United Arab Emirates
Country: United Arab Emirates
Status: Full Jurisdiction
Jurisdiction Name : xbrl.ae
Website : http://www.xbrl.org/ae
Membership Count: 1
IFRS Adoption for Public Companies: Required for all domestic listed companies
XBRL PROJECTS OVERVIEW:
| Abu Dhabi Securities Exchange (ADX) | Development |
| XBRL UAE | Development |
JURISDICTION MEMBERSHIP:
| Abu Dhabi Securities Exchange (ADX) |
On 2 March 2009 XBRL International, Inc. announced the joining of XBRL-United Arab Emirates (XBRL-UAE) to the global consortium to support its efforts to adopt XBRL as the worldwide business reporting standard. XBRL-UAE is the 29th international XBRL jurisdiction to be established..
Abu Dhabi Securities Exchange (ADX) has participated in the 2010 Middle East Securities Forum taking place in Doha, Qatar on 22-23 March, 2010, represented by Khaled Khalfan Al Suwaidi, Head of Listed Companies Department.The two-day event was dedicated to discussing the means to improve the region’s appeal as an investor destination through addressing the alignment of the region’s capital markets to the movements of the global markets, the exaggerated risks of the GCC, developing the regulatory frameworks, as well as the current trends in the region’s financial markets.
“We are sharing with the region’s financial community the latest developments and initiatives for ADX including the application of the Extensible Business Reporting Language (XBRL), the introduction of Exchange Traded Funds (ETFs) as a new investment vehicle, as well as the latest developments related to applying the appropriate corporate governance codes,” spokesman for ADX Al Suwaidi revealed
“What we aim is to explain the importance of coordinating the efforts at the national levels through exposing our central role within the framework of Abu Dhabi’s Economic Vision 2030 and how we were able to embed the objectives of this ambitious vision to our strategy at ADX,”
Dubai, 3 April 2010 (WAM) – The United Arab Emirates has floated a practical initiative aimed at integrating securities markets of all member states of the Gulf Cooperation Council (GCC). The initiative which will see the markets operating under the same policies and regulations was outlined in the statement of H.E. Sultan bin Saeed Al-Mansoori, Minister of Economy, during the 1st Meeting of the Ministerial Committee of Chairmen of GCC Regulators Board, which was held in Riyadh.
The two-tier initiative consists of issues that need instant action and other issues which can be dealt with in stages according to certain timeframe, to be agreed on by members.
The strategy also highlighted the need for the technical committee to study the possibility of having all member states to coordinate and cooperate among themselves to acquire the same technical systems when necessary, and to coordinate efforts in the areas of unified technical and professional training for staff of all securities markets and regulators of member states and establish a network of database of all GCC stock markets according to a system that would be agreed upon by all members. The strategy also recommends the use of the criteria of the International Securities Identification Number (ISIN) to identify listed companies through the unifying of their numbering systems, developing the debt securities, including Islamic bonds (Sukuk) and by approving the legal and technical framework declaration and setting up institutions that regulate them, as well as by generalizing the adoption of the Extensible Business Reporting Language (XBRL) system by PJSCs, securities markets and regulators.
