Dubai Overhauls Bourse to Catch Up With Regional Rivals
- Dubai replaces five of seven members on stock exchange board
- Benchmark stock index rises 1%, taking weekly gains to 9%
Source: Getty Images
This article is for subscribers only.
The new head of Dubai’s financial market has overhauled the board of the local stock exchange, as part of a series of moves designed to attract listings to the city and catch up with regional rivals that have drawn billions of dollars over the past year.
Sheikh Maktoum bin Mohammed bin Rashid, also deputy ruler of the emirate, replaced five of seven members on the board of the Dubai stock exchange late on Wednesday. That came a day after he unveiled plans to list utility DEWA in what is likely to be the city’s biggest share sale and one of 10 planned over the coming months.