Breaking News


March 24, 2023
finance & economy

ABU DHABI, 23rd March, 2023 (WAM) – The Securities and Commodities Authority (SCA) and the Abu Dhabi IPO Fund (ADIPOF) have signed a Memorandum of Understanding (MoU) to establish a general framework for initial public offerings (IPOs). The MoU aims to increase the number of IPOs, support local financial markets, and promote the country's economic stability.

Dr. Maryam Butti Al Suwaidi, CEO of SCA, and Sameh Al Qubaisi, Director-General of Economic Affairs at the Department of Economic Development-Abu Dhabi, signed the MoU. The signing was also attended by Mohammed Khalifa Al Hadari, Vice CEO of SCA, and several ADIPOF officials.

Dr. Al Suwaidi emphasised that the collaboration between the two entities would showcase the significant progress and promising future of the UAE's IPO industry, while also contributing to the growth of IPOs in local financial markets.

Al Qubaisi added that the MoU is part of the Department's ongoing efforts to promote cooperation with regulatory authorities and encourage the private sector, which plays a critical role in driving the economy and financial markets forward.