Al-Sudani sponsors a memorandum of understanding between the Iraqi Securities and the Abu Dhabi Market
Al-Sudani sponsors a memorandum of understanding between the Iraqi Securities and the Abu Dhabi Market
2025-01-27 01:46
Shafaq News/ On Monday, the Prime Minister of the Federal Council, Mohammed Shia Al-Sudani, sponsored the signing ceremony of a memorandum of understanding between the Iraqi Securities Commission and the Abu Dhabi Securities Market.
His media office said in a statement received by Shafak News Agency that Al-Sudani received today the CEO of the Abu Dhabi Securities Market, Abdullah Salem Al-Nuaimi, and discussed ways of joint cooperation in the field of exchanging expertise and developing mechanisms to expand the activities of the private sector to achieve economic growth.
The statement added that Al-Sudani sponsored the signing ceremony of a memorandum of understanding between the Securities and Exchange Commission and the Abu Dhabi Securities Market, where Faisal Wissam Al-Haimus, Chairman of the Securities and Exchange Commission, signed on the Iraqi side, and Abdullah Al-Naimi signed on the Emirati side.
The MoU includes axes of cooperation in several areas, the most important of which are enhancing and developing the monitoring of daily trading in the market, and brokerage firms, cooperation in the field of dual listing conditions and mechanisms, and in developing and using technological applications and applications and mechanisms for subscriptions and initial listings, as well as in the field of cases of suspending trading on shares and timings for re-trading, and the requirements for licensing REIT funds.
The memorandum also included the exchange of expertise in the field of training, especially the activities of supervision and information technology, trading and clearing, digital transformation and financial analysis, depositing, managing funds and portfolios and supervising them, cooperation in the field of Islamic bonds and sukuk, depositing, settlement and independent financial services, and the requirements and mechanism for opening accounts for foreign investors from outside the country.
In light of the memorandum, Emirati investments will be encouraged in establishing Iraqi companies with Emirati-Iraqi capital, and their trading in both markets will be explored, according to the statement.
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