The Abu Dhabi Securities Exchange and Borsa Istanbul will collaborate on technology infrastructure as the UAE and Turkey strengthen ties after the two-day visit of President Recep Tayyip Erdogan to the Emirates this week.
Borsa Istanbul will provide IT consultancy services and technology support to the ADX as part of the agreement, which was signed between the exchanges of the two countries on February 14.
A preliminary agreement between the bourses was signed by their chairpersons during the visit of Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to Turkey in November 2021.
“Broadening global partnerships is a core element of ADX’s strategy to increase liquidity, enhance market efficiency and drive the sustainable growth of our market,” said chairman Hisham Malak.
“We are appreciative of the role that Borsa Istanbul will play in further developing [the] ADX’s technological capabilities. We also look forward to exploring further areas of co-operation for the mutual benefit of our exchanges in line with the memorandum of understanding signed in November.”
During Mr Erdogan's visit to the UAE, his first official trip to the country in almost a decade, the two countries signed agreements and protocols in several fields including health and medical sciences, sea and land transport, advanced industries and technology, climate action and culture.
Sheikh Mohamed also revealed plans to double trade between the countries.
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Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, welcomes Turkish President Recep Tayyip Erdogan to Expo 2020 Dubai. Photo: Dubai Media Office -
Sheikh Mohammed and Mr Erdogan pictured at Expo 2020 Dubai. Photo: Dubai Media Office -
Sheikh Mohammed, Mr Erdogan, and an official, tour Expo 2020 Dubai. Photo: Dubai Media Office -
The Turkish president is in the UAE on his first official visit to the Emirates in almost a decade. Photo: Dubai Media Office -
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, hosts an official reception for Mr Erdogan at Qasr Al Watan. All photos: Ministry of Presidential Affairs -
Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, left, and Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, attend the reception for the official visit of Mr Erdogan. -
President Erdogan attends the reception at the palace in Abu Dhabi. -
Sheikh Mohamed meets Mr Erdogan at Qasr Al Watan. With them is Sheikh Tahnoon bin Zayed, UAE National Security Adviser, right -
Sheikh Mohamed hosts the official reception to welcome Mr Erdogan to the Emirates. -
Sheikh Mohamed receives Mr Erdogan on his arrival at the Presidential Airport. -
Sheikh Mohamed and the Turkish president stand for their countries' national anthems during the official reception in Abu Dhabi. -
President Erdogan signs the guest book at Qasr Al Watan as Sheikh Mohamed looks on. -
Members of the UAE Armed Forces Cavalry Division take part in the welcoming ceremony. -
Sheikh Mohamed greets President Erdogan at the Presidential Airport in Abu Dhabi. -
Traditional dancers welcome the Turkish president on his first visit to the Emirates in nine years. -
Al Forsan aerobatic team mark the visit with a colourful flypast. -
Sheikh Mohamed and Mr Erdogan are greeted by a military guard of honour. -
Sheikh Mohamed and the Turkish president stand for their countries' national anthems. -
Mounted cavalry riders escort the motorcade of the Turkish president. -
Traditional dancers perform during the official reception at Qasr Al Watan.
The ADX, the second-biggest Arab stock market, is collaborating with global stock exchanges to “significantly increase market capitalisation” as part of its growth strategy announced in 2021.
The bourse's market capitalisation as of Wednesday was Dh1,74 trillion ($474 billion). Last year, the exchange signed agreements with Bahrain Bourse, Borsa Istanbul and Astana International Exchange to explore direct market opportunities and improve co-operation.
“ADX is broadening its range of products and services while investing in new technology to make trading more efficient and to enhance the customer experience,” said managing director and chief executive Saeed Al Dhaheri.
Under the agreement, Borsa Istanbul will assist the ADX with IT systems, integration, application and acceptance tests, and experience transfer and training. It will also update the platform and transfer data.
“We will take this project as our own and work with Abu Dhabi Securities Exchange in system tests, system integration and data transfer processes in the most effective way, provide consultancy on various issues and make every effort to complete this project … in the best possible way,” said Borsa Istanbul chief executive Korkmaz Ergun.
The ADX, part of Abu Dhabi holding company ADQ, has had a string of initial public offerings in recent months.
The Abu Dhabi Ports Group's shares began to trade on the exchange last week while Adnoc Drilling and Fertiglobe, the world’s largest seaborne exporter of urea and ammonia combined, listed on the ADX in October.
“In recent months, we have attracted a series of listings and launched a derivatives market following a partnership with Nasdaq to deliver innovative technology,” said Mr Al Dhaheri.
“Our network of partnerships make a valuable contribution to the 'ADX One' strategy to be a market of choice for issuers and investors.”
