Abu Dhabi has proposed a regulatory framework to allow the listing of blank-cheque companies, potentially opening the door to a slew of Gulf-focused deals involving special-purpose acquisition companies (SPACs).



The proposal led by the Abu Dhabi Securities Exchange (ADX) and the Department of Economic Development has been submitted to the Securities and Commodities Authority, the ADX said in a statement on Tuesday.



The move would allow SPACs to publicly list, it said, while the framework would also open up sponsors outside of the United Arab Emirates to apply for approval to list their SPACs on the local exchange.