The Abu Dhabi Securities Exchange, the Arab world’s second-largest exchange by market value, has signed an initial agreement with the New York Stock Exchange to explore dual listing of companies on both exchanges.
The ADX and the NYSE, part of Intercontinental Exchange, will also explore opportunities to develop exchange traded funds and data and index products, as well as to collaborate on sustainability-related initiatives, the ADX said in a statement on Thursday.
John Tuttle, vice chairman of the NYSE, and Abdulla Al Nuaimi, chief executive of the ADX, signed the latest pact in Abu Dhabi.
It follows the announcement last week of the ADX selecting the ICE Global Network to offer global institutional investors direct access to its market data and order entry.
The collaboration “fosters greater connectivity between issuers and investors by facilitating the ease of dual listings, providing companies with greater visibility and access to a larger pool of investors while offering them the opportunity to participate in the growth stories of companies from diverse geographic regions,” Mr Al Nuaimi said.
The agreement with the NYSE introduces new financial products and services for both local as well as global investors, he added.
“This collaboration represents a key moment in ADX’s journey to reinforce Abu Dhabi's position as a thriving global financial centre … and opening the door to a new era of growth and unlimited potential,” he said.
In September last year, the ADX signed similar preliminary agreements with the Muscat bourse and the sultanate’s Clearing and Depository Company that allow dual listing of Muscat-traded companies in Abu Dhabi.
The ADX has a market value of more than Dh1.39 trillion ($378.7 billion) as of Wednesday.
The bourse is home to some of the biggest names in the UAE corporate world, including International Holding Company and its subsidiary Alpha Dhabi Holding, Abu Dhabi National Oil Company, First Abu Dhabi Bank, property developer Aldar and telecoms company e&, formerly known as Etisalat.
The latest pact builds on ICE’s broader commitment to the region, including its collaboration with Adnoc to launch ICE Futures Abu Dhabi in 2021.
“The agreement represents an exciting new initiative for the NYSE, building upon ICE’s investments in the region,” Mr Tuttle said.
The agreement is designed to provide each region’s investor base with access to cross-listed securities that will help drive economic growth, he added.
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RESULTS
Main card
Bantamweight 56.4kg: Mehdi Eljamari (MAR) beat Abrorbek Madiminbekov (UZB), Split points decision
Super heavyweight 94 kg: Adnan Mohammad (IRN) beat Mohammed Ajaraam (MAR), Split points decision
Lightweight 60kg: Zakaria Eljamari (UAE) beat Faridoon Alik Zai (AFG), RSC round 3
Light heavyweight 81.4kg: Taha Marrouni (MAR) beat Mahmood Amin (EGY), Unanimous points decision
Light welterweight 64.5kg: Siyovush Gulmamadov (TJK) beat Nouredine Samir (UAE), Unanimous points decision
Light heavyweight 81.4kg: Ilyass Habibali (UAE) beat Haroun Baka (ALG), KO second round
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Tomorrow 2021
Kareem Shaheen on Canada
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
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- 600-seat auditorium
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- An elevated football field that doubles as a helipad
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Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
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ESSENTIALS
The flights
Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes.
The trip
From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.
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