Agreement promotes development of securities markets in the region
Abu Dhabi, 15 March 2009: Abu Dhabi Securities Exchange (ADX) announced today it has signed a Memorandum of Understanding (MoU) with the Libyan Stock Market (LSM) in a move that further cements ties between Abu Dhabi and other Arab exchanges.
Other Arab stock exchanges ADX has recently signed agreements with include exchanges from Jordan, Qatar, Oman, Syria, Sudan and Egypt.
The MoU commits ADX to providing LSM with consultancy and training services and the two exchanges agreed to share trading data and information about listed securities; facilitate the trading of securities listed on both exchanges; and encourage and facilitate the dual-listing of companies.
"Co-operation and co-ordination with other exchanges is very important in the early stages of development and we are honoured that the LSM recognised the benefit of signing such an agreement with ADX", said Tom Healy, CEO of ADX.
"ADX is proud of its history working with other Arab stock exchanges for the benefit of the whole securities market in the MENA region."
Suliman Salem Alshahumy, Chairman of the Board of Directors at LSM, also added that the Libyan exchange was looking forward to working with ADX. "Libyan companies and investors have watched Abu Dhabi's dramatic development with great interest", he said. "This agreement will benefit all our stakeholders and hopefully lead to more co-operation between the exchanges."
Also present at the signing was the Libyan Ambassador to the UAE, H.E. Mohammed Al Buaishi.
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About ADX
Established in November 2000, ADX is the official stock exchange of the Emirate of Abu Dhabi, the Federal Capital of the United Arab Emirates (UAE). ADX serves the domestic cash equity market, has 65 listed companies and a market capitalisation of AED252.7 billion (USD68.9 billion) as at 31 December 2008.
In alignment with the Abu Dhabi Government's Economic Vision 2030, ADX aspires to become the leading stock exchange in the Gulf Co-operation Council (GCC) region by leading the development of the UAE capital market through a well-regulated marketplace in a lawful environment that ensures integrity, transparency and disclosure. Investors can trade securities listed on ADX through any of its registered brokers and ADX has custody agreements with HSBC, National Bank of Abu Dhabi, Standard Chartered Bank, Deutsche Bank and Citi.
Please visit www.adx.ae for more information.
For further information please contact:
Annabel Tuck
Media Relations Manager
Tel: +971 26128774
Mob: +971 508130547
annabelt@adx.ae
© Press Release 2009
