Nasdaq Dubai Proposed New Listing Regime

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The Chalhoub Group has been the class b stock options dubai partner for luxury across the Middle East since As an expert in retail, distribution and marketing services based in Dubai, the Group has become a major player in the beauty, fashion class b stock options dubai gift sectors regionally.

By blending its Middle East expertise and intimate knowledge of luxury, the Chalhoub Group is building brands in the region, by offering service excellence to all its partners and a unique experience to its customers through its passionate teams. With a growing workforce of more than 12, people, implemented in 14 countries, and a network of over retail stores, class b stock options dubai Group's success is attributed to its most valued asset: Professionalism and passion are what fuels the Chalhoub Group's competitive edge in today's market.

By demonstrating commitment to sustainable business, the Chalhoub Group was awarded infor the third consecutive year, the CSR Label from the Dubai Chamber of Commerce and has been accepted as a new member of the United Class b stock options dubai Global Compact Community. Experience in the region and inherent market knowledge paralleled by a unique corporate culture that harbours values of trust and respect, has led the Group to become a reference for luxury in the Middle East.

Mission Our passionate teams build brands in the Middle East. By blending our Middle East expertise and intimate knowledge of luxury, we offer service excellence class b stock options dubai all our partners and a unique experience to all our customers. Values are what class b stock options dubai us as a Group. They are the inherent beliefs that have guided us since our inception and continue to serve as the cornerstone of our business practices and principles.

The Group cultivates the core values of Respect, Excellence and Entrepreneurial Spirit which are reflected in every aspect of our business and with each of our stakeholders — clients, suppliers, partners, customers and employees. This moral is the cornerstone of the Chalhoub philosophy. We create trust through tolerance, courtesy and appreciation for the people we interact with.

Fairness, integrity and humility. We believe that integrity is paramount to the success and longevity of the Group. Through transparency, honest communication and mutual respect, we are committed to upholding ethical standards that distinguish not only the quality of our work but also that of our actions. Long standing relationships with our brands, our clients and our employees, loyalty and its reciprocity are what distinguish us from others.

We live and work to a code of standards that enables us to surpass the common norm with commitment, efficiency as we seek to be a role model. That is, a commitment to our consumers by promising them the finest selection of international luxury brands, to our partners by responding with speed and efficiency whilst holding true to uncompromising standards of quality and to our people by making them our priority.

Continuous self-assessment allows us to embrace new ideas, build creative strategies and adopt technological evolution, class b stock options dubai that we remain at the forefront of change. Leadership, Ingenuity, Team Spirit. It continues to be at the heart of our success and future growth. With a strength of six decades in luxury across the Middle East, the Chalhoub Group is a leading player in the world of beauty, fashion and gifts. Over the years, it has acquired intimate knowledge of each country of the Middle East, deep understanding of its consumers, and unparalleled expertise in distribution channels and retail networks.

The Group is dedicated to the three main sectors of personal luxury: The Chalhoub Group is a leading distributor and retailer of perfumes and cosmetics.

Its market share is consolidated and its territory enlarged through:. With a focus on developing and promoting exclusive networks for its prestige brands, the Chalhoub Group ensures the ultimate exposure of its fashion brands through:. Gift giving is at the heart of the Middle Eastern culture. It is also where the Chalhoub family began its journey into the world of luxury with the representation of delicate objects, exceptional jewels or refined accessories.

Rigorous analysis of competitive landscape, sector performance and industry trends enables the Chalhoub Group to closely monitor market dynamics feeding into tailor-made strategies.

Quantitative and qualitative consumer research has allowed the Group to build deep understanding of the class b stock options dubai evolving consumers of the region, from nationals, tourists to expatriates. Insights and perspectives into consumer behaviour and attitudes provide the Group with the essential tools for growth in the region. Over the past six decades, the Chalhoub Group succeeded in building brands in the region, from developing not yet established brands to market leaders, or further strengthening the class b stock options dubai of well-known brands in strategic markets.

