Since the announcement of its organization in the UAE capital, “Abu Dhabi Financial Week” has received wide regional and global attention, as it succeeded in attracting more than 50 partners, including supporting partners and sponsors of the week’s events, media, organizations and partners of comprehensive systems.
For his part, Mohammed Ali Al-Shurafa, Head of the Department of Economic Development in Abu Dhabi, revealed in a speech during the first session of the Abu Dhabi Financial Week 2022, the ability of the UAE capital Abu Dhabi to overcome global headwinds thanks to the strength of its economy and its commitment to standards and regulations, as well as its environment that encourages investment. and open market policies.
Al-Shurafa said that the Abu Dhabi Fund for Subscription is currently conducting a dialogue with 30 potential companies that are considering listing on the Abu Dhabi Securities Exchange.
Regarding plans to activate IPOs in Abu Dhabi, Muhammad Ali Al-Shurafa, head of the Department of Economic Development in Abu Dhabi, said that the fund, managed by the Department of Economic Development with a value of 5 billion dirhams ($1.4 billion), has already drawn up an initial list of 6 companies from the private sector, nominated to receive services. Investment and advisory services that help them qualify for listing on the Abu Dhabi Securities Exchange.
He also explained that the fund has also drawn up an additional list of 32 companies as potential candidates to receive these advisory services.
He pointed out that the fund evaluated local and regional companies from various sectors, to shortlist qualified candidates for support during the pre-IPO and IPO stages.
Al-Shurafa indicated that the Abu Dhabi Subscription Fund provides support to investment companies in the advanced stage of the subscription, and the support services provided by the Fund include the management of investment relations and the possibility of access to the economic system, which includes the relevant regulatory authorities and shareholders in the market.
He stressed that the Abu Dhabi Fund for Subscription is a vital part of the tasks of the Department of Economic Development to activate global capital in Abu Dhabi and support the financial sector within the framework of the macro economy.
Speaking about the business and investment environment in Abu Dhabi, Al Shurafa said: Abu Dhabi has simplified the procedures for starting and managing a business. For example, in Abu Dhabi, we reduced the fees for setting up businesses and renewing licenses by 93 percent, and even eliminated 71 percent of licensing requirements.
He said, “We have created an environment that encourages entrepreneurship and innovation, both internally and externally. We are also focusing our efforts on making the economy based on knowledge and sustainability,” stressing that these efforts have resulted in international recognition of the UAE’s position, placing it first on the Global Entrepreneurship Index for 2022.
“The UAE was also ranked first in the region in terms of ease of doing business, according to the Doing Business report issued by the World Bank for the year 2020. The UAE also ranked first in the Arab world and nineteenth globally in the ability to attract foreign direct investment, according to the World Investment Report for 2022.” According to the head of the Department of Economic Development in Abu Dhabi.
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