Rashed Al Baloushi, Acting Director General of Abu Dhabi Securities Market (ADSM) today hosted a delegation of 11 ambassadors from European Union Member States.
The delegation visited ADSM to learn more about the UAE financial markets, ADSM’s international best practices programme and the investment outlook and opportunities in Abu Dhabi.
ADSM is rapidly becoming the international exchange of choice in the UAE, with interest from foreign companies and the number of foreign investors on the increase.
This trend is expected to continue. The market has signed an MoU with the Pakistan Central Depositary Company, has an electronic link with Muscat and cross-listing agreements with the Cairo & Alexandria and Khartoum exchanges.
ADSM also signed a custody agreement recently with HSBC which will both encourage and facilitate foreign investors who wish to invest in UAE securities.
“It is has been a great honour for ADSM to host such a high profile delegation” said Mr Al Baloushi. “Our international best practices programme has and continues to implement international standards for brokers, listed companies and the exchange. This has been a good opportunity for us to speak to the international community about our proposed corporate governance code, recommended regulatory changes and plans to improve the standards and education of all those who operate in the UAE local markets.
“By addressing international audiences, we hope to encourage international companies and more diverse investment opportunities to the UAE local markets. This will help investors to spread their risks which contributes to long-term market stability and ultimately furthers economic growth in the UAE.”
Since the end of 2001 the number of listed companies on ADSM has grown fourfold; there are now nearly six times as many brokerage firms; market capitalisation is 20 times higher; there are 50 times as many shareholders registered and ADSM is a model emiratisation employer with UAE nationals making up about 74% of the team head count.
The following diplomats attended the presentation at ADSM:
1 Ambassador Mr. Gerald Kriechbaum Austria
2 Ambassador Mr. Philippe Dartois Belgium
3 Ambassador Mrs. Vera Jerabkova Czech Republic
4 Charge´d Affaires a.i. Mr. Esa Hurtig Finland
5 Deputy Head Mr. Oliver Owcza Germany
6 Ambassador Zsigmond Dvorzsanszki Hungary
7 H.E. Ambassador Mr. Paolo Dionisi Italy
8 Charge'd' Affaires a.i. Charles Ooms Netherlands
9 H.E. Ambassador Mr. Roman Chalaczkiewicz Poland
10 H.E. Ambassador Mr. Manuel Pineiro Souto Spain
11 H.E. Ambassador Mr. Bruno Beijer Sweden
