UAE and China to create new “Belt and Road” exchange
Abu Dhabi’s international financial centre, Abu Dhabi Global Market (ADGM) and Shanghai Stock Exchange (SSE), China’s largest securities exchange, have signed a memorandum of understanding (MoU) to create a “Belt and Road” exchange based in ADGM.
The new exchange “will serve as a key international capital-raising platform supporting Chinese enterprises, foreign companies and global organisations to finance their investments, including along the Silk Road Economic Belt network,” the two parties say.
“The partnership with SSE is a testament to ADGM’s commitment to China and further cements the deep mutual respect and existing long-term relationships between ADGM and various Chinese authorities and stakeholders,” they add.
Since 2015, ADGM has entered into “various discussions and significant co-operation arrangements” with a range of Chinese authorities, including the People’s Bank of China (central bank), China Banking Regulatory Commission, China Securities Regulatory Commission, Shanghai Free Trade Zone, Qianhai Authority, and State Administration of Foreign Exchange.