Abu Dhabi Securities Exchange (ADX) announced today it has signed a Memorandum of Understanding (MoU) with the Libyan Stock Market (LSM) in a move that further cements ties between Abu Dhabi and other Arab exchanges.
Other Arab stock exchanges ADX has recently signed agreements with include exchanges from Jordan, Qatar, Oman, Syria, Sudan and Egypt.
The MoU commits ADX to providing LSM with consultancy and training services and the two exchanges agreed to share trading data and information about listed securities; facilitate the trading of securities listed on both exchanges; and encourage and facilitate the dual-listing of companies.
"Co-operation and co-ordination with other exchanges is very important in the early stages of development and we are honoured that the LSM recognised the benefit of signing such an agreement with ADX", said Tom Healy, CEO of ADX.
"ADX is proud of its history working with other Arab stock exchanges for the benefit of the whole securities market in the MENA region."
Suliman Salem Alshahumy, Chairman of the Board of Directors at LSM, also added that the Libyan exchange was looking forward to working with ADX. "Libyan companies and investors have watched Abu Dhabi's dramatic development with great interest", he said. "This agreement will benefit all our stakeholders and hopefully lead to more co-operation between the exchanges."
Also present at the signing was the Libyan Ambassador to the UAE, H.E. Mohammed Al Buaishi.