The Dubai Mercantile Exchange (DME) and Abu Dhabi Securities Exchange (ADX) today (July 7) signed an agreement to collaborate on several fronts to further drive the growth of capital markets in the UAE and the wider Middle East region.

The Memorandum of Understanding (MoU) was signed by Ahmad Sharaf, chairman of DME, and Rashed Al Balooshi, chief executive, Abu Dhabi Securities Exchange.

“This MoU between DME and ADX is of immense strategic importance as it brings together two exchanges that have firmly established the UAE’s position on the global financial map,” Sharaf said.

“DME’s proven expertise in attracting members from across the globe and driving trading volumes on its platform combined with ADX’s unique listing and stock trading experience will facilitate increased capital market participation and investment from local and international investors.

“DME values any opportunity to contribute to the continued growth of regional financial markets. DME and ADX will work closely to develop and introduce new financial products that will resonate with a diverse investor base”, added Sharaf.

Al Balooshi said: “Knowledge-based economic growth is one of the top priorities today and hence through this MoU we hope to establish a strong relationship with the DME to share knowledge and best practices for mutual benefit and development. We are confident that together we can further drive the growth and expansion of the capital markets in the UAE and set a leading example for our regional counterparts.”

DME is the leading energy futures and commodities exchange in the Middle East.

ADX was launched in 2000 and has since evolved into a leading stock market in the UAE and the wider Mena region. – TradeArabia News Service