Today, the Dubai Financial Market announced the launch of a pilot platform for trading carbon credits, which will be implemented during the twenty-eighth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28).
According to a press release, the pilot will serve as an integrated platform to explore buying and selling trading and the use of carbon credits and provide a mechanism to help companies manage unavoidable carbon emissions.
In addition to implementing decarbonization strategies, each carbon credit represents a reduction in carbon equivalent emissions by one full ton.
The Dubai Financial Market, the platform designated for qualified institutional investors, will begin the trading period from December 4 to 8, 2023, with carbon credit settlement processes ending on January 10, 2024.
The platform will witness the participation of more than 17 major Emirati companies, including: Dubai Electricity and Water Authority, DB World, Dubai Municipality, Dubai International Financial Centre, Emirates NBD, Majid Al Futtaim, Shuaa Capital, Al Ansari Financial Services, Emaar Properties, SALIC, SE. E-Holding, Gulf Cryo, Cooling and others.
The Dubai Financial Market has worked with the Dubai Future Foundation as a partner in the pilot project, and transactions will be executed through 5 brokers on the Dubai Financial Market: Al Ramz Capital, Arqaam Securities, BHM Capital Financial Services, EFG Hermes, and Emirates NBD Securities. Finance.
Clearing and settlement operations in US dollars will also be handled by Dubai Clearing Company and Dubai Depository Company, with the global daily price reference provided by leading pricing agencies such as the Oil Price Information Service (OPIS), a Dow Jones company.
The carbon credits traded on the Dubai Financial Market will come from Dubai Electricity and Water Authority and MyCarbon for internationally approved carbon projects around the world.
This includes initiatives to avoid, reduce and eliminate carbon emissions, and all projects have been verified by one of the internationally accredited specialized classification bodies, the Vera program or the United Nations Clean Development Mechanism.
The Dubai Financial Market will include high-quality carbon credits from DEWA projects in the pilot platform.
Today, Thursday, the Dubai Financial Market revealed the transfer of Al Salam Bank Sudan shares to the second category, effective November 16, 2023.
The transfer decision came based on the Chairman of the Authority’s Board of Directors’ Decision No. (13) of 2020 regarding procedures for dealing with troubled listed public joint-stock companies.
It is noteworthy that Al Salam Bank Sudan shares have been suspended from trading since May 2023. For not disclosing its financial statements for the first quarter of 2023.
It is noteworthy that the Dubai Financial Market attracted during the first nine months of this year about 35 thousand new investors, of which 72 percent were foreigners.
There is a noticeable trend among foreigners towards enhancing their activity in the secondary market by a rate that has risen to 47 percent, with their share now reaching 20 percent of the total market value.
The Board of Directors of the Dubai Financial Market Company decided, during its previous meeting, to issue regulations for the listing and trading of shares of cooperative societies.
The company said that its Board of Directors decided to issue listing rules for companies established for the purposes of acquisition and merger.
In February 2022, the UAE Cabinet adopted a decision regarding the trading of cooperative societies’ shares in the country’s financial markets, aiming to strengthen the regulatory environment for the cooperative sector and raise its competitiveness in line with the country’s trends.
The decision aims to develop the regulatory and supervisory process for trading shares in financial markets within the country, and to create new opportunities for improvement and development with regard to trading in cooperative shares.
