Rashid Al Baloushi: The Index will contribute to attracting new investments to the Exchange
FTSE Russell, which manages the biggest stock indices in the UK, is studying the issuance and listing of share index of eco-friendly companies that belong to the green economy through the Abu Dhabi Securities Exchange (ADX). This is step is considered the first of its kind in the GCC countries and the Middle East.
Abu Dhabi Securities Exchange hosted a meeting on this matter today which was attended by His Excellency Rashid Al Baloushi, CEO of the Exchange, as well as representatives of FTSE and a number of the listed companies operating in banking, telecom and real estate sectors. A presentation about the green economy was made during the meeting, detailing the development seen by the green economy.
They also discussed the possibility of launching the new index and the necessary preparations for this leading step and the companies nominated to be included in this new index.
Abu Dhabi Securities Exchange hosted FTSE in order to discuss the topic of green economy within the framework of the Exchange’s commitment to Abu Dhabi’ plan which is geared toward developing the financial services in the Emirate, promote sustainability and competitive environment for the sectors, promote the competitive environment for the businesses and attract investments to the Emirate.
His Excellency Rashid Al Baloushi stated that the launching of the eco-friendly companies’ index or those that belong to the green economy is considered a leading step that the Exchange is going to take in cooperation with FTSE. He pointed out that millions of dollars are invested in such kind of economy.
He also added that through the support of the UAE leaders, the UAE and the government of Abu Dhabi adopts the “Green Economy toward a Sustainable Development” slogan as part of its continuous quest to build a sustainable future for the country.
He further explained that adopting this approach came as part of the UAE Vision 2021 and Abu Dhabi Vision 2030 that are based on the national action program of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE which aims to make the UAE among the best countries in the world.
Moreover, Al Baloushi emphasized that green economy represents a fundamental means to achieve sustainable development and contributes to increasing the efficiency of using natural resources and attracting investment. It also helpsjob opportunities, supports innovation and knowledge, and enhances the country’s status on the global level.
All of these factors collectively increase the level of competitiveness that the national economy has. He also pointed out that the possibility of launching the FTSE index for eco-friendly companies will contribute to the attracting of new foreign investments to Abu Dhabi Securities Exchange which, since its establishment, was keen on diversifying the investment products that it offers to the investors.
Such a step will encourage the introduction of other investment tools in the Exchange from the sectors that are related to the green economy over the upcoming period. On their part the representatives of FTSE emphasized that choosing Abu Dhabi Securities Exchange to study the launching of the index of the companies that belong to green economy came as a result of the development that the Exchange has witnessed on all levels over the last years, including the availability of the appropriate legislative and investment environment. They also said that coordinating the launching of this index requires taking a number of preparations, be it with Abu Dhabi Securities Exchange or the companies that are nominated to join such kind of indices.
Moreover, they said that the meeting which was held today was a coordinating one and focused on raising awareness regarding the importance of green economy and the possibility of launching an index for the eco-friendly companies. It is worth mentioning here that Abu Dhabi Securities Exchange joined “FTSE” indices as part of the secondary emerging financial markets index in September 2010 after which it was upgraded to the MSCI Emerging Markets Index.
read more...