Middle East

ADQ Appoints New Chairman of Abu Dhabi Stock Exchange

ADQ announced that Hisham Khalid Tawfiq Abdulkhaliq Malak has been appointed Chairman of the Abu Dhabi Stock Exchange (ADX).

Malak is also the Deputy Secretary of the Treasury.

In addition, ADX CEO Saeed Al Dhaheri will be ADX’s Managing Director.

ADX is part of ADQ, one of the largest holding companies in the region, with a broad portfolio of major companies across major sectors. It is the second largest market in the Arab region.

Last November, ADX introduced the derivatives market as part of an initiative to develop the emirate’s capital markets. The derivatives market uses marketplace technology provided by Nasdaq. Index futures will be introduced in the first quarter of this year.

Also, in November last year, ADX and Abu Dhabi’s Department of Economic Development (DED) submitted a proposal to the Securities and Instruments Agency (SCA) to introduce a regulatory framework for special purpose acquisition companies (SPACs). The strong regulatory framework proposed by ADX and DED is reported to facilitate the initial public offering of SPAC. The proposed regulations also allow sponsors other than the UAE to apply for approval to list SPACs on ADX.

https://gulfbusiness.com/adq-appoints-new-chairman-of-abu-dhabi-securities-exchange/ ADQ Appoints New Chairman of Abu Dhabi Stock Exchange

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