MoU Signed To Outline Areas Of Cooperation: Dubai Financial Market Provides Technical Support To Establish Erbil Stock Exchange

10/10/2012

Dubai Financial Market (DFM) received a high level delegation from the Iraqi region of Kurdistan. The visit is part of an understanding to set up the Erbil Stock Exchange (ESX), with the technical support of DFM. The visiting delegation attended a two day extensive and comprehensive orientation program on various characteristics of the financial market.

The 8-member delegation was headed by Mr. Abdullah Ahmad Abdulrahem, Chairman of Erbil Stock Exchange. Mr. Essa Kazim, Managing Director and CEO, DFM welcomed the visiting delegation in the presence of other DFM senior officials. The visit reflects DFM’s firm commitment to supporting the efforts aimed at developing regional financial markets across various Arab countries in particular and collaborating with international markets in general.

The program included various presentations such as an introduction about the key components of the financial market, managing and sustaining a trading engine, market control, Clearing, Settlement and Depository, Custodians and investor services. The program also covered listing activities and financial services in addition to a tour of DFM’s divisions.

The visit was concluded with the two sides signing a Memorandum Of Understanding that creates the general frame work for the areas of cooperation and various aspects of DFM’s technical support to develop the capital market in Erbil. Essa Kazim, Managing Director and CEO, DFM said: “DFM is delighted to receive the delegation from the Iraqi region of Kurdistan. In fact, we are always eager to strengthen relationships with the Arab and international exchanges and look for greater co-operation to share knowledge and adopt international best practices. The visit was a great opportunity to enlighten the delegation on the key fundamentals of developing financial markets based on Dubai’s extensive experience as the financial center and gateway to the Middle East markets.”

“The development of the financial market in Kurdistan is undeniably a significant step in setting its economy for a new era of development and enhancing its capabilities to attract foreign investments, which will ultimately lead to the development and growth of various economic sectors. To help achieve this objective, DFM is pleased to offer its substantial experience and rich history for the development of a capital market in Kurdistan. In the past, we have provided similar support to other Arab countries such as Sudan and Yemen and we hope that this visit represents a foundation for a lifelong collaboration with the Iraqi region of Kurdistan.”

Abdullah Abdulrahem, Chairman of Erbil Stock Exchange said: “We would like to extend our sincere gratitude to the Dubai Financial Market for the warm reception and the spirit of cooperation in supporting the launch of the Erbil Stock Exchange. It was essential for us as we prepare to establish the exchange to draw upon the rich experience of the UAE in general and the Emirate of Dubai in particular within the financial markets sector. The extensive orientation program was of great value to us and our fruitful discussions with the DFM officials were crowned with the Memorandum of Understanding which outlines the areas of cooperation including the training of Erbil Stock Exchange staff by DFM and technical support, in addition to the possibility of benefiting from the DFM rules and regulations.”