The Chairman of the Amman Stock Exchange (ASE) Board of Directors, Dr. Kamal Qudah received the CEO of the Palestine Exchange (PEX), Mr. Ahmad Aweidah with the presence of the CEO of the ASE, Mr. Mazen Wathaifi at the ASE.

Many important issues have been raised during the meeting such as the ways to enhance communication and cooperation between the two entities, as they reiterated on the depth relations between the two countries, and they were looking for enhancing the cooperation between them in the future. On the other hand, they discussed the possible ways to exchange experiences between ASE and PEX.

The ASE Chairman of the Board, Prof. Kamal Al-Qudah in the presence of Mr. Mazen Wathaifi the CEO of the ASE, Mr. Bassam Abu Abbas the Acting CEO of the ASE, and representatives of Syndicate of owners of financial services companies met the Chairman of the Jordan Investment Commission (JIC), Dr. Khaled Wazani.
During the meeting; they discussed the means of communication and cooperation between the two entities, and role of the investment in the development of the national economy, and influencing the economy’s prosperity and enhancing the growth of the economy in all aspects.

The ASE Chairman of the Board, Dr. Kamal Qudah, in the presence of the CEO, Mr. Mazen Wathaifi, received the Chairman of Global Compact Network Jordan, Mr. Raji Hattar and the Vice Chairman, Mr. Jamal Fariz at the Amman Stock exchange(ASE) premises. During the meeting; they discussed the means of cooperation between the two entities to urge the ASE listed companies to join the Global Compact Network Jordan Initiative.

The value of shares that were bought by non-Jordanian investors at the Amman Stock Exchange (ASE) since the beginning of the year until the end of June 2020 was JD 48.9 million, representing 11.4% of the overall trading value, while the value of shares sold by them amounted to JD 99.8 million. As a result, the net of non-Jordanian investments showed a negative value of JD 50.9 million, whereas the net of non-Jordanian investments showed a negative value of JD 40.6 million for the same period of 2019.

The value of shares bought by non-Jordanian investors at the (ASE) in June 2020 was JD 6.7 million, representing 6.6% of the overall trading value, while the value of shares sold by them amounted to JD 14.2 million. As a result, the net of non-Jordanian investments in June 2020 showed a negative value of JD 7.5 million, whereas the net of non-Jordanian investments showed a positive value of JD 0.3 million during the same month of 2019.

Arab investors purchases during June 2020 were JD 6.0 million, or 88.9% of the overall purchases by non-Jordanians, while the value of non-Arab purchases amounted to JD 0.7 million, constituting 11.1% of the overall purchases by non-Jordanians. Arab investors sales amounted to JD 5.0 million, or 35.3% of non-Jordanians total sales, while the value of non-Arab sales amounted to JD 9.2 million, representing 64.7% of the total sales by non-Jordanians.

Non-Jordanian investors' ownership in companies listed on ASE by end of June 2020 represented 50.6% of the total market value, 34.3% for Arab investors and 16.3% for non-Arab investors. At the sector level, the non-Jordanian ownership in the financial sector was 54.9%, in the services sector was 18.3% and 61.8% in the industrial sector. 

The ASE’s CEO, Mr. Mazen Wathaifi, said that we are in the process to finalize the updated electronic trading system Optiq, which will be launched during the last quarter of this year. The new system is characterized by being up to date with the latest developments in electronic trading systems in terms of efficiency, speed in receiving and processing orders, selling and trading in new financial instruments, effectively linking it to trading systems and applications, and the possibility of trading through the application of modern technology for trading activities. The meeting was streamed on the website of the European-Asian Stock Exchange Union (EFAS), which was recently broadcast on their website, as he answered the questions that raised by the Federation Deputy Secretary-General, Arminuhi Hovakimyanyan, and reviewed the most important initiatives, procedures and achievements that the ASE is working on to strengthen the legislative and the technical frameworks, market activity in order to resolve the challenges and mitigate the effects and the consequences of the COVID-19 pandemic.

He pointed out that in addition to the aforementioned electronic trading project, the ASE has worked during this stage on developing its electronic systems according to the latest international practices and standards. The project of the electronic disclosure system is being completed in cooperation with the Jordan Securities Commission (JSC) through the XBRL language expected to be launched in the last quarter of this year. Worth mentioning that XBRL is a typical international language, where information, critical disclosures, analytical ratios and numbers necessary for investors will be published through the system in Arabic and English and will enable investors to access disclosure the of listed companies through the JSC and ASE websites. Therefore, this will save time and effort, enhance transparency, and increase market efficiency and timely information disclosure.

He stressed that the ASE has developed the VMware system, to modernize and ensure the security and safety of the technical infrastructure of the ASE to enable the ASE to implement new technologies in the national capital market, and to prepare for the future in the light of technological and technological advances and successive developments. The ASE website has also been updated, to be an interactive site eventually enabling investors to see the disclosures and information necessary to make their investment decisions based on such information, the website is also linked to the official ASE social media accounts on Twitter, Facebook, Instagram, YouTube, LinkedIn.

On the other hand, the ASE’s CEO Mr. Wathaifi pointed out that the ASE implements the Road map strategy recommendations reached by capital market institutions in cooperation with the European Bank for Reconstruction and Development (EBRD), which aims at reinforcing the investment climate in the market through applying the latest international standards and practices. Making the market more attractive to investors and exporters of securities and promoting awareness and a culture of investment in the market. The ASE will work in cooperation with relevant government agencies, public shareholding companies and related parties to promote market investment through promotions of Roadshows and internal and external stock market marketing

In collaboration with regulators and market institutions, it will also create technical and legislative frameworks for new products such as Exchange-Traded Fund (ETFs) and real estate funds (REITS), and will hold meetings with stakeholders to promote the establishment of such funds. One of the most important steps taken by the ASE to prepare and enable the creation of these funds is the launch of the ASE20 index, which consists of the shares of the 20 most active companies in the market.

“One of the most important initiatives and projects ahead is to promote the commitment of listed companies to governance rules through balanced Scorecards”, he added. Jordan's ranking in its Doing Business Report and the World Bank's doing Business report was raised by 60 centers in two years in light of the implementation of governance instructions for listed companies.

In response to how the ASE will continue its work during the curfew period in the country and with trading suspension couple of times. How the ASE contact the relevant parties and listed companies during this period in order to provide the ASE with needed reports and disclosures he commented, “regarding to the disclosures of these companies' annual reports, which, in these circumstances, reached 97%, despite the circumstances of that period, and the suspension of trading and closing, as even when trading was suspended, the ASE did not stop following other day-to-day work, and an emergency plan for remote work was set up before closing and equipping the technical infrastructure needed to launch the remote work”, also he added, “various departments in the ASE have been directed to follow specific steps to continue working remotely. The relevant authorities have been contacted during this period and the ASE has completed its work in its field according to a previously developed plan, which is constantly updated with all other plans and strategies, in light of developments in the market and local and international trends.

During the meeting, Mr. Wathaifi stressed out that the ASE is keen to continue its efforts to strengthen cooperation and partnership relations and exchange experiences with the other Arab and international stock exchanges and international capital markets institutions in a way that achieves the common interests of the ASE and these parties. In response to Ms. Arminuhi's question about his expectations about what kind of a world will be after COVID-19, he said that there was no specific answer at present in the light of the current state of no clarity and uncertainty, particularly that the world economy is still suffering. Neither the global economy expected to return to normal soon in this uncertainty. He stressed that cooperation among the world countries should be strengthened to confront this pandemic and its consequences that hit the whole world and to repair the damages caused by it, according to clear cooperation policies that achieve common interests and help to overcome the challenges facing the whole world.

He cited with His Majesty the King Abdullah II saying “we must return to the right globalization that leads to close cooperation between States and societies”, noting that Mr. Wathaifi stated, “Economies would be restructured and new features would be found in the financial sector in particular, where the focus would be on the use of modern technology systems and means (Digitalization), and the financial technology (Fintech), and using applications and smartphones, especially in terms of trading, dealing, transferring money and the payments system. This is why we must prepare well for this stage, mentioning that Jordan has achieved a success story that the world witnessed in confronting this pandemic.

In turn, Mrs. Arminuhi, Deputy Secretary General of the Federation of Eurasian Exchanges, praised the measures taken by the ASE since the beginning of the pandemic and the projects that the ASE has pursued to complete despite the COVID-19 and its repercussions and the conditions created by the pandemic. 

Mr. Mazen Wathaifi, the CEO of the ASE, participated in the webinar “Central Banks Support to Financial Markets in the COVID- 19 Pandemic”, which was organized by the Arab Banking Union (UAB) in cooperation with the Arab Stock Exchange Union (AFE), via Zoom Application, in the presence of the Secretary General, Union of Arab Banks Mr. Wissam Fattouh, and chairman of Arab stock exchanges Union Mr.Mohamed Farid, and the General Secretary of the Arab Federation of Exchanges Mr. Rami Al-Dakani, and a number of senior officials in Arab and foreign central banks, International Monetary Fund (IMF) , and a group of decision makers and banking and financial leaders, and the CEOs of Arab Stock Exchanges. The conference has discussed over two days the role of central banks in developing capital markets and the long-term financing mechanisms offered by capital markets to Arab economies and the reality of Arab capital markets.

Mr. Al Wathaifi also emphasized on "the role of Arab banks in developing capital markets" and the importance of banks' role in supporting capital markets and The importance of these sectors in providing the necessary finance in the economy, pushing the economic growth, and strengthening the economy, especially in the difficult circumstances of the Arab economies in the light of the consequences of Corona virus.

Mr. Al Wathaifi added “The banking sector and the stock market sector do not compete, but complement each other”. The presence of a strong, stable and reliable banking sector is considered a major factor in the success and stability of the capital market. In addition to its traditional role in providing financing, it also contributes in providing many financial services in the market by establishing units or subsidiary companies that provide brokerage firms services., financial advice, and investment management etc…, and establishing investment portfolios for investment through mutual funds and market maker, and its role in the settlement and clearing process.

Mr. Al Wathaifi reviewed the procedures that are adopted by the ASE in coordination with the JSC to face the effects of this pandemic, which were mainly represented by the ASE’s emergency plan and preparing the technical infrastructure to work remotely to ensure the continuity of work and trading, and provide the necessary services to dealers, in addition to reduce the trading hours and the daily price limits, the maintenance margin and the initial margin, the restrictions related to the permitted financial limits that related to the broker's net equity, wishing to buy the shares issued by them (treasury shares),

Also, extending the legal deadline for the disclosure of the annual reports for the year ended on 31/12/2019 and quarterly reports for the period ended on 3/31/2020

He concluded that there are a number of learned lessons from this crisis, especially in light of uncertainty; one of the most important is the emergency plan, and the risk management procedures to ensure the continuity of work. and the continuation of the payment system and the financial services mainly through the new technological applications, to find out adequate ways and innovative ideas to overcome the effects of the epidemic and reduce its impact and challenges

He also stressed on the importance of the role of central banks to protect, and support the financial sector, and the role of other supervisory authorities, and the importance of their decisions and supervisory and regulatory procedures in these circumstances, Mr. Al Wathaifi referred in this regard to the procedures taken by the Central Bank to face the effects of Corona virus on the national economy.

It is noteworthy that the webinar was the first cooperation between the Arab Banking Union (UAB), Arab Stock Exchange Union (AFE), the International Monetary Fund (IMF) in Washington/USA, and the Frankfurt Financial Center with the participation of the United States through American banks including Wells Fargo: JP Morgan Chase, Mufg, BNY Mellon; In addition to, the London-based capital markets Union in Europe. 

The ASE has started to hold a series of virtual training workshops for the employees of the certified brokerage companies at the ASE through the online communication applications. The ASE’s CEO, Mr. Mazen Wathaifi pointed out that these workshops come within the ASE efforts to prepare for launching the new version of the electronic trading system of Optiq, which is expected to be ready before the end of this year 2020.

The workshops aim to introduce the employees of the brokerage companies to the most important features of this new version and to prepare them to work on the new version of the modified PAM trading stations to match the new system. The first training workshop was held on Thursday; 17/9/2020 with the participation of 11 brokerage firms, and attended by 35 participants from their employees. The ASE will continue holding such training workshops for other brokerage companies, in preparation for holding pilot trading sessions for the new electronic trading system Optiq with the participation of all brokerage companies.

Noting that the new Optiq version is up to date with the latest improvements in terms of efficiency, speed in receiving and processing selling and buying orders, and the possibility of using new financial instruments in trading, and effectively linking them to trading systems and applications. It also provides trading capability through the application of new technology for trading activities. 

The Amman Stock Exchange (ASE) signed a joint cooperation agreement with the Amman Arab University (AAU) aiming at establishing a simulation and training room on the ASE’s electronic trading system. Where the ASE’s CEO Mr. Mazen Wathaifi and the Acting President of Amman Arab University professor Khaled Al Tarawneh signed the agreement, the Chairman of the Board of Directors of the Securities Depository Center (SDC), Ismail Hajajj, the Deputy CEO of the ASE, Mr. Bassam Abu Abbas, the Dean of the Faculty of Business, Dr. Hassan Al-Zou’bi, and the Dean of the Aviation faculty, Dr. Anwar Al-Assaf; In addition to a number of ASE officials and the university academic staff.

The ASE’s CEO, Mr. Mazen Wathaifi said that signing the agreement comes within the framework of the implementation of the ASE’s policy under its social responsibility and its keen on deepening its relation with the national universities, and the importance of this relation between the two parties. As well as promoting knowledge in everything related to national capital market and investment in securities among the society, particularly among students of the financial faculties in the national universities, to train them and qualify them for the labor market, given the importance of the capital market in economy and enhancing the development.

In this regard, the Acting President of Amman Arab University professor Khaled Al Tarawneh, said that this agreement is part of a series of agreements through which the university is connected to a network of relations to provide the necessary and needed experiences for the refine the students’ skills and the improve the outcomes. looking forward to creating a simulation room to empower students and enhance their knowledge and skills in the field of stock exchange and e-trading.

Accordingly, the university will provide a place for the simulation trading and its technical devices, and the ASE will provide the university with the trading software and link the university with the electronic trading system used in the ASE in order to allow students at the AAU to simulate trading at the ASE.

On the sidelines of signing the agreement, Dr. Khaled Al Tarawneh has rang the bell to start the trading session on Tuesday, 29/9/2020, and the two parties exchanged memorial shields. 

In line with the instructions of the official and government authorities, which include the tightening of public safety measures, in light of the Corona pandemic to reduce the number of employees working on the site, and in continuation to work with the emergency plan at the Amman Stock Exchange (ASE) by activating the mechanisms of remote work.

The ASE administration is requesting all entities, authorities and stakeholders to communicate with the ASE by calling (065664109), and providing it only with all correspondence via the two e-mails shown below:

· diwan@ase.com.jo

· listing@ase.com.jo

We wish to assure everyone of the necessity to adhere to the procedures and instructions followed by the Stock Exchange, wishing everyone good health and safety.

On Sunday, 11 October 2020, the Amman Stock Exchange (ASE) hosted the celebration of “Ring the Bell” for Financial Literacy initiative along with a number of global financial markets, to celebrate the World Investor Week, launched by the International Organization of Securities Commission (IOSCO) and the World Federation of Exchanges (WFE) with the aim of promoting investment awareness efforts and protecting Investors' rights.

The CEO of the ASE, Mazen Al-Wathaifi said that the Stock Exchange always pays much attention to extend bridges of cooperation with all local and international institutions to enhance investment awareness activities and spread financial knowledge and awareness. Mr. Wathaifi pointed out that this occasion coincided along with the ASE initiatives and events aimed at enhancing the financial culture and investors awareness on all matters related to investment in securities and the capital market, as ASE finished on Thursday 10/1/2020 a series of virtual training and introductory workshops for employees of brokerage member companies at ASE with the aim of clarifying the most important features of the new version of the trading system for financial brokerage firms and preparing them to work on the new version of the modified PAM. This event also came as part of the exchange's efforts for preparations to launch the new version of the electronic trading system Optiq which is expected to be launched before the end of the year.

Mr. Wathaifi added that ASE is working within this framework and within its social responsibility to deepen its relationship with national universities, as recently a cooperation agreement has been signed with Amman Arab University, which aims to establish a simulation room and training on the electronic trading system of the ASE at the university.

In order to develop investment culture in general and educate investors about its products and services in particular, the ASE held a workshop entitled "The Road to Listing on Amman Stock Exchange" in cooperation with the Jordan Securities Commission (JSC) and the European Bank for Reconstruction and Development (EBRD), through visual and electronic communication technology ZOOM, in which a detailed explanation of the most important developments in the national capital market and the development plans implemented by market institutions has been provided, clarifying the concept of the initial public offering (IPO) and its basic requirements, in addition to introducing the benefits and advantages of listing on ASE. It was also announced during the workshop that there will be a technical and advisory support provided by EBRD for companies wishing to be listed on ASE.

Mr. Wathaifi indicated that ASE’s working through various media channels, to introduce and raise awareness of the latest legislative and technical developments in the capital market and its institutions, and to publish trading data related to listed companies. He also indicated that ASE has prepared a number of educational materials that will be placed on the ASE's website under the title of “Investor Education”. 

Refinitiv and the Arab Federation of Exchanges (AFE) within the contribution in promoting the concept of sustainability launched the Refinitiv AFE Low Carbon Select Index in the Middle East and North Africa (MENA). The CEO of Amman Stock Exchange, Mr. Mazen Wathaifi, said that this index consists of 9 markets achieved the index requirements and criteria. ASE represented by the Arab bank is one component of it of a 3.8%, Also, Saudi Arabia holds the largest weight in the Index with 39.5%, followed by Kuwait 22.15%, UAE 14.65%, Qatar 12.24%, Egypt 4.21%, Morocco 1.69%, Oman 0.87%, and Bahrain 0.85%.

Al-Wathaifi added that Refinitiv AFE Low Carbon Select Index offers an innovative benchmark for measuring the corporate governance sustainability practices that are concerned with environmental and social contributions in companies listed in the markets, and provides the required information for investors wishing to commit capital to companies that actively invest in companies that invest in activities that are concerned with governance applications and promote low carbon activities in the running of their businesses. The environment is concerned with managing its business in light of the importance of the escalating importance of this information, data, environmental and social analyzes and corporate governance on the financial markets in the MENA region, as the index includes those companies as basic components in it. These companies work to reduce energy consumption and hence contributing to lower the carbon footprint of the region.

The entry of the Amman Stock Exchange represented by the Arab Bank in this index is a positive sign, and the launch of this index will pave the way for the creation of investible products in MENA including Equity Traded Funds. It will also contribute to attract asset managers and investment into MENA markets in light of increasing the importance of the governance and sustainability in the world.

Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, in addition to providing trading platforms that connects global financial markets. It works also in providing financial services, investment management and risk management. It provides its services to more than 40 thousand institution around the world. 

The Amman Stock Exchange (ASE), represented by the Chief Executive officer of the ASE, Mazen Wathaifi, participated in the meeting of the General Assembly of the Arab Federation of Exchanges (AFE), which was held this morning, Tuesday, 11/3/2020, virtually through Zoom application, where the meeting was chaired by the Chairman of the Board of Directors of the Egyptian Stock Exchange, Dr. Mohamed Farid Saleh as President of the Union in its current session and in the presence of Secretary General of the AFE Rami Al-Dukkani, and with the participation of heads of stock exchanges and Arab clearing and depository companies.

Whereas, during the meeting, the ASE was elected by the consensus of the members, in addition to the Beirut Stock Exchange, as members of the Federation’s Board of Directors, representing Levant region, the Tadawul Market - Saudi Arabia and the Bahrain Stock Exchange, representing Arab Gulf region, the Egyptian Exchange and the Casablanca Stock Exchange, representing the Arab African countries, Misr for Central Clearing, Depository and Registry and Kuwait Clearing Company representing Arab clearing houses.

During the meeting, Damascus Securities Exchange, Muscat Clearing and Depository, and the Khartoum Stock Exchange were also elected as members of the Audit and Governance Committee.

Mr. Wathaifi added that this is an indication of the members' appreciation of the important role played by the ASE in the federation during the previous years and its active participation in its activities and committees, and in recognition of the recent development of the Jordanian capital market and the modernization of its legislative and technical frameworks within a strategic plan that seeks to upgrade the capital market and improve the investment climate in accordance with the latest international standards and practices.

It is worth mentioning that the AFE was established in 1978 upon the recommendation of the Central Bank Governors under the auspices of the League of Arab States in 1978, with membership of 4 Arab stock exchanges including Amman Financial Market at that time, with the aim of facilitating the exchange of technical aid between members, harmonizing laws and regulations in force and overcoming the difficulties that face Arab investment. The federation has currently 21 members representing about 17 stock exchanges and 4 clearing companies, in addition to a number of financial intermediation companies in the Arab region. 

The Amman Stock Exchange (ASE) represented by Mr. Amjad Alqudah, the Director of Communications and Media department and Dr. Rasha Dayyat the Director of Planning and Institutional Development Department participated in the 30th Annual General Assembly and 81st Working Committee Meetings of the Federation of Euro-Asian Stock Exchanges (FEAS) on November 18, 2020 with the participation of more than 20 CEOs for the stock exchanges of the members of the federation virtually through zoom application.

During the General Assembly meeting, Sydney Stock Exchange has been approved as a Full member of the federation, and Iranian Institutional Investors Association as an Affiliate member.

The 2020 action plan performance was presented by FEAS Secretariat to FEAS Members, followed by the thorough discussion of previous projects and initiatives; the 2021 action plan and budget were also approved by the General Assembly.

The General Assembly meeting was followed by a Working Committee meeting. During the meeting members discussed and accepted the results of ongoing Task Forces and planned Task Forces for 2021.

For the fourth consecutive year, FEAS Secretariat prepared and presented a specially designed Business Effectiveness Report (BER), comprehensive research about financial and operational activities of FEAS member exchanges, and their comparison in terms of efficiency.

It is worth mentioning that he Federation of Euro-Asian Stock Exchanges (FEAS) was established on 16 May 1995 with 12 founding members. Currently there are 37 members. 

Amman Stock Exchange revealed that the value of shares bought by non-Jordanian investors at the ASE in December 2020 was JD9.9 million, representing 5.3% of the overall trading value, while the value of shares sold by them amounted to JD11.7 million. As a result, the net of non-Jordanian investments in December 2020 showed a negative value of JD1.8 million, whereas the net of non-Jordanian investments showed a negative value of JD6.6 million during the same month of 2019.

The value of shares that were bought by non-Jordanian investors during 2020 was JD96.9 million, representing 8.9% of the overall trading value, while the value of shares sold by them amounted to JD164.4 million. As a result, the net of non-Jordanian investments showed a negative value of JD67.5 million, whereas the net of non-Jordanian investments showed a positive value of JD114.1 million for the same period of 2019.

Arab investors purchases during December 2020 were JD7.9 million, or 80.1% of the overall purchases by non-Jordanians, while the value of non-Arab purchases amounted to JD2.0 million, constituting 19.9% of the overall purchases by non-Jordanians. Arab investors sales amounted to JD7.7 million, or 65.9% of non-Jordanians total sales, while the value of non-Arab sales amounted to JD4.0 million, representing 34.1% of the total sales by non-Jordanians, As a result, the net of Arab investments showed a positive value of JD0.2 million, whereas the net of non-Arab investments showed a negative value of JD2.0 million in December 2020.

Non-Jordanian investors' ownership in companies listed on ASE by end of December 2020 represented 51.1% of the total market value, 32.5% for Arab investors and 18.6% for non-Arab investors. At the sector level, the non-Jordanian ownership in the financial sector was 53.0%, in the services sector was 19.3% and 64.9% in the industrial sector. 

The Chief Executive officer of the Amman Stock Exchange (ASE), Mr. Mazen Wathaifi, said that the repercussions of the spread of the Coronavirus had a clear impact on the performance of the ASE and on the listed companies, like other Arab and International stock exchanges, which were affected in varying degrees. He also said that the repercussions of the spread of the virus, the closure of the economic sectors, and the procedures that were taken as a precautionary measures to limit the spread of the pandemic formed pressure on the world's economies and on companies’ activity, same situation for national economy and Jordanian companies. The trading value at the ASE decreased during 2020 reaching JD1.0 billion; a decrease of 33.9%, compared with JD1.6 billion for the year 2019. The number of traded shares reached 1.1 billion shares, traded through 421 thousand transactions, compared with 1.2 billion shares traded during 2019 through 503 thousand transactions.

The ASE price index weighted by free float shares ASE100 decreased to reach 1657.2 point at the end of 2020, compared with 1815.2 point by the end of 2019; a decrease of 8.7%. In addition, the ASE price index weighted by free float shares ASE20 decreased to reach 806.5 point at the end of 2020, compared with 891.0 point by the end of 2019; a decrease of 9.5%. The market capitalization of listed shares at the ASE decreased to JD12.9 billion; a decrease of 13.5% compared with the end of 2019. Thus, the market capitalization of listed shares at the ASE for 2020 constituted 41.5% of the GDP.

As for the non-Jordanian investment at the ASE, the statistics showed that the total value of shares that were bought by non-Jordanian investors during 2020 was JD96.9 million, representing 8.9% of the overall trading value, while the value of shares sold by them amounted to JD164.4 million. As a result, the net of non-Jordanian investments showed a negative value of JD67.5 million. Accordingly, Non-Jordanian ownership in companies listed at the ASE by end of December 2020 represented 51.1% of the total market value, 32.5% for Arab investors and 18.6% for non-Arab investors. 

The Chief Executive officer (CEO) of the Amman Stock Exchange (ASE) Mr. Mazen Wathaifi received in his office Ms. Amanda K. Beck the Economic Officer at the U.S. Embassy in Amman and Ms. Nour Dabbas the Economic Assistant, in the presence at Mr. Amjad Qudah the Director of Communication and Media Department and Mr. Mohammed Shneawer the Director of Operations Department at the ASE Dr. Rasha Dayyat the Director of Planning and Institutional Development Department.

During the meeting, Mr. Wathaifi made a brief on the most important recent legislative, technical, and quantitative developments, and the main challenges facing the ASE and Jordan capital market, and the ASE and capital market institutions efforts to overcome these challenges. He also highlighted the main initiatives and projects of the ASE strategic plan for the years 2021-2023, aimed at enhancing the investment climate and attractiveness of the market and its efficiency.

The CEO of the ASE and Ms. Beck emphasized the importance of strengthening the means of Cooperation between the two sides in the future 

Mr. Mazen Wathaifi the Chief Executive Officer of the Amman Stock Exchange (ASE) said that the ASE has conducted the periodic quarterly review of the ASE index constituents in purpose of ensuring that the ASE General Price Index reflects the market performance and the trading activity of the listed companies. By this rebalancing, the activity of listed companies in regard to trading during the last quarter has been reviewed. After that, the ASE has conducted its screening process for all listed companies based on the criteria used by the ASE represented by full market capitalization of the companies and the number of trading days during last quarter.

Mr. Wathaifi added that as a result of this review, 5 companies have been excluded from the index sample and other 5 companies have been added. The companies that have been excluded from the index sample were: Middle East Insurance, Arabia Insurance Company – Jordan, National Insurance, Nutri Dar, and Northern Cement.

The companies that have been added to the index sample were: Al-Zarqa Educational & Investment, Jordan Trade Facilities, Jordan Express Tourist Transport, Century Investment Group, and Al-Dawliyah for Hotels & Malls.

As part of the process, the ASE calculated the free float for all listed companies on the ASE based on the data Received from the Securities Depository Center. This review also includes the reduction of the weights for some companies to maintain the 10% cap that applied to index constitutes.

Mr.Wathaifi clarified that the index sample includes the most active 100 companies at the ASE and the highest in terms of market capitalization. The full market capitalization of the index constituents represents 84.1% of the total market capitalization of the companies listed on the ASE. The free float market capitalization of the index constitutes represents 94.5% of the total free float market capitalization of the listed companies on the ASE.

As for the ASE20 index the full market capitalization of the index constituents represents 71.7% of the total market capitalization of the companies listed on the ASE, while the free float market capitalization of these companies is 83.0% of the total free float market capitalization of the ASE listed companies. 

Reelecting the Amman Stock Exchange (ASE) represented by the Executive Director Mazen Al-Wathafi, a member of the Board of Directors of the Federation of Euro Asian Stock Exchanges (FEAS), during the thirty-second annual general assembly held on Tuesday 22/6/2021, via visual technology. With the participation of the executive managers of stock exchanges and depository centers members. The ASE got 34 votes out of a total of 39 members.

A new board of directors’ members for the Federation was elected, which included Amman Stock Exchange, the Egyptian Exchange, Kazakhstan Stock Exchange, Armenia Securities Exchange, Athens Stock Exchange, Iraq Stock Exchange, Muscat Stock Exchange, Sydney Stock Exchange, the Tehran Stock Exchange, European Bank for Reconstruction and Development EBRD, and the Muscat Clearing and Depository Company.

During the meeting, the new board of directors has elected the Egyptian Stock Exchange as Chairman of the Board and the Kazakhstan Stock Exchange as Vice Chairman, in addition to that a new member to the Audit Committee was elected, which included Palestine Exchange, Central Depository of Armenia, Cyprus Stock Exchange, Iran Fara Boursa and the Republican Stock Exchange Toshkent.

Mr. Wathaifi added that this is an indication of the members' appreciation of the important role played by the ASE in the federation during the previous years and its active participation in its activities and committees, and in recognition of the recent development of the Jordanian capital market and the modernization of its legislative and technical frameworks within a strategic plan that seeks to upgrade the capital market and improve the investment climate in accordance with the latest international standards and practices.

It’s worth mentioning that the Federation of Euro-Asian Stock Exchanges (FEAS) was established in 1995 with 12 founding members at that time including the Amman Stock Exchange currently there are 39 members. The purpose of the Federation is to contribute to the cooperation, development, support and promotion of capital markets in the Euro-Asian Region (i.e. Europe, Asia and the Mediterranean Basin). 

The Amman Stock Exchange (ASE) signed a cooperation agreement with the United Nations Development Program (UNDP), where the agreement was signed by the CEO of the ASE Mazen Wathaifi and the Resident Representative of the UNDP in Jordan Sarah Ferrer Olivella, in the presence of the Deputy CEO of the ASE Bassam Abu Abbas, in addition to a number of ASE directors and the UNDP team.

Under this agreement, the United Nations Development Program (UNDP) in Jordan provides support and training to the employees of the Amman Stock Exchange and the listed companies to enhance their knowledge and awareness on issues related to the Sustainable Development Goals, which are based on three main axes, namely maintaining environmental protection, social development, and Corporate Governance (Environmental, Social and Governance) ESG.

The CEO of the ASE, Mazen Wathaifi, said that signing the agreement comes within the framework of implementing the projects of the strategic plan of the ASE, including the project of implementing the companies listed in the ASE20 index for sustainability standards as part of its efforts to implement the latest international standards and practices in order to enhance the investment climate in the market and enhance the attractiveness of Jordanian companies for local and international investment, and identifying risks and opportunities that increasingly affect the success of companies by developing performance and improving competitiveness.

He added that signing the agreement comes within the framework of strengthening cooperation with the United Nations Development Program, which began some time ago and established a strategic partnership between the two sides.

Moreover, applying the sustainability principles in listed companies will enhance the company's reputation, its brand and its contribution to the local community and will raise the level of satisfaction of the company's workforce and maintain the level of safety and general safety of the company's operational activities, which will positively be reflected on its position in the market among competitors.

The ASE will raise the awareness and knowledge of listed companies on issues related to the Sustainable Development Goals by organizing workshops for listed companies with the aim of introducing the importance of these principles and standards and how to prepare their reports in preparation for their implementation by these companies.

Wathaifi indicated that the ASE worked within this framework to raise the awareness of the importance of sustainability in the Jordanian capital market by training ASE employees on how to prepare a sustainability report in order to spread the awareness among listed companies of the importance of sustainability and its benefits to all relevant parties.

The stock exchange also issued introductory publications on the concept of sustainability and issued a guidance for listed companies on preparing sustainability reports in both languages’ Arabic and English, emphasizing that ASE issued its first report on sustainability for the year 2020. He also referred to the most important recent developments at the regional level, which indicate the stock exchange's interest in the issue of sustainability, including launching a new sustainability index, where Refinitiv and the Arab Federation of Exchanges (AFE) launched a selective index for the Refinitiv AFE Low Carbon Select Index in the Middle East and North Africa (MENA) region.
In this regard, the Resident Representative of the United Nations Development Program in Jordan Sarah Ferrer Olivella said, "Our partnership with the Amman Stock Exchange is based on the important work carried out by ASE, in partnership with the United Nations Global Compact Network in Jordan and the initiative of the United Nations Sustainable Development Initiative.

Olivella added, "The Amman Stock Exchange's introduction of mandatory procedures for antiquities disclosure sends an important signal to the market and puts Jordan on the map of the increasing number of investors in the field of global impact, which is a fundamental ambition of the pioneering initiative of the United Nations Development Program SDG Impact."

It is worth noting that Amman Stock Exchange joined in March of 2016 the United Nations Sustainable Stock Exchanges Initiative (SSE), which was launched by the Secretary-General of the United Nations, with the aim of enhancing transparency and achieving the commitment of the listed companies to the issues of social and environmental responsibility and corporate governance (ESG). 

Mr. Mazen Wathaifi Chief Executive Officer of Amman Stock Exchange (ASE) said that the ASE has started as of August 26, 2021 to apply the amended Directives of Listing Securities for the year 2018 issued by virtue of the provisions of Article (69) of the Securities Law No.18 of 2017, and in accordance with ASE’s Board of Directors decision and the Board of Commissioners of Jordan Securities Commission decision dated 3/8/2021.

