Abu Dhabi Securities Exchange (ADX) has announced the awarding of the first non-UAE licence for a market maker on the exchange.
Bahrain-based SICO becomes the fifth registered market maker in Abu Dhabi after playing the same role on the Bahrain Bourse since 1995.
ADX said SICO was already a major participant in UAE markets through Abu Dhabi subsidiary SICO Financial Brokerage and would help narrow the spread between bids and offers and encourage further trading.
“Increasing the number of Market Makers on the Exchange is a key part of our long-term strategy of promoting Abu Dhabi to a wider range of international and domestic investors who can benefit from its competitive yet friendly business environment,” said ADX CEO Rashed Al Blooshi.
SICO CEO Najla Al Shirawi said the company would assist listed firms with valuations and attracting fresh capital to boost the confidence of regional and international investors.
The company is currently market maker on the Bahrain Bourse for Aluminium Bahrain, Eskan Bank REIT, GFH Financial Group and Bank ABC.
Abu Dhabi has been boosting the capabilities of its exchange to attract foreign investment and help diversify the economy.