DUBAI, United Arab Emirates - Tuesday, April 12th 2011 [ME NewsWire]
Economic Zones World and NASDAQ Dubai have entered into an agreement paving the way to provide equity financing opportunities for companies based in the free zone. The agreement supports the Dubai Government’s strategic objective of promoting a favourable environment for the growth of international and regional companies and providing them convenient access to capital markets to fund their development.
Under the agreement both parties haveagreed to identify companies based in Jafza that may benefit from carrying out an initial public offering (IPO) on the Dubai exchange. Jafza will work closely with NASDAQ Dubai to provide companies with information and support and jointly host workshops and training to support listing plans by suitable companies.
The collaboration is expected to boost Jafza’s existing investment framework that provides clients with world-class facilities as well as innovative products and services, and now, a variety of options that provide them with access to funds. In addition to raising capital to finance growth, a company in Jafza can enhance and sustain its business standing by meeting the exchange’s international listing standards. As part of efforts to create a holistic framework, Jafza also plans to explore new debt financing options and instruments for its clients.
The agreement was made through a memorandum of understanding (MoU) signed by Mrs. Salma Hareb, CEO of Economic Zones World, the parent company of Jafza, and Jeff Singer, Chief Executive of NASDAQ Dubai, in the presence of Essa Kazim, Managing Director and Chief Executive of DFM and Talal Al Hashimi, Managing Director, UAE Region, Economic Zones World.
Mrs. Salma Harebsaid: “Convenient access to capital and financing options are of paramount importance to our customers. We consistently aim to provide optimal solutions and facilities that ultimately enable our customers to grow successfully. This agreement with a reputable national financial body reaffirms this objective. Moreover, as Dubai entities, NASDAQ Dubai and Jafza seek to leverage each other’s strengths to achieve Dubai’s economic objectives.”
Jeff Singer said: “Jafza hosts many of the region’s most dynamic enterprises and NASDAQ Dubai is excited to be working with EZW to promote listing opportunities for them. The exchange offers company owners the opportunity to sell shares at market value through a book build IPO, with active trading on a liquid platform used by 77 companies listed on Dubai Financial Market (DFM) as well as NASDAQ Dubai.
“We look forward to discussing IPO possibilities with small and medium-sized enterprises in Jafza as well as larger companies, including subsidiaries of foreign entities.”
Benefits for Jafza companies will include formal briefings on eligibility requirements for listing as well as the procedures involved that enable companies to comply with NASDAQ’s global standards. Furthermore the collaboration with the exchange ensures sustainability for companies in the free zone particularly the smaller investors and SMEs.
NASDAQ Dubai published proposed changes to its listing rules in January 2011, aimed at increasing liquidity on the exchange and attracting small and medium-sized enterprises, including family companies. The exchange is currently consulting market participants about the proposed changes.
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About NASDAQ Dubai
NASDAQ Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, exchange-traded commodities, structured products, Sukuk (Islamic bonds) and conventional bonds.
The majority shareholder of NASDAQ Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of NASDAQ Dubai is the Dubai Financial Services Authority (DFSA). NASDAQ Dubai is located in the Dubai International Financial Centre (DIFC).
For more information, visit www.nasdaqdubai.com
About Economic Zones World (EZW)
EZW is the global provider of sustainable industrial and logistics infrastructure solutions. The company aims to create a robust network of economic zones, technology, logistics and industrial parks as well as build-to-suit developments across the world with an objective to support the dynamic expansion of its rapidly growing international customer base. EZW’s current portfolio includes Jafza, Gazeley, TechnoPark and Dubai Auto Zone.
Jafza is Economic Zones World’s flagship operation and home to 6500+ multinational companies, including over 150 of the Fortune Global 500 enterprises. It is the region’s most efficient logistics hub and the only one in the world located between Jebel Ali Port and Al Maktoum International Airport, enabling the best in multi modal connectivity.
Also in the portfolio is Gazeley, one of Europe’s leading developers and providers of sustainable logistics and industrial spaces. Gazeley has strong presence in the UK, mainland Europe, China and India.
TechnoPark is the company’s research and development initiative in core economic sectors, including Energy, Water and Environment. It focuses on nurturing business ideas/new technologies in various fields, which could be quickly translated into real-world industrial operations.
Dubai Auto Zone (DAZ) is a comprehensive market place for the Auto Industry catering to buyers, sellers, service providers, principals and traders.
For more information, visit www.ezw.com
Contacts
Adeti Changulani,
Hasaad Communications
+971 50 429 5576
adeti.changulani@hasaad.ae
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