Global Securities Markets: Navigating the World's Exchanges and OTC Markets

PRACTICAL COMMENTARY CONCERNING TRADING, CLEARING, AND CUSTODY IN THE MIDDLE EAST AND AFRICA

TABLE 5.4 Middle East

• Trading days in the Middle East are Sunday to Thursday.
• Bahrain—No single foreign individual can own more than 10 percent of a company.
• Qatar—Foreigners can own up to 25 percent of the shares of a company with some exceptions.
• Kuwait—Foreigners can only own up to 49 percent of banks, but no restrictions on other issuers of shares.
• UAE—Foreign ownership is restricted to 49 percent of an issuer's shares.
• All sales must be prevalidated in Middle Eastern markets (i.e., shares must be available for sale in the local broker's clearance account with the custodian before any sale). From a practical perspective, this means that active traders leave shares in the name of their local brokers whereas buy and hold investors will move shares to custody accounts ultimately held in their name at the CSD.

TABLE 5.5 Africa