Muscat:  On the sidelines of the UAE President’s visit to Oman, Abu Dhabi Securities Exchange has partnered with Omani financial institutions to promote economic diversification and cooperation. ADX has signed agreements with Muscat Stock Exchange and Muscat Clearing & Depository Company.

MSX and ADX signed an agreement to promote cooperation on dual listing of securities across the two markets. The agreement sets out the legal foundations for such transactions and unifies and defines the required operational, administrative and technical procedures to achieve effective cooperation and coordination.

ADX also signed a memorandum of cooperation with Muscat Clearing & Depository Company (MCD) for a dual listing of securities on both markets and to further develop clearing and central depository functions in the two markets. This cooperation will allow both parties to obtain the required permits and approvals to collaborate and establish joint working committees on issues of common interest.

In a statement issued by Abu Dhabi Government Media Office, Saeed Hamad al Dhaheri, managing director and CEO of ADX, said, “The signing of this MoU reaffirms both Abu Dhabi’s and ADX’s commitment to establishing a regional network for knowledge and information sharing which is intended to bolster liquidity and mutual long-term economic growth with our regional partners.”

He stated that the agreements between ADX and MSX aim to further develop the investment and capital markets landscape between the two countries by adopting the highest standards of regulatory and best practices in both markets.

“To this end, ADX will continue in its successful efforts to date in establishing close working relationships, cooperation and collaboration with regional and international financial markets,” Dhaheri added.

Haitham al Salmi, CEO of Muscat Stock Exchange, said, “These agreements and MoU will enhance the levels of cooperation between the two markets, and it is hoped that they will have positive repercussions on strengthening the bonds of relations between all components of the capital market sector in two countries.”

He also emphasised that this cooperation will lay foundation to create many investment opportunities for all investors, support economic development, and strengthen brotherly relations between the two countries.

In order to strengthen Oman-UAE’s bilateral ties, MSX will also join the ‘Tabadul’ platform, which was created by ADX in collaboration with Bahrain Bourse (BHB) to connect regional exchanges. ‏MSX also joined the Tabadul platform, enabling MSX-listed companies to trade on the platform, along with companies listed on ADX and Bahrain Stock Exchange, helping to build regional partnerships, increase liquidity and drive sustainable growth in stock markets in the region.

Established on the mutual market access model, Tabadul enables investors to trade directly on the onboarded exchange through local authorised brokers. Securities listed on MSX will therefore be available for trading on the platform along with securities listed on ADX and BHB, in a step that will promote economic growth, build regional partnerships, increase liquidity and drive sustainable growth in stock markets in the region.