Media ININ Economy We Trust
Media In – Abu Dhabi 22 September 2018 WAM
Rashid Al Baloushi, Chief Executive of the Abu Dhabi Securities Exchange (ADX), received the presidency of the Federation of Arab Stock Exchanges at its forty-third session, which was hosted by Abu Dhabi for two days, in the presence of the Arab Stock Exchanges and the directors of clearing and depository companies in the Arab world. Rashid Al Baloushi said that the Abu Dhabi Securities Market (ADX) presidency in its new session represents an opportunity to support efforts to take more effective decisions and actions to support the developments currently taking place in the Arab financial markets. Al Baloushi affirmed that the Arab Federation of Arab Stock Exchanges in the new session pays particular attention to the adoption and application of the Arab financial markets to the standards and financial practices applied in the international stock exchanges, especially the standards of corporate governance and global disclosure, which has become a priority work within the corridors of the Federation of Arab Stock Exchanges. Al-Balushi added that the choice of Abu Dhabi Securities Exchange to head the Union of Arab Stock Exchanges is a recognition by the Arab Federation of Stock Exchanges of the market’s commitment to strengthening the relations of mutual cooperation between member exchanges in various fields. Dr. Fadi Khalaf, Secretary General of the Federation of Arab Stock Exchanges, praised the hosting of the Abu Dhabi Securities Exchange (ADX) for the annual meeting of the Federation. He expected that this session and its decisions will contribute to restoring trust in the Arab financial markets. This will be a new step towards enhancing cooperation between the Arab stock exchanges in order to develop joint investment projects between the Arab countries and revive the financial market at the Arab level. The meeting discussed a number of issues and aspects related to the development and upgrading of mechanisms of action in the Arab stock exchanges and the encouragement of the Arab financial markets on the international methods and practices as well as benefiting from the experiences provided by the member countries of the Union. He recommended the necessity of continuing to work on the development of the Arab stock exchanges, clearing houses and brokerage companies and raising the efficiency of their performance locally and in the Arab world by establishing channels of communication among the members of the Union. This will allow the exchange of technical expertise to encourage the listing and trading of Arab securities.
