As part of the activities marking the 10th anniversary of the establishment of the Emirates Securities and Commodities Authority (SCA), the Emirates Post has issued a collection of stamps in the AED1, AED2, AED3 and AED5 denominations, in addition to a commemorative post card and the cover page of its issue, now ready for sale at its Central Post offices in Abu Dhabi, Deira and Karama.
This came at a time the UAE Central Bank has also issued yesterday, Sunday, a commemorative silver coin on the occasion of the 10th SCA anniversary.
During a ceremony held at the Dubai premises of the Ministry of Economy to launch the new stamps collection, H.E. Engineer Sultan bin Saeed Al-Mansoori, Minister of Economy, received from Mr. Ibrahim bin Karam, Executive Director of Emirates Post a plaque containing a collection of the commemorative stamps and the First Day cover. H.E. Abdullah Salim Al-Turifi, SCA Chief Executive Officer, was present at the ceremony.
"The issuing of the collection of commemorative stamps and coin is part of our celebration of an occasion that is so dear to our heart, to commemorate the take-off of the operations of the SCA, which has been playing an important role as one of the major pillars of the UAE national economy," the UAE minister said in a statement on the occasion, adding that the SCA's achievements in regulating the operation and functions of stock markets in the country are now a show piece for all.
Al-Mansoori said the SCA, since it was established, had been working to boost investment attraction of UAE securities and commodities markets, through the promulgation and issuance of investment-friendly laws and regulations over the past years, adding that those investment-friendly laws and regulations had impacted positively on the investment climate of one of the most significant investment channels in the country.
He noted that the onward march on the path of development and appraisal with the latest international practices in everything related to the securities industry was continuing unabated. This is being done side by side with the amendment some of the current legislations and regulations in a way that would meet the latest developments in the sector, he said.
Also commenting on the occasion, H.E. Abdullah Salim Al-Turifi, SCA Chief Executive Officer, expressed profound happiness on the issuance of the commemorative stamps and silver coin, which, he said, commemorates an occasion so dear to the hearts of all. "To us, the marking of the 10th anniversary of the SCA represents a new platform for launching greater efforts to further strengthen the role of the SCA in the nation's economic activities, in general, and in the securities and commodities sector, in particular," he added.
He pointed out that the SCA will continue to modernize its regulations to live up to the latest developments on the markets. He said amendment of the regulations will be made in accordance with the demands of the markets, adding that the SCA had taken giant strides on the path of providing sound and fair principles of transactions on the markets and described those strides as "great and important towards achieving its aspirations and objectives".
Also commenting on the occasion, Mr. Ibrahim bin Karam, Executive Director of Emirates Post, said: "The issuance of these commemorative stamps is a contribution of the Emirates Post in supporting the efforts being made to highlight the significant contributions of one of the most significant national institutions, by promoting it locally and internationally and showcasing its role in the nation's comprehensive development march through the issuance of stamps which are considered today as ambassadors, as they go round the globe holding aloft the nation's emblem, culture, heritage and achievements."
Bin Karam added: "Since it was established, the SCA has been exerting great efforts to strengthen further the infrastructure of the securities and commodities markets in the country. It continues to strive harder to boost the confidence of investors, creating opportunities for the investment of savings and monies in securities on the basis of fairness and equity that guarantees safe and accurate transactions on the local markets."
He expressed profound happiness on his outfit's contributions in showcasing the fruitful efforts of the SCA through the issuance of the new postage stamps.
It's worth noting here that the SCA was established in 2000. Since then it continued to take giant strides on the path of progress and development. It has successfully strengthened its legislative and regulatory infrastructure through the issuing of a comprehensive regulations and bye-laws, which contributed immensely in boosting sound transactions and in maintaining stability on the UAE capital market, through its supervisory role and continuous follow-up of trading activities on the markets and regular and surprise inspection visits to the markets and brokerage companies.
The SCA has also given in-depth meaning to the market by encouraging family companies to transform into public joint stock companies. It has also put in place rules and regulations which organize initial public offering procedure and operations, leading to a sharp increase in the number of listed companies on the securities markets. This has also led to the significant success of the Emirates Securities Market index in winning the confidence of investors and clients.