Abu Dhabi Securities Exchange (ADX), the region's leading financial market, was part of the UAE delegation led by H.E. Sultan bin Saeed Al Mansoori, Minister of Economy, at the Partnership Summit 2019 held in Mumbai, India, on January 12 and 13.
Organised in collaboration with the host state government of Maharashtra, ADX’s delegation was led by H.E. Khalifa Salem Al Mansouri, Acting Chief Executive of ADX. The Exchange’s participation in the summit is in line with its strategy to bolster its international presence, as well as strengthen cooperation between ADX and the Bombay Stock Exchange (BSE) as part of a Memorandum of Understanding signed by the two sides earlier last year.
Indian Vice President Venkaiah Naidu; Suresh Prabhu, Minister of Commerce and Industry of the Government of India and Devendra Fadnavis, Chief Minister of Maharashtra attended the opening of the summit, which witnessed the attendance of more than 1,400 participants from 40 countries around the world.
With a global gathering of international leaders and officials, the Partnership Summit 2019 is aimed at exploring global growth and investment opportunities and building sustainable partnerships between various stakeholders. Through this summit, ADX seeks to promote the the Exchange, as well as the competitive and fair investment environment of the Emirate of Abu Dhabi. The ADX delegation highlighted the Exchange’s position as the preferred destination for foreign investments in the region, and reiterated the significance of the cooperation between ADX and the Bombay Stock Exchange (BSE) and benefits and investment opportunities it brings.
H.E. Khalifa Salem Al Mansouri said that ADX's participation in the Partnership Summit 2019 underscores the Exchange’s continued efforts to benefit from global best practice, as well as its desire to forge strategic partnerships to attract more foreign investment to the Exchange and Abu Dhabi in particular.
H.E. said: "During the summit, we were keen to highlight the unique investment environment of Abu Dhabi, both in terms of political and economic stability, its fair legislative and legal system, as well as advanced infrastructure. These are all factors that attract investors looking for stable markets and sustainable returns. The summit was an ideal platform for us to work closely with our Indian counterparts as investors from the country are an important source of foreign investment in the Emirate."
The number of Indian investors in ADX stood at around 17,700 by the end of 2018. The trading value of their transactions (buy + sell) during 2018 amounted to about AED 345 million with the market value of shares they owned standing at around AED 280 million as of end of last year.
In February 2018, ADX formed a joint working group with the Bombay Stock Exchange (BSE) to promote cooperation between the two exchanges in several key areas, including benefiting from the expertise of BSE in supporting small and medium enterprises and the steps it has taken to effectively manage related projects and procedures.