UAE President visits Oman: Abu Dhabi, Muscat financial institutions sign MoU to boost economic growth

The Abu Dhabi Securities Exchange (ADX) and the Muscat Securities Market (MSX) signed a memorandum of understanding (MOU) on Wednesday that aims to build on the strong foundations between the two parties for a closer partnership, and to exchange visions and experiences between both in various fields of common interest.

The MOU, which was signed during the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, to the Sultanate of Oman, intends to increase collaboration in a wide range of areas to serve common interests. The agreement is also aligned with ADX’s commitment to supporting the UAE’s strategy for economic diversification and growth to promote prosperity in the country.

Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of Abu Dhabi Securities Exchange commented: “The signing of this MoU reaffirms both Abu Dhabi’s and ADX’s commitment to establishing a regional network for knowledge and information sharing, which is intended to bolster liquidity and mutual long-term economic growth with our regional partners.

It is aligned with the GCC’s efforts to promote financial integration, aiming to further develop the investment and capital markets landscape between the two countries by adopting the highest standards of regulatory best practices in both markets.

To this end, ADX will continue in its successful efforts to date in establishing close working relationships, cooperation and collaboration with regional and international financial markets.”

Haitham bin Salem Al Salmi, CEO of the Muscat Stock Exchange (MSX) and Chairman of the Board of Directors of the Muscat Clearing and Depository Company (MCD), said: "These agreements and memoranda of understanding will enhance the levels of cooperation between the two markets, and it is hoped that they will have positive repercussions on strengthening relations between all components of the capital sector in the two countries.

Al Salmi emphasises that this cooperation will create many investment opportunities, support economic development, benefit from the experience of the Abu Dhabi Securities Exchange, and strengthen brotherly relations between the two countries – hoping that the qualitative and distinguished relations between both markets will continue.

The MOU aims to enhance bilateral cooperation and information sharing in a number of areas, including advisory services, training, development of systems, and promotion of integration. It also provides a channel of direct communication between the two parties, for the exchange of legal and technical information, sustainability and ESG.

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