Aware of market requirements, the Group ensures maximum visibility and presence of its brands through tailor-made marketing online and offline, visual merchandising, buying and forecasting in both retail and distribution. In the past six decades, the Group has created a strong presence in the different markets, created powerful collaborations, while offering unparalleled services and unique knowledge and expertise in the region.

This has led the Chalhoub Group to be the leading partner for luxury across the Middle East. True to its commitment to respect, excellence and entrepreneurial spirit, the Chalhoub Group recruits and develops highly qualified professionals, with a passion for brands and a thirst for excellence and initiative. The Group has strengthened its operations in the countries of the Middle East and India by opening offices to allow for a strong local presence.

The regional management allows partner brands to have one point of contact to reach out to all the markets of the Middle East. Integral to trust is relationship building which the Chalhoub Group embodies through its long-term partnerships with brands, retailers and malls. This allows the Group to have a leading position in strategic negotiations, market entry and business opportunities.

The Chalhoub Group's dedicated retail architecture and design hub creates luxurious retail environments, adapting the styles and personality of each brand to the region. This is achieved by continuously sharing pertinent intelligence, developing our highly qualified resources and ensuring best-in-class and competitive in-house back-office services.

The Group offers agile and cost effective logistics support to all our partner brands, exemplified by a 73, square meter state-of-the-art ISO certified storage and handling facilities across 14 locations throughout the region. These facilities are backed by latest system technologies enabling accurate inventory control and the provision of comprehensive management information.

Our partner brands can benefit from our human resources services such as recruitment through specialized recruiters within different functions; compensation and benefit with surveys and advice on market trends; always ensuring compliance with local labour law. Accounting resources are offered with consistent structures in each market, centralisation of key activities in addition to optimised processes and internal controls.

Our IT department offers a state of the art infrastructure with centralised class b stock options dubai and ITIL processes ensuring best in class business systems, supporting our partners through industry best standards and efficient delivery system. The Chalhoub Group has become a major player in the beauty, fashion and gift sectors regionally, committed to building successful brands in the Middle East, offering a unique experience to its customers and excellence to its partners through its activities of retail, distribution and communication.

The management of oversquare meter of retail space and long-term partnerships with developers provide the Group unique perspectives on mall developments class b stock options dubai the ability to negotiate the best locations for its partner brands. The Chalhoub Group has created class b stock options dubai multi-brand concepts, unique in their own way, designed to fill a gap in the market with choice, width and depth.

Tanagra is the preferred destination for style-savvy globalists to find the quintessence of elegance, curated by experts with a finger on the luxury pulse. The Tanagra concept fuses the past, the present and the future, offering an inspiring, class b stock options dubai and edited array of lifestyle gifts and art de vivre under one roof. Since class b stock options dubai its doors init has evolved into an impressive network of 9 flagship stores spanning Kuwait, the United Arab Emirates, Bahrain, Qatar and Saudi Arabia.

This iconic district, spanning 96, square feet, is recognized as a global fashion destination, with a curated space divided into 40 designer boutiques and four multi-brand areas: It caters to the dreams and aspirations of the local customers, in addition to those visiting Yas island.

Level Kids is a complete universe class b stock options dubai mother and child, a storytelling class b stock options dubai retail journey that is enchanting, playful, whimsical and a destination for children and class b stock options dubai the family. The Chalhoub Group facilitates market access via its distribution companies as well as strategic alliances with international groups operating across beauty, fashion and gifts sectors.

The Chalhoub Class b stock options dubai looks at the region as one entity offering its partners access class b stock options dubai all markets through its regional and local hubs.

The regional coverage occasionally extends beyond the Middle East region to cover the Indian Sub-continent and Africa as well as some Mediterranean countries. With over 40 years in the travel retail distribution business, the Chalhoub Group also acts as a leading supplier to local airlines and duty free stores. The Joint Venture with Havas S. Incorporating media, digital, creative, marketing, advertising and PR all under one roof, it shows a continued dedication to providing clients a total communications offering through seamless and organic integration.

