Abu Dhabi bourse inks deal with Tel Aviv to explore cross-listing of securities

Abu Dhabi bourse inks deal with Tel Aviv to explore cross-listing of securities

Abu Dhabi Securities Exchange (ADX) and the Tel Aviv Stock Exchange (TASE) on Wednesday signed a memorandum of understanding (MoU), the first time an Arab exchange has entered into a commercial relationship with Israel.

The MoU will facilitate the development of channels of communication to foster co-operation between the two exchanges and contribute to the growth of the capital markets in the UAE and Israel, state news agency WAM reported.

The MoU was signed by Mohamed Ali Al Shorafa Al Hammadi, chairman of ADX, and Amnon Neubach, chairman of TASE, at a virtual signing ceremony.

WAM added that the MoU forms an important part of the UAE's efforts to expand diplomatic and commercial co-operation with Israel, by laying out a road map towards developing bilateral relations through the stimulation of economic growth and the promotion of technological innovation.

One of the key purposes of the MoU between ADX and TASE is to explore potential opportunities for collaboration, including the cross-listing of securities and facilitating investor access to each other's markets while creating new fintech and other market infrastructure technologies.

Al Hammadi said: "As the relationship between the UAE and Israel enters a new era, the path is open for businesses from both countries to collaborate