NBAD Becomes Direct Custodian for Nasdaq-Dubai

The National Bank of Abu Dhabi (NBAD) has become a direct custodian for Nasdaq-Dubai in a deal that covers the stock markets of Abu Dhabi, Dubai and Qatar.
NBAD will provide investors on the Middle East financial exchange with the clearing and settlement services as well as asset servicing, focusing on intermediating inflow, intra-regional and outflow investments.
As a custodian, NBAD will provide investors with services including equity and fixed income securities settlements, safekeeping, pre-matching, corporate actions, foreign exchange, reporting, market expertise and information services to clients.
“By being a Direct Custodian for NASDAQ-Dubai, NBAD is directly covering the three markets of the UAE in addition to our regional and international coverage through sub-custodians,” says Hany Samir, head of NBAD Custody & Co-Head of SFAS.
“NBAD continues to advance its ability to meet the requirements of sophisticated domestic and international investors and put a solid stamp to our product development evolution,” adds Samir.
The announcement follows Nasdaq-Dubai’s launch of a platform on which investors can trade Sukuk (Islamic bonds) and conventional bonds. 


Euroclear Bank will clear and settle the trades. The platform will be available to institutional and high net worth investors and will be opened and gradually developed in coming weeks.