ISC, ADX discuss Strengthening Economic Ties
Significant Discussions in Abu Dhabi
The Iraq Securities Commission (ISC) is taking steps to enhance its financial market operations. Recently, ISC Chairman Faisal Al-Haimus visited Abu Dhabi. There, he met with the CEO of the Abu Dhabi Securities Exchange (ADX), Abdullah Salem Al-Nuaimi. Their discussions centered on a joint cooperation agreement. This agreement aims to boost expertise exchange between the Iraq Stock Exchange (ISX) and ADX.
Goals of the Cooperation Agreement
The collaboration seeks to improve market mechanisms in Iraq. It also aims to enhance the investment climate and increase the visibility of the Iraqi Stock Exchange in the regional financial ecosystem. Both leaders stressed the mutual benefits of this partnership. They highlighted the importance of knowledge transfer and developing market infrastructure.
Integration with Digital Platforms
A key topic was the potential integration of the Iraq Stock Exchange with the ADX’s innovative digital exchange platform. This platform, launched in 2022, is the first of its kind in the region. It allows mutual access to financial markets and includes eight participating exchanges. The platform creates a seamless trading experience across borders. This enables liquidity and attracts investor participation across multiple markets.
The ISC and ADX leaders discussed how Iraq could join this digital platform. They believe it will increase the efficiency and competitiveness of the ISX. This, in turn, could attract greater foreign investment and foster regional economic growth.
Confidence in the Partnership’s Impact
Chairman Al-Haimus expressed confidence in the potential impact of this collaboration. He noted that it would strengthen the role of the Iraqi Stock Exchange in the region and improve Iraq’s investment environment. This initiative is part of a broader strategy by Iraq to modernize its financial sector. It encourages more participation from international investors.
By leveraging ADX’s advanced technologies and operational expertise, Iraq hopes to speed up its financial market development. The goal is to improve market transparency and attract more foreign capital.
Support from ADX CEO
In response, ADX CEO Al-Nuaimi expressed full support for the cooperative initiative. He reaffirmed ADX’s commitment to fostering cooperation among regional financial markets. He also stressed the importance of enhancing cross-border partnerships between financial institutions. Such partnerships are vital for enhancing the capital markets’ contributions to regional economic growth.
Al-Nuaimi emphasized his belief in the power of collaboration. He views it as essential for creating a more integrated and resilient financial ecosystem in the Middle East.
Regional Financial Market Integration
This collaboration aligns with broader efforts in the region to integrate financial markets. It aims to build a more interconnected investment landscape. The discussions occurred during the Middle East Investor Relations Association (MEIRA) Annual Conference 2024. This conference was hosted in Abu Dhabi and attracted over 800 leaders, experts, and financial professionals from across the GCC and the wider Middle East.
The MEIRA conference provided an excellent platform to share ideas about the future of capital markets. It explored various themes, including the growth of GCC markets and the role of artificial intelligence in investor relations. Additionally, it covered the integration of environmental, social, and governance (ESG) criteria in Islamic finance.
Anticipated Cooperation Agreement’s Significance
The ongoing discussions and the anticipated cooperation agreement mark a significant development for Iraq. The nation seeks to modernize its financial markets and integrate more effectively with regional counterparts. The collaboration aims to create a more appealing investment environment.
The partnership between the ISC and ADX highlights Iraq’s determination to become a key player in the regional financial landscape. This commitment could contribute to the growth and stability of capital markets in the Middle East. As Iraq continues its pursuit of economic diversification and modernization, this partnership may serve as a model for future collaborations in the region.
A Path to Sustainable Growth
The cooperation between Iraq and Abu Dhabi showcases the potential for shared expertise and joint initiatives. This partnership stands as a testament to what can be accomplished through collaboration. By working together, both nations aim to drive sustainable economic growth in their respective financial markets. The proposed integration and knowledge transfer could set the stage for a more robust financial future in both Iraq and the broader Middle Eastern region. The future looks promising as Iraq aligns itself with leading financial institutions to further its financial market development and attract foreign investments.
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