Clients which currently take advantage of this offering include Coty and Woojoh. Servicing clients through a portfolio of specialist teams that span media planning, strategy, trading, international management, digital, mobile, social media, content, experiential, entertainment and sport, their simplified and integrated structure with digital at its core allows for one of the most integrated, agile and responsive media teams in the industry.

Havas Worldwide is committed to being the most future-focused ideas agency by being more agile, more collaborative, and more digitally innovative. Their deep understanding of the regional context and the business, coupled with a focus on proactive strategy and creativity, regional insight and excellent media relationships add up to a winning formula, ensuring their clients receive a strong return on investment.

Havas specialists tailor seamless local and regional solutions, leveraging all necessary PR pillars to address any client requirement and business objective: As the leading partner for luxury across the Middle East, the Chalhoub Group believes that its responsibility is to be a role model, to give back to the community and to be part of the engaged organisations that are building a sustainable future.

We therefore also encourage and motivate our team members to be engaged both on professional and personal levels in order to protect future generations. This is why we have created Chalhoub IMPACT, the sustainable engagement strategy for the Chalhoub Group, which aims to engage its teams and partners to enhance its social and environmental performance. It is split into 3 pillars:. Our dedication to sustainable engagement is rooted in our Group values and it is these that have nurtured our environmental and social responsibility.

We have adopted education as a key channel to facilitate the development process believing that it is the first and foundational step in understanding how to address social and environmental challenges of today in the region. The Chalhoub Group is the first luxury group amongst the members in the region to become a member of the United Nations Global Compact in By becoming a member, we have joined the ranks of international, socially responsible businesses who are striving to forge the way for responsible business.

Class b stock options dubai this membership, we commit to aligning our operations and strategies with the ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption. In order to fulfill our commitment to our membership to the United Nations Global Compact, we annually release a Sustainability Report. This report covers our holistic approach to sustainability including how we conduct our business, our impact on the economies we work in, environmental stewardship, our people and quality in our operations, as well as our sustainable performance.

We have released two sustainability reports, one entitled "Nurturing Engagement" and a second one entitled "Sustainability Through Group Culture".

By being committed to implementing sustainable practices into their business, the Chalhoub Group class b stock options dubai awarded infor the third consecutive year, the CSR Label from the Dubai Chamber of Commerce.

For us, engagement is the key to a sustainable future and we encourage class b stock options dubai our stakeholders to join us on this journey.

The Chalhoub Group launched a partnership with Khalifa Fund, an entity of the Abu Dhabi government class b stock options dubai support local entrepreneurs through training and mentorship offered by the Group. Other initiatives class b stock options dubai the development of a professorship in luxury brand management with the American University of Sharjah AUS and supporting Syrian students with limited means in a devastated country with scholarships in the United Kingdom.

Inthe Group has opened the Chalhoub Learning centre in Bekaa Lebanon in conjunction with Jusoor, a non-profit, non-political and secular organisation that offers education services to Syrians. The centre offers basic mathematics and English lessons to help refugee children join the formal learning system. The Chalhoub Group offers a growing scholarship programme with an outreach of 17 students annually.

The Chalhoub Group strives to reduce its carbon footprint and educate employees on regional environmental issues. In addition, the main warehouse has been ISO certified since class b stock options dubai The Group has introduced an environmental policy and energy efficiency campaign to ensure environmental responsibility is a part of the Group processes and policies. The checklist also covers daily store operations in which store managers oversee daily green practices related to waste management and energy saving.

On an educational level, each year our employees participate in a range of activities to raise awareness about environmental issues and promote stewardship.

The Chalhoub Group takes action as global citizens to better the livelihood of those in need. The campaign is run in over stores and class b stock options dubai the training and commitment of over retail employees. Annually daffodil pins sales are increased and all sales are doubled by the Group as an appreciation for the support demonstrated by customers visiting Chalhoub Group stores. In addition to this campaign, the Chalhoub Group is quick to react to global disasters by facilitating class b stock options dubai matching collections made by colleagues across the region.

