Manama: Bahrain Bourse has been elected by the Arab Federation of Exchanges unanimously in addition to the Saudi Stock Exchange (Tadawul) as members of the Federation’s Board of Directors, representing the Arab Gulf region.
Bahrain Bourse, which attended the virtual meeting of the General Assembly of AFE, was presented by Shaikh Khalifa bin Ebrahim Al-Khalifa the Chief Executive Officer of Bahrain Bourse and Narjes Farookh Jamal Chief Operating Officer of Bahrain Bourse.
The AFE meeting was also attended by various CEOs of stock exchanges and Arab clearing and depository companies.
Amman Stock Exchange and Beirut Stock Exchange were elected to represent the Levant region, and the Egyptian Exchange and the Casablanca Stock Exchange to represent the Arab African countries. Misr for Central Clearing, Depository and Registry and Kuwait Clearing Company were elected to represent Arab clearing houses. In addition, Damascus Securities Exchange, Muscat Clearing and Depository, and the Khartoum Stock Exchange were elected as members of the Audit and Governance Committee.
“Bahrain Bourse’s election as a member in the Arab Federation of Exchanges Board of Directors reflects the important role of the Bourse and its active participation in the federation’s activities and committees during the previous years. This, in return, enhances the confidence of various parties related to the capital market and supports Bahrain Bourse’s role to develop the capital market sector locally and regionally,” Shaikh Khalifa bin Ebrahim Al-Khalifa, said.
It is worth mentioning that the AFE was established in June 1978 to be the guiding body for the Arab stock exchanges, under the recommendation of the Arab Central Banks Conference, held under the auspices of the General Secretariat of the League of Arab States in the Hashemite Kingdom of Jordan.
The Federation aims to create a transparent environment for the Arab capital markets, develop market members and reduce the barriers of security trading across the countries through establishing harmony across the laws and regulations of the Arab countries, adopting new technologies and advanced trading and clearing settlements. The federation currently has 21 members representing around 17 stock exchanges and 4 clearing companies, in addition to a number of brokerage companies in the Arab region.