ABU DHABI, 22nd September 2018 (WAM) – Rashed Al Blooshi, Chief Executive of Abu Dhabi Securities Exchange (ADX), chaired the 43rd session of Arab Federation of Exchanges (AFE) meeting. The annual meeting of the AFE in its 43rd session took place last week in Abu Dhabi for the period of 2 days was attended a number of CEOs of Arab stock exchanges and chairmen of clearing and depository companies from all over the Arab world.
The meetings discussed a number of issues and topics relevant to the overall development of Arab stock exchanges, how to promote and encourage Arab securities markets to follow and adopt the best international standards in this regard, and how to make use of the experiences offered by the AFE’s member exchanges.
On this occasion, Rashed Al Blooshi, Chief Executive of ADX and chairman of the AFE’s current session, stated: “ADX’s presidency of the AFE’s new session is an opportunity to support efforts to take more decisions and active procedures that support the development operations witnessed by the Arab stock markets in the time being.” Al Blooshi added, “AFE’s new session pays special interest to the point that Arab stock markets shall accredit and apply the best standards and practices applied in international stock exchanges, with special reference to the international criteria of corporate governance and disclosure, which tops the agenda of the AFE.”
Al Blooshi further pointed out that the selection of ADX to preside over the AFE is a recognition from the Federation of the role that ADX plays in fostering and promoting cooperation relations among member exchanges in various fields. Al Blooshi affirmed that many opportunities exist in Arab securities exchanges, which highlights the necessity of uniting to promote those opportunities in the best way possible and in a matter that attracts and protects investors and brings more investments to the Arab financial markets.
At the end of the meetings, the attendees advised on the necessity to continue working to develop the Arab stock exchanges, clearing and depository, and brokerage companies, and to boost their performance, domestically and internationally. This should come through creating communication channels among the AFE members in a way that allows exchange of technical experiences and expertise aiming to encourage the listing and trading of securities. Which consequently means the development of Arab stock markets, in addition to encouraging the member stock exchanges to dual listing of securities.
On his part, Dr. Fadi Khalaf, Secretary General, Arab Federation of Exchanges (AFE), appreciated ADX hosting the AFE’s annual meeting, stressing meanwhile that ADX presidency over the current session of the AFE comes in a period where we are witnessing fluctuations among the world’s stock exchanges.
The AFE’s Secretary General expected that this session could contribute to restoring confidence in the Arab securities exchanges, which will serve as a new step on the way of reinforcing cooperation among Arab stock exchanges, with the aim of developing joint investment projects among Arab countries and energizing the securities exchange all over the Arab world.
By the end of 2017, data issued by the AFE stated that member exchanges recorded trading value of USD 340 billion. Whereas the market capitalization of the shares listed on AFE member exchanges reached USD 1.14 trillion by the end of the last year.
Arab Federation of Exchanges (AFE) was established in 1978, headquartered in Beirut. It includes 18 Arab Stock Exchanges and 4 Arab companies for clearing and depository as members, and 33 Arab brokerage companies as affiliated members. Through its annual meeting, AFE aims to coordinate work among its members, to facilitate exchanging of technical support, and to establish harmony across the laws and regulations applied in the Arab Securities Exchanges.