Mr. Wathaifi indicated that the Article (18) of the Directives of Listing Securities has been amended so that the company which is de-listed, is now allowed to submit a new application to re-list its shares on the ASE after the elapse of at least three months from the issuance of the de-listing decision, and the company fulfillment of all listing conditions on the second market, Instead of requiring the elapse of one year from the issuance of the de-listing decision.

He also added that the amended directives allowed the delisted company traded at the OTC market due to its violation of the percentage requirement of shareholders equity to the paid in capital as mentioned in Article (5/b/5) of these directives, to submit a re-listing application on the second market after fulfilling the remaining listing conditions. For this purpose; the last audited quarterly financial report or the audited annual financial statements for the last fiscal year preceding the listing application, will be accredited.

Mr. Wathaifi stated that this amendment was made to grant an opportunity to the recently delisted company that fulfilled the require to return to the listed Securities Market by submitting an application to re-list its shares on the ASE, and to be traded for at least one year at the OTC Market as stated in the previous directions, in order to protect the interests of investors and dealers and to take into consideration the current circumstances of companies. 

The Amman Stock Exchange (ASE) and the Securities Depository Center (SDC), in cooperation with the Federation of Euro-Asian Stock Exchanges (FEAS), organized virtual event under the title “Meet the Market,” which was held via Zoom application, with the participation of more than 150 participants from around the world representing investment funds and stock exchanges members of the federation, investment banks, brokerage companies, public shareholding companies, clearing companies, custodian managers, in addition to a number of representatives of banks and financial companies, and Jordanian, Arab and foreign investors. This event aims to introduce investors and interested parties at the local and international levels at the Amman Stock Exchange and the Jordanian capital market highlighting the most important factor attracting investment in the market.

The opening remarks were made by FEAS Secretary General Dr. Konstantin Saroyan and Deputy Secretary General Ms. Armenuhi Hovakimyan, saying that organizing series of meetings comes as part of the FEAS in cooperation with the stock exchanges members of the Federation as an initiative to organize virtual promotions for these exchanges, exchange experiences, to raise awareness about the market structures, operations, processes and benefits, and give the answer to the question “Why to invest in a specific country”?

Mr. Mazen Al-Wathafi, CEO of the ASE, pointing out during the event that Jordan enjoys many advantages that make it an attractive environment for investment due to its stability, security, strategic location and access to world markets in light of the signing of many free trade agreements, the presence of investment incentives and modern legislation in accordance with the latest international standards for free trade and economy, in addition to the presence of a developed and strong banking sector, and the Jordanian workforce enjoying a high level of education and professional experience.

The Jordanian economy has recorded many positive indicators that indicate the beginning of the economy’s recovery from the effects of the Corona pandemic, in light of the reopening of economic sectors, vaccination campaigns and an improvement in the epidemiological situation.

Wathaifi reviewed the most important elements of the infrastructure in the market and said that the national capital market has a legislative and technical structure in accordance with the latest international standards, in terms of disclosure and transparency, enabling investors to obtain all the information necessary to take the investment decision in a timely manner. And regulating the creation of mutual funds including ETFs, Appling of corporate governance rules for listed companies, application of international standards including IOSCO standards, IFRS, IAS audit standards, OECD corporate governance standards, and standards related to electronic trading, settlement and clearing systems.

He said that the ASE recorded many positive indicators since the beginning of the year, the most important of which was the increase in the index by more than 25% compared to the closing of last year, the increase in trading volumes by more than 176%, and the increase in the profits of listed companies by more than 412% in addition to the high rate of the number of investors from 858 investors in 2019 and 848 investors in 2020 to 1214 investors in 2021, indicating that there are many investment opportunities in the stock exchange and that more than 108 companies listed on the stock exchange have a market value less than their book value.

Wathaifi stressed that the issuance of the corporate governance instructions for listed companies contributed to raising Jordan's rank by 60 places in the Doing Business report issued by the World Bank under the axis of protecting minority investors, during the period from 2018 to 2020. He also referred to the most important developments that the stock exchange witnessed recently, the most important of which are launching the electronic disclosure system in XBRL, which is a standard and recognized international language. Through this system, important information, disclosures and necessary numbers for investors are published as soon as they are placed on the system in both Arabic and English, and investors can view all the disclosures of listed companies through the website of the Jordan Securities Commission (JSC) and the Amman Stock Exchange, which will reduce time and effort, enhance transparency, and raise market efficiency and the mechanism for disclosing information in a timely manner.

The new Optiq trading system was launched, which was developed by Euronext according to the latest international specifications and standards, and using the latest technology related to the financial markets. Supporting the trading of new financial instruments. Wathaifi added that the stock exchange in October of last year 2020entered an index launched by Refinitiv and the Arab Federation of Exchanges (AFE), which is a selective index of the Refinitiv AFE Low Carbon Select Index (MENA) in the Middle East and North Africa region. A smart phone application service was launched to enable interested parties and investors to follow up on the trading session, follow up the news and disclosures of the Amman Stock Exchange. ASE issued the first sustainability report for the year 2020, and he continued that the ASE is implementing the roadmap plan for developing the capital market in cooperation with the European Bank for Reconstruction and Development (EBRD), in addition to implementing the stock exchange’s strategic plan for the years (2021-2023), which includes many projects and programs with the aim of developing legislative and technical frameworks in accordance with the latest international standards and practices in a way that enhances the investment climate and increases the stock exchange’s attractiveness to local and foreign investments. He added that the stock exchange held meetings with many private companies and family companies with the aim of urging them to list on the stock exchange.

Wathaifi touched on the most important projects and plans implemented by the ASE to achieve its objectives. Where he talked about the most important projects under implementation, which include continuing to update its electronic systems, applying the balanced scorecard mechanism to enhance compliance with corporate governance rules, developing and implementing a mechanism for lending and borrowing securities and short selling, classifying listed companies according to compliance with Islamic Sharia, and issuing new types Among the indicators, including the Islamic index and the total return index, encouraging the establishment of mutual investment funds, including exchange-traded funds (ETFs), promoting investment opportunities in the stock exchange and the national capital market through Roadshow campaigns, working to spread the culture of investing in securities, and obligating companies listed within the ASE20 index to issue Sustainability reports and establishment of an IR investor relations unit.

He pointed out the presence of a number of Jordanian companies in various global indices, such as: Dow Jones FEAS, S&P AFE 40, MSCI FM 100, MSCI Jordan, Refinitiv and other indicators. He said that the presence of a number of Jordanian companies represented in any of the global indicators is a positive sign and an opportunity to pump more external liquidity into the local market; Which enhances the position of the stock exchange locally and regionally and is reflected on its performance and helps in enhancing investor confidence in the local market. Wathaifi concluded his speech in by saying that the Jordanian capital market enjoys a legislative and regulatory structure in accordance with the latest international standards and practices and has many investment opportunities in a safe and stable country characterized by an attractive investment climate and a developed legislative and technical structure.

Sarah Al-Tarawneh, Director of the Legal Department at the Securities Depository Center (SDC), started her talk by saying that Jordan is considered a safe haven for investments in the Middle East region and we have promising opportunities for development”.

She also gave a presentation on the role of the SDC within the Jordanian capital market institutions, introduced an overview of the Securities Depository Center, its main responsibilities and functions, and the most important developments that the SDC witnessed, mechanism of transferring ownership and conducting clearing and settlement operations on the basis of delivery against payment, in addition to the most important future plans. She added that the SDC always seeks to enhance the confidence of investors in the Jordanian market by adopting the main procedures and processes completed in the Center that are in line with international standards and best applied practices.

At the end of the event, there was an active participation of the audience, and many questions and inquiries were directed to the speakers.

It is worth noting that the Federation of Euro-Asian Stock Exchanges (FEAS) was established i 1995, and at that time included 12 founding members, including the Amman Stock Exchange. The federation now includes 39 members from stock exchanges, depository centers and international institutions 

The Chief Executive Officer of the Amman Stock Exchange (ASE), Mr. Mazen Wathaifi, said that the trading value at the ASE increased during 2021 reaching JD2.0 billion; an increase of 87.2%, compared with JD1.0 billion for the year 2020. The number of traded shares reached 1.5 billion shares, traded through 818 thousand transactions, compared with 1.1 billion shares traded during 2020 through 421 thousand transactions.

The ASE price index weighted by free float shares ASE100 increased to reach 2118.6 point at the end of 2021, compared with 1657.2 point by the end of 2020; an increase of 27.8%, This percentage represents the highest annual gains achieved by the ASE since 2005. In addition, the ASE price index weighted by free float shares ASE20 increased to reach 1074.4 point at the end of 2021, compared with 806.5 point by the end of 2020; an increase of 33.2%. The market capitalization of listed shares at the ASE increased to JD15.5 billion; an increase of 20.0% compared with the market capitalization of listed shares at the end of 2020. Thus, the market capitalization of listed shares at the ASE for 2021 constituted 49.9% of the GDP.

Mr. Wathaifi added that the improvement of the stock market’s performance indicators for this year was supported by the improvement of the listed companies’ performance indicators in terms of achieving a significant increase in their profits, which reached 412.7% for the first half of year 2021 compared to the first half of year 2020, an increase of 285.4% in profits of listed companies for the third quarter of 2021 compared to the last year, in addition to the emergence of recovery indicators in the national economy and the improvement of its performance. The most important of which is the increase in the exports by 16%, and recording positive growth rates which reached 3.2% for the second quarter of this year compared to a negative growth rate last year of 1.6%, as well as the increase in foreign currency reserves and Jordanian remittances abroad. In addition, the national capital market is now enjoying a regulatory and legislative infrastructure in accordance with the latest international standards and best practices in terms of disclosure, transparency, financial services and electronic systems, referring to Amman Stock Exchange and Jordan Securities Commission and in order to enhance the technical infrastructure in the market and digital transformation, they launched the Electronic Disclosure System XBRL which provides the necessary information to investors in both Arabic and English languages. Also the ASE launched the new trading system “Optiq” In March 2021 which was developed by Euronext, and it is implemented in the largest European stock exchanges, in addition to the launching of new features for mobile applications which enable investors to follow the trading live and direct and follow all information related to companies and their disclosures, in addition to reports, statistics and circulars issued by the ASE.

Mr. Wathaifi said that next year, God willing, will witness more implementation of projects aim to improve the investment climate and enhance the attractiveness of the stock market and listed companies to local and foreign investments.

Under the patronage of the Amman Stock Exchange for the ninth time in a row, the Chartered Financial Institute (CFA Institute) and the Jordanian Financial Analysts Association (CFA Jordan Society) launched the Challenge Initiative for Research Challenge in Jordan. Mr. Mazen Wathaifi the CEO of the ASE participated in the Panel of Judges, Teams from FIVE local leading Jordanian universities competed with a chance to participate at the regional and global levels.
This challenge is an original initiative devised to teach university students in Jordan the best practices in equity research, valuation, and ethics. and as a means for leading industry professionals to train students in researching and reporting on public companies. Istishari Hospital was selected as the subject company for the challenge. The Jordanian CFA Institute chose the Jordan Phosphate Company to be the research topic for the Local Challenge competition for the year, in which the five participating universities were; the University of Jordan, Yarmouk University, Princess Sumaya University for Technology, the Hashemite University and Al-Bayt University participated. The University of Jordan won the first place and Princess Sumaya University for Technology the second place, as the winner teams will participate in the Regional Challenge.

On Tuesday, 8 March 2022, the Amman Stock Exchange (ASE) hosted virtually through zoom the annual celebration of the international initiative ‘Ring the Bell for Gender Equality’, in cooperation with the International Finance Organization (IFC), UN Women Jordan and the UN Global Compact Jordan, by ringing the bell to start the trading session. It was in the presence of Dr. Laith Al-Ajlouni, Chairman of the Jordan Securities Commission’s (JSC), Mrs. Raeda Al-Naber, JSC Board of Commissioners, Mr. Mazen Wathaifi, CEO of the ASE, Mrs. Sarah Tarawenh, CEO Jordan Depositary Center,  Mrs. Aisha Mukhtar UN Women Deputy Representative, Mr. Abdullah Jafri, Director of the Levant Countries at the IFC, and Mr. Muhannad Al-Jarrah, Board member and representative of the UN Global Compact Jordan and a number of executives managers at the ASE and participants via virtual communication technology.

Mr. Mazen Wahaifi, the CEO of the ASE, said that the Amman Stock Exchange have been hosting the Ring the Bell since 2016 in a row, to enhance awareness and draw attention to the crucial role the private sector can play in advancing gender equality to achieve the Sustainable Development Goals. The ASE taking part in this celebration along with other 112 stock exchanges and CCPs around the world that will ‘ring the bell’ to mark International Women's Day under this year’s theme “Gender equality today for a sustainable tomorrow” comes in light of the importance of the contribution and participation of women around the world, in leading the task of adapting, mitigating and responding to climate change, to build a more sustainable future for all.

Wathaifi added that the ASE joined The Women’s Empowerment Principles (WEPs) by signing a statement of support that are established by UN Global Compact and UN Women, comes within the framework of the stock exchange’s policy related to its commitment to the principles of sustainability and its absolute belief in empowering women, enhancing their position in society and involving them in decision-making processes, leadership positions in institutions, and creating equal opportunities for both genders. In addition to encouraging its members, listed companies, and all related parties to sign the Women's Empowerment Principles (WEPs) to stimulate women's participation in the global economy, promote sustainable development and empower women in the workplace, market and society.

On behalf of UN Women, Deputy Representative, Ms. Aisha Mukhtar, thanked the Amman Stock Exchange for joining the Women’s Empowerment Principles global network, affirming the importance of their crucial role as a promoter of the Women’s Empowerment Principles through leading by example, and by encouraging the adoption of gender-responsive policies by the member and listed companies in alignment with the Seven Principles.

 

On behalf of the International Finance Corporation (IFC), the Director of the Levant Countries at the IFC, Mr. Abdullah Jefri, said, "The female labor force participation rate in the Middle East is considerably low compared to other regions of the world. This gap between the percentage of male and female labor force participation rates causes a loss estimated at 2.7 trillion dollars of GDP for Middle Eastern countries between 2015 - 2025. To alleviate this burden, the IFC is working to support efforts to bridge this gap, such as working on programs that increase opportunities for female entrepreneurs to obtain financing and working with private sector companies to provide an enabling environment for working parents. The IFC is also working on a research study in Jordan on Gender Diversity in corporate boards as a means to raise awareness of the benefits of women’s representation on corporate boards.

Muhannad Al Jarrah Board member and representative of the UN Global Compact Jordan also added “By integrating the gender lens into our youth Journey starting to begin from school and continue to the university we will make an impactful positive change in gender

Equality and social justice. Our gender integration programs in the private sector we will Definity make an impactful change."

It is worth mentioning that The Women’s Empowerment Principles (WEPs) are a set of 7 Principles established by UN Global Compact and UN Women in 2010 as a kind of guidance for companies on how to promote gender equality and empower women in the workplace, market, and society. More than 6,100 companies and institutions from 141 countries have joined WEPs by signing statements of support, 77 of these institutions and companies are Jordanian.

 

About IFC

IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2019, we invested more than $19 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.

About UN Women:

UN Women is the UN organization dedicated to gender equality and the empowerment of women. A global champion for women and girls, UN Women was established to accelerate progress on meeting their needs worldwide.

To learn more, please visit our website: https://jordan.unwomen.org/en or follow us on social media @unwomenjordan

About ASE:

The Amman Stock Exchange (ASE) was established in March 1999 as a non-profit independent institution; authorized to function as a regulated market for trading securities in Jordan. On February 20th, 2017, the ASE has been registered as a public shareholding company completely owned by the government. The ASE Company is governed by a seven-member board of directors appointed by the General Assembly with a full-time chief executive officer oversees day-to-day responsibilities.

The ASE Company aims to: operate, manage and develop the operations and activities of securities, commodities, and derivatives markets. The ASE Company seeks to provide a strong and secure environment to ensure the interaction of supply and demand forces for trading in securities in a proper and fair-trading practices.

For more information visit our website: www.exchange.jo

About UNGC Jordan

The Global Compact Local Network in Jordan was launched in February 2007 by UNDP and the Ministry of Planning and International Cooperation together with representatives from the private sector with the aim to increase the role of the private sector and civil society organizations in collectively addressing issues related to Corporate Social Responsibility.

 

The Amman Stock Exchange (ASE), in cooperation with the Department of Finance and Banking at the College of Business at Amman Arab University, held a lecture entitled “Amman Stock Exchange (Latest Developments and Achievements)” in the presence of the Deputy Dean of the College, Prof. Dr. Ismail Yamin and Dr. Mahmoud Abu Sharia from the Department of Banking and Finance and a number of faculty and administrative staff members and university students. Holding such lectures comes within the framework of the ASE policy to deepen its relationship with universities, and to enhance knowledge and investment in securities.
Where Dr. Rasha Dayat, Director of the Planning and Institutional Development Department at the ASE, reviewed the most important developments, achievements and future plans of the ASE. Dr. Diat said that ASE has developed a strategic plan that includes many projects and programs with the aim of developing legislative and technical frameworks in accordance with the latest international standards and practices in a way that enhances the investment climate and increases the exchange attractiveness to local and foreign investments, and among these projects: Strengthening the investment environment, and the legislative and technical environment of the exchange. Enhancing the presence of the stock exchange at the regional and international levels, developing investment awareness of securities, and achieving institutional excellence.
At the end of the meeting, Dr. Diat answers students' questions and inquiries about everything related to the institutions of the Jordanian capital market in general and the Amman Stock Exchange in particular. The university presented Dr. Diat with a certificate of appreciation for the information she provided during the workshop

The Amman Stock Exchange (ASE) held a training course for representatives of the companies listed in the ASE20 index on “Investor Relations” during the period from 21-21/3/2022 presented by the trainer Muhammad Salaymeh, SVP, Head of International Markets at Capital Investments.
Such training is a continuation of the Amman Stock Exchange’s approach in enhance the competitiveness of the Jordanian capital market and the companies listed in it, and the applying the best international standards and practices related to disclosure and transparency standards, in preparation for obligating the companies listed within the ASE20 index to establish a special unit for investor relations during the year 2023.
During this training course, many topics were discussed, most notably the definition of the importance of establishing an investor relations unit within the company and the role of the unit’s official in it, as well as shedding light on the objectives and tasks of that unit and its success factors, in addition to introducing companies to the most important rules and legislation governing the work of the investor relations unit by the regulatory authorities.

Under the patronage of the Governor of the Central Bank of Egypt, Tarek Amer, and the Secretary-General of the Union, Wissam Hassan Fattouh. The CEO of the Amman Stock Exchange (ASE) Mazen Wathaifi, participated in the Arab Banking Conference 2022 entitled “The Repercussions of the International Crisis and Its Impact on the Economic situation in the Arab Region", organized by the Union of Arab Banks (UAB) in cooperation with the Central Bank of Egypt (CEB) and the Federation of Egyptian Banks which was held in Cairo- Egypt during the period 18-19/05/2022.
The two days conference discussed several issues, the most important of which are: The latest developments in the international and regional arenas regarding the repercussions of the international crisis and its impact on the economic situation in our Arab region, the challenges and risks facing economic security in light of the international geopolitical crisis and its impact on Arab food security, in addition to discussing the implications of global oil and gas prices and alternatives, and the interaction of Arab financial markets with the crisis and the prospects for remittances.
The CEO of the ASE participated as a keynote speaker in the panel discussion entitled “The interaction of Arab financial markets with the crisis and the prospects for remittances”, which was moderated by the Secretary-General of the Arab Federation of Capital Markets, Dr. Rami Al-Dukani, and discussed repercussion of crisis on capital markets and stock exchange, and the impact of potential increase in inflation and raising interest rates on capital markets.
It’s worth mentioning that the conference was attended by a selection of senior Arab and international banking leaders, as well as Arab central bank governors, and representatives of Arab and international organizations and bodies. Banking and economic figures who played a prominent role at the Arab banking and development levels were also honored, including the honoring of Dr. Ziad Fariz, the former governor of the Central Bank of Jordan, as "Governor award for the Year 2021".

In line with the Amman Stock Exchange (ASE) approach in its continuous endeavor to enhance the competitiveness of the Jordanian capital market and the companies listed in it, through applying the best international standards and practices, including standards related to sustainability, disclosure and transparency, and the importance of companies’ disclosure of their impact on climate change and the opportunities and challenges associated with that.
Within this framework, the ASE intends to launch the "Corporate Disclosure on Climate Change" initiative in cooperation with the International Finance Corporation (IFC), which aims to develop an awareness and training action plan for the twenty largest companies listed in the ASE20 index on disclosures related to climate change and to issue a guide. This is to enable these companies to disclose their report on climate change in their sustainability report.

The Amman Stock Exchange (ASE) signed an agreement with the International Finance Corporation (IFC), a member of the World Bank Group, where the agreement was signed by the Chairman of the Board of Directors of the ASE, Dr. Kamal Al Qudah, and on behalf of IFC Ms. Mary Porter Peschka, Director of the Environment, Social & Governance (ESG) department at IFC, by which the IFC will provide technical support and training to the employees of the Exchange and its listed companies to enhance their knowledge and awareness with regard to issues and subjects related to the disclosure and reporting on actions undertaken by companies to address the challenge of climate change, in addition to supporting the development and launching of a climate disclosure guidance to serve as a manual for implementation by listed companies.
The ASE will be the first exchange in the Middle East to launch such a guide, which will explain the procedures and reports needed to disclose climate change by listed companies.
The CEO of the ASE Mr. Mazen Wathaifi said that the signing of the agreement is a continuation of the Exchange's approach in its ongoing endeavour to enhance the competitiveness of the national capital market and its listed companies and to apply the best international standards and practices for various activities in the market including disclosure and transparency standards, with the aim of enhancing the investment climate in the market and enhancing the competitiveness and attractiveness of Jordanian companies for domestic and foreign investment. The application of climate change disclosure is one of the latest international standards and practices for disclosure and transparency applied by the world's exchanges and viewed with interest by the world's investors and investment fund managers.
Wathaifi added that this agreement also came within the framework of the implementation of the projects of the strategic plan of the ASE, which includes the project for the application of Sustainability Standards by companies included in the ASE20 Index, climate change disclosure will be part of the companies' sustainability report. This will enhance the company's reputation, brand and its contribution to the local community, raise the level of satisfaction of the company's workforce, and maintain the overall safety of the company's operational activities, reflecting positively on its position in the market among competitors.
In this regard, IFC’s Levant Country Manager Abdullah Jefri said that Mitigating climate-related financial risk is a priority going forward. We are delighted to support the Amman Stock Exchange (ASE) in launching the region’s first climate guidance reporting initiative. In addition to strengthening companies' climate disclosure practices, this initiative will also support ASE in meeting the growing investor demand for companies engaged in sustainable business activities,”.
The workshop witnessed the participation of more than 100 people representing selected decision makers in the relevant government agencies and the CEOs of several financial institutions and listed companies. The workshop aimed to identify the relationship between climate disclosure and investment, and demonstrate the ASE's initiatives to enhance climate reporting and its impact in the Capital Market.

On Tuesday, 4 October 2022, the Amman Stock Exchange (ASE) hosted the celebration of “Ring the Bell” initiative for the third consecutive year along with a number of global financial markets announcing it participation in the World Investor Week (WIW2022), held during the first week of October, organized by the International Organization of Securities Commission (IOSCO) and the World Federation of Exchanges (WFE) in the presence of the CEO of the ASE Mr. Mazen Wathaifi and a number of department directors.
The CEO of the ASE, Mazen Wathaifi said that the ASE is constantly keen to extend bridges of cooperation with all local and international institutions to enhance investment awareness activities and spread financial knowledge. The ASE’s participation in this activity falls within the framework of its keenness to participate and actively follow up on the various events and activities of the IOSCO organization and its various committees. Which enables it to follow up on the latest developments relating to its work and to keep abreast of relevant international standards.
Wathaifi indicated that the ASE will launch educational awareness videos and posts to be published on the website and various social media accounts. where a number of important matters will be highlighted, including sustainable financing, as the driving force behind sustainable development, refers to the process of taking environmental, social, and governance (ESG) considerations into account when making investment decisions in the financial sector, leading to more long-term investments in sustainable economic activities and projects, the need for Financial resilience as a measure of how robust a financial plan and money are to shocks and how can investors ensure greater resilience, the fundamentals of investment and the role of the stock exchange and capital market institutions in securing investors' protection.
It is worth mentioning that "Global Investor Week" is an annual international awareness initiative organized by the International Organization of Securities Commission (IOSCO) and the World Federation of Exchanges (WFE) for the first time in 2017 aimed at raising levels of financial knowledge, promoting the culture and protection of investors at the local and global levels, the annual events of which involve more than 100-member states of the international organization.

The Amman Stock Exchange (ASE) held its first meeting for the Steering Committee for Organizing Roadshow Promotions, headed by Dr. Kamal Al-Qudah, Chairman of the Board of Directors, and in the presence of the members of the committee, the two members of the Board of Directors, Mr. Majd Shafiq, Eng. Mohammad Al-Khatib, and the CEO of the ASE, Mr. Mazen Al-Wathaifi, to discuss topics related of holding the roadshow in London / England in the spring of year 2023.
During the meeting, the executive committee of the project was named, the main factors for its success and the external parties concerned with implementation were discussed, and a preliminary work plan for this project was also developed.
Organizing roadshows is part of ASE’s strategic plan to achieve communication with global financial markets and international investors, the marketing policy of the Jordanian capital market, and the role of the stock exchange in attracting investments and providing liquidity to stimulate economic growth.

The Amman Stock Exchange (ASE), represented by Dr. Kamal Al-Qudah, Chairman of the Board of Directors and Mr. Mazen Wathafi, the CEO of the ASE, participated in the 21st Jordan Economic Conference under the title “International conference to finance investment and FinTech” during the period 1-2 November 2022 at the Movenpick Hotel Amman The conference was opened by a representative of the Prime Minister, Minister of Industry and Trade and Supply, and Minister of Labor, Mr. Youssef Al-Shamali. Where the conference discussed a number of topics and themes related to the financing of SMEs, major strategic projects, financing of green economy projects, as well as topics related to financial technology, the future of digital currencies and money, domestic and foreign financial markets.
During an interactive session entitled "The role of exchanges in promoting investment and financing investment in local exchanges (Reality, constraints and aspirations) " Wathaifi reviewed the role and importance of exchanges in promoting and financing investment and the most important developments in the Jordanian capital market, and the most important projects implemented, the most important of which are the digital transformation projects in the ASE, represented in the application of the electronic trading system (Optiq) , the electronic disclosure system (XBRL), smartphone applications related to the immediate follow-up of trading information and disclosures related to companies , the online trading service and the amendment of a number of legislation, including the obligation for ASE 20 companies to issue their own sustainability reports from year 2022, and the establishment of the investor relations (IR) unit.
Wathaifi also spoke about the projects being implemented, including the preparation of a guide on Disclosure of Changes related to Climate Change for public shareholders companies listed in the ASE, the role of the ASE in the Jordan economic modernization vision and the projects to be implemented within this vision to enhance the competitiveness of the market and increase its depth and breadth, the most important of which is to create the regulatory and technical environment for the introduction of new trading mechanisms of the market maker , Lending and borrowing securities, short selling and ETFs, as well as partnerships with other financial markets.
On the sidelines of the conference, the ASE set up a booth to answer questions and queries from participants in the conference. The conference had the participation of various financial institutions, and universities, in addition to a group of economic experts from Jordan and abroad.

The Amman Stock Exchange (ASE) represented by the CEO of the ASE Mr. Mazen Wathafi held a lecture at Yarmouk University entitled "Developments in the Jordanian capital market in light of the successive global crises", organized by the University's faculty of business, in the presence of the President of Yarmouk University, Prof. Dr. Islam Masad, Dean of faculty of business, Professor Michel Swidan, and the Director of the Communication and Media Department of the ASE, Mr. Amjad Al-Qudah, and a number of faculty Members and administrative staff and university students.
Where Wathaifi reviewed the most important developments, achievements and future plans of the ASE, he explained that the ASE has developed a strategic plan that includes many projects and programs with the aim of programs with the aim of developing legislative and technical frameworks in accordance with the latest international standards and practices in a way that enhances the investment climate and increases the exchange attractiveness to local and foreign investments, and among these projects: Strengthening the investment environment, and the legislative and technical environment of the exchange. Enhancing the presence of the stock exchange at the regional and international levels, developing investment awareness of securities, and achieving institutional excellence.
At the end of the lecture, Wathifi answered the questions and inquiries of the faculty members and students about everything related to the Jordanian Capital Market Institutions in general and the ASE in particular. The University provided a commemorative shield in appreciation of the information provided during this lecture.
It is worth mentioning that the holding of such lectures comes within the framework of the ASE's policy, social responsibility and its desire to deepen its relationship with universities and its endeavor to promote investment knowledge and culture in all matters related to the Jordanian capital market and investment in securities.

The Amman Stock Exchange (ASE) signed with Al-Zaytoonah University of Jordan a cooperation agreement for the establishment of the Stock Exchange Simulation Room aimed at training students on the electronic trading system of the ASE. The agreement was signed by the CEO of the ASE Mr. Mazen Wathaifi and the President of Al- Zaytoona University of Jordan Prof. Mohammad Al-Majali in the presence of the Director of the Communication and Media Department of the ASE, Mr. Amjad Al-Qudah, and Dean of the Business Faculty of the University prof. Saad Yassin and Deputy Dean of the Faculty Dr. Ihab El-Qirem.
According to the agreement, the ASE will provide software for trading, manage and maintain it, and train the staff of Al-Zaytoonah University, who supervise the training of students on the software and systems used. The agreement also stipulates the University's commitment to provide a simulation room with all necessary equipment and technical equipment, with high specifications and the necessary communication lines to connect it with the main exchange site.
On the sidelines of the signing of the agreement, Wathaifi opened a simulation room for trading at the university, stressing that the signing of this agreement comes within the implementation of the ASE’s social responsibility policy and its keenness to strengthen its partnership with national universities due to the importance of this partnership between the two parties, and in an effort to enhance knowledge and culture in everything related to the national capital market, investment in securities, and students of related disciplines.
In turn, Al-Majali said that this agreement enhances cooperation between the university and the ASE in the academic and professional field, adding that the student is the focus of the educational process and the main product in it, and the university seeks to provide students with the skills they need in the labor market, through training them in national institutions, and feedback is the best witness to that.

The Amman Stock Exchange (ASE) represented by the CEO of the ASE Mr. Mazen Wathaifi participated in a symposium held by the United Nations Global Compact (UNGC) entitled "Building and advancing the sustainability Journey for Companies”, which was held at the Mövenpick Hotel - Amman, in the presence of the Vice President of the United Nations Global Compact in Jordan, Mr. Jamal Fariz, and the Resident Representative of UN Women, Mr. Nicolas Burniat, and managers and CEOs of a number of companies in the private sector and UNGC member companies.
This symposium aimed to take a deep pe into actions that the private sector can implement to fast forward progress for contributing to achieving the Economic Modernization Vision, identifying the strengths and competitive advantages, and discussing the importance of the private-public partnerships.
Wathaifi through his speech said that the ASE has built a fruitful partnership with the United Nations Global Compact and the United Nations Development Program (UNDP) to enhance the sustainability culture in its three axes of environment, social, and governance among public shareholding companies, especially the ASE20 companies to implement sustainability and issue sustainability reports, which are scheduled to start issuing its sustainability reports for this year 2022, starting next year.
Wathaifi outlined the stock exchange's efforts to enhance the investment environment and the competitiveness of the national capital market and the listed companies, and implement the best international standards and practices related to the various events in the market. He also talked about the ASE's journey in the field of sustainability, which began when the stock exchange joined the United Nations Sustainable Stock Exchanges Initiative (SSE) in 2016 and requiring companies included in the ASE20 index to issue sustainability reports for the year 2022
Where the ASE held in cooperation with the UNDP, and UNGC a training executed by the Social Value International for representatives from companies listed on the ASE20 index to introduce the importance of issuing sustainability reports by companies, and how to prepare these reports according to the latest standards issued by the SDG Impact Standards of the UNDP. ASE also held in partnership with the UNDP and the UN Global Compact Network in Jordan a CEO/Chairperson roundtable discussion to inform them of the new requirements of the ASE regarding sustainability reports. The ASE also started issuing its sustainability report since the year 2020. Mr. Wathaifi added that the ASE recently signed a partnership agreement with the International Finance Corporation (IFC) to support the development and launch of the Climate Disclosure Guide with the ASE to serve as a guide for implementation by listed companies, thus the ASE is the first in the Middle East and the fifth globally that launch such an initiative.
Wathafi talked about the importance of sustainability in the economic modernization vision, which emphasized its importance in enhancing the economic growth through investments in greener projects, sparking entrepreneurial and innovative solutions, and enhancing Jordan’s export competitiveness, thus creating high-quality and sustainable jobs, and sustainability will contribute to making Jordan a low-carbon, resource-efficient, socially inclusive and a regional hub for green entrepreneurship and innovation.
On the sidelines of the symposium, the UNGC honored the Amman Stock Exchange represented by the ASE’s CEO, Mr. Mazen Wathaifi in appreciation of the stock exchange's efforts and cooperation with the UNGC and their continuous work with them in helping companies learn how to overcome difficulties to achieve their sustainability goals.

