The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Dubai / WAM
Nasdaq Dubai will add Emaar Development to its futures market as soon as the company lists its shares on Dubai Financial Market (DFM), following its initial public offering, IPO. The listing is expected to take place on November 22. Investors will be able to trade futures on Emaar Development in order to take a position on the likely movement of the share price, making use of leverage to magnify the financial outcome of their futures trades by several times their initial investment. SHUAA Capital will make a market in Emaar Development futures to facilitate liquidity.
The sale of shares in Emaar Development, a leading developer of residential and commercial property in the UAE, is valued at AED4.82 billion making the IPO the largest in the country since 2014. The company will join 13 other UAE-listed businesses already on Nasdaq Dubai’s equity futures market, which offers one-month, two-month and three-month single stock futures and has expanded rapidly since it opened in September 2016.
SHUAA Capital has been market making on all Nasdaq Dubai futures since the market opened. More than 2.9 million contracts have traded on the futures market since inception, with Emaar Properties the most highly traded by value followed by Union Properties and DXB Entertainments. Traded value in all the
futures rose strongly in October
2017 to reach 265,000 contracts, up 135 percent from September.