The Abu Dhabi Securities Exchange (ADX) yesterday signed a memorandum of understanding (MoU) with the Shanghai Stock Exchange (SSE) to expand cooperation and exchange information on listed firms and new products.
SSE said the agreement was prompted by what it described as increasing interest by its companies and other investors in Abu Dhabi following the launch of the emirate's long-term economic strategy. According to ADX, the accord involves co-operation between the two bourses in the field of information sharing and product development.
"Shanghai is a large and well-established stock exchange… Abu Dhabi has the potential to benefit from its experience and we hope this MoU will help our exchanges develop close working relationships," Tom Healy, CEO of ADX, said after signing the agreement with Geng Liang, Chairman of SSE.
"In particular, we hope that Shanghai-listed companies will see the benefits of a dual-listing on ADX. Abu Dhabi is a dynamic economy with a clear road-map for more development. The Government's Economic Vision 2030 is clear about ADX's potential as a powerful engine for growth within the Emirate, and such deals will help us achieve this."
Liang said: "We are seeing an increasing amount of interest from both our listed companies and investors in the economic development underway in Abu Dhabi. SSE is also in the process of developing a wider range of securities and we look forward to working together as we develop more investment opportunities for our stakeholders."