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Dubai says local companies must IPO locally before seeking listings abroad

DUBAI, Jan 30 (Reuters) - Dubai ordered local companies to sell shares in local stock markets before seeking listings in other emirates or abroad, a decree from Dubai’s ruler showed on Saturday.

Companies founded elsewhere must list their shares in Dubai when their revenues from local market reach 50% and higher and when their local assets reach 50%, the decree, published on the website of Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, said. (Reporting by Aziz El Yaakoubi Editing by Frances Kwerry)

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