Dubai Launches Nasdaq Growth Market to Support SMEs

The Nasdaq Dubai Growth Market will enable fast-growing companies to achieve a streamlined and cost-effective listing on the region’s international exchange. Asharq Al-Awsat
The Nasdaq Dubai Growth Market will enable fast-growing companies to achieve a streamlined and cost-effective listing on the region’s international exchange. Asharq Al-Awsat
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Dubai Launches Nasdaq Growth Market to Support SMEs

The Nasdaq Dubai Growth Market will enable fast-growing companies to achieve a streamlined and cost-effective listing on the region’s international exchange. Asharq Al-Awsat
The Nasdaq Dubai Growth Market will enable fast-growing companies to achieve a streamlined and cost-effective listing on the region’s international exchange. Asharq Al-Awsat

Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has launched the Nasdaq Dubai Growth Market, a new market under the umbrella of Nasdaq Dubai, Emirates News Agency (WAM) reported.

The initiative aims to help young businesses and small and medium-sized companies, SMEs, achieve the next phase of their expansion by raising capital through an initial public offering, IPO, it said.

The step falls under the framework of the Dubai Future District initiatives, which was launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, as the largest specialized area in the region for creating the future economy by providing an investment, technical, legislative, service and incentive environment. The district links Emirates Towers with the Dubai World Trade Center and the Dubai International Financial Center.

The Nasdaq Dubai Growth Market will enable fast-growing companies to achieve a streamlined and cost-effective listing on the region’s international exchange. As part of the Dubai Future District project, the Growth Market will welcome not only companies in the UAE, but also list companies from around the world to help them expand in the region and internationally, WAM said.

It quoted Sheikh Hamdan as saying that Dubai is keen to launch initiatives that will boost the economy locally, regionally or globally and stimulate growth across various sectors, while also creating an environment where businesses can prosper through forming partnerships and opportunities.

The Nasdaq Dubai Growth Market will add further momentum to Dubai and the UAE’s established role as the Middle East’s hub for business and finance and will serve as an ideal incubator for innovative projects, Sheikh Hamdan noted.

"SMEs are a key engine of our national economy. The launch of the Nasdaq Dubai Growth Market is a strategic step that will support this vital sector by opening new horizons for its companies and providing them with investment resources to expand their business and enhance their attractiveness in global markets," he said.

Sheikh Hamdan underlined the value of supporting small and medium-sized companies and its contribution to the overall economic development.



OPEC+ to Boost Oil Production by 548,000 Barrels per Day in August

A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
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OPEC+ to Boost Oil Production by 548,000 Barrels per Day in August

A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)

Eight members of the OPEC+ alliance of oil exporting countries say they will boost production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on Saturday to review global market conditions and outlook.

The group had previously announced additional voluntary adjustments in April and November 2023.

The eight countries will implement a production adjustment of 548,000 barrels per day in August 2025 from July 2025 required production level in view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on December 5, 2024, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025.

This is equivalent to four monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability.

The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. They reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3, 2024.

They confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. They will meet on August 3, 2025, to decide on September production levels.