PRESS RELEASE : 28 Sep 2022
Abu Dhabi Securities Exchange (ADX) and Muscat Securities Market (MSX) Strengthen Partnership
In a significant move towards fostering closer ties and exchanging experiences, the Abu Dhabi Securities Exchange (ADX) and the Muscat Securities Market (MSX) have signed a memorandum of understanding (MOU). The MOU, signed during the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, to the Sultanate of Oman, aims to enhance collaboration and mutual interests between the two parties across various fields.
Saeed Hamad Al Dhaheri, Managing Director and CEO of ADX, highlighted the MOU’s significance in bolstering regional cooperation and knowledge sharing. Al Dhaheri emphasized ADX’s commitment to supporting the UAE’s economic diversification strategy, promoting prosperity, and adopting regulatory best practices to enhance the investment and capital markets landscape.
Haitham bin Salem Al Salmi, CEO of MSX, and Chairman of the Board of Directors of the Muscat Clearing and Depository Company (MCD), expressed optimism about the positive impact of the agreement on strengthening bilateral relations and creating investment opportunities. Al Salmi emphasized the potential benefits for investors, economic development, and leveraging the experience of ADX to strengthen ties between the two countries.
The MOU aims to facilitate bilateral cooperation in advisory services, training, system development, and integration promotion. It establishes a direct channel for exchanging legal and technical information, focusing on sustainability and Environmental, Social, and Governance (ESG) initiatives.
Additionally, ADX signed a memorandum of cooperation with Muscat Clearing & Depository Company S.A.O.C. (MCD) for dual listing of securities and enhancing clearing and central depository functions. Separate agreements were also inked with MSX to promote cooperation on dual listing of securities, outlining legal frameworks and operational procedures.
As part of the collaboration, MSX will join the “Tabadul” platform, created by ADX in collaboration with Bahrain Bourse (BHB), to connect regional exchanges. This platform facilitates direct trading on onboarded exchanges, promoting economic growth, regional partnerships, liquidity, and sustainable growth in stock markets across the region.
