Abu Dhabi Securities Exchange signed a Memorandum of Understanding with the Sharjah Investment and Development Authority (Shurooq) to attract more companies from Sharjah to list on the exchange.
“The MoU serves to stimulate the conversion and listing of existing economic establishments in the Emirate of Sharjah to ADX, while also strengthening levels of co-operation between the two parties in the field of providing investor services,” the two entities said on Tuesday.
The agreement also details the necessary procedures to follow in order to obtain the relevant approvals for the conversion and listing of companies.
“The MoU between Shurooq and ADX reinforces our mission to encourage and support investment opportunities for local companies by going public and entering UAE’s stock market, which is an ultimate catalyst for new business growth and increased competitiveness," Marwan Al Sarkal, executive chairman of Shurooq, said.
Such opportunities also “promote and encourage positive corporate governance principles such as transparency and integrity, as well as empower a more strategic acquisition and distribution of assets and funds across a wide range of sectors," he added.
ADX, which is owned by the state holding company ADQ, has rolled out various measures to attract more foreign capital.
In October, it rolled out a new investment service "covered short selling", to support the exchange’s strategy of diversifying investment and providing investors with a broader range of hedging mechanisms.
“Abu Dhabi is becoming increasingly successful in attracting a more diverse range of investment firms and investor profiles, supported by the exchange’s growing liquidity, raising foreign ownership limits, customer focus and robust and transparent regulations," Saeed Al Dhaheri, chief executive of ADX, said.
The bourse's market capitalisation stands at more than Dh700 billion, up from Dh500bn at the end of June after the completion of Abu Dhabi Power’s reverse takeover of Taqa on July 1.
The world’s top 25 asset managers are registered investors on the bourse, ADX said in July.
KILLING OF QASSEM SULEIMANI
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
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As You Were
Liam Gallagher
(Warner Bros)
Points about the fast fashion industry Celine Hajjar wants everyone to know
- Fast fashion is responsible for up to 10 per cent of global carbon emissions
- Fast fashion is responsible for 24 per cent of the world's insecticides
- Synthetic fibres that make up the average garment can take hundreds of years to biodegrade
- Fast fashion labour workers make 80 per cent less than the required salary to live
- 27 million fast fashion workers worldwide suffer from work-related illnesses and diseases
- Hundreds of thousands of fast fashion labourers work without rights or protection and 80 per cent of them are women
UAE currency: the story behind the money in your pockets
Jawan
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The years Ramadan fell in May
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KILLING OF QASSEM SULEIMANI
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
