Abu Dhabi Securities Exchange and Abu Dhabi Chamber of Commerce and Industry signed a MOU

Monday, 22 February 2010

Abu Dhabi Securities Exchange (ADX) and Abu Dhabi Chamber of Commerce and Industry (ADCCI) signed a Memorandum of Understanding (MoU) aiming at enhancing the role of Abu Dhabi’s private sector in the process of economic development and supporting the exchange’s activities by enhancing investor confidence.

The agreement was signed by Rashed Al Baloushi, ADX’s Deputy Chief Executive and Director of Operations, and Rashed Al Qubaisi, ADCCI’s Executive Director for Trade and Business Development, in the presence of a number of senior officials from the two sides.

Rashed Al Baloushi explained that this agreement comes at an important and crucial stage of the economic development in Abu Dhabi whereas the need now is dire for further enabling the private sector to play its role in supporting the economic growth and social development of the emirate in accordance with the strategic objectives set by the leadership.

He added that ADCCI will facilitate the exchange’s communication with this vital sector owing to the chamber’s extensive network of members that include the majority of the private sector players in Abu Dhabi, and hence enhance investment literacy and develop ADX’s operations to support the establishment of the debt market or to introduce any new investment instruments.

ADX’s deputy chief executive emphasized as well the importance of cooperating with the chamber in the fields of investment literacy and knowledge as well as addressing the issues of mutual concern that involves the business community, investment and economic development.

Rashed Al Qubaisi assured ADCCI’s complete commitment to further enhance the services provided for the chamber’s members including the corporations and companies operating in Abu Dhabi as well as its partners whether local government and other official entities in Abu Dhabi; whereas the agreement stipulates the cooperation between the two sides to support the efforts aiming at the active participation of the private sector, emiratization, and supporting UAE’s entrepreneurs and owners of Small and Medium Enterprises (SMEs).

The agreement also sets a framework for enhancing investor confidence at ADX and developing investment literacy, as well as coordinating the efforts in the issues of mutual concern including the business community, investment, economic development and investor protection.

Al Qubaisi also explained that the chamber’s plan for 2010 includes a number of other MoUs with local and federal institutions and departments to support the activities of the private sector and to enable it to actively participate in the economic development of Abu Dhabi.

The agreement reiterates the coordination of efforts aiming at emiratization and strengthening investor confidence as well as further developing the exchange and protecting the investors.