The Amman Stock Exchange (ASE) signed a Memorandum of Understanding (MOU) with Jerash University that aims to improve the cooperative activities in various areas of mutual interest. The ASE's CEO Mr. Mazen Wathaifi, signed the agreement with Prof. Zyad AL-Rabie, Vice President for Jerash University.
The memorandum included the development of cooperative activities in the academic and professional fields of common interest, for the purposes of conducting joint researches in the field of stock exchange, trading and the capital market, and the help of the expertise and capabilities of the ASE staff to hold an open day, training workshops and lectures in areas related to the capital market, in addition to establishing a trading simulation room with the aim of training university students on securities trading and on the mechanisms and trading rules applied in the ASE, and how to use trading screens to increase efficiency of university students and improving their career opportunities.
Wathaifi praised the leading role of Jerash University in society and the qualitative addition it achieves in providing and supplying the labor market with qualified competencies. He stressed that the signing of this memorandum comes within the Exchange’s policy for its social responsibility and its keenness to strengthen its partnership with national universities due to the importance of this partnership between the two parties, and in an effort to enhance knowledge and culture in everything related to the capital market and investment in securities among students.
In turn, Dr. Rabie expressed his pleasure at signing this agreement, stressing that Jerash University seeks to cooperate with various institutions of society in all fields in order to achieve its mission aimed at contributing to the building and developing the knowledge of the society by creating a university environment and community partnership that stimulates creativity and freedom of thought and expression, and keeps pace with technical developments in the field of education, In turn, Dr. Rabie expressed his happiness at signing this agreement, stressing that Jerash University seeks to cooperate with various community institutions in all fields in order to achieve its mission aimed at contributing to building and developing a knowledge society by creating a university environment and community partnership that stimulates creativity and freedom of thought and expression, and keeps pace with technical developments in The field of education, and providing society with what it needs of qualified human resources that are appropriate to the needs of the labor market.
After the signing of the agreement, shields were exchanged between the two sides in the presence of the Vice President for Scientific Faculties Prof. Ahmed Al-Hawamdeh, the Dean of the College of Business Dr. Hamza Al-Hawamdeh, the Dean of Scientific Research and Graduate Studies Dr. Haitham Hejjazy, the Head of the Finance and Banking Department Dr. Mohammad Al-Afif, the Director of Public Relations Department Ms. Nisreen Abu Ashour, and on behalf of the ASE, the Director of the Communication and Media Department Mr. Amjad Al-Qudah.

The CEO of the ASE, Mr. Mazen Wathaifi, received at the Exchange's headquarters on Thursday 15/12/2022 a delegation from the Palestine Exchange (PEX) represented by Mr. Samir Hulileh, Chairman of the Board, and Board Member Mr. Zeyad Barghouthy, General Manager Mr. Nihad Kamal and Mrs. Zakia Hanani Senior Business Management, in order to enhance cooperation and relations, and in the presence of Mr. Bassam Abu Abbas, Deputy Chief Executive Officer and Dr. Malak Al-Jazazi from the Communication and Media Department at the ASE. During the meeting, they discussed ways to enhance communication, joint cooperation and exchange of experiences between the ASE and the PEX, which comes as an embodiment of the close brotherly ties between the State of Palestine and the Hashemite Kingdom of Jordan.

Under the patronage of the Amman Stock Exchange (ASE) and organized by the Chartered Financial Institute (CFA Institute) and the Jordanian Financial Analysts Association (CFA Jordan Society), The ASE participated in an event entitle “DEMYSTIFYING ESG: What regulated companies and their advisors need to Know”, which was held on February 01, 2023 in King Hussein Bin Talal Convention Center at Hilton Dead Sea Resort & Spa.

Where Mr. Wathaifi inaugurated the activities of this event, which aimed provide the opportunity for listed companies at ASE to learn about the latest trends in the implementation of ESG standards, disclosure, reporting, ASE sustainability requirements and ESG reports.

It is worth mentioning that this event witnessed a remarkable attendance from Investment analysts, Specialists, Researchers, Financial Services Companies, Listed companies, and Capital Market Institutions.

The Amman Stock Exchange (ASE) signed with Abu-Ghazaleh & Co. Consulting (TAG-Consult), one of the institutions of TAG global, a cooperation agreement to implement the ISO 9001 quality management system (QMS). The agreement was signed by the CEO of ASE Mr. Mazen Wathaifi and Group Chairman of TAG global Dr. Talal Abu Ghazaleh. This agreement aims to provide consultant services for the ASE in the field of designing and implementing the quality management system (ISO 9001) in various organizational units.

This project aims to build and applied the QMS for the ASE according to International Standards for QMS ISO 9001 through several stages: launching the project, collecting data, evaluating gaps analysis, documentation through building quality management system, training, implementation, diagnosis, and finally the stage of internal auditing ang getting the certificate.

Achieving the requirements of ISO 9001 certification requires building a QMS in the facility by documenting all processes, procedures, responsibilities, quality policies and objectives. The QMS works to codify, simplify, link, control and measure the administrative activities of documented in which the powers and responsibilities are determined according to the job description determined for each job in order achieve its objectives according to prior planning, which reduces waste of resources and time while improving the performance of employees and operations and continuous development and strengthening compliance with legislation.

It is worth mentioning that the ASE is working on many projects with the aim of developing the legislative and technical frameworks and enhancing the digital transformation in the ASE in according to latest standards and practices, in a way that enhances the investment climate and increase the ASE attractiveness to local and foreign investments and enhances competitiveness of the listed companies , thus contributing to the development and strengthening of the national economy and attracting more investments .

The ISO certificate is considering a mean to improve of work methodology, control and development, reduce the cost of production, and waste of resources, and thus achieving the comprehensive quality that contribute to organization success, achieving its goals, and foreseeing its future.

The Amman Stock Exchange (ASE) signed a Memorandum of Understanding (MOU) with the German Jordanian University aimed at developing cooperative activities in different fields of common interest between the two parties. The ASE’s CEO Mr. Mazen Wathaifi signed the agreement with the university president prof. Ala'aldeen Al- Halhouli, in the presence of the Director of Communication and Media Department at the ASE Mr. Amjad AL Qudah, the University Vice President Prof. Malek Alsharairi, and Dean of Business faculty Dr. Muhannad Atmeh.
The memorandum included agreement to exchange experiences, disseminate awareness and investment culture in securities in the community and work to provide joint projects that serve both parties and society. It also included exchanging field visits, laboratory, technical and logistics services and collaborating with the Deanship of Innovation, Technology Transfer and Entrepreneurship at the University to establish a culture of innovation and develop technology transfer and entrepreneurial ideas. In addition to offering a special chapter on the Jordanian capital market and trading within the course of the Faculty of Business, by drawing on the expertise and capabilities of the ASE staff, and training a number of university students in the ASE, In addition to establishing a trading simulation room at the university with the aim of training university students on the systems, mechanisms and rules of trading applied and how to use trading screens in order to increase the efficiency of university students and improve their job opportunities.
It is worth mentioning that signed this agreement comes within the framework of the ASE social responsibility policy and its keenness to deepen its relationships with national universities due to the importance of this relationship between two parties. and its endeavor to enhance knowledge and culture in everything related to national capital market and investment in securities within all segments of society especially among students of related majors in national universities.

Under the patronage of the Amman Stock Exchange (ASE), the Chartered Financial Institute (CFA Institute) and the Jordanian Financial Analysts Association (CFA Jordan Society) launched the Challenge Initiative for Research Challenge in Jordan. The CEO of the ASE Mr. Mazen Wathaifi participated in the Panel of Judges, Teams from FIVE local leading Jordanian universities competed with a chance to participate at the regional and global levels.

This challenge is an original initiative devised to teach university students in Jordan the best practices in equity research, valuation, and ethics. And as a means for leading industry professionals to train students in researching and reporting on public companies. The Jordanian CFA Institute chose Siniora Food Industries plc to be the research topic for the Local Challenge competition for the year, in which the five participating universities were; the University of Jordan, Yarmouk University, The Hashemite University, Princess Sumaya University for Technology, Al- Balqa' Applied University. The Princess Sumaya University for Technology won the first place and Yarmouk University the second place, Where the winning team for the first and second places will participate in the regional challenge which will be held in Dubai, with a chance to compete at the global level if the team win at the regional level.

The Amman Stock Exchange (ASE) was elected as a member of the Board of Directors of the Federation of Eura-Aisan Stock Exchanges (FEAS) during its annual meeting held in Muscat, Oman.
The ASE's election as a member of the board of directors of the Federation, which is the higher authority, came after a nomination was submitted by a number of members during the meeting.
This is an indication of the members' appreciation of the important role played by the ASE in the federation during the previous years and its active participation in its activities and committees, and in recognition of the recent development of the Jordanian capital market and the modernization of its legislative and technical frameworks within a strategic plan that seeks to upgrade the capital market and improve the investment climate in accordance with the latest international standards and practices.
It is worth mentioning that FEAS was founded in 1995 in Istanbul, Turkey, with 12 founding members, including the ASE and Currently there are 38 members and the purpose of the Federation is to contribute to the cooperation, development, support and promotion of capital markets in the Euro-Asian Region (i.e. Europe, Asia and the Mediterranean Basin).

The ASE met a delegation from United States Agency for International Development (USAID), the ASE briefed the delegation on the most important legislative, technical, quantitative developments and challenges witnessed recently by Jordan Capital Market. Also, they discussed the main issues to enhance the improvement of the market efficiency and ways to overcome the challenges facing the Capital Market, and emphasized on strengthening the means of Cooperation between the two sides.

Amman Stock Exchange (ASE) launched its new index the ASE20 index. The ASE20 index is a weighted index based on the market capitalization for the free float shares available for trading. This index is composed of 20 listed companies that are most active and reliable in terms of market capitalization, which are the leading companies in the ASE. The full market capitalization of the index constituents represents 77.6% of the total market capitalization of the companies listed at the ASE, while the free float market capitalization of these companies is 82.2% of the total free float market capitalization of the listed companies at the ASE. A base value of 1000 points at the end of 2014 was stipulated for the ASE20 index.
The sample of the ASE20 index will be reviewed quarterly at the end of March, June, September and December of each year. This review also includes the calculation of the free float of all listed companies, based on the data received by the Securities Depository Center (SDC). In addition, the factor value is reduced for any company which weighs more than 10% of the market capitalization of index.

The ASE Board of Directors has appointed, Mr. Mazen Wathaifi, as the CEO of the ASE as of the 3rd of Sep, 2019; following the Royal Decree acceptance of his resignation from the JSC Board of Commissioners. Mr. Wathaifi has a profound experience in the capital market and has several studies and researches in this field. He has participated in professional and training courses in a number of Jordanian, Arab and international institute’s university. It is noteworthy that Mr. Wathaifi is a member committees of Arab and international organizations. He also assumed high level positions during his career path in the capital market, most recently, a commissioner at the JSC Board of Commissioners since July, 2013 besides the duties of Secretary General of the JSC till August 2018. Mr. Wathaifi also was the CEO of JSC from July 2013 till July 2014, and the Head of Research and International Relations Department since 1999 - 2013.
Mr. Wathaifi holds a Bachelor Degree in Management and Economics from the University of Jordan and a Master Degree in Financial Sciences/ Financial Markets.

Amman Stock Exchange Company (ASE) has signed an academic cooperation agreement with the Hashemite University that aims to establish a stock exchange simulation and training room on the ASE electronic trading system. The ASE's Chairman of the Board of Directors, H.E Dr. Jawad Anani and the president of the Hashemite University, Dr. Kamal Al Deen Bani Hani signed the agreement, in the presence of the acting CEO of the ASE, Mr. Bassam Abu Abbas, the Dean of Economics and Administrative Sciences Faculty, Dr. Abdel Al Ghafour Zawahreah besides a number of ASE's Senior officials and the University's Academic staff.
The agreement states that the ASE shall provide a simulation room with the needed equipment, the specialized trading software and connect the technical appliances with the trading system that is used at the ASE. This is to give the students the opportunity to simulate the trading practically

The Amman Stock Exchange (ASE) signed MOU with the University of Jordan that aims to improve the cooperative activities in various academic, professional, scientific, research, training, cultural and developmental areas of mutual interest.
The ASE's Chairman of the Board of Directors Dr. Kamal Al-Qudah, and the President of the University of Jordan Dr. Abdel-Karim Al- Qudah, in the presence of Vice Chairman of ASE's Board of Directors Dr. Ashraf Al-Adwan, Acting CEO Mr. Bassam Abu Abbas and the Director of the Communications and Information Department Mr. Amjad Al-Qudah, and Dean of Business Faculty Fayez Haddad.

The ASE' received graduate studies students delegation from Amman Arab University/ Faculty of Law- Private Law Department in a field visit aimed at linking the theoretical side with the practical one, where the Director of Operations Department presented a live trading session and an explained the trading mechanism and the main features of the applied electronic trading system at the ASE besides the visit recent developments of the Jordan capital market and the future projects during the coming years.

The ASE has launched a new website in Arabic and English, which reflects the full image of the ASE and its huge developments that it witnessed and the advanced level it reached.
The new website features rapid response design that suits all types of screens including laptops, tablets and smartphones that are all easy to be used by researchers and investors".
The new website allows monitoring the market's daily summary, the top gainers, the top losers and the most active companies live during the trading session, however, a range of high charts have been added, so reading and analyzing, finding trading data and any required information will be way easier due to being reclassified and reordered using advanced and smart search methods.

In the aim of raising the awareness among listed companies at the Amman Stock Exchange (ASE) about the importance of sustainability and its benefits that will refer to all the relevant parties, and guiding the listed companies on the steps that follow the disclosure of sustainability reporting for the performance as well as encouraging the listed companies to issue a sustainability report periodically, the ASE issued a guidance on sustainability reporting in both languages Arabic and English, which includes guiding steps for the listed public shareholding companies on sustainability reporting and the information to be included in the guidance, in addition to the importance of sustainability and how the listed companies disclose their sustainability performance and reports besides the most important measures of sustainability with the international standards in this domain.

 

 

The Middle East Investor Relations Association (MEIRA) signed a Memorandum of Understanding (MOU) with the Amman Stock Exchange. Through this agreement, both entities agreed to cooperate to promote IR best practice in Jordan, and to establish more effective communication between listed companies, the exchange, regulators, advisers and the buy and sell side communities.

The agreement will provide new opportunities for both entities and will also pave the way for delivering more value to MEIRA members, including specialised seminars and workshops, joint publications, and the availability of the Certified Investor Relations Officer (CIRO) Programme in Jordan.

The Amman Stock Exchange (ASE) and Sustainability Excellence have signed a Memorandum of Understanding (MoU) to promote sustainability in the Jordanian capital market and among the listed companies.
The MoU sets the tone of cooperation between the two organizations and contains several activities that include: conducting training and engagement sessions on sustainability, providing guidance on sustainability disclosure for the listed companies, and developing corporate ESG performance assessments, among other activities.

Amman Stock Exchange (ASE) launched the new official application "ASE NEWS" on the devices that use (IOS) and (Android) operating systems. This application aims to enable investors and those who are interested in securities to follow up all news, circulars and disclosures of listed companies issued by the ASE.
This application provides many benefits and services to interested parties in the market which will help them in taking their investment decision. Also, its sends notifications to the user about the latest news, circulars and disclosures published at the ASE website, in addition to searching capability for historical disclosures, to be saved on the user's mobile device for the ease of use and future reference when needed. Moreover, application will provide the daily market summary and the live prices of traded securities on ASE.

The ASE has been registered at the Companies Control Department as a public shareholding company completely owned by the government under the name "The Amman Stock Exchange Company (ASE Company), and with a paid-in capital of JD (4,774,552). The new company will be the legal and factual successor to the ASE, and will possess all its rights, assets, and obligations The new company's shares were also registered at the Jordan Securities Commission on the 6th of March 2017, and the ASE sustained its operations as a licensed financial market as of the date of its transformation into a public shareholding company.
It is worth mentioning that the council of ministers appointed a new seven-member board of directors for the ASE. The board elected His Excellency Dr. Yusuf Mansur as the chairman.

The ASE started in cooperation with Jordan Securities Commission (JSC) applying the Electronic Disclosure System project using XBRL language in Jordan Capital Market.
The project of "Electronic Disclosure System" in Jordan capital market will make a paradigm shift in the disclosure of financial and nonfinancial data of the companies and it will develop the process of accessing all disclosures, and thus will improve the disclosure and transparency level in the market and increase the speed of access to the required information. The system also provides information in both Arabic and English, note that this project is expected to be applied by the end of the year.

Abu Dhabi Securities Exchange (ADX) held a workshop titled ‘Investor Relations and the success of a company in providing a website page and platform for investors.’ The educational session was held for companies listed on ADX to understand how to enhance investor relations and meet their regulatory requirements, in order to advance the Exchange and meet international best practices regarding Investor Relations. A number of Investor Relations Managers from the listed companies attended the workshop.
The workshop outlined a company’s responsibility for providing data, financial reports, financial results, minutes of the general assembly meetings, and other noteworthy events. Also outlined were the necessary procedures to provide all data and information to the Investor Relations Officer. This includes the Board of Directors' decisions upon their issuance and the periodic and annual financial statements upon their approval by the Board, which will help enabling the Investor Relations Officer to carry out the tasks specified. Attendees were also briefed on: - The rights of investors and shareholders, which should be provided by the Investors' relations managers and listed companies. - The right to follow up the performance of the company through the financial statements, by reviewing the company's balance sheet, profit and loss account, reports of the board of directors, and the auditors of the company related to the previous financial year. - The fact that all shareholders have the right to obtain information enabling them to exercise their rights to the fullest and without discrimination between them. - Stakeholders have the right to see transactions with related parties, request access to the company's books, documents and any documents related to transactions with related parties, and to file a lawsuit to obtain all the information and facts that help to disclose the truth of these deals. - Access to the minutes of the Assembly meeting and many other rights.
The workshop also discussed how ADX updated its electronic disclosure system. This development will result in the direct and immediate disclosure of information throughout the year on ADX's website, excluding suspension, re-trading, and insider trading situations. Moreover, this will result in providing immediate disclosure and information to ADX’s stakeholders. Furthermore, the workshop clarified the procedure of dealing with a listed company that accumulates losses of 20% or more of its capital and the regulations and mechanism for dealing with such a company.

Abu Dhabi Securities Exchange (ADX) announced that it has implemented improvements and advancements to its electronic disclosure system and mechanisms, which will keep pace with the latest technologies and best practice applied in global exchanges. Through these digital enhancements, which came into effect on 1st November, companies will be able to practice immediate disclosure without the need for prior approval from the Exchange except for trading suspensions, resumption of trading and insider trading situations.
This development is in line with ADX's focused efforts upon improving the investment environment to benefit listed companies, investors and traders. Furthermore, the initiative will deepen the activation of the Exchange’s transparency and governance principles. 

ADX held two sustainability reporting workshops, titled ‘Enhancing the efforts of listed companies to disclose sustainability reports. The initiative is one of the pivotal axles of ADX's broader programme to advance international best practices for sustainability across the Emirate, in line with the issuance of the Environmental, Social, and Governance (ESG) Disclosure Guidance for listed companies in July of this year. Representatives from ADX and a leading institute in the filed participated in the workshops, which were attended by 80 inpiduals representing 61 listed companies. The two sessions reviewed practical ways to incorporate sustainable practices in business operations, and a step-by-step guide to ESG reporting procedures was provided, including the calculation and measuring of standards. H.E. Khalifa Salem Al Mansouri, Chief Executive of ADX, commented: "ADX is working with listed companies in order to enhance market competitiveness and attract a greater degree of global sustainable investments to the Emirate of Abu Dhabi. ADX’s advocating of sustainability practices supports the national economic strategy through providing a transparent, fair and sustainable trading environment. Organising these workshops for ADX-listed companies is part of our broader strategy to filter ESG principles across all of our market operations. A strategy designed to make ADX performing with a sense of anticipation and responsibility” Another crucial aspect covered in the seminars was the strategic importance for companies of assimilating environmental and social standards, with increasing global investment trends towards companies that apply such principles at the heart of their corporate governance. The ESG benchmarks of successful listed companies was illustrated and the ways in which the disclosure of these standards is beneficial, including a positive impact on returns which reduces losses, risks and related damages. The Environmental, Social, and Governance (ESG) Disclosure Guidance report issued by ADX earlier this year was published in order to inspire responsible investment practices, as well as encourage dialogue between investors and listed companies. Furthermore, this report outlined sustainable and environmentally-friendly ADX financial products such as green bonds and the environmental, social, and governance indicators.
Companies that release a sustainability report in Abu Dhabi should adhere to ADX's index indicators that are aligned with the Global Reporting Initiative and SDG indicators, including 31 KPIs that form the Environmental, Social, and Governance (ESG) Disclosure Guidance rules. This guidance is in line with recommendations from the Sustainable Stock Exchange Initiative (SSE), the World Federation of Exchanges (WFE), the Global Reporting Initiative (GRI) and the Integrated Reporting Framework. Each indicator covers an aspect of the ESG and calculates equations accordingly, with companies provided with the ability to monitor and track these to discover the resulting positive trends from deeper investment. Disclosure through sustainability reports opens the door to investments from institutional and inpidual investors who apply environmental and social standards - investments which are estimated to be worth USD$83 trillion worldwide. The workshop exemplifies ADX’s active role in supporting the government’s actions towards positive economic, social and environmental outcomes. For ADX the objective is to proactively imbed sustainability concerns in every dimension on investment strategies and accompanies the transition to a new sustainable development paradigm.

Abu Dhabi Securities Exchange (ADX) announced that it will be managing remote e-voting for Annual General Meetings (AGMs) of companies listed on the Exchange free of charge. This move will enable a crucial aspect of AGMs to be carried out remotely. This ability is facilitated through an attribute of SAHMI, ADX’s integrated services’ digital platform – a well-established programme compatible with Smartpassthat allows users to access all services provided by the Exchange.
ADX will provide the remote e- voting service to its listed companies without incurring any fees for its implementation. The measure answers to the need of providing valueadded services to support the private sector, in light of the current market turbulences. The approach is aligned with ADX's business development strategy and commitment to comprehensively utilize digital services to reach higher customer satisfaction, while actively enhancing the global business environment.
The provision of this service comes at a time when the Exchange is proactively taking immediate measures that deal with current accelerating international changes. The initiative is aligned with all the preventive measures recently taken by the UAE Government towards reducing global health risks. By reducing the need for group meetings and empowering remote meeting capabilities, ADX’s strategy achieves the highest levels of safety standards in the current period. 

The Abu Dhabi Stock Exchange (ADX) have announced the launch of remote working for its employees. This follows the long-term development of a new technical communication system that allows complete business continuity for employees that will meet all challenges and circumstances.
The advanced system will empower employees to perform all of their work tasks remotely and without any need to attend the workplace. This approach will contribute towards ADX’s leadership position across the region as a pioneer of digital transformation. The activation of remote working follows successful technical assessments to ensure a strong and effective system, in an important step that reflects the significant technical efficiency of ADX’s technological infrastructure. 

FTSE Russell, the global index, data and analytics provider has agreed a full index partnership with Abu Dhabi Securities Exchange (ADX) to become its benchmark administrator for domestic equity indexes in Abu Dhabi.
Under the terms of the agreement, FTSE Russell will begin providing daily index calculations on the General Index which includes all companies listed on ADX and nine sector specific indexes (Banks, Consumer Staples, Energy, Financial services, Industrials, Insurance, Real Estate, Services and Telecommunications). A new series of sustainable finance indexes and Shariah compliant indexes are also planned, demonstrating ADX’s commitment to continued investment and innovation. 

https://adxservices.adx.ae/WebServices/DataServices/contentDownload.aspx?doc=2155136 

https://adxservices.adx.ae/WebServices/DataServices/contentDownload.aspx?doc=2156030 

https://www.adx.ae/English/pages/NewsDetails.aspx?viewid=20201006135126 

https://www.adx.ae/English/pages/NewsDetails.aspx?viewid=20201013171431 

https://www.adx.ae/English/pages/NewsDetails.aspx?viewid=20201013171544 

https://www.adx.ae/English/pages/NewsDetails.aspx?viewid=20201101155144 

ABU DHABI, UAE – 28 Sept 2022: The Abu Dhabi Securities Exchange (ADX) and the Muscat Securities Market (MSX) signed a memorandum of understanding (MOU) today that aims to build on the strong foundations for a closer partnership and exchange visions and experiences between the two parties in various fields of common interest. The MOU, which was signed during the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, to the Sultanate of Oman, builds on the foundations of the close partnership between the two parties and aims to increase collaboration in a wide range of areas to serve their common interests. The agreement is aligned with ADX’s commitment to supporting the UAE’s strategy for economic persification and growth to promote prosperity in the country. Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of Abu Dhabi Securities Exchange commented: “The signing of this MoU reaffirms both Abu Dhabi’s and ADX’s commitment to establishing a regional network for knowledge and information sharing which is intended to bolster liquidity and mutual long-term economic growth with our regional partners. The signing of the MoU between ADX and MSX, which is aligned with the GCC’s efforts in promoting financial integration, aims to further develop the investment and capital markets landscape between the two countries by adopting the highest standards of regulatory best practices in both markets. To this end, ADX will continue in its successful efforts to date in establishing close working relationships, cooperation and collaboration with regional and international financial markets.” On this occasion, Haitham bin Salem Al Salmi, CEO of the Muscat Stock Exchange (MSX) and Chairman of the Board of Directors of the Muscat Clearing and Depository Company (MCD) said: that these agreements and memoranda of understanding will enhance the levels of Public cooperation between the two markets, and it is hoped that they will have positive repercussions on strengthening the bonds of relations between all components of the capital sector in the two countries. He emphasis that this cooperation will open the way to create many investment opportunities for all investors, support economic development, benefit from the experience of the Abu Dhabi Securities Exchange, and strengthen brotherly relations between the two countries, hoping that the qualitative and distinguished relations between the two countries’ markets will continue. Al-Salmi also expressed his hope that all concerned parties will benefit from the multiple opportunities and broad prospects of cooperation offered by these agreements and memoranda of understanding, which can be built upon in various sectors, leading to the prosperity of the economy in the two countries and benefiting all parties. The MOU aims to enhance bilateral cooperation and information sharing in a number of areas, including advisory services, training, development of systems, and promotion of integration. It also provides a channel of direct communication between the two parties, for the exchange of legal and technical information, sustainability and ESG. ADX also signed a memorandum of cooperation with the Muscat Clearing & Depository Company. S.A.O.C. (MCD) for dual listing of securities on both markets and to further develop clearing and central depository functions in the two markets, allowing each party to obtain the required permits and approvals to collaborate, and to establish joint working committees on issues of common interest. ADX also signed a separate agreement with MSX to promote cooperation on dual listing of securities across the two markets. The agreement sets out the legal foundations for such transactions and unifies and defines the required operational, administrative and technical procedures to achieve effective cooperation and coordination. As part of the growing relationship, MSX will be joining the “Tabadul” platform, which was created by ADX in collaboration with Bahrain Bourse (BHB) to connect regional exchanges. Established on the mutual market access model, Tabadul enables investors to trade directly on the onboarded exchange through local authorized brokers. Securities listed on MSE will therefore be available for trading on the platform along with securities listed on ADX and BHB, in a step that will Public promote economic growth, build regional partnerships, increase liquidity and drive sustainable growth in stock markets in the region.

Abu Dhabi Securities Exchange (ADX) has issued an Environmental Social & Governance (ESG) disclosure guidelines for listed companies. The launch of this set of 31 KPIs is aligned with ADX strategy which is designed to support economic growth, while providing a sustainable trading environment and encouraging the business community to adopt societal sustainability practices. The model guidance on reporting ESG information to investors raises the standard of governance, by putting into operation sustainability standards and integrating them into both ADX strategy and listed companies alike.
The newly-released standards, which are more comprehensive than many other exchanges has issued, will enhance ADX’s competitiveness and attract more responsible investments to the Emirate in line with the recommendations of the United Nations Sustainable Stock Exchanges Initiative (SSE), the World Federation of Exchanges (WFE), the Global Reporting Initiative (GRI) and the International Integrated Reporting Framework.
ESG guided principles will also ensure ADX continues to make essential contributions towards promoting sustainability in financial markets, in alignment with the UAE National Vision 2021 and Abu Dhabi Economic Vision 2030, which both outline approaches to develop appropriate infrastructure while preserving s a based on a sustainable and knowledge-based economy. Companies' application to the standards of this guide opens the way for investments supported by USD 83 trillion in asset allocation from various Asset Management Funds (AMC) directed to companies that apply environmental, social and corporate governance standards. The launch of the guide is a continuation of the Exchange’s strategy aimed at supporting the national economy. 

Abu Dhabi Securities Exchange (ADX) announced today that it is reducing its trading commission fees starting 1st of July 2019 thus making ADX among the MENA region’s least expensive stock markets with regards to trading commissions. This initiative is designed to reduce costs on investors, build confidence, increase liquidity, as well as attract more investors into the Exchange.

The new initiative not only reinforces ADX’s competitive position, it is also a key step towards achieving the Ghadan 2021 plan's objective of removing barriers and lowering the cost of doing business in Abu Dhabi. The seeds of the initiative were first sown in June 2018 with the announcement by His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces of a three-year, AED 50 billion stimulus package for Abu Dhabi.

ADX continuously seeks to launch new initiatives aimed at persifying investment products available to its stakeholders. This approach helps facilitate the expansion and persification of the Emirate’s economy. It will also allow Abu Dhabi to compete as a primary center for attracting FDI as well as contributing to the Emirate’s sustainable development goals.

Commenting on this initiative, H.E. Khaleefa Al Mansouri - ADX Acting Chief Executive said: “Through this initiative and the introduction of other investment opportunities, the Abu Dhabi Securities Exchange (ADX) is providing additional incentives for both local and international investors to invest on the Exchange providing liquidity into the market and helping to finance listed companies’ projects which will support the of expansion their business.”

The ADX is reducing its trading commission with a range from 50% up to 90%. ADX cost for annual transactions of less than AED 250 million will be 5 basis points (0.05%) of the transaction value. For transactions in excess of AED 1 billion over the period of 1 year, the cost will range to one basis point.

In other words, an investor who trades AED 500 million a year will be charged 5 basis points over the first 250 million and then a commission lower than 250 million during the year. The Exchange’s trading commission has also been reduced for transactions exceeding AED 1 billion by 90% from the previously implemented transaction fees which makes ADX one of the region's least expensive stock markets in terms of trading commission. Prior to the implementation of this new initiative, ADX has set up a number of awareness sessions for the stakeholders in order to familiarize them with the new mechanism.

The number of institutional investors in the Abu Dhabi Securities Exchanges (ADX) at the end of May 2019 was 8395, including 6318 foreign investors. During the first five months of this year, institutional investors traded AED 1.5 billion compared to AED 890 million in the same period of 2018, an increase of 73%. This shows a positive trend on a medium to long term basis.

ADX received a high-level delegation from the Shanghai Stock Exchange (SSE), the visit aims to deepen cooperation and explore tangible opportunities with the Shanghai Stock Exchange (SSE), to strengthen partnership between the two stock markets.

The visit focused on how to enhance mutual trust and promote cooperation between SSE and ADX, with many topics framing the comprehensive strategic partnership between the two Exchanges discussed. Firstly, the two teams started with a comparison of regulatory experience and insurance services. Following that, the team of experts from both Exchanges explored product cross-listing possibilities, outlining how this creates opportunities to attract capital while providing greater market visibility. Sharing clearing and settlement experience were also topics on the meeting agenda, as well as the creation of additional investment opportunities. Additionally, ADX and SSE are considering the possibility of developing a joint compilation index, as they evaluate the benefits brought by the various liquidity enhancement schemes.

The Majalis Affairs Office at the Abu Dhabi Crown Prince's Court in coordination with Abu Dhabi Securities Exchange (ADX) carried out two informative lectures titled: ‘Capital Markets and Returns’. The lectures took place in the Zakher Majlis in Al Ain and Al Wathba. During the lectures, ADX briefed investors and the public about its new market products and services, the vital role ADX plays by providing opportunities to invest savings and funds in securities in order to benefit the national economy. Additionally, this event served to highlight the role of ADX in protecting investors through establishing fair and proper dealing principles between various investors and develop investment awareness. 

Abu Dhabi Securities Exchange (ADX), the region's leading financial market, recently held a workshop on Corporate Governance and Board of Directors’ Role at its headquarters. Senior executives from relevant departments responsible for the application of corporate governance in public shareholding companies listed on the Exchange attended the workshop.

During the workshop the concept and principles of corporate governance, the reasons behind its emergence and its growing importance amongst companies and investors, as well as the expansion of the concept of a free market economy worldwide were discussed. The discussions focused on the benefits of implementing the principles of corporate governance in listed companies and their positive impact on enhancing the efficiency of the economy, bolstering the stability of financial markets, achieving transparency, attracting internal and external investments, and creating a business environment that enables companies achieve better performance and returns and protect the shareholders’ investments.

Also discussed at the workshop were the Organization of Economic Cooperation and Development (OECD)’s six principles in corporate governance, which focus on ensuring the basis of an effective corporate governance framework, the rights of shareholders and key ownership functions, the equitable treatment of shareholders, the role of stakeholders in corporate governance, as well as disclosure and transparency.

Abu Dhabi Securities Exchange (ADX) has organized two workshops on sustainability for its listed companies under the title “Accelerating Sustainability in Listed Companies. Meeting Investor Needs on Environmental, Social, and Governance (ESG) information”.

Representatives of various ADX departments and representatives of listed companies attended the two workshops. Both workshops reviewed practical applications that explain the strategic importance of including sustainable practices in business operations, especially as investments are increasing into companies that apply environmental, social, and corporate governance standards. The workshops highlighted the environmental, social and governance criteria (ESG) of listed companies and how investors can benefit from disclosure and reporting standards of these criteria.

