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.
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