Abu Dhabi Securities Exchange (ADX), the second-largest stock market in the Arab region, signed a memorandum of understanding with Israel’s Tel Aviv Stock Exchange (TASE) to enhance the cooperation between the two countries’ capital markets.
The MoU signed by Mohamed Ali Al Shorafa Al Hammadi, Chairman of ADX and Amnon Neubach, Chairman of TASE focus to explore the opportunities of partnership in key areas like the cross-listing of securities, mutual trading by each exchange’s respective members, facilitating investor access to each other’s markets, creating new fintech and other market infrastructure technologies.
Earlier this year UAE had normalized its ties with Israel by signing the Abraham Accord and both countries have expanded their co-operation in sectors ranging from aviation to finance following it. With this MoU, ADX became the first Arab exchange to enter into a commercial relationship with the state of Israel.
According to Etihad Credit Insurance, the annual exchange of trade between the UAE and Israel is expected to reach $4 billion a year.
Mohammed Ali Al Shorafa Chairman – ADX
“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. By offering companies and investors more ways of achieving their business objectives, we are supporting the vision of the peace agreement that should benefit all people across the region.”
“Innovation and technology form such a key component of 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,” said Saeed Al Dhaheri, chief executive of ADX.
Last month, Abu Dhabi Global Market, the capital’s international financial hub, signed agreements with the Israel Securities Authority and Israel’s biggest lender, Bank Hapoalim, to develop the FinTech sector. Dubai International Financial Centre (DIFC) also signed a MoU with Bank Hapoalim.
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