ADX partners with SIB to provide instant access to IPO subscriptions
Top officials during the signing ceremony.
The partnership will see both ADX and SIB work together to simplify the process of obtaining a National Investor Number (NIN) and setting up trading accounts for the Bank’s clients. The new process will allow SIB’s customers to instantly create a NIN and subscribe to IPOs in the UAE online through ADX’s e-IPO platform, thus eliminating the need for paperwork.
This agreement comes as part of ADX’s strategy to increase access to the Exchange’s diverse offerings and expand its investor base by leveraging digitisation and technology. It is important to highlight that in the first half of 2023, ADX maintained a robust pipeline of IPOs, amounting to $3.7 billion, representing approximately 75% of the total capital raised through IPOs in the GCC.
Abdulla Salem Alnuaimi, Chief Executive Officer of ADX, said: “ADX is pleased to be partnering with Sharjah Islamic Bank to further enhance our digital offering and provide investors with a seamless and convenient investment process. Such partnerships are a key tenet of our strategy to facilitate access to the unique growth opportunities provided by the diverse range of products on our Exchange. We will continue to actively support the listings’ pipeline and introduce a wider range of products and services that meet our issuers’ and investors’ rapidly evolving needs.”
Mohamed Abdalla, CEO of Sharjah Islamic Bank, remarked, “We are delighted by this distinguished collaboration with the (ADX), a prominent player in the global financial and investment landscape. This agreement underscores our belief in the significance of digital trading and the sustainable opportunities it affords Sharjah Islamic Bank’s customers. They can now participate in public offerings within the UAE via mobile & Internet banking. We are steadfast in our commitment to align with the UAE’s vision and direction by embracing the latest digital technologies, which will undoubtedly have a positive impact on UAE’s financial and investment sector.”
Mohamed Abdalla added, “We are dedicated to strengthening cooperation with our valued strategic partners to deliver the latest and superior electronic services to the financial community. Our ongoing goal is to continually update our services by leveraging latest technologies in line with customer needs and preferences. This ensures that we achieve greater levels of excellence, success, and innovation, while offering our customers the finest and most user-friendly services, thereby facilitating their banking journey and enriching their overall experience.”
Abu Dhabi Securities Exchange (ADX) was established on November 15, 2000, by Local Law No. (3) Of 2000, the provisions of which vest the market with a legal entity of autonomous status, independent finance and management. The Law also provides ADX with the necessary supervisory and executive powers to exercise its functions. On March 17, 2020, ADX was converted from a “Public Entity” to a “Public Joint Stock Company PJSC” pursuant to law No. (8) of 2020. ADX is part of ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy.
