On September 15, in U.S.-brokered ratification, Arab’s second-largest market: Abu Dhabi’s Securities Exchange (ADX) signed a memorandum of understanding (MOU) with Israel’s only public stock exchange: Tel Aviv Stock Exchange, requiring two parties to comply with a set of rules and obligations as per the agreement.
Announced by the Abu Dhabi government media office on Twitter on Wednesday, this happens to be the first commercial relationship between the Arab Exchange and the State of Israel. The MOU was signed by the ADX Chairman Mohamed Ali Al Shorafa Al Hammadi, and TASE Chairman Amnon Neubach at a virtual ceremony because of the ongoing pandemic.
The MOU lays an outline for developing bilateral relations through the stimulation of economic growth and the advancement of technological innovations. By offering companies and investors more ways to do business, AL Hammadi said, a vision of a peace agreement would emerge, which would benefit people across the regions.
In a statement, the CEO of TASE, Ittai Ben Zeev said that the MOU holds as a testament for Israel’s capital markets and what it represents for international investors seeking high-growth companies and Israeli technology. It has further cemented the pathway to commercial deals in several fields that will boost the market capital, thus strengthening the relationship between the countries.