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Abu Dhabi Securities Exchange (ADX) participated in 2nd MENA Financial Markets Roadshow which took place on the 27th & 28th February in London. The event, organized by Fortier Exchange in partnership with the London Stock Exchange and the Arab Federation of Exchanges, provides a networking platform bringing together MENA focused investors, investment banks, brokers, exchanges and top stakeholders of MENA capital markets.
ADX's Chief Executive, Mr. Rashed Al Blooshi, represented the exchange at the event along with other prominent figures from the region. Al Blooshi participated in a panel discussion entitled MENA in a global context: “more than just oil”.
“The roadshow represents a worthy international occasion to promote the UAE’s, and Abu Dhabi’s achievements in economic diversity as well as ADX’s own achievements and leadership in attracting foreign investments seeking competitive markets.” said Al Blooshi.
During the panel discussion, Al Blooshi delivered a presentation which highlighted how the UAE continues to pursue a strategy of diversification, and that much of the growth the UAE has been witnessing was created through diversification in non-oil sectors.
The presentation also addressed the flexibility and capabilities of Abu Dhabi's economy with its essential economic foundations in terms of a solid financial situation, competitive business environment, attractive investment climate, and social stability and how Abu Dhabi was successful in transforming challenges related to unfavorable developments in the international economy into opportunities to move forward towards more diversified economy and achieve the goals of the Abu Dhabi Economic Vision 2030.
ADX Chief Executive also discussed how ADX performance and strategy are aligned with Abu Dhabi Economic Vision 2030 which emphasizes on enabling financial markets to become the key financiers of economic sectors and projects as part of Abu Dhabi's Seven Areas of Ongoing Economic Policy Focus in the Vision.
Al Blooshi spoke about the UAE and Abu Dhabi economy’s flexibility in absorbing shocks and its ability in sustaining growth despite the slowdown in the global economy and fluctuating oil prices. He also spoke on the UAE government's federal budget for 2016 that witnessed zero deficit which shows the country’s strong position and determination to continue its ambitious projects in vital sectors like healthcare, social development, economic development and preservation of the environment, culture and infrastructure, while witnessing increased deposits in the central bank during the same period.
ADX Chief Executive went on to highlight the performance of the Abu Dhabi Securities Exchange saying:” ADX index rose by %5.6 in 2016 with 40% of investors being foreign investors and 60% are UAE nationals. While the net foreign & institutional investment reached more than 8 billion Dirhams; with AED 22.7 billion cash dividend distributed by the listed companies which is an increase of 9% from the previous year.”
“The strength points in UAE’s economy include, but are not limited to, infrastructure projects, hosting Expo 2020, expanding airports and railways, in addition to roads and transportation. Our strategic projects also include the digital infrastructure, financial services, tourism spots, and creating new sectors of economy like the Islamic banking. There are also more than 6500 project under development in UAE worth more than USD 180 billion, which enable the economy to become a leader in regional and international promotion,” Added Al Blooshi.
“This promotional campaign is distinctive as it comes during the beginning of a new global investment era in which global funds look to the UAE as one of the most competitive and qualified markets” reiterated Al-Blooshi.
The forum also highlighted the performance in other regional markets, including the Egyptian, Jordanian, Omani, and Iraqi. It also addressed the institutional governance of the markets; the private sector’s partnerships and the ways to support SME’s.
