UAE's ADX, Muscat Securities Market sign MoU to enhance cooperation
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UAE’s ADX, Muscat Securities Market sign MoU to enhance cooperation

UAE’s ADX, Muscat Securities Market sign MoU to enhance cooperation

The agreement aims to enhance bilateral cooperation and information sharing in a number of areas, including advisory services, and training and development of systems

Gulf Business
ADX-MSX MoU_oman

The Abu Dhabi Securities Exchange (ADX) and the Muscat Securities Market (MSX) have signed a memorandum of understanding (MoU) that aims to build a closer partnership across various fields of common interest.

The MoU was signed during the visit of UAE President Sheikh Mohamed bin Zayed Al Nahyan to Oman.

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

Saeed Hamad Al Dhaheri, MD and CEO of ADX, 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.”

Haitham bin Salem Al Salmi, CEO 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 emphasised that this cooperation will open the way to creating many investment opportunities while supporting economic development.

Abu Dhabi Securities Exchange also signed a memorandum of cooperation with the 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.

Abu Dhabi Securities Exchange 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.

MSX will be joining the ‘Tabadul’ platform, which was created by ADX in collaboration with Bahrain Bourse (BHB) to connect regional exchanges.

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