQ Dubai offers."

He added: "The GCC countries combined are India's largest trading partner and Indian businesses are increasingly active in the region. Capital markets links have been lagging behind but there is enormous scope for them to grow, including bringing investment from the GCC and around the world to Indian companies."

Rohit Walia, executive vice chairman and CEO, Alpen Capital, added: "There is tremendous growth potential in terms of investment flows between India and the GCC. We are happy to bring Nasdaq Dubai to India and we feel this is a great opportunity for Indian companies looking to become active in the GCC region."

Last month, Ali told Arabian Business that Nasdaq Dubai will “easily” become the world’s largest sukuk market by next year.

Billions of dollars worth of sukuk – Sharia compliant Islamic bonds - are expected to be listed on the Nasdaq this year and in 2014, helping to propel it from being the third largest sukuk market globally to the first.

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