Khalifa Salem Al Mansouri, Acting Chief Executive of ADX, and Mamdooh Al Sedairy, CEO of EDAA signed the MoU. Image Credit: ADX

Dubai

Abu Dhabi Securities Exchange said on Sunday it has signed a Memorandum of Understanding (MoU) with the unit of Saudi Stock Exchange (Tadawul) called as the Securities Depository Centre Company (Edaa).

The MoU was signed with the aim to strengthen bilateral cooperation in the dual listing of securities in Saudi and UAE financial markets. The agreement seeks to achieve a common vision of integration between the two countries and bolster bilateral cooperation on key issues and common concerns. Khalifa Salem Al Mansouri, Acting Chief Executive of ADX, and Mamdooh Al Sedairy, CEO of EDAA signed the MoU.

Khalifa Salem Al Mansouri reaffirmed ADX’s keenness to develop its legal and legislative structure in accordance with the best international standards to ensure a competitive, transparent and fair trading environment.

“The MoU with EDAA will enhance the Exchange’s efficiency in the governance of dual listing operations, which in turn will increase the Exchange’s attractiveness to foreign investors, enhance liquidity and boost investor trading.” Al Mansouri said. The number of Saudi investors in ADX reached 147,412 by the end of 2018, of which 147 were institutional investors, with a total trading value (buy + sell) of Dh1.6 billion in 2018.

Mamdooh AlSedairy, CEO of EDAA said: “This partnership stems from our mutual commitment to enhance our cooperation with ADX to facilitate depositary services between the Saudi and UAE financial markets through providing all facilities to enable the depository operations, preservation and maintenance of ownership registers between both parties.”