Abu Dhabi Securities Exchange Speaks About Its Achievements In Celebration Of The UAE Innovation Week – Rashid Al Baloushi: Innovation Has Become An Added Value To The National Economy And Its Various Sectors

Wednesday, 23 November 2016

His Excellency Rashid Al Baloushi, CEO of Abu Dhabi Securities Exchange, said that innovation has become an added value to the national economy and its various sectors, including the capital sector which has witnessed significant developments over the last years thanks to the support provided by the UAE leadership led by His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, and the directions of His Highness Sheikh Mohammed Bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
In celebration of the UAE Innovation Week, Al Baloushi mentioned that Abu Dhabi Securities Exchange has sought over the last period to keep up with the state’s approaches to establishing the culture of innovation and integrate it into all of the services that are provided to companies, investors and all parties that are related to the Exchange’s work. Over 12 innovations have been achieved so far and included the facilitation of the provision of 40 services, including the investor number issuance process, the management of companies’ general assemblies’ meetings and e-vote which relies on the “Block Chain” technology; this technology is regarded as one of the latest in the field of digital transactions. Such step is a first of its kind initiative in the Middle East and North Africa.
Al Baloushi emphasized that they are proud about the fact that the majority of the innovations that Abu Dhabi Securities Exchange has achieved came as a result of the efforts exerted by pure national personnel who dedicated themselves to serve their country and follow the directions of the state’s leadership. Such efforts help make more achievements on the level of international innovation indexes.
He also explained that Abu Dhabi Securities Exchange’s winning of the Most Innovative Exchange in the GCC Award, which is awarded annually by “Capital Finance International”, is a great example of the kind of achievements the Exchange has made in this field; innovation has become an integral part of the Exchange’s work agenda. The Exchange also won the 4th Middle East Financial Markets Excellence Award which is awarded annually by the Middle East Excellence Awards Institute. The award reflects the Exchange’s keenness to align its organizational practices with those of international financial markets, and is a recognition from the Institute of the achievements that the Exchange has achieved in its efforts to contribute to the reinforcement of the capital markets’ capabilities in the state.
Among the innovations that the Exchange has achieved is a large group of services in the field of innovation and digital transformation, such as the smart service gate “Sahmi” which allows the investors to obtain an investor number in less than 60 seconds. It also provides the investors data modification feature as well as obtaining the financial reports and investment statements in printed format. Moreover, it provides the e-payment service for all of the services that are offered to the investors.
Abu Dhabi Securities Exchange is the number one exchange in the area with respect to adopting the initiative of promoting flexible programming language for financial reports since 2006. It is also the first to disclose the names of shareholders who own 5% or higher of the listed company’s capital on its official website. It also listed the first traded investment fund in the region and is also the first exchange to list the shares of private joint stock companies within the Exchange’s second platform.
Furthermore, Al Baloushi stated that Abu Dhabi Securities Exchange constantly seeks to provide the suitable environment to encourage and support innovative ideas through its national cadres. It is also keen on introducing new products and services to facilitate the conduct of work for companies and investors alike. He also pointed that these efforts will continue and the Exchange will keep on following the state’s directions in general and Abu Dhabi Vision 2030 in particular in order to sustain the journey of development and building on all levels.