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Sun Oct 6, 2019 17:48:46

ADX & Tadawul to Strengthen Bilateral Ties

Riyadh, 6 October 2019: Abu Dhabi Stock Exchange ADX and The Saudi Stock Exchange (Tadawul) explored ways to enhance bilateral ties and promoting cooperation in the cross-listing of securities between both capital markets.

Tadawul recently hosted a delegation from Abu Dhabi Securities Exchange (ADX), headed by acting H.E. Chief Executive Khalifa Salem Al Mansouri, in Riyadh to discuss areas of cooperation between the two exchanges.

Eng. Khalid Al Hussan, Chief Executive Officer, along with other senior officials and key representatives of Tadawul were in reception of ADX delegation, with the ultimate goal of enhancing bilateral ties between the two stock exchanges. The visit aligns with the Saudi-Emirati Coordination Council’s ongoing efforts to boost collaboration between both countries.

The visit also featured an in-depth discussion of key industry topics and spheres of collaboration, including technological solutions aimed at improving efficiency and enabling further market developments. Another key discussion point was the launch of the Securities Clearing Center Company (Muqassa) in Saudi Arabia, and its role and benefits for the region. The meeting also covered the cross-listing of securities on both exchanges.

Eng. Khalid Al Hussan, Chief Executive Officer of Tadawul, said: “It was a pleasure to host ADX, as such visits present an opportunity to deepen our current relationship of mutual trust and cooperation. The fruitful meeting reflects not only our deep ties, but also our shared interest in collaborating in order to enhance the Saudi and UAE capital markets respectively. It is important that we maintain our strong bilateral ties, which play an integral role in Tadawul and ADX achieving the strategic objectives of two leading regional stock exchanges.”

H.E. Khalifa Salem Al Mansouri, acting Chief Executive of ADX, commented: “We are grateful to be hosted by Tadawul, and our meetings provided fertile ground for productive discussions. There is much alignment between our Exchange’s respective visions, with each at similar stages of development and together, we identified clear and practical areas for collaboration that will advance the regional investment environment. The strong groundwork laid today will ensure smooth cross-listing of securities across our two markets, which will improve the competitiveness of our business environments and ease of doing business.”

Earlier this year, Tadawul hosted ADX to sign a Memorandum of Understanding (MoU) with Tadawul’s fully owned Securities Depository Centre Company (Edaa). The MoU facilitates the exchange of information and data relevant to transactions carried out by brokers, members, and investors, in addition to the processes of transferring securities and updating the securities ownership registers in relation to the cross-listing process.