Turkey's benchmark stock index Borsa Istanbul and the United Arab Emirates (UAE) 's Abu Dhabi Securities Exchange (ADX) has signed an agreement.
According to a statement on Tuesday, Borsa Istanbul will provide implementation and consultancy support to ADX in the field of information technologies.
The deal was one of 13 cooperation agreements signed in various fields during Turkish President Recep Tayyip Erdogan's visit to the Gulf country at the invitation of Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan.
Borsa Istanbul will also consult ADX in the installation of systems, integration, updating the platform, transferring data to the new platform, application and acceptance tests, experience transfer, and training.
Noting that broadening global partnerships is a core element of ADX's strategy to increase liquidity, enhance market efficiency, and drive the sustainable growth of the market, 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."
Korkmaz Ergun, Borsa Istanbul CEO, said the agreement was the first service export of the stock exchange.
"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 stressed.
Underlying that this project is of utmost importance to Borsa Istanbul, Ergun said it is aimed to continue cooperation by expanding it with different projects.
Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX, pointed out that the deal will further enhance the technological capabilities of ADX.
"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 noted.