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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The biog
Favourite colour: Brown
Favourite Movie: Resident Evil
Hobbies: Painting, Cooking, Imitating Voices
Favourite food: Pizza
Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon
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
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Results
Female 49kg: Mayssa Bastos (BRA) bt Thamires Aquino (BRA); points 0-0 (advantage points points 1-0).
Female 55kg: Bianca Basilio (BRA) bt Amal Amjahid (BEL); points 4-2.
Female 62kg: Beatriz Mesquita (BRA) v Ffion Davies (GBR); 10-2.
Female 70kg: Thamara Silva (BRA) bt Alessandra Moss (AUS); submission.
Female 90kg: Gabreili Passanha (BRA) bt Claire-France Thevenon (FRA); submission.
Male 56kg: Hiago George (BRA) bt Carlos Alberto da Silva (BRA); 2-2 (2-0)
Male 62kg: Gabriel de Sousa (BRA) bt Joao Miyao (BRA); 2-2 (2-1)
Male 69kg: Paulo Miyao (BRA) bt Isaac Doederlein (USA); 2-2 (2-2) Ref decision.
Male 77kg: Tommy Langarkar (NOR) by Oliver Lovell (GBR); submission.
Male 85kg: Rudson Mateus Teles (BRA) bt Faisal Al Ketbi (UAE); 2-2 (1-1) Ref decision.
Male 94kg: Kaynan Duarte (BRA) bt Adam Wardzinski (POL); submission.
Male 110kg: Joao Rocha (BRA) bt Yahia Mansoor Al Hammadi (UAE); submission.
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