These workshops are part of the Exchange’s initiatives in 2019 to continue its efforts to encourage listed companies to adhere to sustainability standards. During the coming period, ADX will organize more events, interactive workshops, and lectures on the same subject. The Exchange is currently working on developing optional environmental, social, governance, and sustainability ESG guidelines to be applied by listed companies.

The two workshops highlighted the growing number of signatory members of The United Nations-supported Principles for Responsible Investment (PRI) that was launched in 2006. 

Abu Dhabi Securities Exchange signed a Memorandum of Understanding (MoU) with the Securities Depository Center Company (Edaa), which is wholly-owned by the Saudi Stock Exchange (Tadawul) and the sole entity responsible for providing custody, registration, clearing and settlement services for securities traded on the Saudi Stock Exchange. The MoU was signed in the Saudi capital Riyadh with the aim to strengthen bilateral cooperation in the dual listing of securities in Saudi and UAE financial markets.

The agreement falls within the framework of cooperation between the two countries, and the Saudi-Emirati Coordination Council, which seeks to achieve a common vision of integration between the two countries and bolster bilateral cooperation on key issues and common concerns. The agreement is part of ADX and EDAA continuous efforts to enhance their regional standing and implement the highest standards of governance and transparency in the listing process.

The agreement aims to identify and standardise the operational, administrative and technical procedures between the two countries, and establish effective cooperation on dual listing of securities in their financial markets. This will be achieved through the exchange of information and data included in the ownership register or relevant to transactions carried out by brokers, members, or investors. Additionally, this agreement allows for the transfer of securities, and updating the securities ownership registers in each country.

The agreement between the Abu Dhabi Securities Exchange and EDAA will enable each party to open a deposit account with the other party to deposit and transfer securities in accordance with their procedures. In addition, it will enable holding and maintaining securities ownership registers of the deposited securities within each party and managing them , as well as effective exchange of information, data and records related to the ownership registers or the transactions executed or to be executed by brokers, members or Clients or any information and data that both Parties deem necessary.

ADX had previously signed an MoU with the Saudi Stock Exchange Tadawul to enhance mutual cooperation and bilateral relations between the two parties through the exchange of information and expertise. The MoU facilitates knowledge exchange programmes, possibility of utilizing the expertise that both stock exchanges have, interchange of financial market data and dual listing opportunities as well as cooperation in market-development initiatives.

Abu Dhabi Securities Exchange (ADX), chaired the 43rd session of Arab Federation of Exchanges (AFE) meeting. The annual meeting of the AFE in its 43rd session took place in Abu Dhabi and was attended a number of CEOs of Arab stock exchanges and chairmen of clearing and depository companies from all over the Arab world..

The meeting discussed a number of issues and topics relevant to the overall development of Arab stock exchanges, how to promote and encourage Arab securities markets to follow and adopt the best international standards in this regard, and how to make use of the experiences offered by the AFE's member exchanges.

Equichain announced the signing of a partnership agreement with the Abu Dhabi Securities Exchange (ADX) to join its working community, which aims to bring efficiencies to capital markets.
ADX is one of four financial market infrastructures from the MENA region to join the working community. This reflects Equichain’s specialism in emerging markets as well as the region’s eagerness to innovate and adopt disruptive technologies such as blockchain.

Abu Dhabi Securities Exchange (ADX) concluded its awareness campaign on technical short-selling, targeting investors and interested parties in Abu Dhabi, Fujairah, Sharjah, Ras al-Khaimah, and Al-Ain.

The campaign comes as part of ADX’s continuous efforts that started earlier this year, with participation from Securities and Commodities Authority (SCA), targeting investors, brokerage companies, and local funds.

 

Abu Dhabi Securities Exchange (ADX held a conference with the UAE’s top banking institutions to discuss plans for its new electronic Initial Public Offering (IPO) services.
The eKtetab execution plan will be rolled out in two phases - the first of which will focus on the planning process and includes bank and production readiness. The second phase will involve channel integration.

The introduction of eKtetab services will follow the launch of many new innovative digital services developed by ADX, which include blockchain technology for eVoting services – a first for MENA region financial markets. 

 

Abu Dhabi Securities Exchange (ADX) announced today that it has succeeded in achieving a compliance rate of 100% regarding the disclosure of the annual financial statements of its listed public joint stock companies within the deadline of 90 days from the end of the financial period. All public, and private, listed companies listed on ADX disclosed their annual financial statements for 2016 within the 90 days period given. 

Abu Dhabi Securities Exchange (ADX) hosted an event discussing the capital restructuring of United Insurance Company (UIC) – in an effort to maintain the positive links between The Exchange and its listed companies, brokers, and investors.
The event aimed at demonstrating all details related to capital restructuring, special offering for shareholders, and UIC future plans.

Abu Dhabi Securities Exchange (ADX) announced that it has joined The International Securities Services Association (ISSA), thus becoming the first financial market in the MENA region to become a member of the renowned organization. This new membership affirms ADX keenness to align its regulatory practices with those of international financial markets. It also assures ADX’s commitment to promote financial stability and growth in the emirate by maintaining the highest standards of practice in financial services as part of its commitment to Abu Dhabi Plan and towards the continuous development of financial performance
The ISSA membership will provide ADX with the opportunity to benefit from the economic and financial research and analysis provided by the renowned organization to its members as it offers comprehensive assessment of the global outlook with a focus on key emerging economies, timely analysis of capital flows to emerging markets and developments in international financial markets. Consequently allowing ADX to achieve one of its main priorities in the Abu Dhabi Plan, which is contributing to the development of the financial services sector in the emirate. It will also enable ADX to promote the investment opportunities available in the emirate in general and ADX in particular at the international level through continuous communication with members of the Institute of asset managers and investment funds.

Abu Dhabi Securities Exchange (ADX) announced the launch of its latest investment service ‘Technical Short Selling’ (TSS), an addition to the existing suite of services and products provided by ADX to investors through brokerage firms. The TSS service allows the investor to sell stocks that they don’t own, but can afford within the applicable settlement period (T + 2), in order to achieve profit buying the stock back if the value goes down.

 

As part of efforts to strengthen its legal, economic and legislative environment, the Abu Dhabi Securities Exchange (ADX) has implemented measures to regulate the short sell service including, trade suspensions for a 5% drop in the reference price of a given stock or if short sold securities reach 10% of the total capital issued. The Exchange has also implemented a clear framework under which trades should take place, which specifies the obligation of the broker to disclose short dated trades, this comes in addition to the existing approval frameworks utilized by both the lending and borrowing agent.

As part of its constant efforts to showcase the dynamic role played by capital markets in strengthening and sustaining growth, the Dubai Financial Market (DFM) organized a roundtable on the sidelines of the fifth edition of the Sharjah FDI Forum, held in cooperation with the Sharjah FDI Office (Invest in Sharjah), operating under the Sharjah Investment and Development Authority (Shurooq), at the Al Jawaher Reception and Convention Centre (JRCC). The roundtable discussed IPOs and how private businesses can benefit from capital markets.
The roundtable was part of DFM’s efforts to achieve the objectives of the MoU signed by it and Shurooq in November 2017 to jointly promote awareness within private and family businesses in Sharjah on the prospects of aligning their growth strategies with DFM’s various listing platforms, including: the Main Listing, the Second Market platform for private companies, as well as the upcoming first-of-its-kind platform for free zone companies.

A new benchmark Sharia index aimed at attracting more Islamic investors to the Dubai Financial Market was unveiled by the exchange.
The Dubai Financial Market Sharia Index, DFMSI, is made up of 40 companies - 30 based in the UAE and 10 dual-listed firms deemed to be Sharia-compliant, with no single firm making up more than 10 per cent of the index. The index was set at 1,000 points using company valuations as at December 31, 2019 as a base and showed a value of 1,688.52 at the market's close on Monday.
"As the first Sharia-compliant exchange globally since 2007, we are pleased to launch this new initiative that underlines DFM’s active role in the joint efforts to fortify Dubai’s leading position as capital of Islamic economy globally," said DFM chairman Essa Kazim.
"The index enables Sharia-complaint investors and international institutions [to measure] a trajectory of the historical and current performance of DFM’s Sharia-complaint shares compared to other Islamic or conventional indices at the local, regional and international levels.”
The Islamic finance market is forecast to grow to just over $3.8 trillion (Dh13.95tn) in 2023, up from $2.44tn in 2017 according to the State of the Global Islamic Economy report published last year by the Dubai Islamic Economy Development Centre and Thomson Reuters.
Shares included in the index will be updated on a quarterly basis, overseen by DFM's Fatwa and Sharia Supervisory board. Any new Sharia-compliant shares will be considered for inclusion after one month of trading on the exchange.

Dubai Financial Market (DFM) has announced that it will start issuing Multiple Investors Numbers (NINs) for its investors, in line with the amendments to Article 35 of the Securities and Commodities Authority’s (SCA) Decision No. (3/R) of 2001 about the market functions. The amendments authorized the DFM to assign more than one NIN for an investor fulfilling specific conditions.
Based on the amended regulatory decision, certain categories of investors are entitled to apply for and use additional NINs provided they meet the eligibility criteria as set by the DFM.
Commenting on the categories of investors eligible to apply for multiple NINs, Maryam Fekri added: “There are two main categories of investors who can apply for more than one NIN, the first category includes existing investors who have a NIN under a local custodian and require to segregate assets using one or more additional NINs. The second category includes existing investors who are having a direct NIN and are planning to use the services of a local custodian.”
It is noteworthy that for trading activity purposes the multiple NINs of the same investor will be considered as one NIN to enforce ownership limits.
On the other hand, cash pidends of the listed companies for each of the investor’s linked NINs will be paid to the respective local custodian having the NIN or to the investor with respect to a direct NIN in accordance to the owned share balance eligible for the corporate action under their respective NIN. As for corporate actions related to bonus shares, the shares will be calculated based on the balance under each NIN and credited accordingly. Similarly, each NIN of the same investor will be listed separately in the share book issued to the issuer for the purpose of holding the company’s annual general meetings to facilitate voting flexibility.

 Dubai Financial Market (DFM) announced that it is temporarily closing its Trading Floor and Customer Affairs counters until further notice, as part of its commitment to public health of all market participants and employees and in line with measures taken in the UAE to contain coronavirus COVID-19.
The DFM urged all market participants to use smart and electronic platforms to get their requests accomplished. In line with the leadership’s vision on digital transformation, the DFM has introduced several platforms as part of its Smart Borse strategy that enables investors to pursue their trading activities as well as accomplish any transactions with highest levels of efficiency and security.

The Dubai Financial Market (DFM) launched the enhanced Foreign Ownership limits (FOL) webpage, providing market participants with real time FOL info every two minutes during the trading session about the “Actual” and a new column for “Available” ownership limits to own or to trade.


Key features of the new Foreign Ownership limit (FOL) webpage:
• Ownership percentages for the columns of Actual and Available are updated every two minutes during trading hours. The ownership percentages are also updated every one-hour after trading hours on each business day to reflect changes not associated with trading (if any).
• New column added showing the “Available” ownership percentage to own or allowed to trade apart from the Actual ownership percentage.
• Reclassification of investors’ categories to three nationality types: ‘Nationals’, ‘GCC’ and ‘Foreign’; as such the ‘Arab’ category is now included within the ‘Foreign’
• Search by company and date for historical information.

Dubai Financial Market (DFM) signed Memorandum of Understanding (MoU) with the judicial arm of the Dubai Land Department (DLD), the Rental Disputes Center (RDC). The agreement aims to reinforce cooperation between both sides as well as to streamline joint procedures by directly linking RDC with DFM’s electronic services platform, as the official channel for applications related to any judicial measures relevant to market participants.

This step clearly indicates the deep belief of both the DFM and the DLD, represented by the RDC, in the importance of coordination and cooperation in further reinforcing the efficiency of their activities as well as reinforcing efforts to strengthen the leading position of Dubai and the UAE in terms of business excellence and quality of services.

Dubai Financial Market (DFM) and Hawkamah Institute for Corporate Governance (Hawkamah) hold the first board secretary accreditation workshop designed for DFM listed companies. This course forms a part of Hawkamah’s and DFM’s strategic partnership to further enhance the implementation of corporate governance within listed companies and strengthen the leading position of Dubai as a dynamic capital markets hub and center of excellence.

The Saudi Stock Exchange (Tadawul) announced the commencement of the Central Counterparty Clearing House (“CCP”) for clearing of securities in the Saudi capital market as a closed joint stock company with a capital of (SAR 600,000,000). The CCP will be responsible for developing future clearing services in accordance with the best international risk management practices and standards.
An independent clearinghouse will help to persify investment opportunities in the market by enabling the introduction of new asset classes such as derivatives and others that will allow investors to persify their trading strategies and enable Saudi companies to hedge against risks, which will enhance the attractiveness of the Saudi capital market to all investors.
In addition, CCP will improve risk management of the market by introducing new mechanisms to ensure that the settlement is complete and that all parties meet their obligations when settling trades in the market. This will further strengthen the current market infrastructure and increase its operational efficiency.

The Saudi Stock Exchange (Tadawul) is pleased to announce today that S&P Dow Jones Indices (S&P DJI), a leading provider of global equity indexes, upgraded the Kingdom of Saudi Arabia to “Emerging Market” from its previous “Standalone Market” country classification. The move by S&P DJI follows the recent decisions by MSCI and FTSE Russell to add Saudi Arabia to their respective emerging market indexes. The Kingdom will become eligible for inclusion in certain S&P DJI’s global benchmark index families in two phases concurring with the March 2019 quarterly rebalancing and the September 2019 annual reconstitution.  

The Saudi Stock Exchange (Tadawul) launched its 2017 annual report under the theme "Expansion and Diversification" to provide a comprehensive review of the company's performance and achievements during the financial year ended on 31 December 2017.
The report provides details on Tadawul’s performance during 2017, during which Tadawul ranked as the 25th largest stock market of the World Federation of Exchanges, with a market capitalization of $451 billion at the end of 2017. Furthermore, the report reveals Tadawul's significant growth in net income reaching 129.8 million SAR by 31 December 2017, with an increase of 543% over the previous year and a 74% increase in revenues totaling 545.4 million SAR compared to 2016.
The report elaborates on Tadawul’s strategy and its role in realizing the Saudi Vision 2030 and what has been achieved on a strategic level, most notably, launching of Nomu - the parallel market as a step to support the national economy, persification of products and services provided to market participants, persifying sources of income as well as developing the necessary infrastructure to support the requirements of transitioning into a global market. The report also sheds light on the marketplace and corporate governance frameworks adopted by Tadawul.
Furthermore, the report highlights Tadawul’s most notable operational achievements in line with best practices, including implementing the Global Industry Classification Standard (GICS), rolling out the T+2 settlement cycle, introducing securities borrowing and lending and covered short-selling frameworks for the first time in the region, the spin-off of the Securities Depository Center (Edaa), and well signing the post-trade agreement with NASDAQ.

MSCI Inc., a leading provider of indexes and portfolio construction and risk management tools and services for global investors, today announced the signing of an agreement with the Saudi Stock Exchange Co. (Tadawul), the largest stock exchange in the region in terms of market capitalization and turnover, to create a joint tradeable index that can serve as the basis for investment instruments including derivatives and ETFs.
In June 2018, MSCI announced the classification of the Saudi Arabian equity market as an Emerging Market as part of their annual global market classification review. The Index will be based on the broader MSCI Saudi Arabia index series that will be part of the MSCI Emerging Markets Index. The joint tradeable index will be available in Q4 2018.

The Saudi Stock Exchange (Tadawul) will introduce exchange-traded derivatives in the first half of 2019. Tadawul will launch an index futures contract based on the tradeable index jointly developed with MSCI. Saudi Arabia’s inclusion into the major emerging markets indices further validates the need for this market. Tadawul is planning to launch additional derivative products gradually as part of its strategy to persify its product offering and provide more investment opportunities for market participants. 

The Saudi Stock Exchange (Tadawul) today has completed Saudi Arabia’s full inclusion into the MSCI Emerging Markets Index with the successful implementation of the second and final tranche of index inclusion, which brings the Kingdom’s weighting to 2.8% of the index’s total market capitalization. 31 Tadawul-listed companies are included in the MSCI Emerging Markets Index.
As Saudi Arabia is phased into the leading emerging market and global indices over the course of 2019, Tadawul trading data shows record buying of Saudi shares by foreign investors from around the world. In 2019, through July 31, trading activities of foreign investors, including QFIs, totaled in USD56 Billion, representing 21% of total market trading activities.
MSCI added Saudi Arabia to its Watch List in June 2017 and the Kingdom was upgraded from Standalone Market to Emerging Market in June 2018, marking the fastest progression from Watch List to Emerging Market status of any market in the history of the index. Saudi stocks were phased into the index in two tranches with a 50% inclusion factor for each, where the implementation of the first tranche took place in May 28, 2019 and implementation of the second tranche occurred in August 28, 2019.

Reference to the Capital Market Authority ("the Authority") Board of Commissioners resolution dated 15/1/1438H corresponding to 16/10/2016G, which obligated listed companies to apply the cost model to measure the property, plant, equipment, investment property, and intangible assets upon adopting the International Financial Reporting Standards (IFRS) for three years period starting from the IFRS adopting date, while continuing to abide by the disclosure requirements of the IFRS that are endorsed in Saudi Arabia, which require or encourage the disclosure of the fair value within the notes to the financial statements. The resolution indicated that the Authority will analyze the feasibility of continuing to apply the cost model upon completing the aforementioned period, or the feasibility of allowing the application of the fair value or the revaluation model.
Based on the Authority’s role in regulating and monitoring the works and activities of parties subject to the monitoring and supervision of the Authority, and its role in regulating and monitoring the full disclosures of information regarding financial securities and their issuers, the Authority announces the Board of Commissioners resolution, which includes the following:
A. Obligating listed companies to continue to use the cost model to measure property and investment property in the financial statements prepared for financial periods within fiscal years, which start before the calendar year 2022.
B. Allowing listed companies to use the fair value model or the revaluation model to measure property, and investment property in the financial statements prepared for financial periods within fiscal years starting during the calendar year 2022 or thereafter.
C. Any listed company that chooses to use the fair value model or the revaluation model to measure property, and investment property must comply with the following:
1. The board of directors shall approve the accounting policy to adopt the fair value model or the revaluation model based on the audit committee’s recommendation in this regard.
2. Each property, or investment property shall be valued by at least two valuers when preparing the annual financial statements and when using the fair value model or the revaluation model for the first time. The company must choose the lower of the two valuations.

3. Appointment of the valuers shall be done by a resolution from the board of directors based on the audit committee’s recommendation. The appointed valuer must hold a fellowship designation with the Saudi Authority for Accredited Valuers.
4. The audit committee shall monitor and oversee the valuation process and its results, and shall report to the board of directors any findings or issues.
5. Any material gains or losses arising from a change in the fair value of investment properties shall be disclosed within the announcement of the interim and the annual financial results. Materiality is determined in accordance with section 9 in Article 63 of The Rules on The Offer of Securities and Continuing Obligations.
6. Preparation and presentation of a note disclosure in the interim and the annual financial statements that reconcile the differences between using the fair value model or revaluation model and using the cost model in regards to the following: (total assets, net assets, net income, and comprehensive income).
D. Obligating listed companies to continue to use the cost model to measure plant, equipment and intangible assets for five years starting from 1/1/2020. The Authority will study the appropriateness of continuing to use the cost model or allowing the use of fair value model or the revaluation model when this period ends.

The Saudi Stock Exchange (Tadawul) announces that the Capital Market Authority’s Board has issued its resolution number (1-105-2019) Dated 2/2/1441H corresponding to 01/10/2019G approvingThe Procedures of Dealing with Center Accounts When a Custody Member Ceases or Intend to Cease its Activities.

The Procedures introduces provisions related to the mechanism to deal with the Center accounts and the securities deposited therein when the custody member ceases or intends to cease its activities and terminate its connection with the depository and settlement system at the Securities Depository Center (Edaa), which includes the following situations:
• Custody Member Defaulting.
• Custody Membership Cancellation by the Center or By Instructions from the Authority.
• Custody Members Merger and Acquisition.
• Custody Membership Cancellation by the Center or By Instructions from the Authority.
• Custody Membership Suspension by the Center or By Instructions from the Authority.
It should be noted that these Procedures shall be effective on 7/10/2019G

The Saudi Stock Exchange (Tadawul) announces that the Capital Market Authority’s Board has issued its resolution number (1-104-2019) Dated 1/2/1441H corresponding to 30/9/2019G approving the following:
• The amended Listing Rules.
• The amended Glossary of Defined Terms Used in the Exchange Rules.

The amendment of the Listing Rules (“LRs”) includes introducing provisions related to the mechanism of transfer from the Parallel Market to the Main Market, provisions related to direct listing on the Parallel Market, and provisions related to cross listing of shares for foreign issuers. In addition, the amended LRs includes, under Article 36, new suspension and cancelling circumstances in light of the Bankruptcy Law.
The amendments of the Glossary of defined terms used in the Exchange includes amending the definitions of the terms Normal Trade and Small Trade and adding a new definition for the Bankruptcy Law.
It should be noted that these Rules and Glossary shall be effective on 7/2/1441 H corresponding to 6/10/2019 G.

The Saudi Stock Exchange “Tadawul” announced the composition of the fifth term of its Board of Directors for a 3 calendar years term.
Tadawul Board appointed Mrs.Sarah Jammaz Al Suhaimi as Chairperson of the Board of Directors and Mr. Yazeed Abdulrahman Al Humaid as Vice Chairperson of the Board.

The Saudi Stock Exchange (Tadawul) announced the implementation of the fifth and final tranche inclusion in FTSE Russell as an Emerging Market with an inclusion factor of 25%.
The implementation of the fifth and final tranche will occur in two phases, the first phase will be effective on Monday 23/3/2020 based on the closing prices of Thursday 19/3/2020 with 25% of the inclusion factor. The second phase will be effective in the course of June 2020 with 75% of the inclusion factor.

In reference to the Saudi Stock Exchange (Tadawul) announcement on 25/3/2020 G regarding the temporary reduction of trading hours for all listed securities, all issuers will be able to disclose on Tadawul’s website after market close starting from 1:20 P.M.

The Saudi Stock Exchange (Tadawul) announces that the launch date of the Derivatives Market will be on Sunday, 30 August 2020. This will mark the beginning of trading in the Saudi Futures 30 (SF30) Index Futures Contract, Saudi Arabia’s first exchange-traded derivatives product.

The launch of The Derivatives Market is a significant step to further advance the Saudi capital market, providing investors with a full and persified range of investment products and services. The SF30 Index Futures Contract is based on the MSCI Tadawul 30 (MT30) Index. The SF30 will provide investors with hedging tools to more effectively manage risk and will deliver expanded opportunities to gain exposure to the Saudi capital market. 

At the end of the year 2020 Tadawul All Share Index (TASI) closed at a level of 8,689.53 points compared to 8,389.23 points for the previous year, gained 300.30 points (3.58%). The highest close level for the index (TASI) during the year (2020) was 8,760.08 points as on 30th of December.

The total Market Capitalization at the end of the year 2020 reached SAR 9,101.81 billion (US$ 2,427.15 billion), increased by 0.85% compared to the end of the previous year.
The total Value of Shares Traded for the year 2020 reached SAR 2,087.80 billion (US$ 556.75 billion) compared to SAR 880.14 billion (US$ 234.70 billion) for the previous year, increased by 137.21%.
The total number of Transactions executed during the year 2020 reached 76.69 million compared to 28.40 million trades for the previous year, increased by 170.06%.
The Volume Traded* for the year 2020 reached 79.32 billion shares compared to 33.85 billion shares traded during the previous year, increased by 134.29%.

* Historical prices & volume traded data are adjusted to account for all corporate actions during the year.

Number of trading days during 2020 were 251 days, against 250 trading days during 2019. 

In line with the Capital Market Authority’s (CMA) role to protect investors, and based on its jurisdiction of monitoring and supervising listed companies in the capital market and ensuring the enforcement of the provisions of the Capital Market Law and the Companies Law, the CMA announces the issuance of a CMA Board resolution to impose a fines amounting to (500,000) Five Hundred Thousands Saudi Riyals on the former chairman and members of the Board of Directors of the Saudi Indian Company for Cooperative Insurance during the period from 06/12/2018 to 18/01/2020, due to their violation of paragraph (r) of Article (213) of the Companies Law and paragraph (9) of Article (22) of the Corporate Governance Regulations. Where they did not prepare nor approve the Company's interim financial statements for the period ending on 30/09/2019.

The Capital Market Authority calls upon all the boards of directors of listed companies to adhere to all of the board’s statutory duties and responsibilities. The Capital Market Authority also assures its devotion to apply the Capital Market Law and the Companies Law and their Implementing Regulations to enhance the protection of the capital market and the investors from unfair practices. 

The Saudi Stock Exchange (Tadawul) has issued its resolution approving the listing request of the debt instruments issued by the Government of the Kingdom of Saudi Arabia submitted by the Ministry of Finance as per the Listing Rules with a total value of (2,955,020,000) SAR detailed as follow:


1- Issuance number 12-01-2021 with a total value of 880,020,000 SAR.
2- Issuance number 07-01-2021 with a total value of 2,075,000,000 SAR.

Accordingly, listing and trading the government debt instruments shall commence starting from Monday 25-01-2021. 

The Saudi Stock Exchange (Tadawul) announced that MSCI, a leading provider of global equity indexes, upgraded the Kingdom of Saudi Arabia to “Emerging Market” from its previous “Standalone Market” status in its Annual Market Classification Review. The Kingdom, which was also recently added to the FTSE Russell as a “Secondary Emerging” market in March 2018, will be included in MSCI’s Emerging Market Index in two phases concurring with the May 2019 Semi Annual Index Review and the August 2019 Quarterly Index Review. 

The Saudi Stock Exchange (Tadawul) is to adjust the price limit validation on incoming orders for shares starting from January 21, 2018.
Once this adjustment becomes effective, investors will be able to reach the order book with buy orders below the lower fluctuation limit, and sell orders above the upper fluctuation limit.
Captured orders will be stored in the order book until they are eventually matched. The current fluctuation limits are not affected by this adjustment.

FTSE Russell announced that Tadawul will be classified as a “Secondary Emerging” market in the FTSE Global Equity Index Series from its previous status as “Unclassified”. This decision was issued following a series of market enhancements introduced by Tadawul and the Capital Market Authority (CMA) over the past two years. Many of those developments have fulfilled market quality criteria set by FTSE Russell that must be met in order for a market to be classified as Emerging in its indices.
“FTSE’s announcement is significant for Tadawul in that it indicates growing investor confidence in the Saudi capital market and recognition that we are among the largest and most liquid emerging markets in the world,” said Khalid Al Hussan, Chief Executive Officer of Tadawul. “Guided by Vision 2030, we remain steadfast in our commitment to the reforms already introduced and in the pipeline so that we may continue to grow investor confidence worldwide and further strengthen the Saudi market.”

The Saudi Stock Exchange (Tadawul) announced that the new amendment are effective as of Sunday 21/01/2018.
For more information on the amended price limit validation on incoming orders and FAQ’s, please Tadawul’s official website.

The Saudi Stock Exchange (Tadawul) and NASDAQ have officially signed an agreement to transform Tadawul’s Post-Trade technology infrastructure, that includes registry, depository and risk management technologies. In addition to the Post-Trade area, NASDAQ will continue to support the existing trading and market surveillance technology at Tadawul.
The new Post-Trade technology, will replace Tadawul’s current registry, depository and settlement solution, which was implemented in 2001. In addition to introducing a new central counterparty clearing solution, this transformation will enable both Tadawul and market participants to introduce new asset classes to the market and offer new services to the investors. Furthermore, these changes will increase efficiency, effectiveness and further growth of the market, supported by a modern flexible and efficient technology that reduce risks in the Post-Trade area in compliance with international best practices and standards.
This transformation is expected to complete during second half of 2020.

The Saudi Stock Exchange “Tadawul” announces amending the settlement cycle of listed securities to (T+2) starting from Sunday 23rd of April 2017. This step comes after completing all necessary pilot phases to ensure full technical and functional readiness and connectivity with market participants.
Given the background, on the 3rd of May 2016, Tadawul announced obtaining the CMA’s regulatory approval to amend the settlement cycle of listed securities within two subsequent working days of the trade execution date. Furthermore, Tadawul announced publishing draft rules for the T+2 settlement cycle for public consultation.
Amending the (T+2) settlement cycle of listed securities will increase the level of asset safety for investors by providing enough time to verify trades, and will unify the settlement duration for all types of listed securities.
An equally important consideration is that the T+2 settlement cycle of listed securities will have no impact on traders. It gives sellers purchasing power for the securities they sell, thus, they will be able to buy new securities directly upon executing trades. At the same time, buyers will be able to sell securities directly upon executing trades with no need to wait for completing the settlement of securities.
Implementing the (T+2) settlement cycle of listed securities complies with settlement practices adopted in most international markets. It is also in line with Tadawul’s strategy to support developing the capital market, and Vision 2030 which calls for building a more advanced capital market open to the world.

The Saudi Stock Exchange “Tadawul” and the Japan Exchange Group, Inc. (JPX) signed a Memorandum of Understanding (MoU),on March 14, 2017, that will formalize and develop further cooperation between the two exchanges.
The MoU will provide a framework for understanding and cooperation between Tadawul and JPX. It will work to strengthen the relations between both exchanges to support the development of both capital markets, this initiative resonates with the Vision 2030, that calls for building an advanced capital market that is open to the world.

The Board of Directors of the Saudi Stock Exchange “Tadawul” convened their first meeting in its fourth round today 16 February 2017. The meeting was held at Tadawul’s headquarters and was attended by all Board Members. This meeting followed the restructure of a new Board of Directors under Council of Ministers Resolution No. (273) dated on 6/02/2017.
The Board members nominated Ms. Sarah Al-Suhaimi as Chairman of the Board of Directors, and Mr. Abdulrahman Al Mofadhi, as Vice-Chairman of the Board of Directors. 

The Saudi Stock Exchange “Tadawul” announced that the enhanced framework for trading and subscribing to Rights of listed companies shall be applied in the next batch of offerings to increase capital through rights issue.
The enhanced framework for Tradable Rights includes the following features:
Registered and new investors can subscribe in one period instead of two separated periods.
All investors are allowed to immediately subscribe after settlement of bought Rights without waiting for a new subscription period.
Ability to enter subscription requests through trading platforms by which sell and buy orders are entered. In addition to ability to subscribe through any other channel provided by the broker.
Framework period for Rights shortened to a maximum of (28) days instead of (34) days.
Through applying this new framework, Tadawul aims to safeguard the interest of retail investors by facilitating the process of subscription to Rights, and ensuring that ample time is given to all investors to trade and subscribe in Rights.
It is equally important to note that enhancing the framework for Tradable Rights is part of Tadawul’s efforts to constantly improve products and services provided to investors and market participants. Tadawul also aims to introduce new tradable investment products to persify and further expand available investment channels in the market.

Tadawul announced that the new industry classification shall be effective starting from Sunday January 8, 2017. This step is in line with Tadawul’s strategy to support the development of the Saudi capital market, and aims to enhance transparency and provide more reliable information on sector performance.
Tadawul has already communicated to all listed companies the new sectors to which they belong according to GICS. The companies have also been briefed on the classification methodology, including the company’s business activity and revenue as the two main factors of classification. Moreover, the new industry classification consists of 20 industry groups representing the second level of GICS.
The calculation of New Sector Indices will start on January 8, 2017, at 5,000 points (Base Values). This will allow better sector performance comparability, given one unified starting point. Moreover, historic data for these new indices will be calculated dating back for 1 year and will be published on Tadawul’s website to make information available for any historical analysis requirements. As they are new indices, it is equally important to mention that their change and change percentage values will begin publication on the second day of the launch.
Furthermore, current sector indices will no longer be calculated, however their historical values will continue to be available on Tadawul’s website. 

Tadawul has been named by MSCI to the organization’s Emerging Market Index Watch List. The announcement comes on the heels of a series of market reforms that the Saudi Capital Market has undertaken as part of the Kingdom of Saudi Arabia’s Vision 2030 economic transformation program, which in part seeks to bring the Saudi market into alignment with its emerging and developed market peers and gain recognition for the country as an indexed emerging market.

 

The Kingdom’s addition to the Watch List and anticipated inclusion in the MSCI Emerging Market Index will ultimately make Tadawul, its constituent listed companies and investors who trade on it, benefit from what is anticipated to be a greater allocation of weighting of global emerging market funds to the Exchange. Overall, growth in emerging markets globally is expected by the International Monetary Fund to improve for the second consecutive year, rising to a projected 4.5 percent in 2017, compared to 4 and 4.1 percent in 2015 and 2016 respectively.

 

Over the past year, Tadawul and the Capital Market Authority (CMA) have worked closely with Saudi government bodies and leading emerging market investors to introduce Vision 2030 capital market reforms, and these have in turn helped move the needle further on achieving Watch List status. Key reforms to date have, among others, included:

• The introduction of T+2 settlement and securities borrowing and lending, which have significantly enhanced the ease of trading and created new opportunities for market participants.
• Adoption this past January of the Global Industry Classification Standard (GICS) which enhances comparability of corporates across markets and enables easier analysis of sector performance.
• A Delivery versus Payment Model (DvP) to comply with the principle of DvP, to provide an extra layer of trade execution security to investors that trade securities on Tadawul.
• Adoption of new corporate governance rules issued by the Saudi Capital Market Authority (CMA) in February to enhance the rights of shareholders and board members and provide greater clarity and more transparency around determining commercial strategic planning, and roles, responsibilities and oversight of corporate entities and third parties.
• Investor relations training for Tadawul’s 24 corporates with the most international exposure and liquidity to enhance transparency and disclosure and enhance investor relations capabilities within Saudi listed companies.
• Enabling foreign participation in Saudi IPOs.
• Introduction of Nomu, a parallel equity market for Qualified Investors that offers lighter listing requirements and serves as an alternative platform for companies to go public.
• Launch of a Real Estate Investment Trusts’ (REITs) market to further broaden and persify investment opportunities.
• Enhancements to the Independent Custody Model which enable custodians to reject the settlement of unconfirmed trades executed by the executing brokers.
• Dropping the Exchange requirement of cash prefunding for specific investors to align trading practices with international standards and standardize institutional investors’ trading processes.
• Spin-off of the Securities Depository Center (SDC) to enhance the efficiency of deposit and registration services offered by the depositary center.

