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ADX Signs Mou With Muscat Securities Market (MSX) To Enhance Cooperation And Expand Bilateral Relations
 
ADX Signs Mou With Muscat Securities Market (MSX) To Enhance Cooperation And Expand Bilateral Relations

ABU DHABI, UAE – 28 Sept 2022: The Abu Dhabi Securities Exchange (ADX) and the Muscat Securities Market (MSX) signed a memorandum of understanding (MOU) today that aims to build on the strong foundations for a closer partnership and exchange visions and experiences between the two parties in various fields of common interest. 

The MOU, which was signed during the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, to the Sultanate of Oman, builds on the foundations of the close partnership between the two parties and aims to increase collaboration in a wide range of areas to serve their common interests. The agreement is aligned with ADX’s commitment to supporting the UAE’s strategy for economic diversification and growth to promote prosperity in the country. 

Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of Abu Dhabi Securities Exchange commented: “The signing of this MoU reaffirms both Abu Dhabi’s and ADX’s commitment to establishing a regional network for knowledge and information sharing which is intended to bolster liquidity and mutual long-term economic growth with our regional partners. The signing of the MoU between ADX and MSX, which is aligned with the GCC’s efforts in promoting financial integration, aims to further develop the investment and capital markets landscape between the two countries by adopting the highest standards of regulatory best practices in both markets. To this end, ADX will continue in its successful efforts to date in establishing close working relationships, cooperation and collaboration with regional and international financial markets.” 

On this occasion, Haitham bin Salem Al Salmi, CEO of the Muscat Stock Exchange (MSX) and Chairman of the Board of Directors of the Muscat Clearing and Depository Company (MCD) said: that these agreements and memoranda of understanding will enhance the levels of cooperation between the two markets, and it is hoped that they will have positive repercussions on strengthening the bonds of relations between all components of the capital sector in the two countries. He emphasis that this cooperation will open the way to create many investment opportunities for all investors, support economic development, benefit from the experience of the Abu Dhabi Securities Exchange, and strengthen brotherly relations between the two countries, hoping that the qualitative and distinguished relations between the two countries’ markets will continue.

Al-Salmi also expressed his hope that all concerned parties will benefit from the multiple opportunities and broad prospects of cooperation offered by these agreements and memoranda of understanding, which can be built upon in various sectors, leading to the prosperity of the economy in the two countries and benefiting all parties.

The MOU aims to enhance bilateral cooperation and information sharing in a number of areas, including advisory services, training, development of systems, and promotion of integration. It also provides a channel of direct communication between the two parties, for the exchange of legal and technical information, sustainability and ESG.

ADX also signed a memorandum of cooperation with the Muscat Clearing & Depository Company. S.A.O.C. (MCD) for dual listing of securities on both markets and to further develop clearing and central depository functions in the two markets, allowing each party to obtain the required permits and approvals to collaborate, and to establish joint working committees on issues of common interest. 

ADX also signed a separate agreement with MSX to promote cooperation on dual listing of securities across the two markets. The agreement sets out the legal foundations for such transactions and unifies and defines the required operational, administrative and technical procedures to achieve effective cooperation and coordination.

As part of the growing relationship, MSX will be joining the “Tabadul” platform, which was created by ADX in collaboration with Bahrain Bourse (BHB) to connect regional exchanges. Established on the mutual market access model, Tabadul enables investors to trade directly on the onboarded exchange through local authorized brokers. Securities listed on MSE will therefore be available for trading on the platform along with securities listed on ADX and BHB, in a step that will promote economic growth, build regional partnerships, increase liquidity and drive sustainable growth in stock markets in the region.

- ENDS -

Posted by : Abu Dhabi and Al Ain PR Network Editorial Team
Viewed 174 times
PR Category : Government, Legal & Humanity
Posted on : Wednesday, September 28, 2022  2:34:00 PM UAE local time (GMT+4)
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