Israeli companies allowed to join Dubai-based exchange

ABU DHABI, UAE

The Dubai Gold and Commodities Exchange (DGCX) said Sunday Israeli companies are allowed to join the stock market and use its trading services and platforms.

In a statement, DGCX said it received approval from Israel Securities Authority to allow Israeli firms to become members of DGCX.

According to the statement, the move allows DGCX to offer its global products and services, which include Futures and Options Contracts that cover precious metals, energy, equities, and currency sectors, within Israel's markets.

In September 2020, the United Arab Emirates (UAE) and Israel signed a US-sponsored deal to normalize their relations. Since then, the two countries have signed dozens of bilateral agreements in various fields, including investment, banking services, and tourism.

DGCX Executive Director Les Male said the move provides "a springboard for the Israeli community to come to Dubai and invest, opportunities for our new Israeli member base to hedge risk, and to invest in secure and safe assets during times of uncertainty”.

DGCX is a Dubai-based electronic stock market founded in 2005 to exchange currencies and trade derivatives, including precious metals and energy.

*Ahmed Asmar in Ankara contributed to this report