The Saudi Stock Exchange announced the launch of a new suite of market information products and licenses, as part of Tadawul’ s pursuit to provide state-of-the-art products and services to all market participants.

The new market information products include Analytics, Tick Data, and Non-Display license, which are designed to enhance transparency through fulfilling investors needs by offering deeper insight and additional detailed analysis. 

 

The Saudi Stock Exchange announced the issuance of its Board resolution amending (The Exchange and Centre Procedures) which describes the procedures to be followed in light of the provisions of the Exchange Rules mentioned below:

1. Securities Depository Centre Rules.
2. Glossary of Defined Terms Used in the Exchange Rules.
3. Short Selling Regulations.
4. Securities Borrowing and Lending Regulations.
5. Trading Procedures. 

Damascus Securities Exchange (DSE) organized ,in cooperation with Al Wadi International Private University in governorate of Homs and Al Manara University in Latakia, two seminars entitled (The investment and trading mechanism at Damascus Securities Exchange) on April 29 and 30, 2019 at the Universities headquarter.

The lectures were given by Dr. Abdul Razak Kassem CEO of DSE in which he discussed the concept of financial market and the mechanism of investment and trading at the market.

Damascus Stock Exchange organized a specialized training course for brokers in coordination with Syrian Commission on Financial Markets and Securities. The course aims at preparing licensed brokers in order to work later in financial services companies after obtaining a license from the Commission, which considers success in the course a prerequisite for obtaining the license.

Damascus Securities Exchange (DSE) conducted a training course entitled “ Treasury Bills and Bonds” on Monday 7/10/2019 for a group of employee in the Ministry of Finance and the Central bank of Syria for three days at the trading hall in the Exchange. The training course aimed at briefing employees in detail on the mechanism of pricing treasury bills and bonds, and the market-specific regulations, especially trading, settlement, clearing, deposit and central custody systems and the possibility of using them in the process of issuing treasury bills and bonds.

Damascus Securities Exchange organizes a specialized training course entitled

" Credit Risk Management in Banks” 

 and with the participation of a group of best lecturers.

 

 

 

To view the announcement, click here.

To view the program, click here.

To register and participate in the course follow the link below

http://www.dse.sy/seminars-and-courses/register/83

Based on the provisions of Legislative Decree No. (60) of 2007 regarding government securities and the executive instructions of this decree issued by the Prime Minister’s Decision No. (1329) in 2008, and the Government Securities Procedures Guide issued by the Minister of Finance No. (963/f) for the year 2011.
A memorandum of understanding was signed regarding subscribing to treasury bond auctions and trading treasury bonds in the Damascus Stock Exchange between the Ministry of Finance, the Central Bank of Syria, the Syrian Securities and Financial Markets Authority and the Damascus Stock Exchange.
Under this memorandum, the operating financial services and brokerage companies that are qualified and approved by the authority were allowed to submit their offers to subscribe to treasury bonds (for their direct account or for the account of their clients who are Syrian natural or legal persons under an authorization from the client).
The Ministry of Finance can also list and trade treasury bonds in the Damascus Securities Exchange in accordance with the provisions of the system of registration, deposit and circulation of treasury bonds issued by the decision of the Damascus Securities Exchange Board of Directors No. (1622) for the year 2022.

برعاية كريمة من السيد الدكتور محمود زنبوعة محافظ حماة، قدمت سوق دمشق للأوراق المالية بالتعاون مع غرفة تجارة حماة ندوة تعريفية تحت عنوان " آفاق الإستثمار في سوق دمشق للأوراق المالية " بتاريخ 14/09/2022 في تمام الساعة الواحدة والنصف ظهراً على مدرج قاعة محافظة حماة حيث ألقى المحاضرة الدكتور عبد الرزاق قاسم المدير التنفيذي للسوق تناول فيها مفهوم السوق المالي وآلية الإستثمار وكيفية التداول في السوق.

Specialized Training Course on "Fundamental financial indicators to evaluate the performance of companies and banks”

Damascus Securities Exchange organizes a specialized training course entitled
" Fundamental financial indicators to evaluate the performance of companies and banks”
Dr. Alaa Salhani

To view the announcement, click here.
To view the program, click here.
To register and participate in the course follow the link below
http://www.dse.sy/seminars-and-courses/register/84 

الرئيس الأسد يصدر مرسوماً بتشكيل مجلس مفوضي هيئة الأوراق والأسواق المالية السورية
أصدر الرئيس بشار الأسد، اليوم الأربعاء، مرسوماً بتسمية رئيس وأعضاء مجلس مفوضي هيئة الأوراق والأسواق المالية السورية، برئاسة الدكتور عبد الرزاق قاسم، وتم تسمية الدكتور شادي بيطار من كلية الاقتصاد بجامعة دمشق نائباً لرئيس المجلس.
وضم المجلس كل من الاعضاء، معاوني وزيري المالية والتجارة الداخلية وحماية المستهلك ونائب حاكم مصرف سورية المركزي وكل من الدكتور حسين قبلان من كلية الاقتصاد بجامعة دمشق والدكتورة ميسون المصري من كلية الحقوق بجامعة دمشق

Damascus Securities Exchange received the students of the financial markets course at the Faculty of Business and Science at Kalamoon Private University today, Thursday 03/11/2022 in the trading hall at the market headquarters, and Dr. Suleiman Moussalli, Deputy Executive Director of the market welcomed the students. Listing in the financial market in addition to the advantages of investing in the financial market for the investor, clarifying the details of the trading screen and answering students' inquiries.

The Damascus Securities Exchange presented an introductory lecture to the students of the accounting course at the Youth Center implemented in the United Nations Program of the United Nations Development Program and the Ministry of Social Affairs and Labor on Sunday, 11/06/2022 in the trading floor, and Dr. Suleiman Moussalli, Deputy Executive Director of the market welcomed the students, Talking about the data contained in the trading screen in addition to talking about the advantages of listing in the financial market, clarifying the trading mechanism and answering students’ questions and inquiries.

The Damascus Securities Exchange, in coordination with the Commission on Financial Markets and Securities, concluded the specialized training course under the title “Preparation of the Financial Broker According to the Trading Regulations in the Damascus Securities Exchange”, which started on Sunday 11/13/2022, at the market’s headquarters and extended until Thursday 11/24/2022. The course aimed at preparing accredited brokers to work later within financial services and brokerage companies after obtaining a license from the Authority, which considers success in this course a prerequisite for obtaining the license.

Damascus Securities Exchange (DSE) organized a seminar in cooperation with Association of Syrian Financial Analysts at the Exchange in the trading hall. During the lectures, the basic concepts at the market were explained in addition to the regulations and the trading mechanism.

Damascus Securities Exchange (DSE) launches a new index DLX . The DSE Leaders Index has been created to resent the leaders companies in the market which is considered more accurate in reflecting the real market status. Where these companies shall be selected upon fulfilling at least four of the following parameters: Company Market Capitalization - Liquidity: will be measured by (Number of trading days - Trading Volume - Free float turnover Ratio) - Profitability Parameter - Free Float Shares Percentage. Those parameters are specified in detail in "index Sample" tab. It is based on weighting with the free float shares of the companies involved in the calculation of the equation, where each company is given a weight as much as its free float shares represent from the market value of the included company. The index sample consists of the listed companies that meet certain conditions to enter the index equation. Taking into consideration that those parameters will be recalculated at the 10th day of the end of each quarter of the year.

Damascus Stock Exchange organized a specialized training course for brokers in coordination with Syrian Commission on Financial Markets and Securities. The course aimed at preparing licensed brokers in order to work later in financial services companies after obtaining a license from the Commission, which considers success in the course a prerequisite for obtaining the license.

Damascus Securities Exchange conducts the third training course for the year 2017 on Sunday 26/03/2017 and for one week. The training course targeted (20) students from Al-Sham higher institute. The course aimed for providing introductory lectures of DSE regulations and rules in addition to the mechanism of investment in order to increase the awareness related to the culture of investment in Syria.

Damascus Securities Exchange hosted a group of Master’s degree students from Damascus University - political science faculty -International economic relations specialist in the trading hall. The students were briefed on procedures, trading mechanism and the surveillance instructions in addition to the establishment of DSE.

 

Damascus Securities Exchange organized a workshop for the employees of Syrian insurance Supervisory Commission, the training aimed for providing introductory lectures of DSE regulations and rules in addition to the mechanism of investment.

 

MSM manage to renew ISO/27001 certification for quality of information security for the third time.

MSM has renewed the ISO/27001 certificate for the quality of information security for the third time in a row after having succeeded in complying with all the requirements and standards of the ISO/27001 certificate to include all pisions of the Information Technology infrastructure Department and the Systems and Development Department.

The ISO Quality Assurance Certificate is renewed every three years and verified by Bureau Veritas (BV) each year to ensure that best practices consistent with ISO standards are maintained.
Muscat Securities Market (MSM) has been awarded the ISO certificate for the quality of information security in 2011 as the second stock market in the region at the time, where the scope of the certificate was limited to the network and technical support, while the company audited the ISO certificate is the British company BSI.
After 3 years, the certificate was renewed in 2014 with the same scope as the certificate (Network and Technical Support Section) but with the new ISO/IEC 27001:2013. After completing all ISO/27001 certification requirements, MSM expanded the scope of the certificate to include all sections IT infrastructure, systems and development.

Muscat Securities Market (MSM) organized a specialized seminar on "The performance of the global economy and its impact on the financial markets". The seminar highlighted the reality of the performance of the global economy according to the prevailing economic and political conditions in the world. The world economy witnessed a decline in its growth rate during 2018 compared to 2017, contrary to the expectations of analysts, which came at the beginning of 2018.

The seminar highlighted the economic and political factors that affected the performance of the global economy. It touched on the most negative phenomena facing the global economy and the performance of the US economy in the context of the performance of the global economy and its impact on the financial markets, as well as important subjects that address global indebtedness and the performance of global financial markets. As well as the performance of the Arab financial markets, with an explanation of the indicators of the performance of the global economy and where the Arabs stand in the global economy.

Palestine Exchange (PEX) launched its new website on June 2019. The new website is an effective link that allows stakeholders to access the required information smoothly and easily. The website is an integrated platform with modern design and programing built in such a way that makes browsing an enjoyable experience in terms of speed and classified information which appear according to stakeholders’ preferences such as investors, member firms and listed companies.
The launch of the new website aims to enhance the electronic services of PEX, its part of the strategic project of automating PEX operations”. He added that “the website contains a lot of important information about PEX, listed companies and member firms including market watch, financial and non-financial data, news and statistics. It will allow the investor to follow up his investment portfolio and provides him with other services. 

The Palestine Exchange (PEX) announced the new composition of Al-QUDS INDEX for the year 2019. The index includes 15 out of 48 listed companies. The selected companies present 75.90% of total Market Cap as of the 18th of December 2018.

Nasdaq Inc. and Palestine Exchange (PEX) have signed a new market technology agreement for Nasdaq to deliver new matching engine technology via the Nasdaq Financial Framework architecture to Palestine’s stock exchange. PEX, which will also continue to use Nasdaq’s SMARTS surveillance technology for monitoring its market, will leverage the modular functionality of the Nasdaq Financial Framework to offer additional services to their members and clients. This new agreement marks the next chapter in a 10-year technology partnership between Nasdaq and PEX.

The Palestine Exchange (PEX) held a workshop titled "Asset Management ... A Look at Investment Funds", the workshop was attended by representatives of the Capital Market Authority, listed companies and members, as well as representatives of the Pension Authority, the Social Security Fund, academics, experts and interested parties.
The workshop was within the framework of a series of workshops and seminars aimed at identifying the most important issues and ideas aimed at enhancing the securities sector and pushing forward the joint work of stakeholders to create a competitive and an appealing financial market that attracts more local and foreign investment.
In this context, speakers and participants stressed on the importance of asset management and investment funds in the securities sector and its impact on both the exchange and the economy at large. Participants also discussed the potentials and opportunities in the market, taking into account the global and regional trend on these new financial instruments.

PEX launched the English version of its disclosure system "IFSAH", the aim of this development is to make the listed companies financial performance available to foreign investors

PEX concluded the Tenth round of the stock simulation contest with a special award ceremony organized in Ramallah and Gaza. Deans, professors, and students of faculties of economy and commerce of the participating universities attended the ceremony in addition to representatives of the Arab Palestinian Investment Company-APIC, the exclusive sponsor for the third consecutive year.

The Tenth round began with the participation of 280 students from 12 national universities and lasted for 6 weeks. 

 

QSE announces changes to the index methodology of QE Index following a decision by QSE Index Committee and the approval of the Qatar Financial Markets Authority. The decision by the Index Committee is designed to enhance the tradability of the index and ensure that consistent liquidity is a determinant of index inclusion.

The following changes will be effective from the upcoming semi-annual index review (April 2017):

• Constituent Short Term Velocity:

Existing QE Index constituents must have recorded annualized share velocity greater than 5% during the final quarter of the 12 Months Review Period.
For a stock to enter the QE Index it must have recorded annualized share velocity greater than 5% for each of the 4 quarters of the 12 Months Review Period.


• Constituent Trading Activity:
Existing QE index constituents must have traded during at least 80% of the trading days during the final quarter of the 12 Months Review Period.
For a stock to enter the QE Index it must have traded at least 80% of the trading days of each of the 4 quarters of the 12 Months Review Period.

As a result of the above changes, the methodology document will be updated to reflect these changes.

Qatar Stock Exchange (QSE) and Stenden University in Qatar (SUQ) today signed a Memorandum of Understanding (MoU) to promote collaboration between the two sides. The two parties have pledged to work together to collaborate in the fields of education, training, capacity building and community development.

 

The MoU recognizes the value of educational cooperation and practical training for the purposes of knowledge sharing and exploring placement opportunities during the summer season for SUQ students within the 4th and final year of their studies. The MoU also aims to explore volunteership opportunities to have SUQ students participate and volunteer in events and activities hosted by QSE. According to the MoU, the parties will engage in developing training programs/workshops to be provided by QSE to SUQ Students pertaining to the Qatar stock market during the 1st and 2nd year of their studies.

 

This is the fifth MoU signed by Qatar Stock Exchange with a national educational institution, as they signed similar memorandums of understanding with Qatar Finance and Business Academy (QFBA), Faculty of Islamic Studies at Hamad bin Khalifa University, Qatar University, and Carnegie Mellon University in Qatar. 

In cooperation between QSE and Pillsbury Law Firm, the informative event: “Going Public: Readiness and Success” was held to focus on important questions and issues facing companies intending to go public and how to prepare for.

A delegation from the Khartoum Stock Exchange visited Qatar Stock Exchange through which the delegation received clarifications on the Stock Exchange procedures regarding trading, listing and information technology.

They also visited the Qatar Central Securitas Depository Company and were acquainted with clearing, settlement and opening of investment accounts procedures. The visit also included meetings with the Gulf Investment Group licensed to carry on brokerage activities in the market.

Qatar Stock Exchange and Qatar Financial Markets’ Authority are currently putting the final touches on market making rules activities intended to be carried out by the financial services companies, members in the market after obtaining the necessary licenses from the QFMA to practice such activities in accordance with the rules set by the QFMA within the framework of its efforts to develop the activities and financial services relating to Qatar’s capital market, and implement the strategic targets aimed at promoting the Qatari capital market to be an ideal model of providing financial services according to the best international standards along with enhancing liquidity for support and development of the stock exchange.

During the 2017 Annual Meetings held in Bangkok, Mr. Rashid bin Ali Al-Mansoori, CEO of Qatar Stock Exchange, was reelected as a Board Member of the World Federation of Exchanges (WFE). The meetings also resulted in the election of a number of Board Members representing the world's different regions; the Americas, Asia-Pacific, and Europe-Middle East-Africa. Mr. Al-Mansoori was elected by the WFE General Assembly to represent Europe-Middle East-Africa region for three-year term.

 

Qatar Stock Exchange (QSE), in association with Maroon Capital, held a three-day Investor Relations (IR) training program in Doha with the expert input of the UK IR Society, which delivers their program on global basis having highly qualified and reputable trainers.

With the participation of representatives from more than 20 listed companies, the event is aimed at enhancing the skills needed to manage investor relations in the financial markets in accordance with the international best practices, as well as allowing participants to demonstrate the essential knowledge of the financial and market environment, the regulatory and reporting requirements for listed companies and their sound understating of the principles of IR.

This training program is of particular importance to the listed companies as it constitutes their readiness to abide by the rules of investor relations adopted by the Qatar Financial Markets Authority, which will be effective from the beginning of October.

The training program included a number of lectures covering various subjects on the IR practices including the principles of IR and why companies need it, the public company structure and concept of corporate governance, insight into the IR within the financial market environment, and understanding key stakeholders and IR’s role in building relationships. The program also covered the regulatory environment in the market, investment issues related to the buy-side and sell side, as well as the role of media in investment process. 

The listing department of Qatar Stock Exchange (QSE) organized a workshop entitled “Listing on QSE - Growth Opportunities '' to introduce companies to the advantages of becoming a public shareholding company through listing their shares on QSE.

The workshop addressed the benefits of listing private companies in the stock market in light of the significant development that has been achieved by QSE in its capacity as an important element of the national economy. He also emphasized QSE’s readiness to provide continuous assistance to the companies wishing to be listed on the market. 

Qatar Stock Exchange (QSE) organized a training program on Combating Money Laundering and the Financing of Terrorism (AML/CFT). The multiple workshops attended by the entire staff of QSE was aimed at reviewing the key concepts related to AML/CFT along with introducing QSE’s roles and responsibilities in this regard.  

QSE Qatar Stock Exchange (‘QSE’) delivered on another element of its ongoing transparency and disclosure initiatives with the announcement of its roll-out and first training sessions for an XBRL-based reporting system to be called its Q-Disclosure Platform.

Qatar, through an initiative supported jointly by QSE and Qatar Financial Markets Authority (QFMA), is preparing to implement an XBRL-based reporting and disclosure system covering both financial statements (annual, semi-annual and quarterly) and non-financial disclosures (including but not limited to corporate announcements, corporate actions and other regulatory announcements).

XBRL (eXtensible Business Reporting Language) is the result of a move towards a single global electronic financial reporting standard allowing more efficient retrieval and analysis of financial information. The standard was developed by an international non-profit consortium of over 650 major companies, and government agencies and adopted by accounting standards bodies, regulators, and banks around the world.

In line with the XBRL adoption, QSE has developed an integrated solution within its Q-Disclosure Platform that standardizes the information provided in face financial statements and also non-financial disclosures.

The system will be a web-based solution, available in Arabic and English, fully aligned with IFRS and designed with sector specific taxonomy for Banks & Financials, Insurance (Commercial and Islamic), Real Estate and Other (to cover Consumer, Industrials, Telecoms and Transportation).

Qatar Stock Exchange, in cooperation with MSCI, held a senior level sustainability and ESG engagement session, titled MSCI Qatar ESG & Climate Change Forum in Qatar, with the aim to promote the business case for ESG and sustainability, outline QSE’s sustainability action plan to attract responsible investors, provide an overview of global investor assessment approaches to ESG, and serve as the soft launch for the QSE Sustainability and ESG Dashboard.

The participants discussed various topics in relation with integration and implementation practices of ESG factors in an asset allocation framework and investment strategy. The participating speakers and panelists also discussed how are investors approaching ESG Ratings, climate risks, board persity and other key ESG considerations, as well as the ESG integration best practices for asset managers. The event continued to build upon QSE’s leadership efforts to promote sustainability, including the launch of the QSE Guidelines on ESG reporting in December of 2016. 

The State of Qatar, through a joint initiative of Qatar Stock Exchange and the Qatar Financial Markets Authority is preparing to implement an XBRL-based reporting and disclosure system (the “Q-Disclosure platform”) to facilitate financial and non-financial disclosures as currently required from QSE listed companies under section 6.7.13 and 6.7.14 of the QSE Rulebook. The Q-Disclosure platform is an integrated web-based solution, available in Arabic and English. 

Today started a four-day Investor Relations (IR) training program in Doha with the expert input of the UK IR Society, which delivers their program on global basis having a highly qualified and reputable trainer.

Seventeen investor relations officials representing eleven listed companies will participate in the training course, which will be held virtually through the Zoom application and will continue until Wednesday, September 8th. The event is aimed at enhancing the skills needed to manage investor relations in the financial markets in accordance with the international best practices, as well as allowing participants to demonstrate the essential knowledge of the financial and market environment, the regulatory and reporting requirements for listed companies and their sound understating of the principles of IR.

Mr. Abdulaziz Al-Emadi, Director of the Listing Department at the Qatar Stock Exchange, stressed the importance of the role played by investor relations managers in terms of providing immediate information to investors that would help them make their investment decisions.

This training program is of particular importance to the listed companies as it constitutes their readiness to abide by the rules of investor relations adopted by the Qatar Financial Markets Authority, which have been effective since two years, Al-Emadi highlighted.

The training program includes a number of lectures covering various subjects on the IR practices including the principles of IR and why companies need it, the role of regulatory and authorities, the responsibilities of IR managers in the financial market environment, the laws and bylaws regulating IR practices, and the market’s regulatory environment, including malpractices and insider trading, and material information and disclosure principles.

Participants will later be subjected to examination that will allow them to earn the International Certification in Investor Relations, which is an internationally recognized qualifications for the investor relations profession which allows successful candidate to demonstrate the essential knowledge of the financial and market environment, the regulatory and reporting requirements for listed companies and their sound understating of the principles of IR. 

Qatar Holding issued decision No. 1 of 2021 re-forming the Board of Directors of Qatar Stock Exchange. The Board is now chaired by H.E Sheik Mohammed Bin Hamad Bi Qassim Al-Thani, and the structure of the new Board is as follows:

Chairman

H.E Sheikh Mohammed Bin Hamad Bin Qassim Al-Abdullah Al-Thani

1

Vice Chairman

Mr. Mansoor Ibrahim Al Mahmoud

2

Board Member

Mr. Hamad Khalaf Al Maadadi

3

Board Member

Mr. Andre Went

4

Board Member

Sheikh Salman bin Hasan Al Thani

5

Board Member

Mr. Tamim Hamad Al-Kuwari

6

Board Member

Mr. Waleed Jassim Al Musallam

7

Board Member

Mr. Yousuf Mohammed Al jaida

8

Board Member

Mr. Rashid Ali Al Mansoori

9

Qatar Stock Exchange (QSE) today announced the launch of the MSCI QSE 20 ESG Index (MQ 20 ESG Index) in collaboration with MSCI Inc. (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community.

The joint index is designed to identify the top 20 securities within the MSCI Qatar IMI Index that demonstrate the best Environmental, Social and Governance (ESG) profile. Responding to the growing demand for sustainable investment tools from investors, the MQ 20 ESG Index is the first ESG index on the Qatar equity market and marks the first co-operation between QSE and MSCI in equity indices.

The MSCI QSE 20 ESG Index methodology uses a ‘tilt’ approach to index weightings based on MSCI ESG Ratings (AAA through CCC) and MSCI ESG Rating Trend (i.e., is a company improving its rating). A company’s weight is capped according to its weight in the MSCI Qatar IMI Index.

QSE intends for this tradable index to serve as a basis for index linked financial products, particularly exchange traded funds.

“We are responding to investor demand with the launch of this index. The market has been quite vocal – sustainable investing is now a critical part of the decision-making process,” said Rashid Al Mansoori, CEO of Qatar Stock Exchange. “We expect the index to act as a barometer for local companies in terms of ESG performance. Promotion in the index based on improving ESG scores should and will be an aspiration of all of our listed companies”

Henry Fernandez, Chairman and Chief Executive Officer of MSCI, said, “Institutional investors increasingly want tradable indexes that incorporate sustainability into liquid instruments to provide access to specific equity markets. We are pleased to work with the Qatar Stock Exchange to make such products more widely available.”

QNBFS announces the signing of a liquidity provision agreement with the Qatar Stock Exchange Index Fund (QETF), The activity will start on July 3, 2022.

As per the ongoing plans to provide more electronic services to its clients in order to enhance the quality and speed of the services delivered, Qatar Central Securities Depository (QCSD) has launched the following new e-Service:
-Release the protected shares in Mesaieed Petrochemical Holding Company
To start using this e-Service, The investor should login to the QCSD portal using the following link:
https://www.qcsd.gov.qa/en/login
In addition to the other services and information that are available on QCSD website .
For inquiries, you can contact us on: 16014

Qatar Central Depository Company provides more electronic services

As per the ongoing plans to provide more electronic services to its clients, Qatar Central Securities Depository(QCSD) has provided a new e-Service “To Whom It May Concern Certificate” to inpiduals (Qataris and Residents) so they will be able to print this  certificate without having to visit the QCSD premises.

To start using this e-Service and for more information about it, please open the following link:

https://www.qcsd.gov.qa/ar/logintwimc

For inquiries, you can contact us on: 16014

Note: QCSD provides the Statement of Account e-Services through its portal in addition to the other e-Services.

SEG (London Stock Exchange Group plc), today announced it has entered into an agreement to provide its trading and market surveillance technology to Qatar Stock Exchange (QSE). The new platform will replace QSE’s existing trading and market surveillance systems and will enable QSE to expand into derivatives trading in the future.
Qatar Stock Exchange will be powered by the same technology used by LSEG. The new QSE solution will be based upon LSEG’s financial markets product suite, a robust, scalable, and high-performance technology offering, which includes trading, market data, data analytics, and market surveillance. Utilizing a common foundation, all products adhere to a unified architecture and share the same technology framework, data constructs and software engineering methodology.
At the completion of this project, QSE will have a proven technology solution, offering high performance, low latency matching and a powerful market surveillance solution including market data visualization and analytics.
LSEG’s financial markets technology products are used by over 25 financial markets infrastructure operators across the globe, including Johannesburg Stock Exchange, Singapore Exchange and LSEG.
Mr. Tamim Hamad Al-Kawari, CEO of Qatar Stock Exchange, said: “QSE is looking forward to working with LSEG to provide us with industry leading resilience, performance, and business capabilities. The implementation of this technology will enable QSE and its customers to pave the way for QSE to become the leading financial markets innovator in the region.”
The launch of the new trading system will be a great milestone for QSE. It enables us to deliver even greater value as well as offering new products and services to a whole new range of potential clients and participants in the derivative and equity capital markets arena. I would like to thank all our stakeholders who have supported us with this strategic initiative which is very important as we seek to sustain future growth, Ms. Aisha Al-Mahmoud, QSE’s IT Director, commented.
Mr. Peter Jessup, Head of Market Infrastructure Business Development, Trading & Banking Solutions, LSEG, said: “We are excited to have several of our products selected by QSE to power their market and provide the foundation of QSE’s ongoing growth.”

Qatar Stock Exchange (QSE) and the Community College of Qatar (CCQ) today signed a Memorandum of Understanding (MoU) to promote collaboration between the two sides. The MoU was signed by QSE’s Acting CEO, Abdul Aziz Nasser Al-Emadi, and Dr. Khalid Mohamed Al-Horr, President of the CCQ. The two parties have pledged to work together to collaborate in the fields of education, training, capacity building and community development.
Under the MoU, the two parties agreed to develop awareness courses/workshops to be provided by QSE to the CCQ Students pertaining to the QSE’s market and operations, as well as training the students using QSE’s trading simulation programs and introducing them to safe investment methods.
The two sides also agreed to benefit from the expertise of academic tutors, trainers, and experts in each of them, in addition to providing practical training opportunities for the CCQ students at the QSE, and preparing joint research and studies related to the scope of the MoU.
On this occasion, Dr. Khaled Mohamed Al-Horr, President of CCQ, said, “We are pleased to partner with the QSE, which provides our students with a unique opportunity to enhance their academic education through knowledge sharing, joint research, and practical training opportunities using simulation programs for trading in QSE’s market, in an effort by both parties to achieve our vision and build a knowledge-based economy.
The MoU with the QSE lays a solid foundation for cooperation between the two sides and confirms the CCQ’s continued commitment to achieving academic excellence for students and developing their abilities and skills. The MoU reflects our firm belief in QSE’s vital role in advancing economic development and supporting the continuous efforts to build a knowledge-based economy, Dr. Al-Horr noted.
Al-Emadi welcomed the signing of the agreement as a basis for close cooperation with CCQ and said: “This agreement comes within our social responsibility role and the mission and vision to support QNV 2030, with a particular focus on the human development pillar”.
This cooperation is a continuation and culmination of education and awareness efforts undertaken by QSE in the local community. QSE has an important role and active initiatives aimed at contributing to society service through specialized training and rehabilitation. Thousands of people, especially youth and students, have benefited from QSE programs aimed at capacity-building and investment awareness through specialized field training in the securities market, Mr. Al Emadi pointed out.
It is noteworthy that this MoU is the sixth agreement signed by the Qatar Stock Exchange with a Qatari educational institution. QSE previously signed MoU’s with Qatar Finance and Business Academy, the College of Islamic Studies at Hamad Bin Khalifa University, Qatar University, Carnegie Mellon University in Qatar, and Stenden University.

Qatar Stock Exchange (QSE) today hosted a bell ringing ceremony as part of its participation in the World Investor Week initiated by IOSCO and the World Federation of Exchanges.
Prof Dr. Rana Subuh, Dean of the College of Business and Economics at Qatar University, and Dr. Recep Şentürk, Dean of the College of Islamic Studies at HBKU, participated in the activity which was held in the trading floor of QSE.
Mr. Abdul Aziz Nasser Al-Emadi, Acting CEO of Qatar Stock Exchange, highlighted QSE’s ongoing efforts to enhance financial literacy among all society segments which forms an important pillar of the Bourse’s strategy in a way contributing to the sustainability goals as well as the human and economic pillars of Qatar National Vision 2030 aiming to build a vibrant knowledge based economy.
QSE cares about the financial education of the people of our country, particularly young people. As a result, our strategic plan includes a number of financial literacy objectives focused on spreading awareness among researchers, issuers, brokers and investors of all age groups. Since 2013, the QSE has provided financial educational training to more than 10,000 students belonging to various educational institutions, universities, schools and military colleges. Al Emadi said.

The Qatar Stock Exchange is pleased to announce the holding of two evening webinars, to introduce the Book-Building mechanism as per the Offering and Listing Regulations issued by the Qatar Financial Markets Authority.



The first webinar will be held in Arabic on Tuesday, January 17, 2023, while the second webinar will be held in English on Monday, January 23, 2023. To register and attend, please click on the following link


https://qse-qa.zoom.us/webinar/register/WN_B5WmtdwUTQ2QIUbo6DwU1w



It is worth noting that the book-building mechanism is a mechanism used in global markets and many markets in the region to determine the offering price of shares by relying on qualified investors who have sufficient experience and knowledge necessary for fair pricing of the securities.

The Qatar Stock Exchange (QSE) today signed a Memorandum of Understanding (MoU) with the Saudi Tadawul Group with the goal of strengthening their partnership and establishing a foundation for cooperation between the two parties. The MoU was signed by Mr. Abdul Aziz Nasser Al-Emadi, the Acting CEO of the Qatar Stock Exchange, and Mr. Eng. Khalid Al Hussan, the CEO of the Saudi Tadawul Group.

According to the MoU, which was signed on the sidelines of the Saudi Capital Market Forum held in Riyadh, the two parties agreed to cooperate in a number of areas of interest, such as the mechanisms applied to enhance market operations, and the exchange of information and expertise related to investment products and services available in the financial markets, in addition to preparing joint research to promote investment opportunities and enhance the capacity of their respective markets.

Abdul Aziz Nasser Al-Emadi, Acting CEO of the Qatar Stock Exchange, expressed his delight at the signing of the MoU between the capital markets of Qatar and Saudi Arabia and emphasized that it serves as a testament to the long-term partnership, which is aimed at fostering market growth and enhancing the local and regional investment climate.

With global capital markets evolving, it is moreover important for GCC markets to work together to exchange information and align on best practices to elevate our capital markets and enhance the experience for issuers and investors alike. This agreement signals the beginning of an even greater collaboration between our markets, and we look forward to exploring many future areas of cooperation, Mr. Al-Emadi added.

Since its inception, the QSE has worked diligently to create a thriving and transparent capital market equipped with advanced infrastructure and cutting-edge trading platform. The QSE has worked closely with the Qatar Financial Markets Authority to implement comprehensive reforms and enhancements, which have propelled Qatar’s capital market to the forefront of regional and international markets. Furthermore, the QSE has taken a key role in introducing a persified range of products and services to attract both local and foreign investors.

Doha, March 06, 2023 - Qatar Stock Exchange (QSE) and Qatar Development Bank (QDB) have announced a joint collaboration to facilitate the listing of small and medium-sized companies (SMEs) on QSE’s Venture Market (QEVM). The two organizations will cooperate to launch a new financing program to assist SMEs in their growth through covering the costs required for listing on QEVM and to meet the funding requirements of SMEs, which will promote their growth, development, and organizational flexibility.

