Edaa Signs cooperation MoU with ADX

Saudi Arabia’s Securities Depository Center Company (Edaa) signed a Memorandum of Understanding (MoU) with Abu Dhabi Securities Exchange to boost bilateral cooperation in the dual listing of securities in Saudi and UAE financial markets.

The agreement aims to identify and standardize the operational, administrative and technical procedures between the two countries.

Additionally, this agreement allows for the transfer of securities, and updating the securities ownership registers in each country, as well as the exchange of information and data included in the ownership register or relevant to transactions carried out by brokers, members, or investors.

The agreement will enable each party to open a deposit account with the other party to deposit and transfer securities in accordance with their procedures.

The agreement will also prove an attractive platform for Saudi, UAE and foreign investors alike, thanks to the stable and competitive investment environment in the region's financial markets. The number of Saudi investors in ADX reached 147,412 by the end of 2018, of which 147 were institutional investors, with a total trading value (buy + sell) of AED 1.6 billion in 2018.

ADX had previously signed an MoU with the Saudi Stock Exchange (Tadawul) to enhance mutual cooperation and bilateral relations between the two parties through the exchange of information and expertise.