ADX concludes registrar agreement with private joint stock company Tasweek

Thursday, 19 May 2011

The Abu Dhabi Securities Exchange (ADX) and Tasweek Real Estate Marketing and Development, a premier provider of comprehensive solutions in the real estate development industry, have concluded a Registrar Agreement at the ADX Headquarters. The signing was attended by Rashid Al Balloushi, Deputy CEO and Director of Operations at ADX, and TASWEEK Chairman Mohammed Fahed Al Muhairi and CEO Masood Al Awar as well as officials from both parties.

“This agreement is an important step that will provide our company with various advantages, most notably the completion of our future procedures and our status as a public joint-stock company in the financial market. This will create opportunities for UAE investors and other parties to trade in company stocks due to the availability of an official market record established under the terms of this agreement. Our partnership stipulates an obligation for the market to provide an electronic stock-saving system for transferring stock ownerships in the company, as well as dismantling mortgage procedures, closure and others, in accordance with existing market laws,” commented Rashid Al Balloushi.

“Under our agreement, the market will be a reliable and trusted source and reference that depends on disclosure, objectivity and impartiality in conducting its procedures, especially as it comprises advanced electronic programs and records as well as a highly qualified work team capable of meeting all agreed upon obligations. ADX will provide services and meet all requirements in accordance with the optimal standards of markets, and wider experience in the field,” he added.


Finally, Al Balloushi expressed his satisfaction with the agreement with Tasweek and called on its officials to benefit from the integrated services of ADX by taking actions that consider the public interest, similar to those carried out by other private joint-stock companies undertaking agreements with ADX.

“ADX is constantly looking for ways to enable the diversification of its listed companies, in addition to attracting more investors abroad and strengthening relations with the rest of Arab and foreign financial markets. Indeed, this agreement will help us move forward towards achieving all our goals in line with the Abu Dhabi Economic Vision 2030,” concluded Al Balloushi.

Al Awar emphasized the importance of the initiative in saving company records in Abu Dhabi, pointing out its vital role in supporting the company for shareholders, creating promising prospects to access new funding sources, and carrying out the inclusion of operations in the Abu Dhabi market.

“We look forward to promoting our partnership with ADX and discovering more opportunities to enhance our capabilities in meeting customer and investor needs, as well as supporting the future vision of the Government of Abu Dhabi. We reaffirm our commitment to meeting the highest standards of excellence, professionalism and professional competence to achieve common goals and anticipations with our strategic partners, most notably ADX.” Al Awar added,

Backed by more than 20 years of innovation and leadership, TASWEEK Real Estate Development and Marketing has emerged as a one-stop shop for the region’s real estate and related services and marketing. The company’s offerings include Purchase and Sale of Strategic Assets; Asset Management; Joint Ventures and Strategic Alliances; and Marketing Consultancy.