It's been a big week for the Chalhoub Group, culminating in the announcement of a new partnership with e-commerce giant Farfetch.

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The Listing Rules have been subject of discussion and public consultations, its various drafts have been exchanged between the Exchange, the DFSA, professionals in the fields of banking, finance and law for about two years, aimed at aligning them with international standards but at the same time ensuring listing and on-going reporting requirements would not be unduly burdensome towards issuers. Lately, we have witnessed a significant progress in implementation of the new listing regime.

The transfer of the List has been implemented in order to streamline the regulatory process for approving prospectuses and listing now centralised with the DFSA , for the benefit of issuers and investors and in compliance with international best practice. The Interim Listing Rules are less comprehensive than the Listing Rules, as the entire regime related to admission of securities to listing has been left out.

The Interim Listing Rules set out the legal framework for the admittance of securities to trading on NASDAQ Dubai and the continuing obligations imposed on issuers of securities which are admitted. The DFSA is now going to be in charge of the listing process, whereas the main function of NASDAQ Dubai has become supervision of the admittance to trading of securities on its market and monitoring of orderly trading.

The DFSA has opened a public consultation period in respect of the provisions proposed under the Paper and will be accepting comments from the public till 15 November this year. Numerous solutions proposed under the Markets Rules have been modeled on those currently in place in the United Kingdom, Hong Kong or Singapore.

The DFSA were of the view that many expat professionals practising in the DIFC have experience in advising on transactions in those jurisdictions; therefore, it decided to respond to their expertise by referring to the principles and practices these professionals are already familiar with.

The most essential changes to the listing regime that have been proposed under the Market Rules are:. Whereas listing principles had no participation under the provisions regime, the Markets Rules, under Chapter 9, set out five listing principles, i.

In line with the legal approach adopted under EU legislation, under the Markets Rules the DFSA has proposed that at least 25 per cent of the securities that are to be admitted to listing on NASDAQ are in public hands, which shares do not include those held, directly or indirectly, by:. The listed entity is required to adhere to that requirement at all times, i. The DFSA may, however, in exceptional circumstances, accept a percentage lower the 25 per cent if it considers than the market will operate properly, with a lower percentage in view of additional factors, e.

Under the Market Rules, the issuer is obliged to comfort the DFSA that it and any of its subsidiaries have sufficient working capital available for its present requirements or, if not, how it proposes to provide the additional working capital needed. The issuer must also confirm in the prospectus that it is going to meet the capital adequacy requirement for the period of at least 12 months after prospectus admission. An applicant must ensure prior to listing that it has adequate systems and controls to eliminate or manage material conflicts of interest e.

As soon as the DFSA finalise looking into the comments to the Paper made by the public, the new listing regime, consisting of: The changes proposed under the Paper seem to deal with the matters of listing and ongoing disclosure obligations in an advanced and internationally recognised manner.

A brief outline of the most essential developments in this regard has been set out below. The most essential changes to the listing regime that have been proposed under the Market Rules are: Listing Principles Whereas listing principles had no participation under the provisions regime, the Markets Rules, under Chapter 9, set out five listing principles, i.

Integrity — a listed entity must act with integrity towards holders and potential holders of its securities. Clear and Non-misleading Communication — a listed entity must communicate information to holders and potential holders of its securities in such a way as to avoid the creation or continuation of a false market in such securities.

Cooperation — a listed entity must deal with the DFSA in an open and co-operative manner. Shares in Public Hands In line with the legal approach adopted under EU legislation, under the Markets Rules the DFSA has proposed that at least 25 per cent of the securities that are to be admitted to listing on NASDAQ are in public hands, which shares do not include those held, directly or indirectly, by: Working Capital Adequacy Under the Market Rules, the issuer is obliged to comfort the DFSA that it and any of its subsidiaries have sufficient working capital available for its present requirements or, if not, how it proposes to provide the additional working capital needed.

Market capitalization requirement i.