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ADX signs MoU with Muscat Securities Market to expand cooperation

by Dubai Forum
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ABU DHABI, 28th September, 2022 (WAM) — The Abu Dhabi Securities Exchange (ADX) and the Muscat Securities Market (MSX) today signed a Memorandum of Understanding (MoU) that aims to build on the strong foundations for a closer partnership and exchange visions and experiences between the two parties in various fields of common interest.

The MoU, which was signed during the visit of President His Highness Sheikh Mohamed bin Zayed Al Nahyan to the Sultanate of Oman, builds on the foundations of the close partnership between the two parties and aims to increase collaboration in a wide range of areas to serve their common interests. The agreement is aligned with ADX’s commitment to supporting the UAE’s strategy for economic diversification and growth to promote prosperity in the country.

Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer 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 MoU, which aligns 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 establish close working relationships, cooperation and collaboration with regional and international financial markets,” he added.

On this occasion, Haitham bin Salem Al Salmi, CEO of the MSX and Chairman of the Board of Directors of the Muscat Clearing and Depository Company (MCD), said, “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 create many investment opportunities for all investors, support economic development, benefit from the experience of the Abu Dhabi Securities Exchange, and strengthen brotherly relations between the two countries, hoping that the qualitative and distinguished relations between the two countries’ markets will continue.

The MoU will foster cooperation and information sharing in a number of areas, including advisory services, training, development of systems, and promotion of integration. It also provides a direct communication channel between the two parties to exchange legal and technical information, sustainability and ESG.

ADX also signed a memorandum of cooperation with the Muscat Clearing & Depository Company. S.A.O.C. (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.

ADX also signed a separate agreement with MSX to promote cooperation on the 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.

As part of the growing relationship, MSX will be joining the Tabadul platform, which was created by ADX in collaboration with Bahrain Bourse (BHB) to connect regional exchanges. Established on the mutual market access model, Tabadul enables investors to trade directly on the

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