Discussions started for entering into MoU for structuring of agreed framework
The Abu Dhabi Securities Exchange and the Tel Aviv Stock Exchange are discussing regional cooperation in various fields following the normalisation of relations between the UAE and Israel.
The Israeli bourse said in a statement that it has started discussions with Abu Dhabi for entering into a memorandum of understanding for the structuring of an agreed framework designed at examining possible regional cooperation in various fields of activities.
Bloomberg reported that the two bourses are studying dual listings and encouraging investors to invest in the two exchanges as well as develop new products. However, the Israeli bourse said talks are at a preliminary stage.
On September 15, the UAE and Israel signed an historic peace deal known as the Abraham Accord in Washington DC. Last month, Israel's two largest banks, Hapoalim and Bank Leumi, signed MoUs with First Abu Dhabi Bank and Emirates NBD to provide clearance and credit lines in order to boost trade between the two countries.
The Abu Dhabi bourse has 66 firms listed while Tel Aviv has 1,020, including several technology firms that are cross-listed in the US. The market capitalisations of the UAE and Israel stand at $265 billion and $168 billion, respectively.
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