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Abu Dhabi Securities Market and Bahrain Stock Exchange sign cooperation agreement

29 May 2007  |  1363 views  |  0 Source: Abu Dhabi Securities Market

Abu Dhabi Securities Market (ADSM) and Bahrain Stock Exchange (BSE) signed Last Thursday a Memorandum of Understanding (MoU) in Manamah capital of Bahrain.

The MoU was signed by Mr. Rashed Al Baloushi Acting Director General of ADSM, and Mr. Mr. Fouad A.Rahman Rashid, Director of Bahrain Stock Exchange.

The MoU is designed to enhance and strengthen cooperation between the two markets especially in the matters related to depository, clearing & settlement of securities that are allowed to deal in both Bahrain and United Arab Emirates. Mr. Rashed AL Baloushi, said: "This MoU between ADSM & BSE is an exceptionally important step for the work of visit coordination from both parties, and express the interest of both markets in developing cooperative relationship to a lasting partnership."

He assured that the cooperation between both markets will facilitate several related matters and will benefit both citizens of Bahrain & UAE in a way that guarantee providing good investment opportunities for both parties, since BSE and ADSM are the most important financial markets among the GCC countries. He added: "This memorandum will enhance and develop the mechanisms of collaborative planning to organize the operations of trading, clearing, settlement and depository that would contribute in activating securities investment in both markets through creating the rules and procedures necessary for the exchange of trading information in both markets and listed companies, as well as encouraging and facilitating the cross-listing and IPO procedures in the two countries, in addition to the support cooperation between the two brokerage firms operating in both markets that contributes to the activation of such listing for achieving the goals of MOU. He ended by saying: "We hope the establishments of private sector will benefit from this MOU looking forward to work on converting this MOU to a cooperative agreement between both parties."

Mr. Fouad Rashed, Director of BSE, praised the signature of this MoU pointing to relations and ties between the two markets assuring the importance of MOU role in enhancing and strengthen these relations through setting stage for the development of mechanisms that would activate its articles to achieve its goals, especially in light of the continued support and care of relations shown between the two countries through their political leadership. He added: "We hope this MOU will benefit the establishments of private sector, stockholding companies, the brokerage firms as well as the investors in both markets, and from the mechanisms of cooperative relationship laid by this memorandum, resulting to growth and prosperity to all." Moreover, this MOU will pave the way to investors dealing in the shares listed in both markets for market value of more than 80 billion dollars.

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