DME and ADX Sign MoU to Drive Development of UAE & Regional Capital Markets
Leading regional exchanges to develop new financial products to further attract investors
Dubai - UAE, July 07, 2015 – The Dubai Mercantile Exchange (DME) and Abu Dhabi Securities Exchange (ADX) today signed a Memorandum of Understanding (MoU) in a move that will see two of the leading regional exchanges collaborate on several fronts to further drive the growth and development of capital markets in the UAE and the wider Middle East region.
The MoU was signed by Ahmad Sharaf, Chairman of DME, and Rashed Al Balooshi, Chief Executive, Abu Dhabi Securities Exchange.
Ahmad Sharaf, Chairman of DME, said, “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. 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.
Rashed Al Balooshi, Chief Executive, Abu Dhabi Securities Exchange 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 and is witnessing consistent growth in trading volumes to reinforce the position of its flagship product – DME Oman – as the most credible trading benchmark for the Asian crude oil markets. The DME Oman contract currently is the largest physically delivered crude oil futures contract in the world.
ADX was launched in 2000 and has since evolved into a leading stock market with aspirations of leading the development of capital markets in the UAE and the wider MENA region.