Abu Dhabi Securities Exchange Signs Memorandum of Understanding With The Tel Aviv Stock Exchange

 

Abu Dhabi Securities Exchange (ADX) and the Tel Aviv Stock Exchange (TASE: TASE) announced on Wednesday they have signed a memorandum of understanding (MOU). The duo claims this is the first time an Arab exchange has entered into a commercial relationship with the state of Israel and the MOU will facilitate the development of channels of communication to foster co-operation between the two exchanges and contribute to the growth of the capital markets in the United Arab Emirates and Israel. 

The exchanges further explained that one of the key purposes of the MOU is to explore potential opportunities for collaboration, including the cross-listing of securities; mutual trading by each exchange’s respective members; facilitating investor access to each other’s markets; creating new fintech and other market infrastructure technologies; and sharing data and other information to enable the development of new products.

Speaking about the MOU, H.E. Mohamed Ali Al Shorafa Al Hammadi, Chairman of ADX, stated that the new relationship between UAE and Israel enters a “new era” that gives businesses from both countries to open collaborations with each other and “unlock” commercial opportunities:

“The MOU ADX and TASE have signed is an early example of such collaboration and evidence of our commitment to drive value in the region through trade and commerce. By offering companies and investors more ways of achieving their business objectives, we are supporting the vision of the peace agreement that should benefit all people across the region.”

Saeed Hamad Al Dhaheri, Chief Executive of ADX, went on to conclude:

 “The MOU between ADX and TASE clearly illustrates how exchanges can partner for the mutual benefit by sharing ideas, information, and initiatives that add value to both parties. Innovation and technology form such a key component of collaboration between the UAE and Israel. This is especially relevant for ADX because it will encourage entrepreneurial businesses to attract investors and access to capital, a core element of our growth strategy.”

The MOU will also offer an attractive marketplace to all key stakeholders including listed companies, investors, and brokers as well as providers and consumers of information.

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