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ABU DHABI / WAM
John Tuttle, Vice Chairman of the New York Stock Exchange (NYSE) and President of the NYSE Institute, said the UAE has solidified its stature as a key player in the global financial landscape, through launching economic projects and initiatives that have made it an ideal partner for the NYSE in exploring new markets.
In his statements, Tuttle told the Emirates News Agency (WAM) that the UAE’s financial markets possess significant potential and flexibility, combined with its continuous commitment to innovation and development, as proven by its many economic projects and initiatives.
The UAE’s commitment to developing its financial infrastructure and attracting foreign investments makes it a significant market in the Middle East and North Africa, he added, noting that this drove the NYSE to sign a memorandum of understanding (MoU) for cooperation with the Abu Dhabi Securities Exchange (ADX) in several key activities. This partnership is a strong testament to the potential and growth observed in the region, he further added. “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,” he added.
“Under this collaboration, we can see a significant opportunity to build a bridge between the East and West, benefitting 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 Gulf region and beyond,” he further added. The purpose of the MoU is to establish a framework for cooperation between the NYSE and the ADX, to enhance connections between global markets, as this partnership will enable dual listings for companies, which can then work together to introduce new financial products, such as indices, exchange-traded funds and informational products about best environmental, social and governance practices, he explained.
The collaboration between the NYSE and the ADX is a strategic step to expanding our reach and strengthening our capacities in the Middle East, he stated.
“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.
The partnership with the ADX not only involves commercial cooperation, it also goes further, as both exchanges work according to similar visions aimed at developing and improving the structures of the financial market, he further added. “We are committed to working together and have already established a framework for several projects, including dual listings and new financial products, to support investors in both regions,” he said in conclusion.