The Abu Dhabi Securities Exchange (ADX), the first bourse in the Middle East and North Africa (MENA) region to utilize a blockchain system, recently hosted annual general meetings (AGM) for six listed companies using blockchain technology.
This week, ADX hosted AGMs for six listed companies using blockchain technology. Two private joint stock companies and four public joint stock companies participated.
In October 2016, ADX launched its blockchain eVoting Service at the GITEX Tech week. The system allows “concerned parties to directly connect and monitor voting in any Annual General Meeting.” Shareholders are able to cast votes from inside the United Arab Emirates (UAE) or abroad. The service has been touted for providing shareholders access to reports and statements relevant to the AGM through smart devices, while saving time, cost, and effort.
Furthermore, the technology is anticipated to increase AGM attendance and shareholder interaction, thereby achieving greater corporate transparency.
“ADX is the first Exchange in the MENA Region & the third globally to adopt Blockchain technology,” shared Chief Executive Officer Rashed Al Blooshi via Twitter. “Adopting Blockchain comes in line with #AbuDhabi 2030 Economic Vision to strengthen digital transformation in the #UAE.”
He also stated, “I believe that the partnership between ADX and its listed companies will further solidify when the digital culture becomes a common language.”