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Mon 7 Apr 2014 12:59 PM

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UAE bourse merger agreed in principle: Sheikh Ahmed

Dubai policymaker also said Dubai was watching markets for a potential sovereign bond issue

UAE bourse merger agreed in principle: Sheikh Ahmed
Sheikh Ahmed bin Saeed Al Maktoum.

A top Dubai economic policymaker said on Monday that an agreement to merge the two main stock markets in the United Arab Emirates, the Dubai Financial Market and the Abu Dhabi Securities Exchange, had been reached in principle but nothing had been finalised.

"It is going to be very positive. The agreement has been reached between the two - there is a dialogue but it is not yet finalised," Sheikh Ahmed bin Saeed Al Maktoum, head of Dubai's supreme fiscal council, told reporters on the sidelines of a conference in Abu Dhabi.

Sources told Reuters last year that advisors had been appointed to help facilitate a merger of the exchanges, but the idea has been discussed sporadically for years without a deal.

Sheikh Ahmed, who is the uncle of the emirate's ruler Sheikh Mohammed bin Rashid Al Maktoum, also said Dubai was watching markets for a potential sovereign bond issue.

"When the market is good we should go to the market," he said, adding when asked about current market conditions: "It is good now, there is a lot of liquidity in the market both in the UAE and internationally."

However, he wouldn't be drawn on whether Dubai planned to issue any time soon: "We always think of it," he said.

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