After almost 20 years of discussions, the UAE looks set to have a properly regulated stock exchange by the end of the year. For bankers such as Khalid Kalban, general manager of Dubai Investments, who have campaigned for this since the early 1980s, there is still a whiff of unreality about it all. In the past, says Kalban: "Every time it looked like becoming a reality, something happened that stopped it."
However, it looks increasingly likely that an official exchange will finally be created and replace the volatile and unregulated over-the-counter market. Although no clear-cut schedule has yet been announced, legislation and a structure have been agreed, encouraging bankers such as Kalban to believe that the new structure may be fully in place by the end of the year.
This will not be a moment too soon. The UAE needs a well-managed, stable capital market if it is to make...
