Kurdistan and Dubai sign a memorandum to establish Erbil Stock Exchange

[10:51] 12/Oct/12

Erbil October 12 / October (PNA) - Dubai Financial Market (DFM) announced, on Thursday announced it has signed a memorandum of understanding with the delegation of the Kurdistan Region, to which it will provide assistance and technical expertise necessary to establish a market Arbil Securities.
In a statement to the market that "Dubai Financial Market (DFM) received a high-level delegation from the Kurdistan Region in the framework of an agreement between the two sides which offers the DFM technical assistance and expertise to establish a market Arbil Securities."

The statement pointed out that "the visit included induction program intensive spread over two days, during which attention of the members of the visiting delegation on various aspects of working in the capital markets," stressing that "the two sides signed at the conclusion of the visit, a Memorandum of Understanding represents a general framework shows areas of joint cooperation, and ways to provide technical assistance by Dubai Financial Market (DFM) to establish the capital market in Arbil. "

The statement noted that "the visiting delegation included eight senior officials of the market Arbil Securities headed Chairman Abdullah Ahmad Abdul Rahim," adding that "a number of senior officials were greeted by the visiting delegation in the Dubai Financial Market, led by Managing Director and Chief Executive Officer Dubai Financial Market Essa Kazim. "

The statement noted that "the induction program taking Introduction to the major components of the capital market, and offer introductory about trading systems and technical aspects of the management and maintenance, and control processes, and systems of deposit, clearing and settlement, and work guardians and Investor Services", Amadivan "The program also included presentations tariff on activities insertion and financial services. "

The statement noted that "the CEO of the Dubai Financial Market Essa Kazim stressed that the development of the capital market in the Kurdistan Region is an important step to move the economy of the region into a new phase of growth and enhance its ability to attract foreign investment," explaining that "it will be beneficial to the development and growth of many of economic sectors. "

On the other hand, the statement said Chairman Stock Exchange Arbil Abdullah Abdul Rahim, said "we have seen significant cooperation and a genuine desire to assist in the launch of the stock market in Kurdistan," adding, "We found it necessary to launch a new exchange benefit from the experiences leading to the UAE in general and Abu Dubai in particular in the area of ​​capital markets. "

The statement said that "Rahim said that the induction program intense during our visit to the Dubai Financial Market as an ideal opportunity to see many aspects of the work in the capital market," adding, "it was the culmination of discussions with officials in the market signed a memorandum of understanding defining areas of cooperation, particularly in relation to the fact that DFM trained teams working in Erbil market for securities, and other aspects of technical assistance, as well as to take advantage of the systems work and the procedural rules applicable in the market. "