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The Chairman of the Board of Governors of the Iraq Stock Exchange, Adnan Hashem, signed with the Chairman of the Board of Directors of the Egyptian Stock Exchange, Ahmed Al-Sheikh, a cooperation protocol to enhance joint work between the two countries .
A statement stated “The Chairman of the Board of Governors of the Iraq Stock Exchange, Adnan Hashem, and the Chairman of the Board of Directors of the Egyptian Stock Exchange, Ahmed Al-Sheikh, signed a cooperation protocol between the two countries’ stock exchanges to enhance joint work, in the presence of the Chairman of the Iraqi Securities Commission, Faisal Al-Haims, and the Vice Chairman of the Egyptian Stock Exchange, Heba Al-Sirafi .”
The statement added, “The aim of this step is to strengthen the bonds of cooperation and raise the level of coordination between the two parties, increase the prospects for joint work, exchange experiences and information in all aspects of investment, and develop existing legislative procedures in both countries, in addition to working to increase investment awareness and attract mutual investments between the two countries and direct… Savings towards investing in securities, and also supporting transitions to the digital economy to increase the competitive capabilities of both stock exchanges .”
The head of the Iraqi Securities Commission, Faisal Al-Haims, said: “The signing of this protocol represents a vital step towards deepening cooperation between the stock markets in Iraq and Egypt, which reflects our common keenness to strengthen economic relations between the two countries .”
He explained, “This agreement not only aims to exchange experiences and information, but also seeks to develop the infrastructure of the financial markets in both countries by adopting the latest technologies and applying the best global practices .”
Al-Haims added: “We realize that financial markets represent the cornerstone of the development of the national economy, and therefore strengthening the partnership between the two markets will contribute directly to achieving sustainable economic growth and attracting foreign investments .”
He continued, “We also believe that this protocol will open new horizons for cooperation in multiple fields, such as financial innovation and the development of new financial products, which will help enhance the competitiveness of both markets .”
Al-Haims stressed “the Securities Commission’s commitment to providing full support for the success of this cooperation,” noting that “the Authority will work to provide the appropriate regulatory environment to effectively implement the provisions of the protocol .”
He expressed his confidence that “this cooperation will enhance the efficiency of the two markets, and increase levels of transparency and disclosure, which will enhance investor confidence and contribute to achieving common economic development goals .”
For his part, Chairman of the Board of Governors of the Iraqi Stock Exchange (Iraqi Stock Exchange), Thaer Adnan Hashem, said: “The signing of this protocol, which was sponsored by the Chairman of the Securities Commission, Faisal Al-Haims, is an important step towards strengthening joint cooperation between Iraq and Egypt in the field of stock markets.” ” Finance .”
He continued, “This agreement also aims to exchange experiences and information between the two markets, especially with regard to updating legislation, regulations and procedures related to securities trading .”
Hashem believes that “this protocol is an opportunity to develop the infrastructure of the financial markets, increase investment awareness, and attract mutual investments between the two countries .”
He continued, “We will also work to support the transition to the digital economy, enhance the competitive capabilities of both stock exchanges, in addition to encouraging capacity building and training between brokerage companies and listed companies .”
In turn, the Chairman of the Egyptian Stock Exchange, Ahmed Al-Sheikh, said: “The protocol aims to develop joint cooperation between the two parties and exchange experiences and information with regard to updating legislation, regulations, procedures, work programs and methodologies related to securities trading, as well as exchanging periodic and annual bulletins issued by both stock exchanges, as well as exchanging Periodic information regarding companies registered and traded in the two markets .”
He added: “We are working to provide the basic information that investors in both countries need to increase mutual investments in the two stock markets .”
He went on to say: “The two parties will discuss working mechanisms to support and diversify the financial products available to investors and increase liquidity in both markets .”
He pointed out, “The two parties will work to encourage capacity building and training between brokerage firms and companies listed on the two stock exchanges to serve the goals of spreading awareness and exchanging experiences .”
Al-Sheikh explained that “the signing of this protocol comes within the framework of implementing Clause (58) of the Egyptian Stock Exchange’s strategy for development, which falls under the sixth axis of (promoting and disseminating financial culture, training and international relations).”
