ADX And Borsa Italiana Sign LOI To Explore UAE Europe Dual-Listings Opportunities

The Abu Dhabi Securities Exchange Group and Borsa Italiana have agreed a letter of intent during the Abu Dhabi Investment Forum in Milan, aiming to create a new investment corridor between the UAE and Europe. The plan focuses on dual listings, closer post-trade links and easier investor access between Abu Dhabi and Euronext markets, including Euronext CSD Milan.

The framework seeks to give issuers from both markets broader liquidity options and more diverse investor bases. It also plans to ensure that cross-border settlement, asset servicing and share transfers between AD CSD and Euronext CSD Milan operate efficiently and remain fully aligned with regulatory rules governing both jurisdictions.

Part of the cooperation includes examining how to strengthen cross-border market access through Tabadul, described as the first mutual market-access platform in the MENA region. By connecting ADX and Borsa Italiana through Tabadul, the parties intend to simplify investor reach into each market, while maintaining strong post-trade controls and operational standards.

The letter of intent also highlights a strong emphasis on post-trading interoperability and CSD-to-CSD connectivity. This technical work is designed to support seamless movement of securities and cash flows between Abu Dhabi and Milan. It also supports regulators and market operators who seek resilient infrastructure for international capital flows across Euronext and ADX-linked platforms.

The new agreement builds on the Abu Dhabi Securities Exchange Group’s strategy to deepen international market links through structured cooperation with major global exchanges. In 2023, ADX signed a memorandum of understanding with the New York Stock Exchange, allowing US-registered exchange-traded funds to cross-list on ADX, widening product access for domestic and international investors.

These cross-border initiatives illustrate ADX’s focus on regulatory coordination, operational readiness and strong post-trade infrastructure as key foundations for market connectivity. They also align with broader ambitions to position Abu Dhabi as a globally connected financial centre, while giving issuers and investors multiple channels to access capital and diversify exposure across regions.

ADX and Borsa Italiana investment corridor and investor participation

Italian investor activity on ADX has expanded sharply over recent years. The number of Italian investors increases by 61.5 percent between 2024 and 2025. Their holdings show a compound annual growth rate of about 68.5 percent from 2020 to 2025, signalling sustained interest in Abu Dhabi-listed assets from Italy-based market participants.

Investors on Borsa Italiana are expected to gain from Abu Dhabi’s growing capital markets, especially through dual listings. In 2025, the total market capitalisation of ADX dual-listed companies rises 26.2 percent year-on-year to AED52.2 billion. Over the same period, cash dividends distributed by all ADX-listed companies reach AED74 billion, up 9.4 percent year-on-year.

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These market figures underscore ADX’s role as a platform used for long-term wealth creation for investors. They also highlight why an ADX and Borsa Italiana investment corridor could appeal to institutional and individual investors seeking dividend income, exposure to UAE growth and access to companies willing to list shares across more than one venue.

Abdulla Salem Alnuaimi, Group Chief Executive Officer of the Abu Dhabi Securities Exchange Group, said, "The letter of intent reflects a shared strategic ambition to strengthen long-term capital market connectivity between the UAE and Europe, including the exploration of new listing pathways for issuers. It aligns with ADX’s broader vision to position Abu Dhabi as a globally connected financial center and to support deeper, more diversified investment opportunities for investors, while shaping ADX’s role in the evolution of modern capital markets."

With inputs from WAM