Al Zaabi Inaugurates 10th GCC Regulators Summit 2016

: 1/27/2016

Abu dhabi 25 /1/2016

 

The event, set to take place on 25 & 26 January, 2016, at is held in association with the Abu Dhabi Global Market (ADGM) and under the patronage of the UAE Minister of Economy, H.E Sultan bin Saeed Al Mansouri.

Ibrahim Al Zaabi, Director General of Insurance authority, delivered the keynote speech on behalf of the UAE Minister of Economy, H.E Sultan bin Saeed Al Mansouri. “Last year, the UAE's second market was inaugurated to list the shares of private joint-stock companies, as well as to enforce companies to implement the electronic disclosure system (XBRL). The UAE also ranked first globally on the Corporate Board Effectiveness Index (BEI) according to the World Competitiveness Yearbook 2015,” he added.

With regard to the stock markets, Mr. Al Zaabi pointed out that the upgrading of the UAE to ‘emerging markets’ status by MSCI has also been completed, translating a positive impact on the economy in general with the increase in foreign direct investment flows and greater international interest in the UAE’s shares and securities.

According to statistics on the performance of GCC financial markets, the combined trading value for 2014 reached approximately $797.3 billion, while the total volume of shares traded in these markets for the same period stood at $140.8 billion in securities. Market value registered $1.04 trillion by the end of 2014.

The UAE has achieved high economic growth rates across key sectors. According to estimates, the UAE economy grew at the rate of 4.5 per cent in 2014. The UAE has also ranked high internationally on varied competitiveness indices.

Speaking about the strategy of the Emirates Securities and Commodities Authority (SCA), Mr. Al Zaabi noted that SCA is working to amend the Federal Law on the Emirates Securities and Commodities Authority and Market to regulate the relationship between competent bodies involved in the financial services sector in the UAE.

He pointed out that foreign direct investments received another boost with the GCC countries adopting an economic policy to diversify sources of national income. Currently the GCC economies can absorb many investments - particularly those focused on energy and information technology.

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