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DED, SCA in deal to strengthen licensing procedures
DUBAI — The Emirates Securities and Commodities Authority (SCA) and the Dubai Department of Economic Development (DED) have signed a memorandum of understanding (MoU) to co-operate in the inception of public joint stock companies, and simplify, facilitate and develop the necessary procedures for the licensing of securities companies in Dubai.
The MoU also includes co-ordination in the fields of training and exchange of expertise. The initiative is part of efforts to serve the national economy and enhance the UAE’s investment environment by bringing in greater transparency and promoting stronger corporate governance standards.
Abdullah Salim Al Turifi, Chief Executive of SCA, and Sami Al Qamzi, Director-General, DED, signed the agreement. Officials from SCA and DED attended the signing ceremony held recently at the DED headquarters in Deira.
As per the agreement, the two parties will be linked electronically to issue and renew trade licences for public joint stock companies and securities companies to exchange information and data related to Dubai’s Annual General Meetings, and to provide data related to the procedures of issuing shares, debt bonds and Islamic Sukuk whether at inception or at later stages.
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