The Abu Dhabi Securities Exchange (ADX) and the Muscat Securities Market (MSX) have signed a memorandum of understanding (MoU) in order to improve cooperation and expand bilateral relations between the two entities.
The agreement is aligned with ADX’s commitment to supporting the UAE’s strategy for economic diversification and growth to promote prosperity in the country.
The MoU builds on the foundations of the close partnership between the two parties and aims to increase collaboration in a wide range of areas to serve their common interests.
“The signing of this MoU reaffirms both Abu Dhabi’s and ADX’s commitment to establishing a regional network for knowledge and information sharing which is intended to bolster liquidity and mutual long-term economic growth with our regional partners. The signing of the MoU between ADX and MSX, which is aligned with the GCC’s efforts in promoting financial integration, aims to further develop the investment and capital markets landscape between the two countries by adopting the highest standards of regulatory best practices in both markets. To this end, ADX will continue in its successful efforts to date in establishing close working relationships, cooperation, and collaboration with regional and international financial markets.”
The MoU aims to enhance bilateral cooperation and information sharing in several areas, including advisory services, training, development of systems, and promotion of integration. Furthermore, it provides a channel of direct communication between the two parties, for the exchange of legal and technical information, sustainability and ESG.
On this occasion, Mr. Haitham bin Salem Al Salmi, CEO of the Muscat Stock Exchange (MSX) and Chairman of the Board of Directors of the Muscat Clearing and Depository Company (MCD) said that “these agreements and memoranda of understanding will enhance the levels of cooperation between the two markets, and it is hoped that they will have positive repercussions on strengthening the bonds of relations between all components of the capital sector in the two countries.”