Corporate disclosure standards in UAE

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Corporate disclosure standards in UAE

Postby wedge1980 » Tue 12 Aug 2014 17:36

Hi,
I am a journalist and am planning to write a piece about disclosure standards in the UAE markets. Does anyone on here have any views on the worst examples of corporate disclosure, beyond the obvious recent issues with Arabtec and Emaar failing to disclose management changes?

Thanks
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Re: Corporate disclosure standards in UAE

Postby sharewadi » Fri 15 Aug 2014 15:19

There was a list of several topics related to DFM and ADX disclosure standards but from a couple years ago or longer so not sure how relevant it is to you now ... well some might say the recent Arabtec story indicates there has been very little change. Here's a couple of topics with more information ...

http://www.dubaisharetalk.com/viewtopic.php?t=7752
http://www.dubaisharetalk.com/viewtopic.php?t=9032

And of course this sub-forum but I guess you already know that given that's where you posted.

http://www.dubaisharetalk.com/viewforum.php?f=254

One problem that the UAE will continue to have with corporate disclosures, is the law which restricts or prohibits publishing negative information about the UAE. The boundaries of what is and is not permitted are not clear (as is quite evident when reading the same story in UAE vs international newspapers). If a high profile and partly government owned company such as Emaar announces a loss or drop in profit or publishes financial statements which show that, is that information about Dubai in the eyes of the law which is too negative for publication? Apparently not since financial statements are obviously published, but how to determine where the line is?

Thus there is a conflict between what the UAE stock market regulatory authority requires in terms of corporate disclosure and transparency, and what companies and journalists think is permissible in the eyes of the law with respect to publishing negative information about the UAE.

Is this discussion topic even permitted in the eyes of the law since it casts negative light on UAE company disclosures and transparency?
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