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
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.