The Abu Dhabi Securities Exchange (ADX) has signed memorandums of understanding with the Egyptian Exchange (EGX) and the Damascus Securities Exchange (DSE) to strengthen cooperation and expand cross-border trading. The agreements were signed on September 29, 2026, and were signed during the Arab Federation of Capital Markets (AFCM) Annual Conference in Abu Dhabi, held on September 29-30.
The signing materials show that the agreements focus on expanding cross-border trading. The cooperation framework also covers the exchange of knowledge and best practices and exploring participation in ADX's Tabadul platform. The MoUs do not by themselves establish live trading links between the markets.
What the ADX-Egypt and Damascus MoUs mean for cross-border trading
The agreements add the Egyptian Exchange and Damascus Securities Exchange to ADX's wider push to strengthen connections between regional capital markets. The DSE signing material specifically describes the agreement as an MoU to expand cross-border trading, while the EGX signing carries the same objective.
The next stage would involve assessing the regulatory, technical and operational requirements for any future connectivity through Tabadul. This means the agreements should be viewed as a framework for cooperation rather than confirmation that investors can already trade DSE or EGX securities through Tabadul.
How ADX's Tabadul platform is expanding cross-border market access
ADX launched Tabadul in July 2022 as a digital exchange hub designed to connect participating capital markets and facilitate cross-border trading through exchanges and brokerage firms. Investors can access participating markets through eligible local brokers and complete the required local KYC process.
ADX reported 10 exchange members on July 7, 2026, when it announced that Tabadul had generated AED 13.5 billion, or about $3.68 billion, in trading value during the first half of 2026. That figure had already exceeded the platform's total trading value for all of 2025.
Botswana subsequently signed an agreement to become the 11th member of Tabadul, with ADX announcing the agreement on July 16. The Botswana Stock Exchange is the first African exchange to join the platform, with investor access expected following completion of the integration process.
By September 2026, ADX said Tabadul connected 11 member exchanges representing more than $1 trillion in combined market capitalisation, more than 700 listed companies and over 11 million registered investors.
What the ADX expansion means for GCC investors and markets
The agreements come as ADX continues to expand its role as a regional market connectivity hub. As of August 31, 2026, ADX had a market capitalisation of AED 2.86 trillion. The ADX General Index stood at 10,007.4 points, up 0.9% in August and 0.1% year to date, while August value traded reached AED 22.2 billion. For a broader view of GCC equity performance, valuations and market developments through August 2026, see our [GCC Markets Monitor for September 2026].
During the first half of 2026, international investors accounted for 48% of ADX trading value, providing a more recent measure of foreign-market participation.
For GCC investors, deeper connectivity could eventually make securities from Egyptian and Damascus markets more accessible through UAE-based market infrastructure. However, the MoUs do not themselves create live trading links. Regulatory arrangements, broker participation and technical integration would still be required before investors could access the markets through Tabadul.
What comes next for ADX, Tabadul and cross-border trading
The key development to watch is whether the EGX and DSE progress from the MoUs to formal Tabadul connectivity. That would require the relevant legal and regulatory arrangements, broker participation, settlement processes, and technical integration before cross-border trading becomes operational.
For ADX, the agreements add to the expansion of Tabadul beyond its original GCC network and support its broader push to connect regional and international exchanges. The addition of Egypt and Damascus would further widen the markets that could potentially be linked through Abu Dhabi's exchange infrastructure.
