Hamdan Bin Mohammed Visits Bombay Stock Exchange To Ring Opening Bell And Discuss Financial Cooperation
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence, recently visited the Bombay Stock Exchange (BSE) in Mumbai during his official trip to India. The BSE, established in 1875, is Asia's first stock exchange and one of the oldest globally. His Highness was welcomed by Sundararaman Ramamurthy, Managing Director and CEO of the BSE.
Sheikh Hamdan highlighted the UAE's commitment to strengthening ties between its financial markets and those worldwide. He emphasised both nations' efforts to advance capital markets through digital innovation, including artificial intelligence and blockchain technologies. This engagement with India's financial sector aligns with the UAE's strategy to build strategic partnerships with global exchanges.
The visit also underscored Dubai's economic goals, leveraging its position as a regional and international hub for finance and trade. These ambitions are encapsulated in the Dubai Economic Agenda D33, which aims to position Dubai among the top four global financial centres. The plan also seeks to expand Dubai's capital markets to AED3 trillion.
During his visit, Sheikh Hamdan rang the opening bell at the BSE to commence the day's trading session. He received a briefing on the exchange's operations, which ranks among the largest globally by listed companies—over 5,600—and market capitalisation. The BSE continues to enhance its infrastructure and services to support India's capital market growth.
The Bombay Stock Exchange has been pivotal in supporting Indian companies' growth for nearly 150 years by offering a dynamic platform for raising capital. In May 2024, BSE-listed companies' total market capitalisation surpassed US$5 trillion for the first time, highlighting India's economic strength and momentum.
Sheikh Hamdan expressed hope for increased collaboration between the Bombay Stock Exchange and Dubai Financial Market. Such cooperation would further solidify Dubai's role as a crucial link between eastern and western capital markets.
The UAE aims to facilitate cross-border trading and attract international investment through strategic partnerships with global exchanges like BSE. This approach is part of a broader strategy to strengthen economic ties with key international financial markets.
The BSE is renowned as one of the fastest trading exchanges globally and remains a cornerstone of India's capital markets. Its establishment in 1875 marked it as Asia’s first stock exchange, playing an essential role in India’s economic development over decades.
With inputs from WAM
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