The program aims to support SMEs that meet the minimum requirements for listing on QEVM, as well as regulatory and financial requirements. It will provide new financing opportunities for entrepreneurs, ensuring persification of financing sources, and providing an additional alternative to traditional financing programs, in order to enhance the business sector and support the state’s endeavors aimed at empowering the private sector.

The QSE and QDB will work together to implement this financing program to assist SMEs to be listed on QEVM, enabling them to become publicly listed companies. The two parties will also enhance cooperation to develop the QEVM, with the aim of ensuring that relevant SMEs benefit effectively from the experience of each party. The two organizations will also promote the benefits of listing to their clients and leverage the financing product aimed at assisting SMEs with listing costs. They will also hold joint seminars and develop training programs aimed at enhancing the ability of SMEs to list in the Venture Market. This initiative not only supports SMEs and the private sector but also contributes to the efforts towards persification, which will add significant value to the Qatari economy.

In a statement at the signing ceremony of the (MoU, Mr. Abdulaziz Nasser Al-Emadi expressed his gratitude for the unlimited cooperation shown by QDB in establishing the important financing program to support SMEs in their endeavors to be listed. He also welcomed the signing of the MoU, emphasizing the close cooperation between QSE and QDB in enhancing awareness of the benefits of listing SMEs in QSE’s Venture Market dedicated for supporting SMEs and private companies. Mr. Al-Emadi emphasized that QSE and QDB share the common goal of supporting the success of small and medium-sized companies and their economic contribution to the national economy, in line with the strategy of economic persification as outlined in the Qatar National Vision.

For his part, Mr. Abdulrahman Hesham Al Sowaidi, Acting CEO of Qatar Development Bank, stressed the importance of this step and its role in strengthening the national entrepreneurship system, adding: “This step comes with the brothers in the Qatar Stock Exchange as a continuation of our endeavors at Qatar Development Bank to support male and female entrepreneurs in SMEs in the State of Qatar and providing access to the necessary means of financing through the various programs and services provided by the QDB, including direct and indirect financing and investment. We are also pleased today to culminate our cooperation with the Qatar Stock Exchange by launching this new financing program, which will contribute to persifying financing sources for small and medium enterprises and enabling them to grow and contribute to the national economy on a larger scale.”

Mr. Abdulrahman Hesham Al Sowaidi, the Acting CEO of Qatar Development Bank, emphasized the significance of the initiative and its ability to enhance entrepreneurship in Qatar. He highlighted that this joint effort with the Qatar Stock Exchange is a continuation of their commitment to support small and medium-sized companies in Qatar and provide them with access to financing sources, which is facilitated through the bank's various programs and services, including direct and indirect financing and investment. He further added that the launch of this new financing program marks the successful completion of their collaboration with the Qatar Stock Exchange, and it will assist in persifying financing sources for small and medium-sized enterprises and enabling them to expand and contribute to the national economy.

The financing initiative announced as part of the MoU aims at supporting SMEs listing in the Venture Market and enhancing their capabilities. The financing program offers competitive profit rates, flexible repayment periods, and extended grace periods, as well as covering up to 70% of the advisory services fees. All SMEs in Qatar can apply for this program by visiting the Qatar Development Bank website at www.qdb.qa or the Qatar Stock Exchange website at www.qe.com.qa.

As part of its ongoing efforts to further contribute to the development of Kuwait’s capital market, Boursa Kuwait organized a consultation workshop regarding derivatives, which was attended by representatives of listed and non-listed investment companies and brokerage firms.

This consultation, where the specifications and conditions associated to derivatives was discussed, falls in line with Boursa Kuwait’s strategy to persify products and increase liquidity, the latter of which is a key pillar that supports the development of a more attractive investment platform.

Derivatives will be launched as part of phase four of the Market Developments plan, which was initiated by Boursa Kuwait in 2017 in collaboration with the Capital Markets Authority and the Kuwait Clearing Company. The launch will follow an integrated study of derivatives conducted by Boursa Kuwait, alongside investment companies and other strategic stakeholders. During the session, Boursa Kuwait conducted polls and held a Q&A session where those involved raised their comments and concerns.

Marking a momentous milestone in its transformation into a world-class financial and commercial center, Kuwait has been officially upgraded to Emerging Market status by leading index compiler MSCI Inc. Effective May 2020, the country’s MSCI indexes will be reclassified to Emerging Markets status. Paving the way for increased participation from foreign investors in Kuwait’s capital market and driving significant capital inflows to the country, the inclusion will take place in one phase with the addition of nine blue chips to the benchmark. Kuwait’s addition adds further persification to the MSCI Emerging Markets Index with an estimated weight of 0.69%. The reclassification of Kuwait from its previous ‘Frontier Market’ status comes as an emphatic endorsement for the sweeping market development reforms undertaken by the tri-lateral task force of Boursa Kuwait, the Capital Markets Authority (CMA) and Kuwait Clearing Company’s (KCC). MSCI had granted conditional approval for the inclusion of Kuwait in the coveted index as part of the benchmark provider’s 2019 Annual Market Classification Review held on June 25, 2019. The country successfully completed the implementation of MSCI’s recommendations, including the introduction of omnibus account structures and same National Investor Number (NIN) cross trades by the end of October, a month ahead of the stated deadline.

Boursa Kuwait held an Investor Relations (IR) workshop titled “Making the most of your annual report and IR website”, at its premises, in collaboration with the Middle East Investor Relations Association (MEIRA) and its Kuwait Chapter on November 20, 2019. The one-day event, which attracted more than 100 IR practitioners from companies listed on Boursa Kuwait, highlighted the latest trends and international best practices for annual reports and IR websites.

MSCI Inc., a leading provider of critical decision support tools and services for the global investment community, announced the reclassification of Kuwait to ‘Emerging Market’ from its previous ‘Frontier Market’ status in its 2019 Annual Market Classification Review. The reclassification is subject to omnibus account structures and same National Investor Number (NIN) cross trades being made available for international institutional investors before the end of November 2019.
The reclassification, which is expected to lead to significant foreign capital flows to country’s equities, will take effect in one step coinciding with MSCI’s May 2020 Semi‐Annual Index Review. This would lead to an inclusion of nine stocks in the MSCI Emerging Market Index having a pro forma index weight of approximately 0.5%. The MSCI status upgrade follows Kuwait’s inclusion in S&P Dow Jones Indices’ (S&P DJI), Global Equity Indices, with Emerging Markets classification in December 2018 and in the FTSE Russell Emerging Markets Index in September 2017. The global index compiler’s decision to include Kuwait in its Emerging Markets benchmarks comes in response to the country results in the 2019 Annual Market Classification Review. Announcing the reclassification, MSCI noted that Kuwait’s Market Development Project has set the path for the seamless implementation of numerous regulatory and operational enhancements in the Kuwaiti equity market. These enhancements have significantly increased the accessibility level of the Kuwaiti equity market for international institutional investors and resulted in broad positive feedback from these investors on the MSCI reclassification proposal. 

Boursa Kuwait has participated in the first ever ‘Stock Exchange Week’ program organized by Kuwait University’s College of Business Administration (CBA).

As part of its participation in the program, Boursa Kuwait set up a booth at the CBA premises to promote its digital education portal, Boursa Academy Online, which aims to create greater stock market awareness among new and professional retail investors. The company also distributed brochures and promotional materials among university students to encourage them to gain a basic understanding of trading as well as about various investment instruments available in the capital market.

In addition, a number of experts from Boursa Kuwait conducted workshops to offer students deep insights into a wide range of relevant topics, ranging from the know-how of trading to risks of investing, to help them make informed investment decisions.

Boursa Kuwait’s participation in this week-long program is closely aligned with its corporate social responsibility (CSR) strategy, which sets out the framework for the company’s capital market education initiatives. It also comes in line with Boursa Kuwait’s long-term market development plan that aims at transforming the company into a leading regional stock exchange and an attractive destination for foreign investment by implementing best practices and increasing transparency for the benefit of its stakeholders.

Boursa Kuwait has conducted the second workshop on ‘Corporate Actions’, the session was held at the company’s premises and has witnessed the participation of listed companies’.
The awareness session included a brief on the settlement cycle T+3 and equity benefits considering Capital Market Authority’s Law No. 63 of 2017, which obliges listed companies to fulfil new requirements including the announcement of the board meeting to discuss annual financial results and pidends distribution to shareholders. A Q&A session was allowed for attendance to propose any questions or queries they have or clarifications they entail.
The workshop comes in line with Boursa Kuwait’s main objective to maintain the maximum level of transparency and offer financial services and products that meet international standards, and holding on going workshops and sessions to achieve the maximum level of awareness and benefit for stakeholders.

Boursa Kuwait has signed a Memorandum of Understanding (MOU) with the Middle East Investor Relation Association at Boursa Kuwait Headquarters.
MEIRA is a non-profit organisation that aims to promote investor relations best practice throughout the Middle East. Through this partnership, Boursa Kuwait will be playing a leading role in the support of the ‘MEIRA Kuwait Chapter’ in an effort to raise the standards of the Investor Relations role by rolling out specialized awareness and training programs.

Boursa Kuwait announced today that it is officially joining the United Nations Sustainable Stock Exchanges (SSE) initiative, which is a peer-to-peer learning platform for exploring how exchanges, in collaboration with investors, regulators, and companies, can enhance corporate transparency – and ultimately performance – on ESG (environmental, social and corporate governance) issues and encourage sustainable investment. This announcement marks the 63rd Partner Exchange to join the SSE.

Boursa Kuwait recently announced that it has published a draft copy of the official Over The Counter (OTC) Trading Rulebook on its website for public consultation.
The OTC draft Trading Rulebook will act as a tool to regulate deals and transactions of unlisted shares outside of the exchange.
The draft book, which was developed by the Boursa Kuwait team, lays out the proposed procedures and rules for future OTC trading in Kuwait, whether for unlisted shares or for Islamic bonds and sukuk.

Boursa Kuwait has announced that it has become a member of International Organization of Securities Commissions (IOSCO), a major achievement to be added to the company’s track of records and a testimony for its clear vision and successful strategy. The International Organization of Securities Commissions (IOSCO) is the international body that brings together the world's securities regulators and is recognized as the global standard setter for the securities sector. IOSCO develops, implements and promotes adherence to internationally recognized standards for securities regulation. It works intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda. Through this membership, Boursa Kuwait will get the necessary support for developing, implementing and promoting adherence to internationally recognized and consistent standards of regulations to protect investors, maintain fair, efficient and transparent markets, and seek to address systemic risks. The membership will also allow exchanging information at both global and regional levels on experiences, to help developing the market, strengthening infrastructure and implementing appropriate regulations. IOSCO categorizes members of its organization.

The Egyptian Exchange (EGX) celebrated the completion of The Egyptian Mercantile Exchange (EMX) feasibility study.
Over the past year, EGX exerted all efforts in collaboration with Ministry of Supply and Internal Trade, Federation of Egyptian Chambers of Commerce, and other stakeholders representing this market to develop the full study of the commodities market in Egypt.

EGX studied similar successful regional and international commodities markets and held meetings with grating companies, key players of the Egyptian market, representatives of the General Authority for the control of exports and imports, and largest warehouse management companies. It also carried out a comprehensive inventory of all production and export data since 2015 for the commodities to be traded, as well as their average prices during the past two years, and an inventory of companies involved in the trading cycle. EGX also completed a timeline and an integrated action plan for the business cycle and the regulatory structure of the Egyptian Mercantile Exchange (EMX).

To complement the study, EGX had a number of field visits to logistical areas and warehouses, to identify the important elements for the establishment of The Egyptian Mercantile Exchange (EMX) which is the selection and rehabilitation of warehouses that will be approved by the stock exchange and will be linked electronically to the trading platform.

The upcoming period will witness the announcement of establishment of EMX management with EGX as the main shareholder.

EGX has issued a decree allowing the addition of the subscribed investment cash funds as a grantee for the marginal trading. This comes as step forward to activate the margin trading mechanism which consequently raise the market liquidity and will enhance the trading environment.

The decision stipulates that "member entities or companies of the Egyptian Exchange allowed to practice margin trading, as well as receiving subscriptions to the cash investment funds subscribed to by them, shall take these documents as collateral for the client's margin trading through the same entity or company." The recipient of the subscription shall be subject to the same conditions as list (A) of the specialized activities lists, which allows these documents to be counted as a 100% guarantee.

In addition, the market value of the document is evaluated daily by the management company, so the document recovery can be performed to liquidate the collateral and collect cash within one business day.

This comes after the approval of the Egyptian Financial Regulatory Authority, complementing EGX’s efforts to further activate the margin trading mechanism as one of the mechanisms that contributes to increasing liquidity rates and activating trading in the market.

EGX held series of meetings with members of the Egyptian Banks Union, especially banks that act as custodians to discuss mechanisms to activate the role of banks in the purchase of securities through margin trading.

In accordance with regulatory procedures, brokerage firms or custodians are required to reassess the securities purchased by margin at the end of each business day in accordance with their market value, if the client's indebtedness exceeds 60% of its market value as a result of low prices, he shall notify the customer of the reduction of this percentage either by paying cash or offering cash guarantees.

The Egyptian Exchange (EGX) issued a decree regulating the procedures for registering and executing public and private placements in the Egyptian capital market after being approved by the Financial Regulatory Authority (FRA).

The amended decree allows EGX's specialized committee in EGX to adjust the timeline for receiving orders during the offering, according to the justifications provided by the offering manager and accepted by EGX, up to two working days before the end of the period of registration of orders at the EGX's platform.

FRA shall be notified of the committee's decision and a summary of the justifications shall be submitted to the EGX before the implementation of the required amendment begins. Misr for Central Clearing, Depository and Registry (MCDR) shall also be notified of the amendment as well as the offering Manager shall be committed to disseminate the amendments through the means prepared for this purpose at EGX.

During the validity period, EGX shall announce on the trading screens the coverage ratio of the private placement and the execution price, this immediately after receiving the offer manager’s statement. The MCDR must be notified to do its duties.

The Egyptian Exchange will automatically delete orders of retail investors that overlap with orders from the same party in the private placement once orders are placed on its OPR system.

The Egyptian Exchange (EGX) developed a program to be linked to brokerage firms to place their financials as part of EGX’s keenness for technological development and increasing level of transparency in the Egyptian market.
EGX addressed the brokerage firms to send their financial statements; consolidated financial statements, budget and electronically cash flow list from the financial statements to be collected through a new electronic system allowing it to be published through EGX's website.
The new program allows different parties to prepare studies on the brokerage sector, as well as giving an overview to any company wants to add brokerage activities to it.

The Egyptian Exchange (EGX) signed a cooperation agreement with Mansoura University to raise financial literacy among MU students. The agreement includes training programs on basics of investment and long-term savings of the capital markets.  

The Egyptian Exchange (EGX) completed the development of its main index EGX30 methodology to have a more reflective index of the market performance. This comes within the framework of the development program adopted by EGX management from “the value-added chain” perspective, to raise the efficiency and competitiveness of EGX.

EGX issued a decision for the activation of market maker in the Egyptian market. EGX set the criteria for brokerage firms allowing them to act as market makers and was approved by the Egyptian Financial Regulatory Authority (FRA). The decision states the criteria, registration steps, technical requirements, experience and competence required for applying for this activity along with EGX’s membership rules.  

The Egyptian Exchange started its introductory program to Judges in Economic Courts, which aims at reviewing the most important mechanisms and frameworks governing the capital market in terms of trading inside and outside the cabin. This comes in cooperation with the German Foundation for International Cooperation (GIZ).

It is worth mentioning that EGX had signed an MOU with the German Foundation for International Cooperation last week, which aimed at organizing awareness programs of the mechanisms and frameworks governing the capital market, which will be presented to the new judges in the Economic Courts.

The World Federation of Exchanges (WFE) selected The Egyptian Exchange (EGX) to be the head of the Emerging Markets Committee of the federation for the coming two years. Argentina and Thailand stock exchanges were selected as deputy head of the Committee. This Committee includes 27 stock exchanges representing 21 countries out of the 66 WFE member countries.

 

The Egyptian Exchange (EGX), in collaboration with the European Bank for Reconstruction and Development (EBRD), held a workshop to strengthen and enhance the small and medium-sized companies that are listed on the NILEX at the administrative, technical, governance and sustainability levels.

The Egyptian Exchange (EGX) completed during a week a workshop whose focus was to develop skills and proficiencies of 20 employees in the different departments of 10 member exchanges of the Federation of the Euro-Asian Stock Exchanges; that workshop was held in Cairo.
The exchanges representatives who attended the training program included the stock exchanges of the following countries of the following countries Amman, Iraq, Switzerland, Iran, Kazakhstan, Armenia, Kuwait, Oman, Uzbekistan and Palestine.
The training program held at EGX headquarters in the Smart Village that was presented by EGX senior management includes the following topics such as risk management, membership and surveillance.
The step affirms the EGX is keen to activate the relations with various financial markets to enhance cooperation and exchange of experiences as this contributes in capital markets’ role in achieving economic development.

The Egyptian Exchange (EGX) has launched a training program on "Risk Management" in cooperation with the Investor Protection Fund. The training aims at developing the competences of the risk management departments’ employees of the brokerage firms to enable them to design effective policies that strengthen their companies’ in this regard for more stability in the securities industry.
The training program includes two rounds each is four-days. Approximately 70 brokerage firms attend each round from Cairo and Alexandria.

Continuing EGX Board aim to improve trading environment of The Egyptian Market; a more dynamic with better control market, EGX, issued a decision on the determinants of closing price calculation and the subsequent move controls within price limits and pause. EGX issued another one on closing rate calculation parameters.

EGX had finished the preparation of the second version of the manual of procedures and rules of trading which includes the changes and amendments in the trading system during the past years.

The new version of the manual includes fourteen chapters on the aspects of the client's coding, the organizing procedures of the trading session , the specialized activities, the rules and mechanisms of unrestricted securities, as well as the regulations of special operations related to the decisions affecting the stocks market prices. This version of trading manual also reviews the mechanism of trading on local and foreign GDRs, treasury bills and index funds, in addition to the rules of treasury shares and IPOs. Finally, the manual concludes with a review of illegal trading practices.

 

The Egyptian Exchange (EGX) and Bombay Stock Exchange (BSE) signed a Memorandum of Understanding (MOU) that includes mutual cooperation and the exchange of information across both Exchanges’ business areas.
Through this MOU the two exchanges have created possibilities for a range of opportunities to be studied and explored for the development of their businesses, products, and markets, and to share knowledge and build on both exchanges' strategies of strengthening international connectivity.

EGX met a number of specialized exchanges in the circulation of commodities and contracts on the sidelines of the annual conference of the WFE in Bangkok.

The bilateral meetings included officials from NASDAQ, Johannesburg, Moscow and India exchanges, as well as representatives of both Chinese exchanges Dalian and Zhengzhou, which specialize in commodities and contracts only. During the meetings, a clarification was made about the requirements for establishing stock exchanges specialized in trading of financial instruments or commodities, and the importance of existence of commodity settlement for contracts, like for example ,the existence delivery depositories for goods traded on the market.

On the other hand, a discussion was made about the types of contracts that can be traded on various types of goods, ranging from general contracts without specific depositories for delivery of commodities, to the contracts where the goods have specific delivery places ,and also the determination of goods that can be are traded, the maturity and value dates , the primary price and other technical matters. As well as the technological structure required for the development of such contracts, where the most important of which is how to obtain prices of goods in the current market for trading, on which the future price stipulated in the contracts.

Noting that there are proposed amendments to the Egyptian Capital Market Law and that these amendments will establish the legislative and regulatory framework for the Egyptian contracts exchanges and markets. The proposed legislation also allows for the large circulation of contracts based on financial instruments such as shares, bonds, agricultural commodities and other identifiable goods.

 

\EGX Board decided to reduce the period of temporary suspension of trading on a security during the session as a result of the price change to 15 minutes instead of 30 minutes, EFSA also provided the flexibility for EGX management to increase or decrease this period between its minimum time which is 15 minutes and its maximum time which is 30 minutes according to market conditions.

 

 

 

According to a decision by Prime Minister, Mohamed Farid Saleh has been named as the new head of the Egyptian Exchange (EGX), Saleh will assume the post for four years. 

The Disclosure Department held an extensive meeting with a number of listed companies in the Egyptian Exchange for training on transforming to the electronic disclosure system entirely, after it was implemented tentatively since 2015 .EGX's management is targeting obliging all listed companies to use the electronic disclosure system before the end of the current year.

In an important step of EGX management towards achieving its strategy of becoming a sustainable institution and leading the listed companies and the various market participants for accomplishing the objectives of sustainable development, EGX has issued the first Annual Sustainability Report at the level of the Egyptian public institutions.

Worth mentioning that EGX has issued in October last year "The Guidance Manual Of ESG of Listed Companies" as the first guide of its kind regionally. It aims at helping the listed companies to apply the principles of sustainability in their activities and in the issuance of their reports; EGX held a training for the management of these companies to apply the principles which reflects positively on their performance and enhances the transparency and efficiency of the market as a whole.

 

The Egyptian Cabinet approved the proposed amendments submitted by EGX regarding the duration of the chairmanship of EGX to be 4 years non-renewable. Due to EGX's regulatory and supervisory dimension, also compared to regulations of other supervisory authorities like the Egyptian Financial Supervisory Authority (EFSA), this is the highest supervisory authority in the capital market.

The Cabinet also approved some amendments to the law regulating the nomination of members of EGX Board of Directors, which includes amending the regulations of selecting the seat representing small and medium-sized companies which are listed on Nilex. This amendment is actually deleting the maximum capital of the company that was EGP 25 million stipulated in the previous organizing regulations.

 

The Casablanca Stock Exchange also organized on April 15 and 16, 2019, in London, the 4th Edition of Morocco Capital Markets Day. The goal of this event, held in partnership with the London Stock Exchange Group, was to promote the Moroccan financial marketplace on the international scene.

In this respect, a presentation on the economic and financial environment in Morocco was made in the presence of an array of personalities, speakers and experts from both private and public financial sectors. One-to-one meetings between Moroccan publicly traded companies and international investors were also organized on this occasion.

This edition was a great success with more than 200 participants. Besides, this event allowed participating Moroccan issuers to hold over 244 meetings with international investors.

The new General Regulation of the Casablanca Stock Exchange was adopted in July 2019. This new version was developed to respond to market developments. Indeed, the new arrangements have given the Casablanca Stock Exchange more flexibility in setting up the tools necessary for the development of the market. This will make it easier to adapt to the expectations of domestic and international issuers and investors, increase market liquidity, facilitate SME market access and set up new financial instruments.

In order to communicate on its new general regulations, the Casablanca Stock Exchange organized multi-target conferences with the participation of the main operators of the market.

The Casablanca Stock Exchange has updated the composition of its Casablanca ESG 10 index. This measure comes as a result of the annual review conducted by the independent international research and services agency ESG Vigeo Eiris and after the holding of the scientific committee of the indices of the Stock Exchange. Casablanca.

The establishment of Casablanca ESG 10, the reference index Environment, Social and Governance (ESG) addresses the multiple interest of attracting a new category of SRI investors by providing them with a reference tool that meets their needs, to shed light on Casablanca financial center on an international scale, while promoting the development of ESG best practices among publicly-traded companies.

IFC, a member of the World Bank Group, and the Casablanca Stock Exchange are partnering to help companies in Morocco attract investment, part of an effort by IFC to support job creation and economic growth in the kingdom.
IFC will advise officials at the exchange, the second-largest in Africa by capitalization, as it offers small and medium enterprises advice on corporate governance and financial reporting. The program is designed to help smaller companies, a key part of Morocco’s economy and major source of jobs, eventually list on the exchange. That would give them crucial access to capital from both foreign and local investors, allowing them to expand and create jobs.

The Casablanca Stock Exchange and the Ghana Stock Exchange have signed a Memorandum of Understanding (MOU) to exchange experience and expertise. The objective of this partnership is to bring capital markets closer to both countries. 

The APSB (Professional Association for Brokerage firms (APSB) and the Moroccan Association for Participating Finance Professionals - Sharia Compliant (AMFP) organized, in partnership with the Casablanca Stock Exchange, a workshop entitled "Mechanisms for financing The ecosystem of participatory finance - Sharia Compliant through the capital market "

The Casablanca Stock Exchange (CSE), jointly with the African Securities Exchanges Association (ASEA), organized for the first time in North Africa, the 6th edition of the Building African Financial Markets (BAFM) Capacity Building Seminar.

 

The Order of Chartered Accountants has organized, jointly with the Casablanca Stock Exchange, the national finals of the 9th edition of the management tournament. Several business schools and Universities of Morocco took part in this event.

In accordance to the best international standards & global practice, and as part of its efforts to enhance market liquidity, Bahrain Bourse announced the implementation of a new tick size framework which aims to unify all categories of listed financial instruments (excluding Debt and T-bill securities) at BD 0.001 & USD 0.001.

The new tick size framework has been designed to mitigate investors risk in the event of price drops and limit excessive disruption to the market. The new tick size aims to revitalize companies with lower market capitalization and help incentivize investors due to narrower market spreads. Investors will also be able to place orders with smaller fractions, which will enable investors to mitigate risks.

Commenting on this occasion, Abdulla Janahi- Director of Trading Operations stated, “The new tick size which came into effect on the 19th of May 2019 will allow the unification of the security tick size movements for all the securities traded in BHB’s market (excluding Debt and T-bill securities). The change of the tick size follows best practice on international trading venues and aligns our market with those standards to ensure its continued competitiveness.”

With the change of the tick size, prices of financial instruments (excluding Debt and T-bill securities) traded on Bahrain Bourse will be determined with a greater precision. This would help narrow market spreads (the difference between the ask price and the bid price) and ensure a more precise market valuation of the instruments. The change will be particularly relevant for companies with lower market capitalization, for which a price change by BD 0.001 (or US$ 0.001 for companies traded in USD) represents a major percentage change in value.

Bahrain Bourse held a workshop on Sustainability and Investor Relation (IR) Digital Solutions as part of its efforts to promote best IR practices in the Kingdom of Bahrain. The workshop was attended by more than 30 representatives from listed companies along with Middle East Investor Relations Association “MEIRA” Bahrain Chapter members.
The workshop highlighted the importance of ESG disclosure in meeting growing investors’ demands for listed companies which was presented by Sustainability Excellence. In addition, IR digital solutions best practices were presented by DirectFN Mubasher to shed light on the importance of IR digital tools in communicating effectively with investors and stakeholders. The workshop was concluded by an open discussion addressing questions from the attendees.

Bahrain Clear announced the issuance of a consultation paper on the proposed Delivery Versus Payment (DVP) Model Framework. The proposed consultation paper was disclosed on Bahrain Bourse’s website and distributed to related parties and stakeholders to receive their views and comments prior to the implementation of the enhanced DVP Model Framework. This initiatives comes as part of Bahrain Clear’s role to enhance capital markets infrastructure, with the overall aim of protecting clients’ securities transactions.

The enhanced DVP Model will activate the custody model in the market by combining pre-settlement controls through a custodian trade confirmation/rejection practice, with an automated solution to custodian-broker settlement. Hence, the suggested framework will permit local custodians to reject buy and/or sell trades for settlement where it has not received settlement confirmation from its client or there is a mismatch in the settlement confirmation.

The following existing key features will remain: Settlement of securities on T+2, pre-validation of sell orders will be maintained, the existing securities and cash settlement timings will be changed to accommodate handling of rejected trades, the enhancements to the DVP model applies only to settlement of trades by Local Custodians clients and do not apply to clients settling trades through direct trading accounts.

Bahrain Bourse (BHB) in cooperation with the Middle East Investor Relations Association (“MEIRA”) and Bahrain Institute of Banking & Finance (BIBF) held the Certified Investors Relations Programme (‘CIRO’) for the first time in the Kingdom of Bahrain during 24 – 26 November 2019 under the umbrella of the Investment Academy (a joint initiative between the BIBF and Bahrain Bourse). Several professional executives from various listed companies on Bahrain Bourse attended the programme to develop their knowledge and skills of the fundamental principles and best practices of Investor Relations (IR).

The CIRO Programme has been rolled out as part of Bahrain Bourse’s plan to develop the investor relations function and promote international best practices among listed companies in the capital market. The CIRO programme aims to offer professional talent a unique opportunity to acquire certification within IR, which is increasingly becoming an important function within listed companies.

The programme is a three-day intensive training course of a total of 20 hours, followed by a 60-minute exam. The programme covers six key topics: principles & practices of investor relations, global financial markets, companies & regulation, regulatory environment, accounting, valuation & investment principles, effective IR in practice.

The CIRO programme is an internationally recognised certification for the investor relations profession. In the Middle East, the programme is organised by the Middle East Investor Relations Association (MEIRA), in partnership with the UK IR Society (UKIRS) and delivered by the Bahrain Institute of Banking and Finance (BIBF) in the Kingdom of Bahrain. The CIRO programme is fully supported by Tamkeen (Labour Fund) under the Training & Wage Support programme.

The CIRO programme has been launched in June 2019 as a joint initiative between Bahrain Bourse (BHB), MEIRA, and the BIBF following an agreement signed by Middle East Investor Relations Association (“MEIRA”) and the Bahrain Institute of Banking & Finance (“BIBF”).

Bahrain Bourse (BHB) in collaboration with INJAZ Bahrain officially announced the kick-off of the 2nd edition of the Smart Investor Program targeting elementary students for the academic year 2019-2020.

The Smart Investor program’s workshops will be delivered across 80 schools, both Government and Private schools with the support of 166 educators and volunteers targeting 5000 students within Grade 4 elementary level throughout the academic year. The Smart Investor in its first edition was able to exceed outreach targets by 30 %.

The Smart Investor program is a national awareness program launched in 2018 in collaboration with INJAZ Bahrain targeting elementary students. The program aims at equipping young students with basic concepts related to money management, savings and smart financial planning through interactive edutainment activities in order to assist them in making sound financial decisions.

The Program consists of seven-themed sessions designed to equip students with the following concepts: Thinking, Specifying, Planning, Execution, Saving, Progression, and Evaluation.

The strategic partner for the 2019-2020 ‘Smart Investor’ program is the Labour Fund (Tamkeen). Silver Sponsors include: Ahli United Bank, GFH Financial Group, and Ithmaar Holding.

It is worth noting that earlier this month, Bahrain Bourse ‘Rang the Bell for Financial Literacy’ alongside 30 other global stock exchanges to enhance financial literacy and investment awareness through various programs and initiatives which includes TradeQuest (22 years), Smart Investor (2 years), and Investment Academy (2 years).

Bahrain Bourse (BHB) issued Resolution No. (4) for the year 2020 to list Treasury Bills and Short-Term Islamic Lease (Ijarah) Sukuk that are issued by the Central Bank of Bahrain on behalf of the Government of the Kingdom of Bahrain for the year 2020 at Bahrain Bourse on the issuance date.

According to the resolution, 58 Treasury Bill and 10 Short-Term Islamic Lease (Ijarah) Sukuk issues will be listed during the year 2020 unless stated otherwise.

The total value of the T-Bill issues is BD4.01 billion, while the total value of the Short-Term Islamic Lease (Ijarah) Sukuk issues is BD260 million.

As part of Bahrain Bourse’s (“BHB”) continuous efforts to develop the Capital Market in the Kingdom of Bahrain, and in relation to the Listing Rules published on 13th January 2020 and recent amendments to requirements under CBB Disclosure Standards, Bahrain Bourse would like to notify shareholders of all listed companies of amendments put in place for providing specific timeframes in relation to recommendation of declaration of pidends. The corporate action timelines amendments aim to provide further flexibility for shareholders to conduct their trading transactions post the recommendation of declaration of pidends announced during the General Meeting date.

The Listing Rules published on 13th January 2020 along with Central Bank of Bahrain’s amendments in relation to Corporate Actions timeline (has been implemented with an objective to enhance the existing practice and eliminate any potential redundancy and ambiguity with respect to the timeline mechanism of declaration and payment of pidends and Bonus shares if any. Further, the amendments have been put in place in line with international best practices and to achieve consensus across market participants.

The amendments of corporate action timelines and mechanism provides specific timeframes in relation to recommendation of declaration of a pidend (including bonus shares, if any), the rate and amount per share, the Record Date, the Cum-Dividend Date, the Ex-Dividend Date and the Payment Date.

The amended corporate action timelines, which came into effect as of December 2019, requires that the Cum-Dividend Date falls at least one trading day (excluding the date of the general meeting) after the date of the general meeting. Issuers must ensure payment of declared pidends to shareholders, whose names are registered in the company’s share register on the Record Date, no later than 10 trading days from the Record Date.

Bahrain Bourse held a webinar on the importance of Environmental, Social and Governance (ESG) Reporting on Wednesday, 29th July 2020, which is part of a series of workshops Bahrain Bourse is organizing with the aim of enhancing awareness and understanding of the importance and benefits of ESG reporting and encouraging listed companies in disclosing ESG information. The webinar was attended by more than 30 representatives from listed companies and other financial institutions.

The webinar began with an introduction on the ESG Voluntary Reporting Guideline that Bahrain Bourse issued last month, as well as provided companies with guidance on ESG disclosure and reporting methodology. ESG in the banking sector was also discussed, shedding light on the implementation of ESG Reporting in the banks in Bahrain. The webinar was concluded with an open discussion addressing questions from the attendees.

Webinar speakers included Marwa Almaskati, Director of Marketing & Business Development of Bahrain Bourse, Darin Rovere, Founder and Chief Executive Officer of Sustainability Excellence, and Dr. Ali Adnan Ibrahim, Chair - Sustainable Development Committee of Bahrain Association of Banks (BAB) and Head of Sustainability & Social Responsibility, Al Baraka Banking Group.

