ADX will showcase its utilization of Blockchain technology at the Abu Dhabi Government platform during GITEX Tech week which takes place at the Dubai World Trade Centre, 16-20 October.
Blockchain is considered a decentralized and safe network through which deals linked to numerous documents, shares, financial products, digital notes, and commercial contracts can be executed. It is safe, fast, and efficient for all network partners as well as for those who participate in the workflow process.
“The Abu Dhabi Plan is what inspires us to accomplish our strategic goals. ADX is committed to creating a business environment that is both competitive and flexible. Accordingly, adopting Blockchain technology in our projects comes in alignment with the digital transformation of Abu Dhabi’s government services as we constantly strive to introduce new ways that ease the process of doing business in the Emirate.” said Rashed Al Blooshi, Chief Executive of ADX.
“We are proud to be the first stock market that employs Blockchain technology in the services provided to stakeholders. This step comes as we aspire towards becoming a fully digital Exchange, with our strategic objectives aligned with Abu Dhabi’s vision for building a knowledge-based sustainable economy that constantly evolves “he added.
ADX Blockchain eVotingService will allow the concerned parties to directly connect and monitor voting in any Annual General Meeting (AGM). This digital service will save time, cost, and effort. It will also add to the vitality of the AGMs through high attendance and interaction with the decisions. It is considered an effective way to interrelate via safe internet connections from anywhere in the world.
ADX Blockchain eVotingService will enable a company’s shareholder to access reports and statements relevant to the AGM, whether for candidates for the Board or quorum for voting - among other decisions and other information by means of their smart devices.
The Blockchain is one of the many new services offered by ADX in its Electronic Platform at GITEX2016. These services include: Initial Public Offering (IPO) Management System, Rights Issue Management System, AGM Management, and Cash Dividend Payments Management System. Moreover, ADX will exhibit “Sahmi” interactive Kiosk, ADX Mobile Application, ADX smart watch, with other services offered on the ADX newly designed website that comply with international best practices in serving investors and companies.
About Abu Dhabi Securities Market (ADX)
Abu Dhabi Securities Exchange (ADX) was established on November 15 of the year 2000 by Local Law No. (3) Of 2000, the provisions of which vest the market with a legal entity of autonomous status, independent finance and management. The Law also provides ADX with the necessary supervisory and executive powers to exercise its functions.
These functions are:Provide opportunities to invest savings and funds in securities in order to benefit national economy. Ensure the soundness and accuracy of transactions and to ensure the interaction between demand and supply in order to determine prices. Protect investors through establishing fair and proper dealing principles between various investors. Impose stringent controls over securities transactions to ensure sound and conduct procedure. Develop investment awareness by conduction studies and issuing recommendations in order to ensure that savings are invested in productive sectors. Ensure financial and economic stability and develop trading methods in order to ensure liquidity and stability of prices of Securities listed on the market.
ADX is a market for trading securities; including shares issued by public joint stock companies, bonds issued by governments or corporations, exchange traded funds, and any other financial instruments approved by the UAE Securities and Commodities Authority (SCA).
At the end of 2015, ADX had 71 listed securities with a market capitalization of AED 447 billion (USD 122 billion). Those securities include 66 public joint stock companies, 2 private joint stock companies, 1 Exchange Traded Fund (ETF), 1 Abu Dhabi Government
Fund, and 1 convertible bond. ADX listed companies are allocated in nine sectors; Banking, Real Estate, Consumer Staples, Investment and Financial Services, Industrial, Telecommunication, Services, Energy, and the Insurance sector.
ADX allows for investors to trade through any of the registered brokerages at the exchange through advanced electronic automated services. ADX has also signed a number of agreements with major financial institutions to provide for custody services, including renowned international corporations; namely the National Bank of Abu Dhabi (NBAD), HSBC, Standard Chartered, Deutsche Bank and Citi Banking Group.
ADX goals are in line with Abu Dhabi Government Economic Vision 2030. The 2030 economic plan plays a vital role in ADX strategy since it places the financial market in the context of economic and social development. The development would be through diverting savings towards investment in the various economic sectors and developing the financial infrastructure of Abu Dhabi to transform the emirate into one of the leading finance and services center in the region.
In 2014, ADX was upgraded to ‘Emerging Market’ status by both MSCI index (Morgan Stanley Capital International) and S&P Dow Jones, thus greatly increasing the likelihood of inward global investment flows. ADX was already classified as an Emerging Market by FTSE in 2009 and in 2011 by S&P and Russell Investments.
In 2015, ADX won the Most Innovative Exchange GCC 2015 Award. The award, given by Capital Finance International, celebrates achievement, innovation from an international perspective, recognizing organizations with innovative technology products backed by strong management, excellent service standards and sound business models. Capital Finance International is a leading print journal and online resource reporting on business, economics, and finance.
For more information, please contact:
Mr. Adel Maktoom Al Dhaheri
Manager of Corporate Communication & Digital Marketing
Marketing & Corporate Communication Department
Abu Dhabi Securities Exchange
Tel: 00971 (2) 6128716
Mobile: 00971 (50) 6221266
© Press Release 2016