Dubai says local companies must IPO locally before seeking listings abroad

Details were announced on the website of Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum. (File/AFP)

DUBAI: Dubai ordered local companies to sell shares in local stock markets before seeking listings in other emirates or abroad, a decree from Dubai's ruler showed on Saturday.
Companies founded elsewhere must list their shares in Dubai when their revenues from local market reach 50 percent and higher and when their local assets reach 50 percent, the decree, published on the website of Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum, said.