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Bahrain Stock Exchange and Dubai Financial Market sign MoU

23 May 2008  |  2738 views  |  0 Source: Bahrain Stock Exchange, Dubai Financial Market

A Memorandum of Understanding (MoU) was signed today between Bahrain Stock Exchange (BSE) and Dubai Financial Market (DFM).

The MoU was signed by the Director of BSE, Fouad Rashid, and the Chairman of DFM, Essa Kazim.

The MoU aims at strengthening and widening cooperation between Bahrain Stock Exchange and Dubai Financial Market, especially in the areas of mutual expertise and exchange of information relating to the developments in both markets. It also intends to spread awareness of the legal infrastructure available in both markets as well as investment opportunities.

The MoU will ensure a periodic exchange of information between BSE and DFM and encourage cross-listing as well as collaboration between brokers in both markets. BSE and DFM will both benefit from joint training programmes to be conducted following the MoU.

Essa Kazim, Chairman of DFM, said that signing this MoU aims to enhance the cooperation between two GCC stock markets that have been witnessing remarkable growth in all aspects over the past few years. He added: "Signing this MoU will facilitate the exchange of expertise and experience pertaining to the areas of technology, training, and all legal and technical procedures of the exchanges. This aims to increase the competitiveness of both markets in a way that will make investments more profitable. Officials in both markets will continue working on opening new areas of cooperation in order to enhance their relations."

Fouad Rashid expressed his gratitude in signing the MoU that comes in light of the efforts taken by GCC stock markets to support and develop the investment environment in the region in a way that will benefit all pertinent parties of the opportunities available in the regional capital markets.

Rashid emphasised the importance of this MoU in benefiting all pertinent parties, including institutions, brokers, and investors, saying that it will reflect positively on the performance of both markets. He also praised efforts taken to support and enhance relations with Dubai Financial Market in order to make investment more attractive and profitable, hoping that listed companies in both markets will benefit from this MoU.

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