Allow higher foreign stakes: ADX

Denying that foreign money had fled the Abu Dhabi Securities Exchange (ADX) in the wake of the global economic crisis, Rashed Al Baloushi, the bourse's acting CEO, urged companies in the UAE to expand their foreign ownership.

Speaking exclusively to Emirates Business, Baloushi said firms must take full advantage once the new corporate governance law is introduced.

"Local companies need to allow more stakes to foreigners. The new mandatory corporate governance codes will apply from next month, and such a step is expected to provide foreigners with more transparency and better disclosure," said Al Baloushi, who is also ADX Director of Operations. "Foreigners never left ADX; rather their positions fluctuated, reflecting their sentiment towards equities in general and their need to cover exposed positions overseas by liquidating assets."