UAE and Saudi bourses partner for dual listings
Ankit Sharma
<p>Abu Dhabi Securities Exchange (ADX) and Saudi Stock Exchange (Tadawul) have signed an agreement to strengthen bilateral cooperation in the dual listing of securities in Saudi and UAE financial markets.<br /> <br /> The agreement falls within the framework of cooperation between the two countries and the Saudi-Emirati Coordination Council, which seeks to achieve a common vision of integration between the two countries and bolster bilateral cooperation on key issues and common concerns.<br /> <br /> Khalifa Salem Al Mansouri, acting chief executive of ADX, and Mamdooh AlSedairy, CEO of Securities Depository Centre Company (Edaa), signed the MoU.<br /> <br /> A subsidiary of Tadawul, Edaa is the sole entity responsible for providing custody, registration, clearing and settlement services for securities traded on the Saudi bourse.<br /> <br /> The agreement aims to identify and standardise the operational, administrative and technical procedures between the two countries and establish effective cooperation on dual listing of securities in their financial markets. This will be achieved through the exchange of information and data included in the ownership register or relevant to transactions carried out by brokers, members or investors. Additionally, this agreement allows for the transfer of securities and updating the securities ownership registers in each country.<br /> <br /> The agreement between the two bourses will enable each party to open a deposit account with the other party to deposit and transfer securities in accordance with their procedures. In addition, it will enable holding and maintaining securities ownership registers of the deposited securities within each party and managing them, as well as effective exchange of information, data and records related to the ownership registers or the transactions executed or to be executed by brokers, members or clients or any information and data that both parties deem necessary. <br /> </p> <p>Source:-https://www.khaleejtimes.com/business/markets/uae-and-saudi-bourses-partner-for-dual-listings</p>