Abu Dhabi / Emirates Business
With a move to facilitate a sustainable economy, while also supporting the process of the integration of the various sectors, the Abu Dhabi Securities Exchange (ADX) will continue to strengthen its role and contribution to the growth, stability, and openness of the economy of the Emirate of Abu Dhabi, as well as to the effective implementation of the laws and regulations by establishing an infrastructure that conforms to the best international practices enabling ADX to attract international investments and strategic partners.
ADX has recently signed a Registrar Agreement with United Arab Bank (UAB), at the ADX main offices in Abu Dhabi. UAB is the first listed public shareholding company that concludes a similar agreement with ADX. The ceremony was attended by Abdul Aziz Abdul Rahman Al Nuaimi, Assistant Chief Executive, and Mohammad Hareb Al Muhairi, Head of Clearance, Settlement and Deposit from ADX, and by Samer Tamimi, Deputy Chief Executive Officer and Miss Rima Boutros, Company Secretary and Head of Corporate Governance from UAB, in addition to senior staff from both sides.
The agreement was signed by Mohammad Hareb Al Muhairi, Head of Clearance, Settlement and Deposit at ADX and by Samer Tamimi, Acting CEO of UAB.
Rashed Al Baloushi, CEO of ADX said: “We welcome this agreement with UAB, and are hopeful it leads to strengthening the confidence of the investors in the banking sector in the UAE”. He also pointed out that “this step actually reflects the confidence of the market in ADX, which offers opportunities and new horizons for the strongly positioned companies with growing share return.
It also showcases the confidence of the various stakeholders in the commitment of ADX to comply with the best international standards, emphasizing the importance of this agreement to both the ADX and UAB, whereas it helps positioning the Exchange to be a key player in the local, regional and international market and ensuring the provision of advanced services that support the activities of the Bank.”
Samer Tamimi, Acting CEO of UAB stated: “We are honored to be the first listed public shareholding company to sign the Registrar Agreement with ADX. As a listed company in ADX, we strongly believe that this agreement will add real benefit and value to the Bank by enabling us to benefit from the integrated services offered by ADX.” He concluded: “We look forward to promoting this partnership with ADX, which will undoubtedly add value to the strategic vision of the Bank. I would like to place considerable emphasis on the role and ongoing commitment of ADX to support the listed shareholding companies trading on its exchange, by providing high quality and seamless e-services that facilitate effective communication. I would also like to recognize the continued and great commitment of ADX team in supporting the listed companies in a highly professional and efficient manner”.
Mohammad Hareb Al Muhairi, Head of Clearance, Settlement and Deposit at ADX stated that ADX will offer a wide range of value added services to UAB under the agreement, including Registrar, planning and assisting the Bank at the management of its Annual General Assembly and the distribution and payment of dividends to its shareholders.”