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.”
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
