Abu Dhabi Securities Exchange is the second-largest bourse in the Arab world by market capitalisation. Victor Besa / The National
Abu Dhabi Securities Exchange is the second-largest bourse in the Arab world by market capitalisation. Victor Besa / The National
Abu Dhabi Securities Exchange is the second-largest bourse in the Arab world by market capitalisation. Victor Besa / The National
Abu Dhabi Securities Exchange is the second-largest bourse in the Arab world by market capitalisation. Victor Besa / The National

ADX signs pact with New York Stock Exchange to explore dual listings


Sarmad Khan
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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.

Challenge Cup result:

1. UAE 3 faults
2. Ireland 9 faults
3. Brazil 11 faults
4. Spain 15 faults
5. Great Britain 17 faults
6. New Zealand 20 faults
7. Italy 26 faults

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

UAE players with central contracts

Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.

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Results

Stage 4

1. Dylan Groenewegen (NED) Jumbo-Visma 04:16:13

2. Gaviria (COL) UAE Team Emirates

3. Pascal Ackermann (GER) Bora-Hansgrohe

4. Sam Bennett (IRL) Deceuninck-QuickStep

5. Caleb Ewan (AUS) Lotto Soudal

General Classification:

1. Adam Yates (GBR) Mitchelton-Scott        16:46:15

2. Tadej Pogacar (SLO) UAE Team Emirates         0:01:07

3. Alexey Lutsenko (KAZ) Astana Pro Team          0:01:35

4. David Gaudu (FRA) Groupama-FDJ         0:01:40

5. Rafal Majka (POL) Bora-Hansgrohe

The bio

Favourite vegetable: Broccoli

Favourite food: Seafood

Favourite thing to cook: Duck l'orange

Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania

Favourite place to travel: Home in Kuwait.

Favourite place in the UAE: Al Qudra lakes

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Rating: 4/5

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Tips to stay safe during hot weather
  • Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
  • Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
  • Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
  • Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
  • Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
  • Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
  • Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
The biog

Title: General Practitioner with a speciality in cardiology

Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India

Education: Medical degree from the Government Medical College in Nagpur

How it all began: opened his first clinic in Ajman in 1993

Family: a 90-year-old mother, wife and two daughters

Remembers a time when medicines from India were purchased per kilo

The Transfiguration

Director: Michael O’Shea

Starring: Eric Ruffin, Chloe Levine

Three stars

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Updated: November 16, 2023, 2:25 PM`