The Abu Dhabi Securities Exchange, the Kuwait Stock Exchange, and the Kuwait Clearing Company signed a memorandum of understanding with the aim of unifying and defining operational, administrative, and technical procedures and integrated coordination with regard to listing, trading, and joint central depository operations.
The UAE and Kuwaiti parties agreed to encourage and facilitate cooperation between them in the areas of data exchange and legislative regulations, and enhance the financial culture of investors in both financial markets, with the aim of enhancing liquidity in both markets and expanding investment opportunities for investors.
According to the Chairman of the Board of Directors of the Abu Dhabi Securities Exchange, Hisham Khaled Malik, this memorandum of understanding “highlights the unique investment opportunities available to investors in both markets, and thus opens a broader door of opportunities for them, which will contribute to achieving sustainable growth and increasing liquidity in the economies of the two countries.”
As for the Chairman of the Board of Directors of the Kuwait Stock Exchange, Hamad Meshary Al-Humaidhi, he said, “Through this memorandum, we look forward to strengthening cooperation with the UAE, and attracting more investors – whether at the local, regional or global levels – to the Kuwaiti and Emirati financial markets, and contributing to booming economies in both countries.”
Saeed Hamad Al Dhaheri, Managing Director and CEO of Abu Dhabi Securities Exchange, said, “We are excited to see the start of joint work and the strengthening of cooperation with the Kuwait bourse and the Kuwait Clearing Company. Partnerships with international exchanges are key pillars of the ADX One strategy. It will help us raise the efficiency of the market, and achieve success for all parties.”
Chairman of the Board of Directors of the Kuwait Clearing Company, Fahd Abdul Rahman Al-Mukhaizeem, said, “We consider this an encouraging start for the exchange of experiences and visions for developing the financial market in both Kuwait and Abu Dhabi, despite the effects of the global pandemic of the Coronavirus.”
