Prime Minister Mohammed Shia Al-Sudani received the CEO of the Abu Dhabi Securities Exchange, Abdullah Salem Al-Nuaimi, on Monday.
During the meeting, they discussed ways of mutual cooperation in exchanging expertise and developing mechanisms to expand private sector activities to achieve economic growth.
Prime Minister Al-Sudani oversaw the signing ceremony of a Memorandum of Understanding between the Iraqi Securities Commission and the Abu Dhabi Securities Exchange. The Iraqi side was represented by the Chairman of the Securities Commission, Faisal Wissam Al-Haimus, and the Emirati side by Abdullah Al-Nuaimi.
The Memorandum of Understanding includes several areas of cooperation, primarily enhancing and developing daily trading oversight in the market, brokerage firms, cooperation in dual listing conditions and mechanisms, developing and using technological applications, initial public offerings, and trading halts and resumption timings, as well as REIT fund licensing requirements.
The memorandum also includes exchanging expertise in training, particularly in oversight activities, information technology, trading and clearing, digital transformation, financial analysis, depository and fund management, and oversight, as well as cooperation in bonds and Islamic sukuk, depository and settlement, independent financial services, and requirements and mechanisms for opening accounts for foreign investors.
In light of the memorandum, Emirati investments will be encouraged to establish Iraqi companies with Emirati-Iraqi capital and explore trading in both markets.
Prime Minister's Media Office
January 27, 2025