The Abu Dhabi Securities Exchange (ADX) and Bahrain Bourse signed an agreement for greater cross-border co-operation to enhance market liquidity and promote the issuance of low-cost investment vehicles.
The move is part of ADX’s strategy to develop its capital markets by forging partnerships with global exchanges and offering a broad range of products and services to the market.
As part of the agreement, the two stock markets will introduce a number of products and services, including exchange-traded funds, smart order routing and cross-border direct trading, the Abu Dhabi bourse said on Wednesday.
The alliance between ADX and Bahrain Bourse will encourage capital market activity through the introduction of innovative products and services
Mohammed Al Hammadi,
ADX chairman
“The alliance between ADX and Bahrain Bourse will further enhance the relationship between the UAE and Bahrain, showcasing the high-growth opportunities on both exchanges and encouraging capital market activity through the introduction of innovative products and services,” said Mohammed Al Hammadi, ADX chairman.
“In turn, this will provide tangible benefits to the economies of the UAE and Bahrain.”
The ADX, region’s second-biggest bourse, is expanding investable asset classes and developing new offerings for regional and international investors as it continues to outperform its peers in the GCC.
The emirate’s stock market had a market capitalisation of more than Dh1.5 trillion ($415bn) as of Tuesday and is up more than 58 per cent this year on the back of initial public offerings, rising foreign investment and higher oil prices.
The bourse set up a derivatives market last week that will allow trading in single stock futures.
It also plans to introduce index futures in the first quarter of 2022, prior to the launch of a wider range of derivative products that will boost market liquidity.
The ADX and the Abu Dhabi’s Department of Economic Development have also submitted a proposal to the Securities and Commodities Authority for a special purpose acquisition company regulatory framework, the first in the Mena region.
“Discussions between the ADX and Bahrain Bourse focused on how we can expand market integration and move forward on joint initiatives such as dual listings, ETFs and market access, which will enhance liquidity in both securities markets,” said ADX chief executive Saeed Al Dhaheri.
“Technology and innovation are at the heart of ADX’s strategy for growth and we look forward to deepening our partnership with other leading regional and global exchanges to bring about mutually beneficial results.”
The two bourses agreed on a strategic plan to introduce new measures over the next nine months to strengthen ties between investors in both countries by enabling the seamless placement of orders on the securities markets while reducing transaction costs, the bourses said.
“Our partnership with ADX will attract new investors and promote a healthy listing deal pipeline,” said Abdulkarim Bucheery, chairman of Bahrain Bourse and chairman of Bahrain Clear.
Our partnership with ADX will attract new investors and promote a healthy listing deal pipeline
Abdulkarim Bucheery,
chairman, Bahrain Bourse
“Bahrain Bourse and Bahrain Clear’s collaboration with ADX will also support the growth of capital markets in the region and support the diversification of GCC economies.”
The collaboration ties in with the Bahrain Bourse’s “mandate to evolve the Middle East’s capital market ecosystem”, according to Shaikh Khalifa Al Khalifa, chief executive of Bahrain Bourse and vice chairman and managing director of Bahrain Clear.
“We aim to promote the listing of ETFs, enable central securities depository integration in both markets and automate smart order routing systems.”
The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
The five pillars of Islam
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Closing the loophole on sugary drinks
As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.
The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed:
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
