The Abu Dhabi Securities Exchange (ADX) is coordinating with brokerages to introduce short-selling on the exchange by the end of March, according to Rashed Al Baloushi, the chief executive.
Mr Al Baloushi told Bloomberg the exchange was working on final touches to the regulations, and expected the practice to be permitted from next month onwards.
The ADX initially announced plans in December for technical short-selling, to boost market liquidity and attract more foreign investors.
The Dubai Financial Market last month announced plans to introduce the practice for selected securities “in the coming months”.
Short-selling has been practised by institutions throughout the region, despite being illegal outside Kuwait, and has been blamed for sharp falls in local stock markets.
The Securities and Commodities Authority introduced regulations enabling short-selling in 2012 for licensed market makers, with other institutions requiring permission from the regulator and the relevant exchange.
A market maker is a broker and dealer that balances supply and demand for shares by matching buyers and sellers.
It also stands ready to buy or sell shares when there are no public buy or sell orders, thus creating a market.
The Abu Dhabi bourse licensed Al Ramz Securities as a market maker in September. The DFM has yet to licence any such institutions.
jeverington@thenational.ae
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Last-16
France 4
Griezmann (13' pen), Pavard (57'), Mbappe (64', 68')
Argentina 3
Di Maria (41'), Mercado (48'), Aguero (90 3')
'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Cricket World Cup League 2 Fixtures
Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
Sunday March 6, Oman v Namibia, ICC Academy
Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
MATCH INFO
Crawley Town 3 (Tsaroulla 50', Nadesan 53', Tunnicliffe 70')
Leeds United 0
