The benchmark stock index of Turkey, Borsa Istanbul, and the Abu Dhabi Securities Exchange (ADX) of the United Arab Emirates (UAE) have signed an agreement. Borsa Istanbul will provide implementation and consulting support to ADX in the sector of information technology, according to a statement released on Tuesday.
The agreement was one of 13 inked by Turkish President Recep Tayyip Erdogan during his visit to the Gulf country at the invitation of Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan in various fields.
Borsa Istanbul will also advise ADX with system installation, integration, platform updates, data integration to the new platform, application and acceptance testing, knowledge transfer, and training.
It’s worth noting that widening worldwide collaborations is a key component of ADX’s strategy to boost liquidity, improve market efficiency, and generate long-term market development.
With regards to the agreement, ADX chairman Hisham Khalid Malak said: “We are appreciative of the role that Borsa Istanbul will play in further developing ADX’s technological capabilities. We also look forward to exploring further areas of cooperation for the mutual benefit of our exchanges in line with the memorandum of understanding signed in November 2021.”
The agreement, according to Borsa Istanbul CEO Korkmaz Ergun, is the stock exchange’s first service export.
“We will take this project as our own and work with ADX in system tests, system integration, and data transfer processes in the most effective way, provide consultancy on various issues and make every effort to complete this project as a brand project of Borsa Istanbul in the best possible way,” Ergun said.
Ergun stated that this initiative is extremely important to Borsa Istanbul and that the goal is to maintain the collaboration by expanding it with other projects.
The transaction, according to Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX, would significantly boost ADX’s technological capabilities.
“Our network of partnerships make a valuable contribution to the “ADX One” strategy to be a market of choice for issuers and investors,” Al Dhaheri stated.