The heads of the Egyptian and Iraqi stock exchanges sign a cooperation protocol to enhance joint work

On Monday, August 12, 2024, Mr. Ahmed El-Sheikh, Chairman of the Egyptian Stock Exchange, and Mr. Thaer Adnan Hashem, Chairman of the Board of Governors of Iraq Stock Exchange, signed a cooperation protocol in the presence of His Excellency Mr. Faisal Al-Haimus, Chairman of Iraqi Securities Commission, and Mrs. Heba El-Sayrafi, Vice Chairman of the Egyptian Stock Exchange. This protocol aims to strengthen the ties between the two stock exchanges, enhance coordination, and expand the scope of joint efforts to exchange expertise and information in all aspects of investment. It also seeks to improve legislative processes, raise investment awareness, attract mutual investments between the two countries, and channel savings into securities investments. Additionally, the protocol focuses on supporting the transition to a digital economy to increase competitiveness for both exchanges.

Mr. Ahmed El-Sheikh, Chairman of the Egyptian Stock Exchange, stated that the protocol's goal is to develop cooperation between the two parties, exchange expertise and information on updating regulations, systems, procedures, and programs related to securities trading, and to share periodic and annual reports issued by both exchanges. Furthermore, they plan to exchange regular information regarding the listed companies and those traded in both markets. He added, "We are working to provide the essential information that investors in both countries need to increase mutual investments in the stock markets.

El-Sheikh also noted that both parties would explore ways to support and diversify financial products available to investors and increase liquidity in both markets. He mentioned that both exchanges would encourage capacity building and training among brokerage firms and listed companies to promote awareness and the exchange of knowledge.

He clarified that the signing of this protocol is part of implementing item (58) of the Egyptian Stock Exchange development strategy, which falls under the sixth pillar of "promotion, financial culture dissemination, training, and international relations.

In this context, His Excellency Mr. Faisal Al-Haimus, Chairman of the Iraqi Securities Commission, stated, "The signing of this protocol is a vital step towards deepening cooperation between the securities markets in Iraq and Egypt. It reflects our shared commitment to strengthening economic relations between the two countries. This agreement aims not only to exchange expertise and information but also to develop the infrastructure of financial markets in both countries by adopting the latest technologies and applying best global practices.

He added, We recognize that capital markets are the cornerstone of developing the national economy, and thus enhancing the partnership between the two markets will directly contribute to achieving sustainable economic growth and attracting foreign investments. We believe this protocol will open new avenues for cooperation in various fields, such as financial innovation and developing new financial products, which will help enhance the competitiveness of both markets.

Mr. Al-Haimus emphasized the Securities Commission's commitment to providing full support for the success of this collaboration, stating that the Commission would create an appropriate regulatory environment to effectively implement the protocol's provisions. He expressed confidence that this cooperation would enhance the efficiency of both markets, increase transparency and disclosure levels, and bolster investor confidence, contributing to achieving shared economic development goals.

For his part, Mr. Thaer Adnan Hashem, Chairman of the Board of Governors of the Iraq Stock Exchange, remarked, The signing of this protocol, under the auspices of His Excellency the Chairman of the Securities Commission Mr. Faisal Al-Haimus, is an important step towards strengthening mutual cooperation between Iraq and Egypt in the field of securities markets. This agreement aims to exchange expertise and information between the two markets, particularly regarding updates to regulations, systems, and procedures related to securities trading.

He continued, We see this protocol as an opportunity to develop the financial market infrastructure, increase investment awareness, and attract mutual investments between the two countries. We will also support the transition to a digital economy and enhance the competitiveness of both exchanges, in addition to promoting capacity building and training among brokerage firms and listed companies.