Abu Dhabi Securities Exchange and the Tel Aviv Stock Exchanges sign Memorandum of Understanding
ABU DHABI, UAE and TEL AVIV, Israel, Dec. 16, 2020 -- Abu Dhabi Securities Exchange (ADX) and the Tel Aviv Stock Exchange (TASE: TASE) have, today, signed a memorandum of understanding (MOU), the first time an Arab exchange has entered into a commercial relationship with the state of Israel. The MOU will facilitate the development of channels of communication to foster co-operation between the two exchanges, and contribute to the growth of the capital markets in the United Arab Emirates and Israel.
The MOU was formally signed today by H.E. Mohamed Ali Al Shorafa Al Hammadi, Chairman of ADX, and Amnon Neubach, Chairman of TASE, at a virtual signing ceremony. A video of the event can be viewed here https://youtu.be/zX8Gn-u6SH0.
The MOU comes after the signing of the peace agreement between the two countries. This MOU forms an important part of the UAE's efforts to expand diplomatic and commercial co-operation with Israel, by laying out a road map towards developing bilateral relations through the stimulation of economic growth and the promotion of technological innovation.
One of the key purposes of the MOU between ADX and TASE is to explore potential opportunities for collaboration, including: the cross listing of securities; mutual trading by each exchange's respective members; facilitating investor access to each other's markets; creating new fintech and other market infrastructure technologies; and sharing data and other information to enable the development of new products. These activities aim to facilitate easy access between the two capital markets. It will also offer an attractive marketplace to all key stakeholders including listed companies, investors, and brokers as well as providers and consumers of information.
H.E. Mohamed Ali Al Shorafa Al Hammadi, Chairman of ADX, commented: "As the relationship between the UAE and Israel enters a new era, the path is open for businesses from both countries to collaborate with each other and unlock commercial opportunities. The MOU ADX and TASE have signed is an early example of such collaboration and evidence of our commitment to drive value in the region through trade and commerce. By offering companies and investors more ways of achieving their business objectives, we are supporting the vision of the peace agreement that should benefit all people across the region."
Mr. Saeed Hamad Al Dhaheri, Chief Executive of ADX, added: "The MOU between ADX and TASE clearly illustrates how exchanges can partner for the mutual benefit by sharing ideas, information, and initiatives that add value to both parties. Innovation and technology form such a key component of collaboration between the UAE and Israel. This is especially relevant for ADX because it will encourage entrepreneurial businesses to attract investors and access to capital, a core element of our growth strategy."
Amnon Neubach, Chairman of the Tel Aviv Stock Exchange, commented: "The Tel Aviv Stock Exchange is very honored to sign today the historic MOU. We are looking forward to be working closely together with the Abu Dhabi Securities Exchange and we are confident that this MOU will strengthen the capital markets of Israel and the United Arab Emirates and will provide important opportunities for listed companies in both countries."
Ittai Ben Zeev, CEO of the Tel Aviv Stock Exchange, said: "The development of the Tel Aviv Stock Exchange's international exposure is one of our key strategies. This remarkable MOU is an important event and a testament to the opportunity that Israel's capital markets represent for international investors seeking Israeli technology and high growth companies. I look forward to a long and mutually beneficial relationship between the Tel Aviv Stock Exchange and the Abu Dhabi Securities Exchange."
About Abu Dhabi Securities Exchange:
Abu Dhabi Securities Exchange (ADX) was established on November 15 of the year 2000 by Local Law No. (3) Of 2000, the provisions of which vest the market with a legal entity of autonomous status, independent finance and management. The Law also provides ADX with the necessary supervisory and executive powers to exercise its functions. On 17th March 2020, ADX was converted from a "Public Entity" to a "Public Joint Stock Company PJSC" pursuant to law No. (8) of 2020. ADX is part of ADQ, one of the region's largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi's diversified economy.
ADX is a market for trading securities; including shares issued by public joint stock companies, bonds issued by governments or corporations, exchange traded funds, and any other financial instruments approved by the UAE Securities and Commodities Authority (SCA).
ADX is the second largest market in the Arab region and its strategy of providing stable financial performance with diversified sources of incomes is aligned with the guiding principles of the UAE "Towards the next 50" agenda. The national plan charts out the UAE's strategic development scheme which aims to build a sustainable, diversified and high-value added economy that positively contributes to transition to a new global sustainable development paradigm.
For more information, please contact:
Abdulrahman Saleh ALKhateeb
Manager of Corporate Communication & Digital Marketing
Marketing & Corporate Communication Department
Tel: +971 (2) 612 8774
Mobile: +971 (50) 668 9733
Email: [email protected]
About the Tel Aviv Stock Exchange
The Tel Aviv Stock Exchange (TASE) was established in Israel in September 1953. As of August1, 2019, the Tel Aviv Stock Exchange is a TASE traded public company. The shares trade under ticker symbol "TASE."
TASE is the only exchange in Israel and plays a central role in the Israeli economy. TASE is the "home court" for Israeli companies seeking to raise capital. In so doing, TASE contributes significantly to Israel's economic growth and employment.
TASE is also the "home court" for the Israeli investment community and provides investors with a reliable and comprehensive trading platform of a wide range of securities and other financial instruments.
TASE provides markets for the listing and trading of a vast range of securities and derivative instruments. These include shares, corporate bonds, government bonds, Treasury bills, ETFs, convertible securities, single stock options, options and futures on equity indices, and options and futures on foreign currency exchange rates.
As a vertically integrated platform that is a "one-stop-shop" for clients across asset classes, TASE's wholly-owned subsidiaries include the Tel Aviv Stock Exchange Clearing House, the MAOF Clearing House (derivatives) and the Tel Aviv Stock Exchange Nominee Company, which provide the only clearing and settlement infrastructure in Israel and securities registration services.
For further information visit: www.tase.co.il.
Contact:
Orna Goren
Head of Communication and Public Relations Unit
Tel: +972 768160405
Mobile: +972 523400843
Email: [email protected]
Photo - https://mma.prnewswire.com/media/1387170/TASE_ADX_MoU.jpg
SOURCE The Tel Aviv Stock Exchange Ltd.
Related Links
https://www.tase.co.il
