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 highlight This event economic morning conducted a dialogue with the President of the Board of Directors Erbil market for securities Abdullah Abdul Rahim Abu banks.

The major challenges

* Home must inform us on the idea of ​​the establishment of this market and the main challenges that 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 Chairman of the Securities Commission d. Abdul Razzaq al-Saadi, director of market and took place during the conference to discuss the possibility of establishing Erbil Stock Exchange.
* Is it contrary to the establishment of the market with the presence of the Iraqi market for securities?
- Said the chairman of Irbil after the market a little bit and did not dangle this conflict, many of the countries in which more than take the market, 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 a this market.

Assigning specialized companies

Let me show you something that the preparations here in Erbil going on in full swing where we have commissioned 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 business in the province and the central bank managers in Erbil and Sulaymaniyah, advisers and ministers of planning and trading.
He added: 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 Bremer Law No. (74) Vhsalna an establishment license from the Securities Commission.

Earnings Stock Exchange

* What is Jdiedkm in another Established Aubmany of 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 he was establishing 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 the market Arbil Abdullah saying goes 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).

Unlimited support

* What about the capital market and the actions taken?
- Drew Abu banks that the market had been supported and encouraged the provincial government 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 recorded company in the Department of Registrar of Companies in Baghdad as a joint stock company, was elected General Authority them. noted the chairman of the 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. "

Unified Depository Center

He repeated that we are in the initial stages for 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 framework, said Abdul Rahim said that "a delegation of three members of the Board of Directors of market Arbil had recently visited the United States U.S. for company contractors, and to explore the global market," pointing out that "the delegation attended a conference of the Securities America in Washington, DC He visited the Chamber of Commerce and many private enterprises in this field Kporsh Nasdaq Omks ".

A new joint stock companies

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 this joint stock companies in the region, we had an agreement with the Iraqi market for securities possibility of dual listing for companies in any markets that companies listed in Baghdad as possible be included in the market of 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 the goals?
- Abd al-Rahim said, "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 into the market and stimulate the economy," adding that "there are many citizens who are not They have an idea about how to invest their money or that of their amounts are not sufficient to establish an integrated project, this category is possible to be attracted to the stock market in order to easily identify profitable companies 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 that "the market will attract talent migrating from the country to return to him and work in these areas because they have agreed to work will open the technical specialist and we miss him now. "

Willingness of foreign investors

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 be a gateway to enter the foreign investment and participation in existing projects or establish new ones," pointing out that "many of the financial companies expressed welcomed the establishment of 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. "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 particularly in the region and will serve the economic process in the country, and will be a catalyst for many of the economic and trade exchanges with all over the world.

About the stock market

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 per week rate two hours in the 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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