H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and Chairman of the Securities and Commodities Authority (SCA), chaired a meeting attended by SCA’s executive management team. H.E. Al Mansoori started the meeting by stressing the government’s efforts in providing strong stimulus packages to deal with the impacts of the current global crisis, saying that other packages will follow to empower recovery from these impacts.
The meeting discussed financial market conditions and latest developments, in addition to proposals, initiatives, and mechanisms for coordinating with financial markets and other official authorities. The meeting also stressed that short selling is not permitted at present in the UAE and that coordination is under way with financial markets to ensure that the online voting mechanism for shareholders has already been put into effect. Participants at the meeting also considered a proposal to postpone the annual general meetings of shareholders and to speed up buyback procedures, in addition to another proposal concerning stock limit down. At the end of the meeting, H.E. Al Mansoori emphasized that all actions have been taken to maintain the soundness of financial markets and to safeguard the rights of investors, in line with the best international practices.