Iraq Stock Exchange goes live on Abu Dhabi's Tabadul platform

Summary

• Iraq Stock Exchange began trading on Tabadul, the eighth market live on the network.
• Tabadul now links markets worth over $1 trillion and 700-plus listed companies.
• The link gives Iraqi investors direct access to Abu Dhabi-listed securities without dual listings.

The latest

The Iraq Stock Exchange has started trading through Tabadul, Abu Dhabi Securities Exchange said, making Baghdad the eighth live market on a network that spans 11 exchanges. ADX said the connection opens direct access for investors in Iraq to securities listed in Abu Dhabi. With Iraq added, the platform links markets with a combined capitalisation above $1 trillion.

Details

• The mechanism: Tabadul allows trading across participating markets with settlement in local currencies, according to ADX, and does not require dual listings or custodianship arrangements. That structure is the core of the mutual market-access model the hub was built on, removing a step that normally limits cross-border retail and institutional participation.
• The network: The platform connects exchanges in Abu Dhabi, Bahrain, Muscat, Astana in Kazakhstan, Armenia, Southern Africa and now Iraq. ADX put the combined reach at more than 700 listed companies and over 11 million registered investors, alongside the $1 trillion capitalisation figure.
• The ADX position: Abdulla Salem Alnuaimi, Group Chief Executive Officer of ADX, said direct investment channels matter more as regional economies become interconnected, supporting capital flows between leading markets. He said adding the Iraqi exchange gives investors a direct route into Iraqi companies while reinforcing Abu Dhabi's position as a trading centre.
• Abu Dhabi's strategy: Alnuaimi tied the expansion to Abu Dhabi Vision 2030 and the emirate's long-term economic plan, saying the link delivers deeper liquidity and new growth channels. ADX did not disclose expected trading volumes between the two markets or a timeline for further additions to the network.
• The Iraqi position: Ali Jamal Amin, Executive Director of the Iraq Stock Exchange, described the start of trading on Tabadul as "an important milestone" in cooperation and integration between the Iraqi and Abu Dhabi capital markets, saying it opens opportunities for cross-border connectivity and investment.
• The Iraqi market: The Baghdad-based exchange traces Iraq's securities-market history to 1939 and began operating in its current form in 2004. Listed companies have risen from 15 to 103, with total market capitalisation reaching $21.7 billion in August 2026, according to the exchange profile.
• What it trades: The Iraqi bourse lists equities, government bonds and corporate debt instruments, providing companies with financing channels for expansion. That mix means the Tabadul link exposes the Iraqi market to a broader investor pool than equities alone would allow.
• The platform's growth: ADX launched Tabadul in July 2022 as the region's first digital exchange hub built on mutual market access. Trading value on the platform reached AED13.5 billion in 2026, already surpassing the full-year total recorded in 2025.
• The gap in scale: Iraq's $21.7 billion capitalisation sits against a network total above $1 trillion, making Baghdad a small entrant by size. The announcement did not break down how much of Tabadul's 2026 trading value came from any individual market.

Between the lines

The asymmetry is visible in the numbers already stated: an exchange capitalised at $21.7 billion joining a network above $1 trillion. The immediate benefit described by ADX runs toward Iraqi investors gaining access to Abu Dhabi securities, while the 103 Iraqi listings represent the untested side of the flow.

What's next

Watch the three remaining exchanges on the 11-market network going live, Tabadul's full-year 2026 trading value against the AED13.5 billion already recorded, and whether Iraqi listings draw measurable cross-border volume.

Source: WAM (Emirates News Agency) via ZAWYA