A Delegation of senior Sudanese officials and executives representing Sudan Telecommunication Company Limited (Sudatel), Khartoum Stock Exchange (KSE) and Dubai’s Expresso Telecom has visited Abu Dhabi Securities Exchange (ADX) today in tandem with the excellent relations binding Abu Dhabi and the Republic of Sudan.
The delegation was accompanied by HE Ahmed Al Seddiq Abdul Hay, the Sudanese ambassador in the UAE, and Mounira Abu Qusisa the Economic Advisor, and were received by Rashed Al Baloushi, ADX’s Deputy Chief Executive, Director of Operations, along with other top officials from the exchange.
“This visit conforms to the excellent relationships between the Emirate of Abu Dhabi and the Republic of Sudan in general and between ADX and KSE in particular,” Al Baloushi commented.
During the visit, Sudatel officials delivered a presentation about the performance of the company which was established in 1993 and listed on ADX as from 2003.
Members of the delegation expressed their support for the continuation of the solid tradition of cooperation with ADX through communication and consultation, aiming to enforce the solid base that has been established throughout the past and to explore the potentials of further cooperation in the future.
“Sudatel qualifies among the most successful foreign listings at ADX with more than 499.6 million shares traded through 53,575 transactions by the close of trading on May 23, 2010. Meanwhile, the figures for the transfer transactions on the company’s shares between ADX and KSE are quite active as well, reflecting the sound foundations for the cooperation between the two exchanges,” Al Baloushi revealed explaining that ADX is always aiming to boosting the ties with the Sudanese counterparts within the framework of the exchange’s efforts to become the market of choice in the region.
ADX’s telecommunications sector provides a successful model for accommodating foreign investments, by including, in addition to Sudatel, Palestine Telecommunication Company (Paltel) and Qatar Telecom (Qtel). The telecommunications sub-index was the third best performer in ADX in 2009, recording a growth of 32.9% as compared to 2008.