The Abu Dhabi Stock Exchange (ADX) and the Tel Aviv Stock Exchange (TASE: TASE) today signed a memorandum of understanding (MOU) for cooperation, marking the first commercial connection in Israel of a stock exchange from the Arab world. The Memorandum of Understanding will allow the opening of communication channels, which will strengthen the cooperation between the two stock exchanges and contribute to the growth of capital markets in the United Arab Emirates and the State of Israel.
The official signing of the Memorandum of Understanding was held today between Muhammad Ali al-Shurfa al-Hamdi, Chairman of ADX, and Amnon Neubach, Chairman of the Tel Aviv Stock Exchange, in a virtual signing ceremony held between the two exchanges in Abu Dhabi and Israel.
The signing of the Memorandum of Understanding was made possible after the signing of the peace agreement between the two countries. This Memorandum of Understanding is an important part of the United Arab Emirates’ efforts to expand diplomatic and commercial cooperation with Israel, as it paves the way for the development of mutual relations through the encouragement of economic growth and the promotion of technological innovation.
One of the main purposes of the Memorandum of Understanding between ADX and TASE is to examine opportunities for possible collaboration, including: cross-listing of securities; Mutual trading between members of the stock exchanges; Investor access to both markets, the establishment of fintech and other market infrastructure technologies and the sharing of data and other information for the development of new products.
The goals guiding the parties are to create easy access between the two capital markets and to build an attractive market for all major stakeholders, including trading companies, investors and agents, as well as suppliers and consumers of information.
Muhammad Ali al-Shurafa al-Hamdi, Chairman of ADX, said: “The opening of a new era in relations between the United Arab Emirates and Israel enables cooperation between businesses from the two countries and leads to the growth of commercial opportunities. The Memorandum of Understanding signed today between ADX and TASE is the first swallow of the collaboration and testifies to our commitment to creating value in the region, through business and commerce. By paving new paths for companies and investors to achieve their business goals, we support the vision of a prosperous peace agreement for all the peoples of the region. ”
Said Hamed al-Dahari, CEO of ADX, added: “The Memorandum of Understanding between ADX and TASE is an example of mutual benefit cooperation between the sharing of ideas, information and initiatives that add value to both parties. The key role of innovation and technology in business cooperation between the United Arab Emirates and Israel is particularly significant for ADX, as it encourages technology entrepreneurship businesses to attract investors and raise capital, actions that are a key factor in our strategy. We believe that our cooperation with the Tel Aviv Stock Exchange will create opportunities for the development of businesses that may become the technology giants of the future. ”
Amnon Neubach, Chairman of the Board of Directors of the Tel Aviv Stock Exchange, stated today: “We at the Tel Aviv Stock Exchange cherish the opportunity given to us by signing the historic memorandum of understanding. We look forward to the close cooperation with the Abu Dhabi Stock Exchange and believe that the Memorandum of Understanding will strengthen the capital markets of Israel and the United Arab Emirates and open the door to important opportunities for companies traded in both countries. ”
Itai Ben Zeev, CEO of the Tel Aviv Stock Exchange, said: “Expanding the international exposure of the Tel Aviv Stock Exchange while increasing accessibility for investors from all over the world is a key strategy for us. The Memorandum of Understanding lays the foundations for real and meaningful cooperation and testifies to the great interest that exists in the Israeli capital market for international investors seeking to invest, among other things, in technology and growth companies in Israel. “A long-term connection and ongoing cooperation between the Tel Aviv Stock Exchange and the Abu Dhabi Stock Exchange is expected to bring tremendous benefits to both parties and to companies and investors in both countries.”