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Abu Dhabi Securities Market (ADSM) and Lahore Stock Exchange (LSE) have signed a Memorandum of Understanding (MoU) to pave the way for Lahore listed companies to dual list on ADSM and trading in shares.
"This MoU is a follow up of another MoU ADSM signed with Central Depository Company (CDC) of Pakistan earlier this year and further supports ADSM's drive to encourage increased trading activity from international investors, as well as foreign companies looking to list," said Rashed Al Baloushi, Acting Director-General of ADSM, at a joint Press conference with Ibrar A. Mumtaz, President, Lahore Stock Exchange (LSE).
Al Baloushi explained the significance of this agreement to both the Pakistan and Abu Dhabi markets and said he looked forward to welcoming companies from Lahore to Abu Dhabi . "Our agreement with Pakistan's CDC has been a huge success in setting the ground for further co-operation with Pakistan," said Al Baloushi. "I am delighted to announce that we can take this one step further and sign an agreement directly with the Lahore Stock Exchange." Rashad Al Baloushi said that the next step would be to hold a road show in Lahore early next year to attract companies listed on the Lahore Stock Exchange. ADSM currently has more than 2226 Pakistani investors registered, with investments worth Dh45 million. Companies in the banking and telecommunications sectors are likely to list on ADSM in 2007.
Al Baloushi said that Abu Dhabi is not only a home to a large number of Pakistanis, but is also a significant investor in Pakistani companies. This agreement will now make it possible for Pakistani companies to list on ADSM. "We will work closely with the LSE as we implement our best practices programme. This programme is improving the regulation and governance standards in the UAE financial markets and encouraging international investors to evaluate our market. We hope that, through this, Abu Dhabi will become the asset management hub of the Middle East."
Ibrar Mumtaz, President of Lahore Stock Exchange, said: "There are many companies in Pakistan that want to list in the UAE and we look forward to working with ADSM to achieve this. The MoU will help interact with ADSM for the development of trade, commerce and investment activities between the UAE and Pakistan."
