The two exchanges signed an agreement with the objective of fostering closer dialogue and facilitating mutual cooperation.

“This signals our efforts to extend our reach to the Middle East, an exciting new market,” said Hsieh Fu Hua, chief executive officer of SGX.

The pact is in line with the intent of the Singapore and the UAE governments to explore tie-ups in key industries including capital markets, Hsieh added.

“All of this will give investors more opportunity to diversify their risks,” said Rashed Al Baloushi, acting director-general of the Abu Dhabi Securities Market (ADSM).

Strengthening the ties between ADSM and SGX also opens a new gateway for ADSM to the Far East, he noted. Both exchanges will share information on the operational frameworks of their respective security markets under the agreement.

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