The Saudi Stock Exchange (Tadawul) And The Abu Dhabi Securities Exchange (ADX) Sign Cooperation Agreement

20/11/2013

The Saudi Stock Exchange (Tadawul) and the Abu Dhabi Securities Exchange (ADX) have today entered into a Memorandum of Understanding (MoU), which will serve to augment the already robust bilateral relationship between the two exchanges.

According to the MoU, signed by Adel Saleh Al-Ghamdi, the Chief Executive Officer of the Saudi Stock Exchange, and Rashed Abdulkarim Al-Baloushi, the Chief Executive Officer of the Abu Dhabi Securities Exchange, the two parties have formally agreed to enhance information and knowledge sharing with the aim of furthering communication, mutual understanding and cooperation.

Amongst the various terms of the MoU, it was agreed to institute an exchange program for employees of both bourses, and explore opportunities for technology and market data sharing, cross-listings, as well as collaboration on market development initiatives.

Speaking at the signing ceremony, which was held at Tadawul’s headquarters in Riyadh, Al-Ghamdi expressed his confidence that the MoU “would serve to strengthen alignment and collaboration on matters of mutual interest and benefits to both exchanges” stating that “a unified effort in identifying opportunities and addressing challenges will pave the way for harmonizing the experience of market stakeholders on both platforms, particularly since earnest efforts have been underway to unify capital market policies across the GCC in terms of corporate governance, security registrations, trading rules, and listing and disclosure requirements”.

Al-Ghamdi concluded, “we are glad to have developed such an outstanding relationship with ADX over the years, and look forward to this exciting new chapter of our collaboration”

Al-Baloushi stated, “We are opening a gate for a new era, a new field where we look for new opportunities for collaboration and cooperation. This agreement will contribute to the already good relations between our countries. The MoU will strengthen the coordination between the two markets. We look forward to working with Tadawul in developing the business of our common interests in our region.