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Abu Dhabi & Kuwait signs pact to improve liquidity

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The world’s second-largest stock market, ‘Boursa Kuwait’ and the Kuwait Clearing Company have signed an agreement in order to boost their bilateral investment through cross border trading and listings.

Under the cooperation agreement, three main commodities will promote and encourage the legislative, depository, and trading collaboration.

According to a statement on Wednesday, they will also work to improve market literacy among investors.

According to ‘Matar AL Neyadi, UAE ambassador to Kuwait, they highlight the strong economic ties between the two countries. The contract will facilitate inter-exchange trading and put strategies for dual listings and the cross border distribution of dividends in the UAE and Kuwait.

The move came as ADX continued its focus on alliances with markets worldwide to improve its capitalisation.

Last year, it signed partnerships with Bahrain Bourse, Turkey’s Borsa Istanbul and Kazakhstan’s Astana International Exchange to explore direct market opportunities and improve cooperation through information exchange.

The partnership between ADX, Boursa Kuwait and Kuwait Clearing Company highlights the unique investments options that are available to investors in both markets, said Hisham Malak, chairman of ADX.

The agreements between the two countries will also deepen their market liquidity and donate to both our countries’ long-term sustainable economic growth.

ADX and ADQ are one of the regions that holds the largest companies, with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s economy.

In 2021, exchange was announced by the ADX with the strategy to significantly increase market capitalisation, strengthen corporate governance and meet the evolving needs of global issuers and investors.

As part of their strategy, the ADX produced a derivative market in the fourth quarter and also signed an agreement with FTSE Russell to develop co-branded indices, including a tradable FTSE ADX Blue Chip Index launched in 2022.

Spacs, or blank-cheque companies, are commodities with no commercial operations and are formed to raise funds through an IPO.

“Collaborations with global exchanges are central to our ADX One strategy,” Saeed Al Dhaheri, managing director and chief executive of ADX, said. “Not only will this partnership grow our reach to global investors, but it will also help us to improve market efficiency further and bring about mutually beneficial results.”

Kuwait Company of Clearing, also known as Maqasa, is the central clearing, settlement and depository entity for the Kuwaiti securities market.

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