Abu Dhabi Securities Exchange, the Arab world’s second-largest stock market, Boursa Kuwait and the Kuwait Clearing Company have signed an agreement to boost bilateral investment through cross-border trading and listings.
Under the co-operation agreement, the three entities will encourage and facilitate legislative, depository and trading collaboration.
They will also work to improve market literacy among investors, according to a statement on Wednesday.
“Underscoring the strong economic ties between the two countries, the agreement will facilitate inter-exchange trading and put in place procedures for dual listings and the cross-border distribution of dividends in the UAE and Kuwait," Matar Al Neyadi, UAE ambassador to Kuwait, said.
The move came as ADX continues its focus on alliances with markets around the world to improve its capitalisation.
It signed partnerships with Bahrain Bourse, Turkey's Borsa Istanbul and Kazakhstan's Astana International Exchange last year to explore direct market opportunities and improve co-operation through information exchange.
“The alliance between ADX, Boursa Kuwait and Kuwait Clearing Company highlights the unique investment opportunities that are available to investors in both markets,” Hisham Malak, chairman of ADX, said. “The agreement will also deepen market liquidity and contribute to the long-term sustainable economic growth of both our countries.”
ADX is part of ADQ, one of the region's largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi's economy.
Last year, the exchange announced its ADX One strategy to “significantly" increase market capitalisation, strengthen corporate governance and "meet the evolving needs of global issuers and investors".
As part of the strategy, the ADX introduced a derivatives market in the fourth quarter and signed an agreement with FTSE Russell to develop co-branded indices, including a tradable FTSE ADX Blue Chip Index that will be launched this year.
The exchange also established the region's first special purpose acquisition company (Spac) framework, which was approved by the Securities and Commodities Authority in January.
Spacs, or blank-cheque companies, are entities with no commercial operations and are formed with the intention of raising funds through an IPO.
“Partnerships with international exchanges are central to our ADX One strategy,” Saeed Al Dhaheri, managing director and chief executive of ADX, said. “Not only will this collaboration increase our reach to global investors, but it will also help us to further improve market efficiency and bring about mutually beneficial results.”
Established in 2014, Boursa Kuwait is the operator of the Kuwait Stock Exchange, and is responsible for driving engagement and growth in its capital market.
Kuwait Clearing Company, also known as Maqasa, is the central clearing, settlement and depository entity for the Kuwaiti securities market.
"We look forward to strengthening our co-operation with the UAE and attracting more local, regional and international investors to the Kuwaiti and Emirati financial markets," said Hamad Al Humaidhi, chairman of Boursa Kuwait.
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
The five pillars of Islam
More from Neighbourhood Watch:
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Reputation
Taylor Swift
(Big Machine Records)
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
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How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
Abu Dhabi race card
5pm Abu Dhabi Fillies Classic Prestige | Dh110,000 | 1,400m
5.30pm Abu Dhabi Colts Classic Prestige | Dh110,000 | 1,400m
6pm Abu Dhabi Championship Listed | Dh180,000 | 1,600m
6.30pm Maiden | Dh80,000 | 1,600m
7pm Wathba Stallions Cup Handicap | Dh80,000 | 1,400m
7.30pm Handicap (TB) |Dh100,000 | 2,400m
Score
Third Test, Day 1
New Zealand 229-7 (90 ov)
Pakistan
New Zealand won the toss and elected to bat
