The United Arab Emirates’ Securities and Commodities Authority (SCA) has approved a regulatory framework for special purpose acquisition companies (SPACs), the first in the Gulf, the Abu Dhabi Media Office said on Monday.
The regulation also allows sponsors abroad to apply for approval to list their SPACs on the Abu Dhabi Securities Exchange (ADX), the office said. ADX in a separate statement said the move would pave the way for its first SPAC listing this year.