Marwa AlMaskati, Director of Marketing & Business Development of Bahrain Bourse said: "Following the issuance of Bahrain Bourse’s ESG Voluntary Reporting Guideline, we are keen to build on this initiative by enhancing the concept of ESG Reporting among listed companies. This webinar is part of a series of workshops/webinars that Bahrain Bourse is organizing to encourage and assist listed companies in addressing ESG issues that in return will contribute to the development of sustainability in Bahrain’s capital market.”

Darin Rovere, Chief Executive Officer of Sustainability Excellence said, "Fueled by the performance driven attributes of integrating ESG factors in investment decisions, responsible investing has grown exponentially over the last decade. It is therefore critical for listed companies to report on key ESG factors to meet the growing requirements of investors for material ESG information."

Dr. Ali Adnan Ibrahim, Chair - Sustainable Development Committee of Bahrain Association of Banks (BAB) and Head of Sustainability & Social Responsibility, Al Baraka Banking Group said, “We have a massive opportunity to achieve a sustainable economic recovery coming out of the current recession. Sustainable finance allows banks to contribute by aligning their financing/asset portfolio with the United Nations Sustainable Development Goals (SDGs) and by incorporating environmental, social and governance (ESG) considerations. There is a strong business case in favor of sustainable finance. The majority of ESG funds have outperformed the wider market over the past 10 years, and over $12 trillion in new sustainable investment opportunities exist by 2030.”

It is worth noting that Bahrain Bourse issued its Environmental, Social and Governance (ESG) Voluntary Reporting Guideline for listed companies in June 2020. The voluntary reporting guideline aims to increase awareness and understanding of the importance and benefits of ESG reporting and assist listed companies to address ESG issues in their reporting to meet the requirements of institutional investors for material ESG information. 

As part of Bahrain Bourse’s (BHB) continuous efforts to develop the Capital Market in the Kingdom of Bahrain and enhance transparency in the market, BHB announced the implementation of new procedures related to listed companies with accumulated losses of 20% and above of its share capital based on the financial results of the third quarter 2020, following obtaining approval from the Central Bank of Bahrain.

The new procedures, which will come into effective implementation as of the third quarter financial results 2020, and will classify and color-flag listed companies with accumulated losses on Bahrain Bourse’s website under “Products & Services – Asset Classes”, enabling investors and others to clearly identify the financial position of listed companies and make informed investment decisions.

As per the new procedures, listed companies with accumulated losses will be classified into three categories upon disclosure of its financial results: the first category will include companies with losses between 20% and less than 50% of their share capital, the second category will include companies with losses of 50% up to 75% of their share capital, and the third category will encompass companies with accumulated losses of 75% and above of its share capital. Accordingly, listed companies within the first category will be yellow-flagged on Bahrain Bourse’s website, and listed companies within the second category will be orange-flagged, and the third category will be red-flagged.

Sh. Khalifa bin Ebrahim Al Khalifa, Chief Executive Officer of Bahrain Bourse commented stating, “Bahrain Bourse is continuously seeking to promote fairness and enhance transparency in the market by implementing new rules and procedures that will protect as well as assist investors and others in taking well-informed investment decisions. The new procedures organize the mechanism related to dealing with listed companies with accumulated losses reaching 20% or more of its share capital, and at the same time ensures investors’ protection.”

Under the new procedures, listed companies are required to make an immediate public disclosure once its accumulated losses reach 20% or more of its share capital. Companies shall disclose the total accumulated losses, its percentage of the share capital, justification of the accumulatd losses, and measures taken to restore its financial position. The company will be flagged accordingly indicating that it has reached accumulated losses. After restoring its financial position, the company shall immediately disclose to the public the reduced accumulated losses, and the yellow flag on the website will be removed accordingly.

The same procedure shall apply to the companies with accumulated losses that reach 50% or more of its share capital. The company will be orange-flagged indicating that it has reached accumulated losses of 50% or more of its share capital.

In the event that accumulated losses of a listed company reach 75% or more of its share capital, BHB will immediately suspend the trading on the company and the company will be red-flagged until a public disclosure is made once the company’s accumulated losses are reduced to 75% or below.

 

Bahrain Bourse (BHB), an affiliate member of the International Organization of Securities Commissions (IOSCO), has announced its participation in the fourth annual World Investor Week (“WIW”) from 5 to 11 October 2020.

As part of its participation in the WIW, Bahrain Bourse virtually rang the market-opening bell for financial literacy to join over 35 other global exchanges to mark the occasion over a week of bell-ringing activities. The bell-ringing event, which is a global initiative by the IOSCO and the World Federation of Exchanges (WFE), aims to bring together stakeholders to celebrate the progress that has been made and looking to partner on the road ahead.

Shaikh Khalifa bin Ebrahim Al Khalifa, the CEO of Bahrain Bourse commented, “We are pleased to take part in the World Investor Week for the third consecutive year. BHB’s participation in the WIW demonstrates its ongoing commitment towards enhancing market literacy and investor awareness in collaboration with local, regional, and international organizations.”

“Despite the COVID-19 pandemic and given the restrictions imposed on events, Bahrain Bourse’s activities focused on the production of educational content for its various programs, investor awareness content, and offered a focused virtual seminar session on the fundamentals of saving and investing open to the public,” Shaikh Khalifa added.

Over the years, Bahrain Bourse has expanded its awareness programs to reach out to a greater number of beneficiaries, from students to professionals, through TradeQuest, the Smart Investor Program, and the Investment Academy. The TradeQuest program has been expanded to serve more than 200 students per annum across 21 educational institutions, encompassing private and public schools as well as universities. While the Smart Investor program has benefitted more than 15,000 students since its launch. As for the Investment Academy, more than 2,000 beneficiaries were trained since the launch of the academy, including more than 400 professional certifications awarded.

Ashley Alder, Chair of the IOSCO Board and the Chief Executive Officer of the Hong Kong Securities and Futures Commission, said, “I welcome this fourth edition of World Investor Week, which will be held while all countries continue to respond to Covid-19 pandemic. On behalf of the IOSCO Board, I would like to extend my appreciation to all IOSCO members and their stakeholders who have supported this international initiative to raise awareness of investor education and protection, particularly in such challenging times.”

The WIW is a week-long global campaign promoted by IOSCO to raise awareness of the importance of investor education and protection and highlight the various initiatives of securities regulators in these two critical areas. The campaign also has the support of international organizations such as the G20. IOSCO members on six continents offered a range of activities, including investor-focused communications and services, contests to increase awareness of investor education initiatives, workshops and conferences and local/national educational campaigns. Many members leverage the event to organize further investor education activities throughout the year. 

Bahrain Bourse announced signing a Memorandum of Understanding (MoU) with the Supreme Council for Environment to enhance areas of joint cooperation and issues of mutual interest between the Bourse and the Supreme Council for Environment in areas related to environmental conservation and protection. The MoU was signed by Shaikh Khalifa bin Ebrahim Al Khalifa, Chief Executive Officer of Bahrain Bourse and H.E. Dr. Mohamed Mubarak Bin Daina, Chief Executive of the Supreme Council for Environment.

The MoU aims to encourage listed companies to comply with the environmental rules and requirements and to disclose information related to environmental compliance in its issued reports. The MoU also aims at establishing a joint committee between the two parties to prepare a business plan and a timeframe to achieve the set objectives.

On this occasion, Shaikh Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer of Bahrain Bourse said: “We are pleased to sign the MoU which comes in line with Bahrain Bourse's efforts in encouraging listed companies to disclose information related to environmental, social, governmental (ESG) and sustainability. The MoU will contribute in enhancing the sustainability and transparency in Bahrain's capital market and meeting the investors’ requirements in relation to ESG information disclosure. The agreement also supports our plans to seek listing of green bonds and encourage sustainable and responsible investments.”

Sh. Khalifa also praised the efforts undertaken by the Supreme Council for Environment that aim to set initiatives, plans, and programs that encourage and enhance the environmental culture in the Kingdom of Bahrain and achieve the sustainable development goals.

H.E. Dr. Mohamed Mubarak Bin Daina, Chief Executive of the Supreme Council for Environment said, “The MoU translates the vision of the Supreme Council for Environment which aims at increasing cooperation with various sectors especially those related to the environment such as Bahrain Bourse, as the Bourse plays an important role in supporting the Kingdom of Bahrain’s efforts to achieve the Sustainable Development Goals (SDGs).”

“I hope that the signing of the MoU is a step towards further cooperation and achievements in the area of environmental conservation,” H.E. Dr. Bin Daina added.

It is worth noting that Bahrain Bourse issued its Environmental, Social and Governance (ESG) Voluntary Reporting Guideline for listed companies in June 2020. Bahrain Bourse also joined the United Nations Sustainable Stock Exchanges (SSE) initiative to demonstrate its voluntary commitment to promoting sustainable and transparent capital markets in cooperation with listed companies and other related stakeholders. 

Bahrain Bourse participated in the meeting of the General Assembly of the Arab Federation of Exchanges (AFE), which was held virtually with the participation of the Chief Executive Officer of Bahrain Bourse, Sh. Khalifa bin Ebrahim Al-Khalifa and Chief Operating Officer of Bahrain Bourse, Narjes Farookh Jamal along with various CEOs of stock exchanges and Arab clearing and depository companies.

During the meeting, Bahrain Bourse was elected by the consensus of the members, in addition to the Saudi Stock Exchange (Tadawul) as members of the Federation’s Board of Directors, representing the Arab Gulf Region. Amman Stock Exchange and Beirut Stock Exchange were elected to represent the Levant region, and the Egyptian Exchange and the Casablanca Stock Exchange to represent the Arab African countries. Misr for Central Clearing, Depository and Registry and Kuwait Clearing Company were elected to represent Arab clearing houses. In addition, Damascus Securities Exchange, Muscat Clearing and Depository, and the Khartoum Stock Exchange were elected as members of the Audit and Governance Committee.

Sh. Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer of Bahrain Bourse said, “Bahrain Bourse’s election as a member in the Arab Federation of Exchanges Board of Directors reflects the important role of the Bourse and its active participation in the federation’s activities and committees during the previous years. This, in return, enhances the confidence of various parties related to the capital market and supports Bahrain Bourse’s role to develop the capital market sector locally and regionally.”

It is worth mentioning that the AFE was established in June 1978 to be the guiding body for the Arab stock exchanges, under the recommendation of the Arab Central Banks Conference, held under the auspices of the General Secretariat of the League of Arab States in the Hashemite Kingdom of Jordan. The Federation aims to create a transparent environment for the Arab capital markets, develop market members and reduce the barriers of security trading across the countries through establishing harmony across the laws and regulations of the Arab countries, adopting new technologies and advanced trading and clearing settlements. The federation currently has 21 members representing around 17 stock exchanges and 4 clearing companies, in addition to a number of brokerage companies in the Arab region.

 

Bahrain Bourse announced the appointment of Mrs. Marwa AlMaskati, Director of Marketing & Business Development and Head of MEIRA Bahrain Chapter, as a Director in Board of Directors in the Middle East Investor Relations Association “MEIRA” during the Association’s quarterly Board meeting which was held virtually on 9th December 2020. The appointment follows efforts of Bahrain Bourse in promoting and developing best practices in Investor Relations (IR) and enhance transparency across the Kingdom’s capital markets.

Commenting on this occasion, Mrs. Marwa AlMaskati stated, “Investor Relations plays a significant role in the success of a listed company. Since the launch of Bahrain MEIRA Chapter last year, both Bahrain Bourse and MEIRA have been fully committed to developing and further advancing the IR profession in the Kingdom of Bahrain. Our role as Bahrain Bourse has been mainly focused on enhancing best practices and advancements of Investor Relations in Kingdom of Bahrain’s capital market and raise awareness across listed companies.”

Andrew Turbak, MEIRA Chair said, “At MEIRA, we take our responsibility as the region's professional body for Investor Relations very seriously and 2020 provided us with the opportunity to refresh and renew our leadership team. I am delighted to see the calibre of MEIRA come through in the Nomination Committee's slate of new directors. Together, we will continue to promote persity and inclusion, while driving stakeholder value for all our members, partners and supporters, as MEIRA fulfils its mission to champion best practice as an integral part of capital markets development in the Middle East.”

It is worth noting that Bahrain Bourse and the Middle East Investor Relations Association (MEIRA) has officially launched the MEIRA chapter in Bahrain during April 2019 with the aim of developing and enhancing best practices in Investor Relations (IR) across the Kingdom of Bahrain.

The founding members of MEIRA chapter in Bahrain include Aluminium Bahrain (‘ALBA’), Bank ABC, Bahrain Telecommunications Company (‘Batelco’), Bahrain Bourse, Ithmaar Holding, National Bank of Bahrain, and SICO BSC (c). 

Bahrain Bourse (BHB) announced the appointment of its Chief Risk and Compliance Officer, Mr. AbdulRahman Abdulla Al-Shafei as a Board Member in the Hope Fund for a term of four years following the issuance of an edict by His Highness Shaikh Nasser bin Hamad Al Khalifa, HM the King’s Representative for Humanitarian Works and Youth Affairs, to form the Board of Directors of the Hope Fund which is chaired by Youth and Sport Affairs Minister, H.E. Ayman bin Tawfeeq Al Moayed.

Mr. AbdulRahman Abdulla Al-Shafei, Chief Risk and Compliance Officer said, “We are pleased to be part of this Fund which supports Bahrain Bourse’s efforts in investing in the youth through its various investment awareness programs and initiatives. We are looking forward to further develop the youth generation in order to support the country’s efforts in activating the role of the youth and enhancing their contribution to the development of country in general and the economy in particular.”

Mr. Al-Shafei praised HH Shaikh Nasser bin Hamad Al Khalifa’s ongoing efforts to support the youth, hoping that this initiative will assist in establishing successful unicorn companies that are able to compete on both a regional and international level. Mr. Al-Shafei also thanked HH Shaikh Nasser bin Hamad Al Khalifa for the confidence in appointing him as a Board Member in the Hope Fund.

The Hope Fund aims to support youth projects and initiatives through discovering, mentoring and highlighting growing youth talents and enabling them to achieve long-term success and sustainability which will reflect positively on the Kingdom's economy. The establishment of the Hope Fund is a turning point in the progress of the Kingdom of Bahrain’s focus towards youth talents and creative youth projects and guiding them towards production.

The Fund also aims to assist the launch of youth projects towards globalization by developing plans to involve Bahraini competencies in all sectors to become strategic partners in addition to undertaking investment in youth projects and achieving revenues to develop, support and sustain the youth sector. 

As part of its endeavors to strengthen links with international investors, Bahrain Bourse and Bahrain Clear participated in a virtual Forum organised by HSBC on 3 and 4 March 2021, with successful participation from global custodians and investors as part of its roadshow outreach. The virtual event took place alongside the HSBC Markets and Securities Services: MENAT Virtual Forum 2021, one of the largest regional securities forums.

The event provided Bahrain Bourse and Bahrain Clear with the opportunity to showcase its key regulatory and market developments and plans to investors. Topics discussed included market access reforms and key market developments. The speakers included Abdulla Abdin, Senior Director of Operations at Bahrain Clear and Marwa Almaskati, Director of Marketing & Business Development.

Narjes Jamal, Chief Operating Officer of Bahrain Bourse said: “Over the past twelve months, one of the most effective means of communication with the market has been through virtual corporate access days and roadshows, which provided participants with broadened outreach to investment funds and global custodians as well as access to a more perse mix of executives during meetings.”

“We have seen growing appetite from international institutional investors into the market due to the lucrative opportunities available. Regional and international investors have shown growing interest in key developments taking place in Bahrain Bourse, and we look forward to continue our efforts to attract international investors to the market,” Narjes added.

Malti Javeri, Head of Securities Services at HSBC in Bahrain, said: “We are thankful for Bahrain Bourse and Bahrain Clear’s participation in this virtual event and sharing insightful updates with our clients.” 

pasting

As part of its commitment towards UN’s Sustainable Stock Exchanges Initiative, Bahrain Bourse (BHB) virtually rang the bell for gender equality for the third consecutive year in parallel with the celebration of International Women’s Day on Monday, 8th March 2021. The virtual Ring the Bell event was held in collaboration with a number of stakeholders to demonstrate best practices in the implementation of gender equality across listed companies and other market participants.

On this occasion, Narjes Farookh Jamal, Chief Operating Officer said: “We strongly believe in the importance of achieving gender equality and our influential role, as a stock exchange, to advance gender equality initiatives across listed companies and other market participants. Setting Bahrain Bourse as an example, we have rolled out a series of “Working From Home” initiatives to promote and empower employees across the organization, particularly female professionals in the workplace. These initiatives stem from the recommendations proposed by the ‘Gender Equality Committee’ and falls in line with our ESG guidelines and sustainability roadmap.”

“Within Bahrain’s capital market, we have 5% in terms of female Board representation but we are slightly exceeding the global benchmark where we stand at 4.65% for female CEOs across listed companies. Recent statistics show that the representation of female investors at Bahrain Bourse reached 28%, and the value of shares held by females is currently BD208 million, and total volume of shares traded by female investors were 734 million shares.” Narjes added.

Bahrain Bourse has joined 88 other global exchanges to mark the occasion of International Women’s Day over a week of bell-ringing activities in partnership with the United Nations Sustainable Stock Exchanges (SSE) Initiative, the World Federation of Exchanges, International Finance Corporation (IFC), UN Global Compact, UN Women, and Women in ETFs to help raise awareness. The event is being held for the 7th consecutive year globally. This year, the UN’s International Women Day is themed “Women in leadership: Achieving an equal future in a COVID-19 world.”

The global bell ringing events aim to bring attention to the pivotal role the private sector can play in advancing gender equality to achieve the Sustainable Development Goals and to raise awareness about the Women’s Empowerment Principles (WEPs).

It is noteworthy that Bahrain Bourse has announced in 2019 its voluntary commitment towards the United Nations Sustainable Stock Exchanges (SSE) initiative in promoting sustainable and transparent capital markets. The SSE initiative focuses on sustainable disclosure of environmental, social and governance (ESG) factors. 

pasting

Following the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, to launch the second version of the National Employment Program, Bahrain Bourse announced the launch of the Capital Markets Apprenticeship Program.

On this occasion, the Chief Executive Officer of Bahrain Bourse, Shaikh Khalifa bin Ebrahim Al Khalifa, commented: “The program comes in line with Bahrain Bourse's belief in the importance of enhancing and spreading financial awareness to reach the largest possible number of beneficiaries across a wider segment of the society. The program also complements Bahrain Bourse’s other awareness initiatives including the Smart Investor program, TradeQuest, and The Investment Academy, by providing youth the opportunity to gain practical experience in the workplace.”

“The program aims to bridge the gap between the educational and practical aspects through a six months tenure where selected inpiduals will be working as full-time interns across Bahrain Bourse and Bahrain Clear, benefiting from advanced training in trading skills, research methods and Capital Market financial analysis,” Shaikh Khalifa added.

“The program which targets Bahraini nationals holding a Bachelor’s degree or higher, is aimed at developing and enhancing the skills of Bahraini talented youth in the Capital Markets Sector, as well as preparing young Bahraini talents to further contribute to the development of the Capital Markets in the future,” Shaikh Khalifa clarified.

During the program’s tenure, the interns will undergo job rotation across different core functions within Bahrain Bourse and Bahrain Clear, gaining full and persified exposure to Bahrain Bourse and Bahrain Clear’s operations and obtaining a full understanding on the Bahraini Market in specific, and the Capital Market sector in general.

The program will also equip the interns with the set of skills required to occupy high-level employment opportunities within the Capital Market.

Inpiduals interested to join the program who meet the prerequisite criteria can apply through filling in the program’s application form through Bahrain Bourse’s website www.bahrainbourse.com.

 

Bahrain Bourse (BHB) announced its collaboration with Oxford Business Group (OBG) to produce a series of inpidual reports and other research tools to track the environmental, social and governance (ESG) journeys of companies listed on Bahrain Bourse.

The reports marks the latest addition to OBG’s suite of bespoke resources and are a reflection of the growing importance that firms are attaching to ESG as they plot their recovery from the impact of Covid-19 and prepare their plans for growth.

BHB’s bid to encourage ESG disclosure amongst listed companies will be a key focus. OBG research will analyze the steps publicly listed companies are taking to adopt and fully embrace Environmental, Social, and Governance disclosures.

Commenting on the partnership, Director of Marketing and Business Development, Marwa Al-Maskati said that “Assisting listed companies in their ESG journey and meeting the changing investor demands - both of which are core activities for Bahrain Bourse - had sharpened the focus on the importance of ESG disclosures.”

Jana Treeck, OBG’s Managing Director, said that by incorporating ESG disclosures into their plans, listed companies are supporting the potential capital market classification of Bahrain into an emerging market status through positioning the market within the radars of international institutional investors.

“Bahrain Bourse’s efforts to highlight the importance of ESG reporting is already delivering results, with 33% of companies listed on the exchange - accounting for 77% of the market cap –are reporting on ESG,” Treeck said. “As the financial market continues to deepen, we expect to see Bahrain Bourse increase its contribution to the country’s recovery from the twin shocks of Covid-19 and lower oil prices, with the economy benefiting from greater private-sector participation.”

The ESG research tools will be available alongside OBG’s other highly relevant business intelligence resources, including a range of country-specific growth and recovery outlook articles and interviews.

It is worth noting that Bahrain Bourse issued its Environmental, Social and Governance (ESG) Voluntary Reporting Guideline for listed companies in June 2020. The voluntary reporting guideline aims to increase awareness and understanding of the importance and benefits of ESG reporting and assist listed companies to address ESG issues in their reporting to meet the requirements of institutional investors for material ESG information. BHB has been reporting on its own ESG disclosures for the second consecutive year. Bahrain Bourse also issued recently its Investor Relations Best Practice Guide. 

As part of Bahrain Bourse's efforts to encourage Investor Relations Best Practices across listed companies, Bahrain Bourse announced the issuance of the Investor Relations Best Practice Guide. The Investor Relations Guide aims to highlight the importance of the Investor Relations function and the effect of implementing Investor Relations best practices on the valuation and competitiveness of listed companies in the market.

Chief Executive Officer of Bahrain Bourse, Shaikh Khalifa bin Ebrahim Al Khalifa, commented: “The launch of the Investor Relations Best Practice Guide is another step towards promoting the importance of good investor relations practices across Bahrain’s capital market whilst enhancing corporate governance and transparency among companies in the Kingdom of Bahrain. The Guide aims to build a long-term effective Investor Relations programs within listed companies to enable transparent communication between the company, investors, and analysts to foster efficiency and transparency.”

Director of Marketing and Business Development and Board Member of Middle East Investor Relations Association “MEIRA”, Marwa Al-Maskati said: “The launch of the Investor Relations Best Practice Guide complements Bahrain Bourse's efforts in relation to promoting investor relations in Bahrain’s capital market in collaboration with Middle East Investor relations Associations (MEIRA). The Investor Relations (IR) Best Practice Guide aims to provide a blueprint framework for listed companies to structure an effective IR program and strategy. Investor Relations is the effective two-way communication of the relevant information between an issuer and the financial markets to ensure that the investment community is making an informed judgement about the fair value of an issuer’s securities”.

The Investor Relations Best Practice Guide includes guiding principles of Investor Relations, outlines the operating and regulatory environment, and provides guidance on Investor Relations’ strategies in line with best international practices. The Investor Relations guide also includes case studies from listed companies’ Investor Relations best practices.

It is worth noting that Bahrain Bourse and the Middle East Investor Relations Association (MEIRA) has officially launched the MEIRA chapter in Bahrain during April 2019 with the aim of developing and enhancing best practices in Investor Relations (IR) across the Kingdom of Bahrain. Bahrain Bourse has also joined Middle East Investor Relations Association (‘MEIRA’) Board of Directors in December 2020.

The founding members of MEIRA chapter in Bahrain include Aluminium Bahrain (‘ALBA’), Bank ABC, Bahrain Telecommunications Company (‘Batelco’), Bahrain Bourse, Ithmaar Holding, National Bank of Bahrain, and SICO BSC (c). 

As part of Bahrain Bourse’s (“BHB”) continuous efforts to develop the Capital Market in the Kingdom of Bahrain, and in pursuance of Central Bank of Bahrain Resolution No. (11) of 2018 for the implementation of the Self-Regulatory Organization (SRO), Bahrain Bourse issued amendments to the Listing Rules. The enhancements introduced to the rules aim at further strengthening the regulatory oversight.

Shaikh Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer of Bahrain Bourse commented stating, “The new enhancements aim to ensure further strengthening of the regulatory oversight regime, which is yet another step towards greater market transparency and investor confidence within the capital market in the Kingdom of Bahrain.”

“The enhancements introduced are crucial to ensure continued investor confidence as further administrative powers are imposed on issuers,” Sh. Khalifa added.

The current amendments to the Listing Rules includes the establishment of the Violations Committee to review and evaluate high-frequency violations and determine penalties to be imposed on listed companies for non-compliance with BHB Business Rules as well as setting the timeframe for settling those violations.
The Listing Rules enhancements also include establishment of a Disciplinary Appeals Committee, to allow listed companies to appeal on violations imposed.
Further, the enhancement to the Listing Rules included new disclosure templates in the Listing Rules Guideline to govern credit rating announcements, pidend distribution timeline, and accumulated losses.

 

Bahrain Bourse, a self-regulated multi-asset marketplace, will be launching a national challenge in collaboration with INJAZ Bahrain for Smart Investor Program participants to spark engagement and inspire students to participate utilising their learnings during the program. The challenge will inspire a competitive spirit, and support the Kingdom’s youth to gain a better understanding of the program’s concepts along with engaging key partners and stakeholders.

Since its inception, the program has been carried out for 3 consecutive academic years. The program will commence in October, and continue until the challenge in April next year. The challenge is open to 4th grade elementary students that are enrolled in the Smart Investor Program and have completed all 7 sessions.

Shaikh Khalifa bin Ebrahim Al-Khalifa, CEO of Bahrain Bourse commented, “Since the launch of the program, we have achieved a key milestone of engaging up to 15,000 students. The challenge is another element to encourage younger target students to engage and actively participate to apply their accumulated knowledge and skills to real-life situations involving financial issues and decisions.

“These initiatives were launched to complement Bahrain Bourse’s awareness programs to further equip the youth with key financial knowledge and enhance financial inclusivity. Bahrain Bourse in collaboration with IOSCO & WFE has been hosting Ring the Bell for Financial Literacy event and ‘World Investor Week’ as part of a global awareness campaign to highlight the importance of financial education, of which Smart Investor is one of our core programs targeting the youth.

“Financial education is needed at various levels: basic financial education, investor education, and thereby resulting in more informed investment decisions. These programs are crucial especially to tackle and address a more complex world. To increase financial literacy among the youth falls in line with the Kingdom’s 2030 vision to better shape our society,” Shaikh Khalifa added.

Hana Sarwani, the Executive Director at INJAZ Bahrain commented “Promoting Financial Literacy through INJAZ programs is one of INJAZ Bahrain's core pillars where we focus on enhancing the money management, financial planning and investment awareness knowledge. It is through interactive education and practical sessions and workshops that we advance the skills of youth for them to be market ready. We are pleased that we will be taking the Smart Investor program to the next level by introducing a National Challenge for us to maximize student engagement and provide students with further opportunities to compete and showcase their knowledge to stakeholders and partners."

The Smart Investor program is a national awareness program that was launched in 2018 in collaboration with INJAZ Bahrain. The program equips young students with basic concepts related to money management, savings and smart financial planning through interactive edutainment activities in order to assist them in making sound financial decisions.

The Smart Investor program for the academic year 2020-2021 was conducted virtually with the participation of around 5000 students. The strategic partner for the 2020-2021 program was the Labour Fund (Tamkeen), and silver sponsor was: Bank ABC.

The program reflects Bahrain Bourse’s strategic efforts to enhance investment awareness providing a combination of financial awareness, knowledge, skills, attitude and behaviors necessary to make sound financial decisions and ultimately achieve financial well-being across various age groups within the Kingdom of Bahrain.

Students will need to be enrolled in the Smart Investor Program with all 7 sessions completed to be eligible for the challenge. The filtration process will take place through a test upon completion of the program, and the top 30 scoring students will be qualified to compete across schools. For entry submissions, video format presentations will be requested from students to have them present their opinions on statements related to the program’s objectives.

 

Bahrain Bourse, a self-regulated multi-asset marketplace, announced that it has attained the ISO 27001:2013 certification, an internationally recognized worldwide information security management standard, after successfully completing all the requirements and being officially certified by SIS Certifications Pvt. Ltd. The certification marks a significant milestone to formally acknowledge Bahrain Bourse’s commitment to enhance its overall information security and risk management framework.

The achievement demonstrates Bahrain Bourse’s investment in people, processes, and technology to protect the information it holds. It also proves the ongoing efforts Bahrain Bourse puts to identify new risks, assess the implications and implement tailored information security controls that minimize any damages to the organization, investors, and stakeholders.

ISO 27001:2013 is a globally renowned information security management standard published by the International Organization for Standardization (ISO), the world's largest independent, non-governmental international organization. The certification process requires an accredited certification agency to conduct an audit to assess how organisations implement, monitor, maintain, and continually improve an Information Security Management System (ISMS) within the context of the organization and business operations including the Information Technology infrastructure.

AbdulRahman Al-Shafei - Chief Risk and Compliance Officer at Bahrain Bourse commented, “At Bahrain Bourse, this is a highly important achievement for us, as part of our strategy and ongoing efforts toward managing the overall enterprise risk management, governance, and compliance with regulations. Achieving the ISO 27001:2013 certification illustrates Bahrain Bourse's continuous commitment to enhance its technology and implemented security controls to support its digital journey of enriching investors and stakeholders’ experience. We recognize that the security landscape is constantly fluctuating, particularly within the capital markets. It is our duty to deliver enhanced value-added services and solutions that come with vigorous information security.”

He added, “We believe that information security is a success pillar and a critical component of our business model, and attaining the certification provides us with a competitive advantage for our business, as well as for all of our underlying investors. Information security is a continuous process, and we will constantly evolve our security arrangements to ensure the confidentiality, integrity and availability of our underlying investor information.”

Mr. Arunendra Dvivedi Managing Director, at SIS Certifications Pvt. Ltd said: “We all congratulate Bahrain Bourse on this great accomplishment which reflects their dedication to enhancing their Information Security framework by adopting a globally recognized information security standard.”

SIS Certifications Pvt. Ltd. is accredited by both International Accreditation Services (IAS-IAF) and International Organization for Accreditation Services (IOAS), specialized in providing the ISO inspection/Audit, certification and training services, SIS Certifications has been trusted for over 2 decades, having served more than 15,000 clients in 50+ countries across the globe in almost 100+ international ISO standards for the physical and digital world to create a safer and more sustainable future through safety, quality, security and sustainability solutions.

 

Bahrain Bourse, a self-regulated multi-asset marketplace, has been accorded with a prestigious award by PAN Finance Awards for “ESG Initiative of the Year” – Bahrain category. Pan Finance Journal recognizes international corporations for their excellence and is a trusted indicator of eminence, making this award a symbol of Bahrain Bourse’s notability and effort towards more sustainable practices within the capital markets.

PAN Finance is an online journal that provides worldwide intelligence of finance and global economics. Every year, the journal holds their annual PAN Finance Awards programme to identify and recognise organizations and inpiduals that are excelling in their respective fields, to applaud leading examples for their practices.

Bahrain Bourse being awarded this reputable accolade reflects its efforts to promote sustainability and transparency in the Kingdom’s capital market, since the launch of the voluntary Environmental Social & Governance (ESG) Guideline for listed companies demonstrates BHB’s commitment to encourage issuers to fully embrace ESG disclosures. The guidelines have been drafted to ensure alignment with Bahrain Economic Vision 2030 and the UN Sustainable Development Goals (SDGs), and World Federation of Exchanges Sustainability Principles and UN Sustainability Stock Exchanges Initiatives recommendations.

Commenting on the PAN Finance award, Shaikh Khalifa bin Ebrahim Al-Khalifa, the Chief Executive Officer of Bahrain Bourse said, “We are proud to have Bahrain Bourse be awarded and recognized for its efforts to promote responsible sustainability practices, and this achievement reflects our commitment to assist and support listed companies in gaining better understanding of the importance of ESG disclosure. Sustainability is at the forefront of our strategic practices, and we will continue to set the standard for sustainability best practices within the capital markets.”

Marwa AlMaskati, Director of Marketing & Business Development of Bahrain Bourse, commented on this occasion, “Our aim is to increase awareness of the importance of addressing ESG disclosures followed by our dedication to implement sustainability within Bahrain’s capital market. This has contributed to achieving this distinguished award by the PAN Finance Journal, and we look forward to further positioning Bahrain’s capital market at the front run within the sustainability landscape.”

Bahrain Bourse has received notable recognitions across different facets of its business operations including: Best Corporate Governance and Work Life Balance by Global Banking & Finance Awards – 2021, Excellence in Customer Service Award via the National Suggestions & Complaints System 'Tawasul' – 2020, Award Level 3 in Information Security Forum ‘Thiqa’ – 2019, Award for Corporate Governance by World Finance – 2014, Best Corporate Governance, GCC by Capital Finance International – 2013 which is a testament to its continuous efforts to improve in various aspects. 

Bahrain Clear, a fully-owned subsidiary of Bahrain Bourse, organized a sign language training course for employees at its Investor Center to ensure serving a wider group of investors.

The six-day course, delivered by a specialized instructor from “Esharah for Training”, covered topics such as the basics of sign language and its implementation to aid people of determination, along with community awareness towards the culture of people with hearing difficulties. As part of this initiative, Bahrain Clear has also setup a dedicated priority lane for people of determination to provide them with immediate assistance at Bahrain Clear’s Investor Center.

