Abu Dhabi Securities Exchange (ADX) and the Tel Aviv Stock Exchange (TASE) signed a Memorandum of Understanding (MoU) on Wednesday to boost growth of the capital markets in the UAE and Israel.
It is for the first time that an Arab exchange has entered into a commercial relationship with one in Israel.
The MoU was signed by Mohamed Ali Al Shorafa Al Hammadi, Chairman of ADX, and Amnon Neubach, Chairman of TASE, at a virtual signing ceremony.
While contributing to the growth of UAE and Israeli capital markets, the new agreement will allow collaboration in cross-listing of securities and facilitating investor access to each other’s markets.
.@ADX_AE signed an MoU with Tel Aviv Stock Exchange (TASE) @TASE_en to foster co-operation between the two exchanges, contribute to the growth of UAE and Israeli capital markets, and collaborate in the advancement of innovative financial technologies. pic.twitter.com/YHE4gjlBo8— مكتب أبوظبي الإعلامي (@admediaoffice) December 16, 2020
Besides mutual trading by each exchange’s respective members, the two countries can work to create new fintech and other market infrastructure technologies
"As the relationship between the UAE and Israel enters a new era, the path is open for businesses from both countries to collaborate with each other and unlock commercial opportunities. The MoU ADX and TASE have signed is an early example of such collaboration and evidence of our commitment to drive value in the region through trade and commerce,” Mohamed Ali Al Shorafa Al Hammadi, Chairman of ADX, said.
Amnon Neubach, Chairman of the Tel Aviv Stock Exchange added, "We are looking forward to working closely together with the Abu Dhabi Securities Exchange and we are confident that this MoU will strengthen the capital markets of Israel and the United Arab Emirates and will provide important opportunities for listed companies in both countries.”