Dubai's Deputy Ruler Sheikh Maktoum bin Mohammed bin Rashid confirmed that the Supreme Committee for the Development of Financial Markets and Exchanges in Dubai has adopted initiatives aimed at doubling the financial market to 3 trillion dirhams, alongside the listing of 10 government and quasi-government companies on the Dubai Financial Market. Sheikh Maktoum noted the formation of a law enforcement committee in its markets and specialized courts, emphasizing that "the financial market is our economic front, and no one will be above the law."
The committee approved the launch of a market maker fund worth 2 billion dirhams, and another worth 1 billion dirhams to encourage technology companies to list on the local market. Sheikh Maktoum stated, "Dubai has a financial market, the Nasdaq Dubai, and a market for gold and commodities. We are the second largest global center for Islamic sukuk, the third highest country in diamond trade, and we have one of the largest gold exchanges. We are the largest country for re-exporting tea and have exchanges for trading these commodities. Our next step will be to regulate digital assets for a leap into the future."
The decisions also included working on coordinating operations between the Dubai Financial Market, Nasdaq Dubai, the Dubai Gold and Commodities Exchange, and the Dubai Multi Commodities Centre, starting the establishment of a specialized department to adjudicate securities disputes in the Commercial Court, which is set to begin operations in January 2022. The decisions also included the establishment of a law enforcement committee for financial markets in Dubai, chaired by Dr. Abdullah Al-Ghafri, to develop procedures, monitor violations, and enforce laws, as well as study the legislative and regulatory framework for digital asset products and cryptocurrencies.
