Abu Dhabi, July 24, 2016: Abu Dhabi Securities Market (ADX) and Abu Dhabi Global Market (ADGM) have entered into an agreement to foster bilateral cooperation. The Memorandum of Understanding was signed at ADGM Office on 24 July 2016 by His Excellency Hamad Abdullah Al Shamsi, Chairman of ADX, and His Excellency Ahmed Al Sayegh, Chairman of ADGM. The ceremony was well attended by 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. 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.
With 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.
His Excellency Hamad Abdullah Al Shamsi, Chairman, ADX, 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."
His Excellency Ahmed Al Sayegh, Chairman, ADGM said: "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."