The Abu Dhabi Securities Exchange (ADX) has confirmed its partnership with UAE-based Sharjah Islamic Bank (SIB) to facilitate efficient access to initial public offering (IPO) subscriptions for investors, on Thursday.
This newly formed partnership focuses on working together to simplify the process of obtaining a National Investor Number (NIN), an identification number issued by ADX for investors, and setting up trading accounts for the bank’s clients.
The bank has stated that the newly updated process will allow SIB’s customers to instantly create an NIN and subscribe to IPOs in the UAE online through ADX’s e-IPO platform, eliminating paperwork.
This deal, as part of ADX’s strategy, will increase access to the exchange’s diverse offerings and expand its investor base by leveraging digitization and technology.
In the first half of this year, ADX had a strong lineup of IPOs worth USD 3.7 billion, representing approximately 75 percent of all the funds raised through IPOs in the Gulf Cooperation Council (GCC) region.
Abdulla Salem Alnuaimi, CEO 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.”
