[stock-market-ticker symbols="AAPL;MSFT;GOOG;HPQ;^SPX;^DJI;LSE:BAG" stockExchange="NYSENasdaq" width="100%" palette="financial-light"]

  • Loading stock data...

March 3, 2024

UAE a key player in global financial sector, says NYSE vice chair

The UAE has solidified its stature as a key player in the global financial landscape by launching economic projects and initiatives that have made it an ideal partner for the New York Stock Exchange (NYSE) in exploring new markets, a senior NYSE official told Emirates News Agency.

John Tuttle, vice chairman of the NYSE  , said that the UAE’s commitment to developing its financial infrastructure and attracting foreign investments makes it a significant market in the MENA.

Tuttle underscored that the UAE’s quest to attract foreign investments led the NYSE to sign an MoU for cooperation in several key activities with the Abu Dhabi Securities Exchange (ADX).

“Naturally, at the NYSE, we always aim to expand our global operations and explore new opportunities for strategic partnerships. Therefore, our partnership with the ADX will strengthen our regional presence, representing a strategic opportunity to link two rapidly growing financial markets,” said Tuttle.

He said the partnership between the NYSE and the Abu Dhabi bourse has an opportunity to build a bridge between the East and West and is poised to benefit both investors and issuers in both regions.

“We are confident that this partnership will greatly enhance connections between global markets and provide international investors in the US with access to high-performing markets and companies in the GCC region and beyond,” added Tuttle.

UAE’s capital markets

Meanwhile, ADX signed an MoU with the NYSE last week to collaborate on several key business activities, including the dual listing of companies on both exchanges.

The ADX and NYSE will explore opportunities to develop exchange-traded funds (ETFs) and data and index products, as well as collaborate on sustainability-related initiatives.

The deal follows the selection of the ICE Global Network by the Abu Dhabi stock market to offer global institutional investors direct access to ADX market data and order entry.

Abdulla Salem Alnuaimi , the CEO of the ADX, said the collaboration fosters greater connectivity between issuers and investors by facilitating the ease of dual listings, providing companies with greater visibility and access to a larger pool of investors.

“The MoU with the ADX is evidence of our strong belief in the importance of partnership and cooperation and their impact on advancing global financial markets,” Tuttle said.

In other news, the Dubai Financial Market, Nasdaq Dubai, and Shanghai Stock Exchange have signed an MoU to further strengthen the ties between the capital markets of Dubai and China.

The deal will facilitate joint product development, such as Index and ETFs, as well as the creation of environmental, social and governance and sustainability-linked products.

GCC countries – Saudi Arabia , Oman and the UAE – have seen a surge in initial public offerings (IPO), buoyed by high oil prices and investor inflows. The flurry of IPO activity in the region has prompted global banks to increase their presence by relocating staff or expanding.