ADX and Borsa Italiana sign Letter of Intent to explore cross-border investment opportunities

The Abu Dhabi Securities Exchange (ADX) Group, ranked among the world’s top 20 exchanges by market capitalization, and Borsa Italiana, part of Euronext, have signed a letter of intent (LOI) during the Abu Dhabi Investment Forum in Milan, marking an important step toward establishing a new investment corridor between the UAE and Europe. The LOI sets out a framework to explore opportunities for dual listings between ADX and Euronext markets, alongside a strong focus on post-trading interoperability and central securities depository (CSD-to-CSD) connectivity. 

The collaboration intends for issuers to benefit from access to broader liquidity pools and more diversified investor bases, while ensuring that cross-border settlement, asset servicing, and share transfers between AD CSD and Euronext CSD Milan are handled efficiently and in full compliance with applicable regulatory requirements. It will also explore avenues to enhance cross-border market access through Tabadul, the MENA region’s first mutual market-access platform.

Abdulla Salem Alnuaimi, Group Chief Executive Officer of the Abu Dhabi Securities Exchange (ADX) Group, said: “The letter of intent reflects a shared strategic ambition to strengthen long-term capital market connectivity between the UAE and Europe, including the exploration of new listing pathways for issuers. It aligns with ADX’s broader vision to position Abu Dhabi as a globally connected financial center and to support deeper, more diversified investment opportunities for investors, while shaping ADX’s role in the evolution of modern capital markets.”

The LOI builds on ADX’s strategic approach to developing international market linkages through structured cooperation with leading global exchanges. In 2023, ADX signed an MOU with the New York Stock Exchange (NYSE), which laid the foundation for enabling U.S.-registered exchange-traded funds (ETFs) to cross-list on ADX, expanding international product access for regional and global investors. These initiatives reflect ADX’s focus on regulatory coordination, operational readiness, and robust post-trade infrastructure as the basis for effective cross-border market connectivity. 

Italian investor participation in ADX continues to deepen, with the number of Italian investors increasing by 61.5% between 2024 and 2025, while their holdings recorded a compound annual growth rate of approximately 68.5% from 2020 to 2025, underscoring strong and sustained engagement.

Investors from Borsa Italiana stand to benefit from Abu Dhabi’s expanding and dynamic capital markets. In 2025, the total market capitalization of ADX dual-listed companies rose 26.2% year on year to 52.2 billion dirhams, while aggregate cash dividends distributed by all ADX-listed companies reached 74 billion dirhams, up 9.4% year on year, reinforcing ADX’s role as a platform for long-term wealth creation. Listed companies continue to deliver solid performance, underpinned by Abu Dhabi and the UAE’s resilient economic fundamentals.