Abu Dhabi Securities Exchange, Abu Dhabi Global Market sign MoU to strengthen cooperation
Date
7/25/2016 12:27:23 AM
(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 24th July 2016 (WAM) --- Abu Dhabi Securities Market (ADX) and Abu Dhabi Global Market (ADGM) have entered into an agreement to foster bilateral cooperation.
Chairman of ADX, Hamad Abdullah Al Shamsi, and Chairman of ADGM, Ahmed Al Sayegh signed the memorandum of understanding (MoU) at ADGM Office in the presence of senior officials from
both organisations.
The agreement supports ADX's commitment to the growth of the financial services sector in the emirate of
Abu Dhabi and the development of a sustainable financial environment under the auspices of Abu Dhabi
Vision 2030, a joint press release from the two organisations said.
The MoU establishes a framework that strengthens the bilateral cooperation between ADX
and ADGM. It reinforces ADX's ongoing efforts to collaborate with financial centres in the region and
globally.
Through the MoU, ADX and ADGM can jointly explore and develop financial products and services that will
further boost the economic growth and investment sector of Abu Dhabi.
Both entities will set up a working group to develop strategic objectives and cooperation initiatives. The MoU will also enable both
organisations to work on key areas such as provision and exchange of expertise, financial markets
assistance and cooperation, training and others.
Chairman, ADX, Hamad Abdullah Al Shamsi, said: "We look forward through this MoU to
create new opportunities to promote further cooperation and synergy between the two markets and in
various fields. We hope this agreement will contribute to strengthening the level of coordination between
us which will benefit our joint activities and contribute to the economic growth in the Emirate of Abu
Dhabi."
He added: "ADX is committed to achieving the vision of the Abu Dhabi government by strengthening the
capital market, developing a system for asset and wealth management, channelling financial surpluses in
the financial sector towards investing in the core sectors, and activating non-traditional financing methods.
Economic diversification alongside focusing on non-oil sectors is one of the main long-term goals of Abu
Dhabi Economic Vision 2030."
Chairman, ADGM said, Ahmed Al Sayeghm: "The MoU is a strategic and symbolic extension of
our close relationship with Abu Dhabi Securities Exchange. ADX has been an important contributing partner
since the inception of ADGM and continues to be a significant stakeholder in the development of Abu Dhabi
as an international economic hub. This collaboration allows both teams to work closely in establishing the
objective of an exchange in ADGM. In addition, we will explore and develop a wider range of financial
products and service offerings that can be available to, and traded by, both local and global market
participants and investors in ADGM."
He added: "United by the mission of furthering Abu Dhabi's economic and financial growth, ADGM will
continue to work closely with stakeholders to develop the ecosystem, support local institutions to become
regional and global champions, and welcome international institutions to anchor themselves in Abu Dhabi. As an international financial centre, we are committed to provide a sustainable business and
financial eco-system that will continually draw leading companies and healthy investments into our
marketplace and support financial and non-financial entities in Abu Dhabi and the UAE to thrive."
WAM/MMYS