Erbil Stock Exchange opens early next year
15/07/2013 12:00 AM
With a capital of 10 billion dinars
Arbil Yasser incumbent head of the Kurdistan region to introduce a market Arbil Securities, is expected to open early this year (2014) This project aims to earn more foreign investment and expand the establishment of joint-stock companies in the region, being one of the main foundations and pillars of inclusions in the market According to the Securities Law in the current, but in order to shed light on this event conducted economic morning a dialogue with the chairman of the market Arbil Securities Abdullah Abdul Rahim Abu banks. highlighted the challenges * Home must inform us on the idea of the establishment of this market and the most prominent challenges faced? - says Abobnkin that the idea of a market Arbil Securities return for the period from (2007 _ 2008) when he asked the Prime Minister of the province at the time set up another market in addition to the Iraqi market for securities, and since that time we worked on a number of conferences in Erbil In the first conference we invited chief Securities d. Abdul Razzaq al-Saadi and director of the market and took place during the conference to discuss the possibility of a stock exchange Arbil. * Will contradict the establishment of the market with the presence of the Iraqi market for securities? - said chairman of the market Arbil after he relaxed a little bit not this conflict, many of the countries in which more than Market Take for example, in the United Arab Emirates is no market in the capital Abu Dhabi and Dubai are no other market as the negotiations with the body has led to the possibility of establishing such a market. assigning specialized companies and let me show you something that the preparations here in Erbil going on in full swing where we commissioned by a company specializing in this field to study all the possibilities have been submitted to the Council of Ministers of the region, who in turn set up a committee under my chairmanship and membership of ten members to continue in this regard, including three advisers Council of Ministers and heads of chambers of commerce in the region and directors of the Central Bank in Arbil, Sulaymaniyah and advisers and ministers of planning and trading.continued saying: been consulted about the establishment of the market for the approval of the Securities Commission to establish the market as is Alhah that allow open markets because we wanted to be a subsidiary body of the Iraqi market and not an independent unchanged if the central bank in the region, and operates under the supervision of the law itself, which operates under which the Securities Commission in accordance with law Bremer No. (74) Vhsalna on vacation establishment of the Securities Commission.exchange earnings * What is Jdiedkm in Inception Aubmany another what differs from the Iraqi market? - the difference for the Iraqi market for securities is that we we founded market Arbil Securities on the basis of a joint stock company while The establishment of the Iraqi market on the basis of civil society organizations, non-profit, pointing out that the law of the Securities Commission proposed new and is currently before the Council of State authorizing the establishment and creation of markets on the basis of profit. then that market Arbil goes Abdullah saying participated in many well-known companies in Kurdistan including telecommunications companies (Cork, Asiacell) and five banks from different parts of Iraq, such as the Middle East, Assyria, north, Ceyhan and the Bank of Kurdistan). supporting unlimited * What about the capital market and the actions taken?- drew Abu banks that the market had been supported and encouraged the provincial government of through its contribution to the market rate (20 percent) through the Ministry of Finance in the province and fund Martyrs and Anfal as a factor encouraging all to participate in the market has reached the capital market (10) billion dinars were registered company in the Department of Registrar of Companies in Baghdad as a joint stock company, was elected body its general. noted Chairman market that "the Economic Committee in the provincial government has issued new instructions, designed to be market based on scientific grounds and open the way for investment, both domestic and foreign," noting that "the new regulations included the formation of a committee oversight on the market , a committee governance problem of the ministries of justice, finance, trade and financial control and a representative of the Chambers of Commerce in the region, and also stipulated that the economic use of company foreign to provide advice, service and training, and actually was hired firm Lewis Barker U.S. to provide this service. " Depository Center uniform and reiterated that we are in the initial stages of the establishment of the market and we had agreements and memoranda of understanding and coordination with the Iraqi market for securities, the center will be filing a united us is the depository center of Iraq, and we agreed on the import of your system market from Nasdaq Omks world is the same system you are working with the Iraqi market. In this context, he noted Abdul Rahim said that "a delegation of three members of the Board of Directors of market Arbil had recently visited to the United States for the company's contractors, and to explore the global market," pointing out that "the delegation attended a conference of the Securities America in Washington, DC, and visited the Chamber of Commerce and many of private enterprises in this field Kporsh Nasdaq Omks. " joint-stock companies new and the chairman of the market that he "hopes the establishment of joint-stock companies in the region, as there is a project with the provincial government to study the establishment of companies and projects contribute to the region," adding that "until the establishment of these companies contribute to the region we had an agreement with the Iraqi market for securities possibility of dual listing of companies in markets other words, the listed companies in Baghdad as possible be included in the market Arbil and vice versa, and we are going to accept a group of brokerage firms and we have 8 to 10 requests for the establishment of such companies. " investment Instead of compactness * You talked about the challenges .. What about goals? - said Abdul Rahim, "There are many goals to set up a market which attract the savings of citizens that keep them in their homes for lack of confidence" with regret "to put them in the bank, and the introduction of this money to the market and stimulate the economy, "adding that" there are many citizens who do not have an idea about how to invest their money or that of their amounts are not sufficient to establish an integrated project, and this category is possible to be attracted to the stock market in order to easily identify companies Winning and the process of buying and selling stocks . " absorb unemployment Abu banks stressed that the process of establishing the market itself, "aims to set up joint-stock companies, which in turn will attract capital's largest and when you grow these companies will be a catalyst to attract employment and absorb unemployment, despite the fact that the unemployment rate in the region a few," noting " The market will attract talent migrating from the country to return to him and work in these areas because it will open agreed to work specialist and technician who miss him now. " desire of foreign investorsis also "a lot of foreign investors wishing to enter the Iraqi market and because of the security conditions, they avoid it, and the presence of so market can to be an outlet for entering foreign investment and participation in existing projects or establish new ones, "pointing out that" many of the financial companies expressed welcomed the establishment of the market during the delegation's visit to the United States, and called for the convening of a conference in Arbil to discuss investment in Iraq by market Arbil Securities Finance. "At the end of the dialogue stressed Chairman market Arbil Abdullah Abdul Rahim Abu banks that exchange Erbil will contribute to the service of the Iraqi economy in general and the economy in the region, in particular, and will serve the economic process in the country, and will be a catalyst for many of the trade and economic exchanges with all over the world . About the stock is noteworthy that the Iraqi market for securities / stock / Founded 2004 a economic institution responsible for the regulation and control of the purchase and sale of shares of listed companies to investors carried out by intermediaries, and the 47 brokerage firm certified by the market through the use of electronic systems modern, and hold market 5 sessions at the rate of two hours per week trading day. In the period spanning from 1992 until 2003, he was in Iraq, Baghdad market known market for securities was established under Law No. (24) for the year 1991. This market was a government-managed market in a timely manner insert (113) private contribution Iraqi company and mixed. And was able to attract in the last year has traded annual rates in excess of seventeen million dollars and a half a little.Close this market by a decision of the Board of Directors dated 19/3/2003. |
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