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Thursday, November 30, 2023

“ADX Collaborates with SIB to Offer Immediate IPO Access”

“Abu Dhabi Securities Exchange (ADX) has joined forces with Sharjah Islamic Bank (SIB) to simplify and enhance investor access to Initial Public Offering (IPO) subscriptions. This partnership entails close cooperation between ADX and SIB to streamline the process of acquiring a National Investor Number (NIN) and establishing trading accounts for the bank’s clients.

Through this new process, SIB’s customers can instantly obtain an NIN and subscribe to UAE IPOs online via ADX’s e-IPO platform, eliminating the need for paperwork.

This collaboration aligns with ADX’s strategy to expand access to its diverse offerings and broaden its investor base through digitalization and technology. Notably, in the first half of 2023, ADX maintained a robust pipeline of IPOs totaling $3.7 billion, representing approximately 75% of the total capital raised through IPOs in the GCC.

Abdulla Salem Alnuaimi, CEO of ADX, expressed his satisfaction with the partnership, emphasizing ADX’s commitment to providing investors with a seamless and convenient investment process.

He highlighted that such collaborations are integral to their strategy in facilitating access to growth opportunities presented by their product range.

Mohamed Abdalla, CEO of Sharjah Islamic Bank, expressed his delight at the collaboration with ADX, a significant player in the global financial and investment landscape. He emphasized their belief in digital trading’s importance and the opportunities it brings to SIB’s customers.

With this partnership, customers can participate in UAE public offerings through mobile and internet banking, aligning with the UAE’s vision for digital transformation in the financial and investment sector.”

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