Abu Dhabi: «The Gulf»
Boursa Kuwait and the Kuwait Clearing Company signed a memorandum of understanding with the Abu Dhabi Stock Exchange to standardize and define operational, administrative and technical procedures and achieve effective cooperation and integrated coordination with regard to listing, trading and joint central depository operations.
The two parties agreed to encourage and facilitate cooperation between them in the areas of exchanging data and legislative regulations, and enhancing the financial culture of investors in both financial markets, with the aim of enhancing liquidity in both markets and expanding investment opportunities for investors.
Dr. Matar Hamed Al Neyadi, UAE Ambassador to the State of Kuwait, said: “The agreement signed between the two markets contributes to strengthening the existing strategic partnership to achieve mutual benefits, facilitate trading and investment from the UAE and sisterly Kuwait, organize work procedures for double-listed companies and organize the distribution process. profits, which leads to broadening the horizons of economic cooperation for the two brotherly countries.”
Hisham Khaled Malik, Chairman of the Board of Directors of the Abu Dhabi Securities Exchange, said: “The memorandum between the Abu Dhabi Stock Exchange, the Kuwait Stock Exchange and the Kuwait Clearing Company highlights the unique investment opportunities available to investors in both markets, and thus opens a broader door of opportunities for them, which will contribute to achieving sustainable growth. Increasing liquidity in the economies of the two countries.
Hamad Mishary Al-Humaidhi, Chairman of the Board of Directors of Boursa Kuwait, commented on this occasion, saying: “Since its establishment, Boursa Kuwait has been keen on developing and improving the Kuwaiti capital market in order to shed light on investment opportunities and solutions in it. Through this memorandum, we look forward to strengthening cooperation with the sisterly United Arab Emirates, and attracting more investors – whether at the local, regional or global levels – to the Kuwaiti and Emirati financial markets, and contributing to the prosperity of the economies in both countries.”
Saeed Hamad Al Dhaheri, Managing Director and CEO of Abu Dhabi Securities Exchange, said: “We are excited to see the start of joint work and the strengthening of bonds of cooperation with Boursa Kuwait and the Kuwait Clearing Company. Partnerships with international stock exchanges are key pillars of the ADX One strategy, as this cooperation will not only increase our reach to global investors, but will also help us raise market efficiency and achieve success for all parties.”
As for Fahd Abdul Rahman Al Mukhaizeem, Chairman of the Board of Directors of the Kuwait Clearing Company, he said: “We are pleased with this joint cooperation between the two brotherly Kuwaiti and Emirati parties, and we consider it an encouraging start for the exchange of experiences and visions of developing the financial market in both Kuwait and Abu Dhabi, despite the effects of the global pandemic of the Corona virus. As we seek in the Kuwait Clearing Company to open new horizons to enhance commercial cooperation and establish long-term investment relationships with all our partners in the region in particular, and in the world in general.”
