Abu Dhabi Securities Market (ADSM) and Tokyo Stock Exchange Group (TSE Group) signed yesterday a Memorandum of Understanding (MoU) in the presence of H.E. Saeed Ali Al Nuwais, UAE Ambassador to Japan.
Mr. Rashed Abdul Kareem Al Baloushi, Deputy Director General signed the MOU on behalf of Abu Dhabi Securities Market (ADSM), while Mr. Atsushi Saito, the President and CEO signed for Tokyo Stock Exchange Group (TSE Group).
The MoU is designed to encourage and facilitate co-operation between TSE Group, and ADSM to attract foreign investment and facilitate its procedure, as well as the enhancements to the regulatory framework – all of which are an integral part of ADSM’s strategy.
Mr. Al Bloushi said,: “This move is a culmination of the official visit done by HH General Sheikh Mohammed Bin Zayed Al Nahyan, Abu Dhabi Crown Prince & Deputy Supreme Commander of the UAE Armed Forces, to Japan in December 2007 is a proof of the UAE strategy laid by our government under the leadership of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of UAE, through which it seeks to strengthen the ties of relations between the two countries that will open new horizons leading to the exchange of expertise between both exchanges. Moreover, this MoU will encourage, facilitate, and open channels for the companies and investors from both countries in looking at investment opportunities eliminating by this any obstacles that could exist and will create more diverse investment opportunities, allowing investors to spread their risks, contributing to long-term market stability and ultimately furthering economic growth.”
Mr. Al Baloushi continued,: “Both exchanges shall consult on possibilities for cooperation on cross-border investment between Japan and UAE, including the listing of Financial Products, which will enhance capital flows between the two countries. The MoU will allow both exchanges to consider the possibility of cooperating on such further matters in the interests whether in relation to exchanges of staff, joint seminars, training or any other matter for the mutual benefit of the Exchanges hereto.”
He added: “This MOU represents an important and effective step resulted from ADSM activities during 2007, which has already signed MOUs earlier with the Exchanges in Honk Kong, Singapore, and Taiwan.”
Mr. Al Baloushi assures that this move represents a significant progress and success as especially as ADSM has developed a good reputation and became well positioned in the region, where we succeeded in a relatively short period of time to attract a good percentage of foreign investors.
Mr. Atsushi Saito, the President and CEO of the TSE, said: “This is the first MOU that TSE Group has made with a Middle Eastern Market and we are very happy to have a new friend from Middle East. We look forward to create some potential opportunities of mutual cooperation between our two exchanges, and hopefully the MOU will further advance the development of both markets.’’
H.E. Saeed Ali Al Nuwais, UAE Ambassador in Tokyo – Japan, praised the safe investment environment in UAE, saying that it had become a vital center of trade to all the companies and businessmen looking for investment opportunities and new ideas drawn and followed at the same time ensuring UAE safety, security, stability, and transparency of laws and legislation laid by the wise leadership which has strengthened its roots globally and ranked strategically among important economic markets. He expressed his hope that this MOU will bring a large benefit to both markets’ investors and Businessmen in the two countries.
