What a dual listing is
In a dual listing the same class of shares is admitted to trading on two exchanges, and the company complies with the rules of both. A secondary listing is the lighter version: the home exchange stays the primary market, and the second venue relies in part on the home supervision. The company may raise new capital at the same moment, as Air Astana did with a simultaneous IPO on LSE, AIX and KASE completed on 15 February 2024, or it may simply admit shares that already exist.
Owners and CFOs usually have four practical reasons:
- access to institutional investors that cannot or will not buy on the home market;
- a trading line in a hard currency, for example USD on Nasdaq Dubai or AIX;
- visibility with partners, lenders and rating agencies in the new region;
- a base for a later follow-on offering in that market.
Depositary receipts: GDR and ADR
A depositary receipt is a certificate issued by a depositary bank that represents shares held by a custodian in the issuer's home country. ADRs trade in the United States, GDRs mostly in London and other international markets. The investor holds a dollar instrument settled in a familiar system, while the underlying shares stay on the home register. Receipts help when local law limits foreign ownership, when the home currency is not freely convertible or when foreign funds cannot open accounts on the home market.
Recent examples from the region show how the tool is used. UzNIF's GDRs began trading on the LSE and its shares on the Tashkent exchange on 18 May 2026, after Uzbekistan defined dual listing in its exchange rules that month. Foreign companies can list in Saudi Arabia through Saudi Depositary Receipts. KASE admits shares and depositary receipts already on the official list of a recognised exchange under a simplified procedure.
Listing an already public company in the UAE and Astana
The UAE onshore exchanges accept foreign companies that are listed elsewhere, under similar conditions in the DFM Listing Rules (Rule 2.17) and the ADX rules (Art. 11). DFM also expects at least 25% of the shares to have been offered to the public before, or 15% if market capitalisation exceeds AED 5 billion. The financial centres work differently: Nasdaq Dubai in DIFC and AIX in Astana apply one set of rules to local and foreign issuers.
| Point | DFM | ADX | Nasdaq Dubai | AIX |
|---|---|---|---|---|
| Regulator | CMA (formerly SCA) | CMA (formerly SCA) | DFSA | AFSA |
| Existing foreign listing | Required, may be waived | Required | Not required, dual listings possible | Not required, same rules for all issuers |
| Capital or size | Paid-up capital from AED 40 million | Paid-up capital from AED 40 million | Market tests of the chosen segment | Market value from USD 1 million on the Main Market |
| Track record | 2 years audited, net profit in each of the last 2 | 2 years audited, net profit in the last 2 | 3 years IFRS on Main, 1 year on Growth | 3 years, one profitable year, waivable |
| Local support | Local representative and Listing Advisor for 1 year | Local representative and CMA-licensed Listing Advisor for 1 year | Sponsor and compliance adviser | Under AIX rules |
| Currency and law | AED, UAE federal law | AED, UAE federal law | USD, DIFC common law | USD, AIFC common law |
Nasdaq Dubai does not require a foreign issuer to convert into a UAE PJSC, and its documents are in English. AIX accepts financial statements under IFRS or other standards acceptable to AFSA.
London and Hong Kong
Under UKLR 5.6.1R the FCA will not admit shares of a third country company that are not listed in its country of incorporation or in the country where most of its shares are held, unless it is satisfied that the absence of such a listing is not due to investor protection concerns. A separate category exists for secondary listings of international companies. HKEX offers secondary listings under Chapter 19C, and the A+H model, where a mainland company lists in both Shanghai or Shenzhen and Hong Kong, accounted for 38 deals worth about USD 33.4 billion in 2026 by August, according to CNBC and Global Times.
What a second listing costs the company
- two disclosure regimes: inside information has to reach both markets at the same time, often in two languages;
- two reporting calendars, trading holidays and settlement systems for dividends and corporate actions;
- a split order book, so liquidity on the second venue may stay thin;
- listing and annual fees, a local representative or adviser, and the work of the IR team in a new market;
- for receipts, a deposit agreement, depositary fees and the need to keep the receipt programme within home rules on foreign ownership.
When it fits
A dual listing works for a company that already meets public company standards and wants a new investor group, a currency line or regional visibility without a full IPO process. It does not replace a first listing: a private company still has to go through the IPO preparation, or use a direct listing where the rules allow it. This material is published by Eurasia Consulting Group as an educational guide.