Media ININ Economy We Trust
02-02-2019 Media in \Abu Dhabi
The Abu Dhabi Securities Exchange (ADX) has signed a cooperation agreement with the Securities Depository Center (SDC), which is wholly owned by the Saudi Stock Exchange (Tadawul), the sole body responsible for providing custody, registration, clearing and settlement services for securities traded on the Saudi Stock Exchange. With the aim of enhancing bilateral cooperation in the dual listing of securities in the Saudi and UAE financial markets.
The agreement comes within the framework of cooperation between the two countries and within the Saudi-Saudi Coordination Council in order to achieve a common vision of integration between the two countries and intensify bilateral cooperation on priority issues and mutual interest. The agreement is part of the ongoing efforts of the Abu Dhabi Securities Market, To enhance their position at the regional level and to implement the best standards of governance and transparency in market listing processes.
The agreement aims at defining and standardizing the operational, administrative and technical procedures between the two countries, which contribute to the establishment of effective bilateral cooperation between them regarding the dual listing of securities in the financial markets of the two countries and through the exchange of information and data relating to property records or operations conducted by brokers or members or investors, Transfer of securities and update the ownership records of registered securities holders in each country.
He added that this agreement with SABIC represents an extension of the fruitful relations between the Abu Dhabi Securities Market (ADSM) with the Saudi Stock Exchange (Tadawul) and the various players in the Kingdom of Saudi Arabia and we continuously seek to develop these relations through the conclusion of cooperation agreements and standardization of frameworks in various aspects of the market, Companies, listing requirements, disclosure and trading rules. The cooperation agreement will also be an attractive platform for the Saudi investor, UAE and foreign investors alike, thanks to the stable and competitive investment environment in the financial markets in the region. The Saudi investors in the Abu Dhabi Securities Market by the end of 2018 to 147,412 investors, including 147 investment institutions and the value of total trading / sale + purchase / amounted to 1.6 billion dirhams during the year 2018.
The agreement specifies the aspects of mutual cooperation to enable each party to open a deposit account with the other party for the purpose of depositing and transferring securities in accordance with the procedures followed by each party, maintaining and maintaining records of the ownership of securities deposited with each party, managing such records and effectively exchanging information, data and records relating to ownership of securities or operations Which was implemented or planned by the market brokers, its members or investors or any other data the two parties deem to be considered. The memorandum of understanding is based on the development of a program that allows for the exchange of experience and benefit from the competencies of the market and the exploration of employment opportunities Exchange of financial market information and joint offering as well as cooperation in market development initiatives.
