Kazakhstan Stock Exchange, KACC join Abu Dhabi Securities Exchange
- 07 Aug 2024
Kazakhstan Stock Exchange JSC (KASE) along with KASE Clearing Centre JSC (KACC), on Wednesday announced that they have officially joined the Tabadul Digital Exchange Hub established by the Abu Dhabi Securities Exchange (ADX).
KASE is the sixth exchange to become a member of Tabadul.
The collaboration will allow bilateral cross-exchange trading between the entities, strengthen their strategic partnership and expand opportunities for cooperation between the two exchanges. Furthermore, connecting KASE into the Tabadul Hub is aimed to modify trading mechanisms and expand investment opportunities for investors by making listed securities on both exchanges available for cross-trading.
ADX launched Tabadul in July 2022, as the first digital exchange center in the region, operating on a mutual market access model. The platform creates a digital network of exchanges that allows investors to trade on international member exchanges, by facilitating remote access for brokerage companies affiliated with the exchanges. Over one million investors are registered on Tabadul, getting access to trade securities in sectors ranging from banking, financial services and energy to telecommunications.
“Connecting Kazakhstan Stock Exchange to the Tabadul Hub expands investment opportunities for participants in the Kazakh financial market. Providing access to Tabadul will help to increase liquidity and increase the number of foreign investors, both private and institutional onesin the Kazakh stock market. Kazakh investors will have an access to trading foreign securities on exchanges connected to the Tabadul Hub, including Abu Dhabi Securities Exchange (ADX), Bahrain Bourse (BHB), Muscat Stock Exchange (MSX), and Astana International Exchange (AIX) with several more international exchanges in the process of joining the Hub. Transactions made by members of the Exchange will be settled through KASE Clearing Centre in Kazakh tenge”, said Alina Aldambergen, Chairman of the KASE Management Board.
The technical connection to Tabadul is expected to be completed by the end of the year There are two Kazakhstan’s brokerage companies: Freedom Finance Global and Halyk Finance that already have an access to Tabadul Hub and several others local brokers are in the process of connecting to it.
“We are excited to welcome Kazakhstan Stock Exchange (KASE) to the Tabadul Hub. This collaboration aligns with ADX’s goal of attracting more investment to Abu Dhabi and expanding global market connectivity. With KASE on board, investors can access the multi-asset investment opportunities and benefit from market efficiencies not only in both in Kazakhstan and the UAE, they can tap onto growth markets including Oman, Bahrain, Tajikistan and more driving liquidity and market efficiency. We look forward to a successful partnership with KASE and together, we will foster a more robust and borderless trading marketplace.” commented Abdulla Salem Alnuaimi, GCEO of ADX.
Tabadul represents a step towards a sustainable future economy for the region and beyond, offering a wide range of easily accessible trading opportunities for investors across all participating markets. The platform will be accessible to investors who have registered with eligible local brokers, provided that they meet all the requirements set by the receiving exchanges.
Meanwhile, the Ports, Customs, and Free Zone Corporation (PCFC) in Dubai announced that it had achieved total revenues of Dhs1.075 billion in 2023, with a net profit of Dhs654 million, reflecting a 33.47 percent increase from the previous year’s profit of Dhs490 million.
The figures were revealed in the corporation’s newly released Annual Report, which highlights PCFC’s outstanding progress and continuous development by showcasing key results and achievements across various business units.
Sultan Ahmed bin Sulayem, PCFC Chairman, said that 2023 has been marked by significant successes and notable achievements across all areas of PCFC’s expertise. He attributed this progress to the launch and implementation of proactive and innovative plans, projects, and initiatives. These efforts, he noted, underscore the Corporation’s dedication to aligning with the leadership’s vision and the government’s goals by leveraging smart technologies and developing sustainable solutions that enhance operational efficiency and elevate the quality of services for clients and partners.
According to the Report, PCFC offers more than 300 services through its various business units, which include the Department of Planning and Development - Trakhees, Dubai Maritime Authority, Dubai Ports Authority, the Marine Agency for Wooden Dhows, and the Security and Investment Departments.