ABU DHABI, 14th January, 2019 (WAM) — The Abu Dhabi Securities Exchange, ADX, participated in the Partnership Summit 2019 in Mumbai, India on 12th and 13th January, 2019, as part of a UAE delegation led by Sultan bin Saeed Al Mansoori, Minister of Economy.
At the event organised in collaboration with the host, the State Government of Maharashtra, the ADX delegation was led by Khalifa Salem Al Mansouri, Acting Chief Executive of the ADX. The participation of the ADX was in line with its strategy to bolster its international presence, as well as strengthen cooperation between the ADX and the Bombay Stock Exchange, BSE, as part of a Memorandum of Understanding signed by the two sides.
In February 2018, the ADX formed a joint working group with the BSE to promote cooperation between the two stock exchanges in several key areas, including benefiting from the expertise of the BSE in supporting small and medium enterprises and the steps it has taken to effectively manage related projects and procedures.
Al Mansouri said that the ADX’s participation in the summit underscored its continued efforts to benefit from global best practices, as well as its desire to forge strategic partnerships to attract more foreign investment to the ADX and Abu Dhabi, in particular.
“During the summit, we were keen to highlight the unique investment environment of Abu Dhabi, both in terms of political and economic stability, its fair legislative and legal system, as well as advanced infrastructure. These are all factors that attract investors looking for stable markets and sustainable returns. The summit was an ideal platform for us to work closely with our Indian counterparts as investors from the country are an important source of foreign investment in the emirate,” he added.
The ADX delegation highlighted the position of the Exchange as the preferred destination for foreign investments in the region and reiterated the significance of the cooperation between ADX and the BSE and benefits and investment opportunities it brings.
The number of Indian investors in the ADX stood at around 17,700 by the end of 2018. The trading value of their transactions during 2018 amounted to about AED345 million with the market value of shares they owned standing at around AED280 million as of the end of last year.
Indian Vice President Venkaiah Naidu; Suresh Prabhu, Minister of Commerce and Industry of the Government of India and Devendra Fadnavis, Chief Minister of Maharashtra, attended the opening of the summit, which witnessed the attendance of more than 1,400 participants from 40 countries around the world.