Abu Dhabi Securities Exchange (ADX) today, Sunday, October 25, 2009, hosted a meeting for the Union of Arab Stock Exchanges (UASE) and the brokerage firms operating in Abu Dhabi, to discuss the common interests between the two parties and the effects of the recent international financial crisis on the Arab financial markets.
“This meeting provides for an excellent opportunity that brokerage firms operating at ADX can understand the structure of UASE and its future plans and objectives, and the role of brokerages within the framework of that important union,” Rashed Al Baloushi, ADX’s Deputy Chief Executive and Director of Operations, commented on the occasion.
“The meeting will also discuss the aspirations of brokerages and their expectations from the Union in the fields of training and development, information exchange and the coordination between brokerages, stock exchanges and clearers in the Arab World,” Al Baloushi revealed.
During the meeting, Dr. Fadi Khalaf, UASE’s Secretary General, delivered a presentation about the repercussions of the recent international financial crisis on the Arab stock exchanges, and the importance of enhancing the cooperation and coordination between the these exchanges; this allows them to be better prepared for facing sudden volatilities that occasionally hit the international financial system, and hence limit its influence on the performance of the Arab bourses.
It is noteworthy that ADX has been able to record more than 32% of gains since the beginning of 2009, ranking itself among the best performing financial markets in the region, and ensuring the excellent opportunities provided by equities listed in Abu Dhabi.