Introduction

On 2 November 2020, the UAE Securities & Commodities Authority (SCA) announced that it had amended its offering rules (Offering Rules) to allow free zone companies to list and offer their shares (an initial public offering or IPO) in the United Arab Emirates (UAE). Subsequently, on 14 March 2021, Dubai Airport Free Zone Authority (DAFZA) issued new DAFZA Implementing Regulations (New Regulations) to facilitate Dubai Airport Free Zone (DAFZA or the Free Zone) companies to IPO in the UAE in response to the changes to the Offering Rules. DAFZA has published this Circular containing Q&As to explain how DAFZA companies can now proceed to raise equity capital through an IPO in the UAE.

SCA amended its existing Offering Rules by issuing Securities and Commodities Authority Decision No. 25/RM/2020. The New Regulations were approved by Administrative Resolution No. (ADM 004 2021) Regarding Approving DAFZA Implementing Regulations 2021.