UAE bourse merger still on table

Committee is expected to present its recommendations by year-end. A long-touted merger between the Abu Dhabi and Dubai stock exchanges is still on the table, the UAE Minister of Economy said yesterday, with a committee expected to present its recommendations by year-end. The owners of the Dubai Financial Market, the only listed Arab bourse, and Abu Dhabi Securities Exchange announced two years ago that they were in high level talks on a merger. The process has been stalled on valuations, sources have said. "It is still being discussed. A committee has been created to discuss... they will report back to ESCA and then we will evaluate," said Sultan Bin Saeed Al Mansouri, who is also chairman of the UAE Securities and Commodities Authority (ESCA). "I do hope by the end of the year we will have some kind of indication, it has to be done in a very systemic way. It serves the interests of both markets." From: Gulfnews