Today's Edition
ABU DHABI (WAM)
The Abu Dhabi Securities Exchange (ADX) has signed a Memorandum of Understanding (MoU) with the Iraqi Securities Commission at the governmental palace in Baghdad, under the patronage of Prime Minister Mohammed Shiaa' Al Sudani.
This agreement aims to enhance collaboration on a range of key initiatives. The MoU highlights the commitment of both financial markets to strengthen relations between the capital markets of both countries and to collaborate on initiatives that aim to enhance trade and investment opportunities in each other's economies.
Under this MoU, ADX and the Iraqi Stock Exchange can explore ways to cooperate in areas including technology, the exchange of best trading practices, educational and training initiatives for investors, and enhancing market development and innovation areas. The MoU will also pave the way for the Iraqi Stock Exchange to join the Tabadul digital trading platform, the first digital platform in the region based on the mutual market access model, enhancing connectivity and opening new avenues for cross-border investment opportunities.
The ADX launched the Tabadul platform in July 2022, making it the first digital trading center in the Middle East. The platform is based on the mutual market access model, facilitating cross-border exchanges and connecting member financial markets. It enables brokerage firms to seamlessly access markets within the Tabadul network, providing investors with more opportunities to invest across different markets.
Alongside ADX, the platform includes the Bahrain Bourse, Muscat Stock Exchange, Astana International Exchange, Kazakhstan Stock Exchange, Central Asian Stock Exchange, Armenia Stock Exchange, and Amman Stock Exchange. Discussions are ongoing with 10 financial markets to join the platform, which offers a wide range of trading opportunities for investors in all participating markets directly and easily, enabling all participants to develop and achieve their interests, which is crucial for accelerating economic growth in the financial markets of member countries.
According to the MOU, the two financial markets will work together to improve electronic trading and post-trading systems, exchange modern trading practices and techniques, and launch a range of educational and training initiatives that contribute to market development and innovation.
In this context, Abdulla Salem Alnuaimi, Group Chief Executive Officer of the Abu Dhabi Securities Exchange, stated, "Our agreement with the Iraqi Stock Exchange represents an important step in our journey to enhance communication and exchange experiences between ADX and other Arab and regional markets. This cooperation contributes to expanding our regional presence in line with our goals of increasing cross-border market activity and providing more opportunities for investors. We look forward to welcoming the Iraqi Stock Exchange as a new member of the rapidly growing Tabadul digital platform, which offers investors a new investment gateway and unique opportunities for seamless access to new growth markets and investment options in the listed companies of both exchanges. Additionally, we welcome investors from Iraq to the ADX, offering them the opportunity to better understand the market and benefit from the success and growth of the listed companies on the Exchnage."
For his part, the Chairman of the Iraqi Securities Commission, Faisal Al-Haimus, added, "We are pleased for the Iraqi Stock Exchange to join the Tabadul platform, as this step represents a qualitative leap in the development of the Iraqi financial market and enhancing integration with regional markets. This cooperation with the Abu Dhabi Securities Exchange aligns with the Iraqi government's vision to support economic growth and stimulate investment, in line with the government program aimed at enhancing economic openness and developing financial infrastructure."
The inclusion of the Iraqi Stock Exchange in the Tabadul platform enhances mutual investment opportunities between the two countries and provides an advanced platform to connect Iraqi investors with regional and international investment opportunities.
