ABU DHABI/TEL AVIV 17 December 2020: Abu Dhabi Securities Exchange (ADX) and the Tel Aviv Stock Exchange (TASE) yesterday 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 UAE and Israel.
The MoU was signed by Mohamed Ali Al Shorafa Al Hammadi, Chairman of ADX, and Amnon Neubach, Chairman of TASE, at a virtual signing ceremony. The MoU comes after the signing of the peace agreement between the two countries, said official news agency Wam.
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
- Cross-listing of securities;
- Mutual trading by each exchange’s respective members; f
- Facilitating investor access to each other’s markets; c
- Creating new fintech and other market infrastructure technologies, and
- Sharing data and other information to enable the development of new products
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.”
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 the 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, “We are looking forward to 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.”
YOU MIGHT ALSO LIKE: