Abu Dhabi Securities Exchange (ADX) said the listed companies have shown a 99 per cent compliance in disclosing their annual financial statements within the deadline of 90 days from the end of the financial period.

The Abu Dhabi bourse said 64 out of 65 listed companies have successfully disclosed their annual results by the end of March 2014.

The ADX was established by local decree in 2000 as a legal entity with autonomous status, independent finance and management. The law also provides the ADX with the necessary supervisory and executive powers to exercise its functions. ADX began operations on November 15, 2000.

The bourse has 67 listed securities of which 65 are public joint stock companies besides an Exchange Traded Fund (ETF) and a convertible bond.

According to ADX, the combined net profit of all local listed companies as of 31 December 2013 has shown an increase of 6 per cent when compared to the same period last year.

The highest recorded increase was in the real-estate sector with 52 per cent jump, followed by the investment & financial services sector with 39 per cent growth.  

Saif Sayah Al Mansouri, the head of listed companies at ADX, said: "The collaboration between ADX listed companies department and the listed companies on ADX has always proved to be a productive one. We can clearly see the high level of collaboration in the compliance that the companies have adhered to."  

In alignment with the Abu Dhabi Government’s Economic Vision 2030, ADX aspires to become the leading stock exchange in the region by leading the development of the UAE capital market through a well-regulated marketplace in a lawful environment that ensures integrity, transparency and disclosure, he stated.

According to Al Mansouri, the exchange had a total market capitalization of just under Dh286 billion ($78 billion) as at the end of 2012.

ADX has signed a number of agreements with major financial institutions to provide custody services, including the National Bank of Abu Dhabi (NBAD), HSBC, Standard Chartered, Deutsche Bank, and Citi.

In 2010, the ADX became the first market in the region to introduce Exchange Traded Funds (ETFs) trading platform, by listing NBAD’s ‘OneShare Dow Jones UAE 25’ ETF, under the ticker symbol 1UAE, and hence established the necessary infrastructure for diversified investment vehicles.

In 2013, the stock exchanges of the U.A.E Markets were upgraded to ‘Emerging Market’ status by both MSCI index (Morgan Stanley Capital International) and S&P Dow Jones, thus greatly increasing the likelihood of inward global investment flows.-TradeArabia News Service