On this occasion, Abdulla Abdin, the Senior Director of Operations at Bahrain Clear commented, “This initiative comes in line with Bahrain Bourse’s wider Sustainability Action Plan to create an inclusive environment and ensures serving a wider stakeholder group. The training course also supports Bahrain Clear’s strategy to enhance its services to investors, while amplifying the Bourse’s role in driving sustainability in the capital market sector as part of its corporate sustainability.”

It is worth mentioning that Bahrain Clear is a fully owned subsidiary of Bahrain Bourse with a disclosed capital of BD 5 million, and a paid up capital of BD 1 million. Bahrain Clear is licensed as a clearing house by the Central Bank of Bahrain, offering pre and post-trade services to investors as well as a range of services including transactions depository, clearing, settlement, central registry and registration.

 

Bahrain Bourse, a self-regulated multi-asset marketplace, adopted Amazon WorkSpaces, a managed, secure desktop-as-a-service solution, to enhance its business continuity performance and strengthen operational agility and resilience. Amazon WorkSpaces is a solution by Amazon Web Services (AWS), the leading cloud computing service provider.

With Amazon WorkSpaces, Bahrain Bourse can provide a secure, managed, cloud-based virtual desktop to its employees that is accessible from anywhere, anytime. Bahrain Bourse has fully utilized and customized the workspace to replicate its disaster recovery (DR) site encompassing all its functionality and features to ensure business continuity at all times. Furthermore, Amazon WorkSpaces is deployed in an Amazon Virtual Private Cloud (Amazon VPC), with a secure login, and its services are available 24/7 to serve its purpose efficiently.

Hussain Abdulmohsen Aljamri, Director of IT at Bahrain Bourse stated, “The past two years have reshaped the way capital markets firms operate. As Bahrain Bourse, we are always keen to discover new opportunities and rethink our operating models to increase efficiency, strengthen security, and provide unwavering business continuity to our employees and investors. We understand the importance of adapting and embedding reliable, secure, and innovative solutions to maintain communication, collaboration, and productivity in an unprecedented time.”

Vinod Krishnan, Head of Middle East and North Africa, AWS, said, “It’s great to see the ways in which Bahrain Bourse is leveraging Amazon WorkSpaces to be more flexible and equipped to respond to changing business needs. The ability for organizations to change where and how their workforce gets the job done is more important than ever. Amazon WorkSpaces gives organizations the ability to scale up and down in minutes as there needs change, on almost any device, so their end users can get the job done anywhere, and at any time, securely and reliably.”

Amazon WorkSpaces is a fully managed, persistent desktop virtualization service that enables users to access data, applications, and resources on any supported device. The service reduces expenses tied to on-premises solutions such as onsite hardware and building costs, physical security, and server technicians required for storage, backup, and disaster recovery. 

Bahrain Bourse (BHB), a self-regulated multi-asset marketplace, has formed a Disciplinary Appeals Board as part of its commitment to meet the requirements of the Central Bank of Bahrain and in line with its efforts to secure a comprehensive enforcement framework to settle disputes, govern, and take disciplinary action against market participants (including issuers and registered members at Bahrain Bourse) for enhanced accountability. Market participants are also granted the right to appeal on violations imposed. The Disciplinary Appeals Board members are appointed following a resolution from BHB’s Board, and are approved by the Central Bank of Bahrain.

The resolution of the Disciplinary Appeals Board formation is in line with Bahrain Bourse’s Business Rules when it comes to the implementation of procedures relating to reviewing and handling appeals arising from decisions passed by BHB's Disciplinary Board and the Violations Committee.

The Disciplinary Appeals Board consists of three members which includes: Judge Hamad Ahmed Al Sowaidi, Dr. Abdulgadir Warsama Ghalib and Mr. Ahmed Mohamed Al-Hammadi, General Manager of Naseej.

The Disciplinary Appeals Board shall be responsible for reviewing and handling appeals against disciplinary resolutions issued to the relevant parties in compliance with Bahrain Bourse’s Business Rules and the CBB Volume 6 Dispute Resolution, Arbitration & Disciplinary Proceedings (“DRA”) Module.

Shaikh Khalifa bin Ebrahim Al-Khalifa, CEO of Bahrain Bourse commented, “As an SRO, the formation of the Disciplinary Appeals Board aims to further strengthen BHB’s regulatory oversight regime, enhance transparency, and allow for greater and swifter accountability in the market. The board, which includes judicial and regulatory nominations, aims to speed up and facilitate the disciplinary process, and ensures a high level of protection for market participants. Bahrain Bourse is taking a vigorous and active approach to comply with rules and regulations to ensure a fair and transparent market for all investors and stakeholders.”

 

Bahrain Clear, a fully-owned subsidiary of Bahrain Bourse, is the first Clearing House and National Numbering Agency (NNA) in the Middle East to participate in International Securities Identification Numbers (ISINs) to Legal Entity Identifiers (LEIs), (ISIN – ISO 6166 and LEI – ISO 17442), global mapping initiative. The initiative was established to help improve transparency, minimize risk exposures, and facilitate the industry in meeting various regulatory requirements.

The linkage was established to support the Association of National Numbering Agencies (ANNA) and Global Legal Entity Identifier Foundation (GLEIF) mapping initiative, which was introduced to enhance transparency of exposure (by connecting the issuer and issuance of securities), and minimize risk exposures within financial data systems. Furthermore, the ISIN-to-LEI linkage has several benefits including assisting the industry in meeting several regulatory requirements, enhanced AML/KYC, improved data quality, and increased efficiency.

This initiative comes after a majority of financial institutions have prioritized the issue of data integrity, and aspired for enhanced data quality and a better approach to risk management, while reducing the chances of market abuse by means of enhanced Anti-Money Laundering (AML) and Know Your Customer (KYC) checks.

Abdulla Abdin, Bahrain Clear’s Senior Director of Operations, commented “As a registration agent for ISIN, we have registered more than 1,400 ISINs in Bahrain. The ISIN-to-LEI mapping initiative will further promote standardization and enable efficient cross-border trading and improved transparency.

“Bahrain Clear is pleased to be the first Clearing House in the Middle East to be part of this global initiative. Our previous work with ANNA in terms of ISIN coding for listed securities has paved the way for the launch of this initiative,” Abdin added.

Dan Kuhnel, Chairman of ANNA, said, “We are delighted that Bahrain Clear has signed up to the ISIN-to-LEI mapping service, an initiative to retrieve open-source files linking ISINs to their corresponding LEIs. The ANNA and GLEIF initiative linking two ISO standards both helps to improve transparency and aids risk and exposure management. We are so pleased to have them join the growing number of NNAs in jurisdictions around the world as the ISIN-to-LEI mapping continues to expand and improve transparency for the market.”

Following the financial crisis, the goal of the drivers of the LEI initiative - the Group of 20, the Financial Stability Board and many regulators around the world – was to use the LEI to create transparency in financial transactions globally. The LEI system is a global reference data system that uniquely recognizes every legal entity or structure that is a party to a financial transaction, regardless of jurisdiction. The system comprises a 20-character, alpha-numeric code in accordance with the ISO 17442 standard produced by the International Organization for Standardization (ISO). By linking the two ISO standards together, firms will be able to aggregate the data required to gain a clear view of their securities exposure within a given issuer and its related entities.

The ISIN-to-LEI mapping table is freely accessible to all without restriction on both the GLEIF website: https://www.gleif.org/en/lei-data/lei-mapping/download-isin-to-lei-relationship-files
and ANNA website: https://www.anna-web.org/standards/lei/

 

Bahrain Bourse, a self-regulated multi-asset marketplace, announced signing a Memorandum of Understanding (MoU) with Instinctif Partners MENA, an international business communications consultancy and Investor Relations (IR) advisory. The collaboration seeks to implement IR-related initiatives, which will allow Bahrain Bourse to promote best practice among listed companies, other market participants, as well as internally.

The collaboration will include a series of workshops as well as one-to-one sessions with listed companies, to review best practice approaches to improve communication between issuers, the investment community and other stakeholders.

Marwa AlMaskati, Director of Marketing & Business Development of Bahrain Bourse commented: “It is a distinct pleasure to collaborate with Instinctif Partners MENA. Several strategic projects will be undertaken, providing excellent opportunities for mutual growth, as well as a significant contribution to the enhancement of IR functions in the Kingdom. This cooperation will undoubtedly lead to the growth of international best practice for IR among listed companies.”

“Looking ahead, we look forward to greater collaboration with Instinctif Partners MENA. We are more focused than ever on cultivating and developing best practice Investor Relations across the Kingdom,” AlMaskati added.

Samantha Bartel, CEO & Managing Partner of Instinctif Partners MENA, commented: “We are delighted to be partnering with Bahrain Bourse on this exciting new initiative. As an Investor Relations advisory with a strong track record in the region, we welcome partnerships with similarly ambitious organisations, especially those who are committed to promoting and establishing best practice among issuers. Bahrain Bourse is doing exactly that and has already made excellent progress. We are looking forward to supporting the continuation of that journey and helping to improve the way issuers engage with the investment community.”

Bahrain Bourse announced the launch of its Investor Relations Best Practice Guide in May 2021, as part of its efforts to encourage IR best practice among listed companies. The guide’s purpose is to clarify the importance of the IR function and the positive impact that it can have on market valuation and competitiveness.

In April 2019, Bahrain Bourse and the Middle East Investor Relations Association (MEIRA) officially launched the MEIRA chapter in Bahrain, with the aim of developing and enhancing Investor Relations across the Kingdom of Bahrain.

The founding members of the MEIRA chapter in Bahrain include Aluminium Bahrain (ALBA), Bank ABC, Bahrain Telecommunications Company (Batelco), Bahrain Bourse, Ithmaar Holding, National Bank of Bahrain (NBB), and SICO BSC (c).

 

Bahrain Bourse, a self-regulated multi-asset marketplace, in collaboration with HSBC Bahrain launched a thought leadership publication on Sustainable Finance titled “Evolving ESG Landscape & Capital Markets” as part of its commitment to the United Nations Sustainable Stock Exchanges Initiative. The publication focuses on the sustainable development agenda and green finance.

The thought leadership publication aims to raise awareness on the rise of ESG as an investment consideration, importance of ESG disclosures, and the growing importance of sustainable financing options in the region and showcases notable case studies. It explores a variety of sustainable financing options and the required ESG disclosure for each including the latest guidance principles. The publication recommends further acceleration of ESG disclosures which will pave way for actionable progress within the sustainable financing landscape.

Commenting on the thought leadership publication, Shaikh Khalifa bin Ebrahim Al-Khalifa, the Chief Executive Officer of Bahrain Bourse said, “We are pleased to have collaborated with HSBC to produce a rich and insightful thought-leadership piece highlighting the importance of sustainability and ESG, which are now more important than ever.”

“This also demonstrates our commitment, as Bahrain Bourse, to deliver on the goals and initiatives towards a sustainable capital markets eco-system, and highlights the importance of keeping sustainability and transparency at the heart of what we do. This collaboration will further broaden the financial sector to promote more informed decision-making as there is a growing interest in the MENA region for various sustainable investment options to meet market demands of ESG investing,” Shaikh Khalifa added.

Chris Russell, Chief Executive Officer of HSBC Bahrain commented: “At HSBC we are committed to leading the transition to a more sustainable world. We’re mobilising finance and accelerating innovation to make this happen, working in partnership with our customers to realise the opportunity to build a more sustainable, resilient, and prosperous future. Our collaboration with Bahrain Bourse will help to develop relevant common standards to mobilise the financial system to take action on climate change.”

It is worth noting that Bahrain Bourse issued its Environmental, Social and Governance (ESG) Voluntary Reporting Guideline for listed companies in June 2020. Bahrain Bourse also joined the United Nations Sustainable Stock Exchanges (SSE) initiative to demonstrate its voluntary commitment to promoting sustainable and transparent capital markets in cooperation with listed companies and other related stakeholders.

 

As part of the official visit of His Royal Highness Prince Salman bin Hamad Al-Khalifa, the Crown Prince and Prime Minister of the Kingdom of Bahrain, to the United Arab Emirates, several cooperation agreements were signed between the Kingdom of Bahrain and the UAE including a strategic partnership between Abu Dhabi Securities Exchange (ADX) and Bahrain Bourse (BHB).

The partnership aims to achieve synergies and greater cross border cooperation to enhance market liquidity, including direct market access and the issuance of Exchange Traded Funds (ETFs).

The parties agreed a strategic plan to implement new measures over the next nine months to strengthen ties between investors based in both countries, and to enable the seamless placement of orders on both securities markets, while reducing transaction costs and enhancing liquidity. Furthermore, ADX and Bahrain Bourse have agreed to implement a number of products and services including ETFs and smart order routing as well as cross-border direct trading, to promote the issuance of low-cost investment vehicles within securities market.

Commenting on this partnership, the Chairman of Bahrain Bourse and Chairman of Bahrain Clear, Abdulkarim Ahmed Bucheery, said: “Bahrain Bourse is pleased to solidify its cooperation ties with ADX. Companies listed on Bahrain Bourse represent a perse range of industries and offer unparalleled and unique growth opportunities. Our partnership with ADX will attract new investors and promote a healthy listing deal pipeline. Bahrain Bourse and Bahrain Clear’s collaboration with ADX will also support the growth of capital markets in the region and support the persification of GCC economies”.

For his part, ADX Chairman, HE Mohammed Ali Al Shorafa Al Hammadi said: “The alliance between ADX and Bahrain Bourse will strengthen the relationship between the UAE and the Kingdom of Bahrain as well as showcase the high growth opportunities that listed companies on ADX and Bahrain Bourse have to offer to international investors. The meetings serve to deepen those ties and encourage capital market activity, which will provide tangible benefits to the economies of the UAE and the Kingdom of Bahrain”.

Bahrain Bourse’s Chief Executive Officer and Vice Chairman and Managing Director of Bahrain Clear, Shaikh Khalifa Bin Ebrahim Al Khalifa commented: “This strategic collaboration follows our innovative approach to widen cross-border investment opportunities. We aim to develop seamless offers to investors, and to provide enhanced access with unmatched efficiency workflow in both markets whilst reducing transaction costs and bolstering market liquidity. Innovation sits at the heart of our collaboration, in line with our mandate to evolve the Middle East’s capital market ecosystem, and hence we also aim to promote the listing of ETFs, enable CSD integration in both markets, and automate smart order routing systems. This partnership will enable us to set a blueprint for future regional collaboration and harness each other’s capabilities.”

Chief Executive of ADX, Saeed Hamad Al Dhaheri, commented: “Discussions between ADX and Bahrain Bourse focused on how we can expand market integration and move forward on joint initiatives such as dual listings, ETFs and market access, which will in turn enhance liquidity in both securities markets. Technology and innovation are at the heart of ADX’s strategy for growth and we look forward to deepening our partnership with other leading regional and global exchanges to bring about mutually beneficial results”.

As part of ADX’s strategy for growth announced at the beginning of the year, the exchange is forging partnerships with global exchanges, offering a broader range of products and services to the market, and investing in state-of-the-art infrastructure.

Bahrain Bourse (BHB), a self-regulated multi-asset marketplace has officially announced the kick-off of the 4th Edition of the Smart Investor Program, aimed at elementary students as part of the curriculum for the academic year 2021-2022.

Workshops for the Smart Investor program will be held in 70 schools. Educators and volunteers will target more than 5000 students in grade 4 elementary level during the academic year, targeting both public and private institutions.

Shaikh Khalifa bin Ebrahim Al-Khalifa, CEO of Bahrain Bourse commented, “We are pleased to kick-off the fourth edition of the Smart Investor program in collaboration with INJAZ Bahrain. The program reflects Bahrain Bourse’s strategic efforts to enhance investment awareness providing a combination of financial awareness, knowledge, skills, attitude, and behaviors necessary to make sound financial decisions. The program has proved, during the past 3 years, the importance of the knowledge and concepts students learned throughout the program, and hence we are glad to see the implementation of the program as part of the curriculum for the first time this year.”

Hana Sarwani, INJAZ Bahrain Executive Director, stated, “We are proud to continue our partnership with Bahrain Bourse to deliver the Smart Investor Program to the youth of Bahrain. Teaching this program to youngsters at school not only empowers them to make better money related financial decisions but also equips them with the knowledge they need to be economically successful in their life. Having the program now embedded in the curriculum of public schools will provide us with the opportunity to reach even more students who would benefit from this unique offering.”

Launched in 2018, the Smart Investor program is a national awareness program in collaboration with INJAZ Bahrain targeting elementary students. The program aims at equipping young students with basic concepts related to money management, savings, and smart financial planning through interactive edutainment activities in order to assist them in making sound financial decisions.

The Program consists of seven-themed sessions designed to equip students with the following concepts: Thinking, Specifying, Planning, Execution, Saving, Progression, and Evaluation.

For the first time, the Smart Investor Program will launch a national challenge for participants in order to increase engagement and encourage students to participate by applying what they’ve learned during the program.

Bahrain Bourse is particularly thankful to the following institutions who have sponsored the Smart Investor Program: Gold Sponsor: Ahli United Bank. Silver Sponsors: Bank ABC and Ithmaar Holding.

Bahrain Bourse (BHB) and Bahrain Institute of Banking & Finance (BIBF) signed a Memorandum of Understanding (MoU) that aims at continuing the collaboration between the two organizations to offer various public courses as well as professional certifications related to the capital market under the Investment Academy. The MoU also aims at expanding the scope of collaboration to include offering various courses and programs under the Sustainable Development Academy including Sustainable Development, ESG Rating and Scoring, Technological Change and Sustainability.

The MoU was signed by Shaikh Khalifa bin Ebrahim Al-Khalifa, CEO of Bahrain Bourse and Dr. Ahmed Al Shaikh, BIBF Director at BIBF’s new premises at Bahrain Bay.

On his part, Shaikh Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer of Bahrain Bourse said: “We are glad to continue our collaboration with BIBF to enhance investment awareness and offer various capital market programs. With the issuance of BHB’s ESG guidelines, we are keen to collaborate further to support courses under the Sustainable Development Academy. Enhancing investment awareness is a key pillar of BHB’s strategy, and our partnership with BIBF complements BHB’s efforts to reach out to various age groups and categories of the community.”

Dr. Ahmed Al Shaikh, BIBF Director said: "This initiative will further strengthen our well-established collaboration with Bahrain Bourse, and serve as an instrument to raise investment awareness and cultivate sustainability literacy among business professionals in the financial sector. Using our industry expertise and powerful insights, we will work together to design specialised training programmes that meet the growing need to adopt sustainable investing and practices, and develop skilled human capital that place sustainability in the core of finance.”

It is worth mentioning that Bahrain Bourse in collaboration with Bahrain Institute of Banking and Finance (BIBF) launched “The Investment Academy” in 2017 to offer technical market know-how targeted towards beginner, intermediate, and professional investors to enhance their capital markets knowledge with innovative teaching methods and technologies. The Investment Academy aims at capacity building and further bolstering Bahrain’s position as a financial center for banking. The academy also aims at further expanding Bahrain’s horizon and market positioning to become an intellectual hub for capital markets training and knowledge. The Investment Academy’s offering mandate covers public awareness sessions, professional certifications as well as key trending topics in capital markets.

Furthermore, the Sustainable Development Academy brings together the best and brightest changemakers and professionals within the industry to deliver a carefully identified suite of programmes that will equip participants with knowledge and competencies essential to undertake crucial work in the field of sustainable finance.

Bahrain Bourse (BHB), a self-regulated multi-asset marketplace, in collaboration with HSBC Bahrain, hosted a webinar titled ‘’Evolving Bahrain’s ESG Landscape & Sustainable Financing’’. The webinar is in line with Bahrain Bourse’s aim of boosting awareness of the importance and benefits of the ESG ecosystem, as well as the importance of sustainability in the financial sector. The webinar featured thought leaders and experts to shed light on the topics of ESG and Sustainable Finance.

The session kicked-off with an introduction and overview on a Guide to Sustainable Finance, which was followed by a panel discussion. Key topics discussed included: key ESG trends in the region, importance of ESG reporting and assurance, key developments within the local market, importance of sustainable finance in the ESG agenda, and responding to market needs. The webinar concluded with a Q&A session.

Marwa Al-Maskati, Director of Marketing & Business Development at Bahrain Bourse and Board Member of Middle East Investor Relations Association ‘’MEIRA’’ commented, ‘’We are delighted to have partnered with HSBC Bahrain to deliver a valuable and insightful discussion concerning Bahrain's ESG landscape and sustainable financing, which is becoming increasingly important across the region. The webinar complements our thought leadership publication piece on the ESG Landscape and Capital Markets, which was published in September in collaboration with HSBC Bahrain. The webinar underlines Bahrain Bourse’s commitment and key mission towards ESG, where we believe that ESG and sustainable finance are a key component in establishing a fair playing field for investors.’’

Joseph Ghorayeb, Head of Global Banking at HSBC Bank Middle East, Bahrain stated, “We are committed to the transition to a global net-zero economy, not just by playing our part, but by helping to lead it. Our partnership with Bahrain Bourse in delivering a webinar with a focus on ESG underlines the growing importance of these topics in Bahrain and the region as a whole. As an already recognised leader in ESG financing, HSBC continues to lead the transition to a more sustainable environment. We are dedicated to supporting consumers’ sustainable growth initiatives and contributing to building a future in which economic growth and sustainability are well aligned across the Kingdom.’’

John Gollifer, General Manager of MEIRA said, “As a professional body, MEIRA promotes best practice investor communications. Today's IR Officers cannot do their job without thinking more broadly, if not strategically, about the needs of all business stakeholders. This BHB and HSBC-led event is another timely initiative that serves to remind us that ESG and our role in sustainable business are here to stay. Accordingly, we all have an important part to play in the capital market eco-system and we all need to proactively participate in championing sustainable capital for our regional businesses.”

It is worth noting that Bahrain Bourse issued its Environmental, Social and Governance (ESG) Voluntary Reporting Guideline for listed companies in June 2020. In September 2021, Bahrain Bourse and HSBC Bahrain launched a thought leadership publication on Sustainable Finance titled “Evolving ESG Landscape & Capital Markets”, which focuses on the sustainable development agenda and green finance. Bahrain Bourse also joined the United Nations Sustainable Stock Exchanges (SSE) initiative to demonstrate its voluntary commitment to promoting sustainable and transparent capital markets in cooperation with listed companies and other related stakeholders.

Bahrain Clear, a fully owned subsidiary of Bahrain Bourse, has signed a Memorandum of Understanding (MoU) with Muqassa, the Securities Clearing Center Company in Saudi Arabia fully owned by the Saudi Tadawul Group. The agreement was signed by Shaikh Khalifa bin Ebrahim Al-Khalifa, Vice Chairman and Managing Director of Bahrain Clear and Wael Al-Hazzani, CEO of Muqassa.

The MoU seeks to foster the exchange of information and experiences in order to develop central clearing in both countries, as well as to explore collaboration opportunities concerning central clearing development and training services.

Shaikh Khalifa bin Ebrahim Al-Khalifa, Vice Chairman and Managing Director of Bahrain Clear, commented on the occasion: “This MoU clearly defines the goal and purpose of our collaboration and establishes a formal channel of information exchanges, broadening the cooperative area in terms of business development and innovation. The MoU will encourage initiatives for further practical cooperation, resulting in significant benefits for both exchanges, including efficiency resulting in enhanced liquidity.”

“We look forward to working with Muqassa to strengthen cross-border connectivity and financial ecosystems in Bahrain and Saudi Arabia, further intensifying the strong bilateral ties between both Kingdoms,” Shaikh Khalifa added.

Wael Al Hazzani, CEO of Muqassa stated, ‘’Bahrain Clear and Muqassa share the privilege of satisfying our respective capital markets industries, and we both acknowledge the significance of that role, which prompted the start of our collaborative efforts. This MoU is a true testament to our mutual dedication to promote a fair and competitive trading environment. In addition, this agreement establishes a foundation for effective cooperation between the Muqassa and Bahrain Clear to explore training opportunities and various areas of development in securities depository with the aim of creating new opportunities to achieve mutual benefits for both parties and fulfil the objectives of the MoU.”

It is worth noting that the MoU is in line with the GCC countries’ joint efforts to strengthen the link between systems and institutions in the capital markets sector.

The Arab Federation of Capital Markets (AFCM) Annual Conference will launch on March 29-30, 2022, where it will witness the handover of the Federation’s presidency from the Saudi Stock Exchange (Tadawul) to Bahrain Bourse. During its presidency period, Bahrain Bourse will lead the Arab Federation of Capital Markets throughout the year 2022 and continue the efforts to further develop the Federation and enable it to achieve its vision.

Bahrain Bourse, a self-regulated multi-asset marketplace, will host the AFCM Annual Conference, which will be held virtually. The Federation currently includes 21 members representing around 17 stock and commodity exchanges, and four clearing companies, in addition to several financial brokerage firms and banks in the Arab region. The number of companies listed on Arab markets reached 1,572 companies with a capital of USD 3.8 trillion by the end of 2021.

The AFCM Annual Conference provides a platform for leaders of the Arab stock industry and international experts to gather and exchange views and expertise. The conference supports the efforts taken to identify the latest developments of systems and work models used globally in managing, developing and raising the efficiency of capital markets, and aims to utilise it to serve the requirements of capital markets and support governments’ endeavours to achieve the objectives of economic and social development plans.

Additionally, the conference seeks to enhance integration and coordination efforts in the interest of Arab capital markets at all levels, especially enhancing liquidity and motivating many companies to register, offer and trade to pursue their growth plans through capital markets.

Moreover, the conference is anticipated to attract over 350 attendees from Arab exchanges, financial market regulatory bodies, brokerage firms, investment fund managers, economic journalists, and a number of global financial and development institutions.

The event will host 19 sessions and 95 speakers, and discuss various capital market topics, such as sustainability, Environmental, Social and Corporate Governance (ESG), green financing, Regulatory Technology (RegTech), market data monetisation, and all developments related to technology applications that support and assist the activity and effectiveness of financial markets.

On the occasion, Shaikh Khalifa bin Ebrahim Al Khalifa, CEO of Bahrain Bourse and AFCM President in its new session, expressed gratitude and appreciation to all AFCM members for their sincere efforts and hard work to develop the Federation during the past period.

Commenting further, Shaikh Khalifa said: “Bahrain Bourse’s presidency of the Federation will further advance the efforts to develop its capabilities and efforts with the aim of making a unique change in its work systems and models at the institutional and technical levels. This will ensure the continuity of the Federation’s role to further support Arab stock exchanges in a more efficient manner, and enhance its capabilities and competitiveness to promote inter-Arab trade in securities as one of the most important financing sources of the economic and social development plans of our Arab nation.”

“We are honoured at Bahrain Bourse to host the AFCM Annual Conference this year, as it represents a launchpad to showcase the major themes driving regional capital markets. We recognise the vital role that Bahrain Bourse could play in providing a stable and transparent environment, and the importance of our endeavours to achieve the objectives of the conference and support a transparent investment environment for Arab capital markets. The conference serves as a key forum for sharing ideas and experiences from key leaders in the capital market, and we look forward to achieving anticipated results in an integrated manner,” Shaikh Khalifa added. 

For his part, Mr. Rami El Dokany, Secretary General of AFCM (formerly Arab Federation of Exchanges) said, “The Federation was established in 1978 upon the recommendation of the Conference of Central Bank Governors under the patronage of the League of Arab States, with the membership of only four Arab stock exchanges at that time. The Federation aims to facilitate the exchange of technical aid between members, coordinating the applicable laws and regulations, and overcoming the difficulties facing inter-Arab investment.”

Mr. El Dokany further said: “We are delighted to organise the AFCM Annual Conference in coordination with and with the participation of Bahrain Bourse, which will head the Federation in its new session. The conference will discuss the most recent developments in technology applications and examine the extent to which they can be utilised to enhance the efficiency of financial markets on Arab economies.”

Furthermore, Mr. El Dokany clarified that the upcoming phase will witness working towards the completion of previous efforts to position the Federation on a stable path in the long term, by formulating flexible policies that contribute to the development of its business and activities, in order to promote and facilitate inter-Arab investments in securities.

He added that the conference also aims to develop a platform for cooperation and exchange of expertise and views among all relevant parties, as it constitutes a driving force for the development of Arab capital markets’ capabilities.

The AFCM annual meeting will be held on the side-lines of the conference, with the attendance of 18 Arab capital markets.

For more information on the AFCM Annual Conference, please visit: https://arab-exchanges.org/afcm-bahrain-2022/.

Bahrain Clear, a fully owned subsidiary of Bahrain Bourse, has announced a partnership with Lumi, the leading global provider of AGM technology, to launch a comprehensive value-added services for both public shareholding companies and closed companies to offer eAGM and eVoting services including Board Elections. During general meetings, this service enables shareholders to cast their votes on company resolutions and elect directors electronically.

The web-based service aims to drive higher shareholder engagement through enabling both virtual and hybrid AGMs, real-time access to voting results with weighted voting and meeting quorum, providing secure verification of shareholders and their representatives, and enabling flexibility in accessibility whilst offering full audit trails. The service aims to further highlight the importance of shareholders’ role in fully exercising their voting rights during AGMs through easier connectivity in virtual or hybrid formats, which will further drive and enhance shareholder engagement. Shareholders will be able to access all the required information related to eAGMs through the registration on the dedicated website on: eagm.bahrainclear.com

On this occasion, Vice Chairman and Managing Director of Bahrain Clear, Sh. Khalifa bin Ebrahim Al Khalifa, commented: “Bahrain Clear strives to continuously provide value-added services and is committed to creating a conducive business environment that is competitive, flexible, and agile. This major milestone aims to complement and build upon the success achieved in previous years in terms of offering electronic AGM services. We are pleased to partner up with Lumi to roll-out a comprehensive suite of eAGM & eVoting services including board elections for both public shareholding companies and closed companies, which aims to embrace best corporate governance and investor relations practices whilst maintaining higher shareholder engagement.”

“This comes as part of Bahrain Clear’s ongoing efforts to further enhance post-trade services and goes in line with Bahrain Clear’s role to enhance capital markets infrastructure with the overall aim of protecting shareholders’ rights," Shaikh Khalifa added.

Richard Taylor, CEO of Lumi, commented, “We are proud that Bahrain Clear has chosen Lumi to partner with and we look forward to helping to deliver best-in-class corporate governance for issuers as well as empowering shareholders to participate at AGMs. Bahrain Clear has fully embraced the digitalisation of AGMs and shareholder engagement and this partnership is an exciting step in our ongoing strategic investment in the region”.

It is worth mentioning that Bahrain Clear is a fully owned subsidiary of Bahrain Bourse with a disclosed capital of BD 5 million, and a paid up capital of BD 1 million. Bahrain Clear is licensed as a clearing house by the Central Bank of Bahrain, offering pre and post-trade services to investors as well as a range of services including transactions depository, clearing, settlement, central registry and registration.

Under the patronage of His Excellency Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, Bahrain Bourse concluded the Arab Federation of Capital Markets Annual Conference titled ‘’AFCM Annual Conference: Bahrain 2022’’ virtually on the 29th and 30th of March 2022.

The conference highlighted the role of capital markets in supporting and financing strategic projects during the pandemic. The conference also addressed Bahrain Bourse’s efforts to attract foreign investments, the development of CSD services to provide more products and services for investors, ESG disclosures in the region, and the rise of the new RegTech Era.

The conference hosted more than 95 panelists and 19 sessions, and was attended by more than 400 participants from exchanges, regulatory bodies of financial markets, and brokerage firms.

In a keynote speech, Shaikh Khalifa bin Ebrahim Al Khalifa, CEO of Bahrain Bourse and AFCM President for the year 2022 said, “The Economic Recovery Plan announced by the Kingdom of Bahrain plays an important role in attracting investments to the country which enhances its competitiveness and supports the local economy. The plan to develop the capital markets, which is part of the Financial Services Sector Development Strategy 2022-2026 will enhance Bahrain Bourse’s role in attracting investments and providing advanced services to both investors and issuers. This will also strengthen cooperation with Arab capital markets and central depositories to increase liquidity in the local market and support the economy of the Kingdom of Bahrain.”

Shaikh Khalifa concluded by thanking His Excellency Shaikh Salman bin Khalifa Al Khalifa for his patronage, the sponsors of the Arab Federation of Capital Markets Annual Conference, the organizers from the Arab Federation of Capital Markets, and participants and attendees who contributed to the success of the conference.

Mr. Rami El Dokany, Secretary General of the Arab Federation of Capital Markets said, “The year 2021 was an exceptional year on many different aspects, where global markets started to recover from the impact of the pandemic. The Arab Markets were not an exception, and markets witnessed an increase in market capitalization by 18% to reach to US$ 3.8 trillion. The volume of shares traded also surged by 57% to reach to 1.3 trillion shares. Last year, the region witnessed 23 IPOs with overall returns of US$ 8.1 million. Overall, all Arab markets witnessed a noticeable increase in its indicators, led by the GCC markets in the region.”

The AFCM Conference organizers gratefully recognize the generous support offered by its sponsors, which include premium sponsors Mubasher and DirectFN. Platinum sponsors of the event include Ahli United Bank, SICO B.S.C.(c), and Tamkeen (Labour Fund). Gold sponsors include Aluminium Bahrain (Alba), Al Salam Bank, Bank of Bahrain & Kuwait (BBK) and ADIB Securities. Finally, HSBC Bahrain, Nasdaq, Sanabel Securities, Refinitiv and Wavetec were welcomed as Single Panel Sponsors, Wamid as Supporting Partner, Instinctif as Investor Relations Partner, and Convene as Boardroom Digital Transformation Partner.

Bahrain Bourse (BHB), a self-regulated multi-asset marketplace, in collaboration with United Nations Sustainable Stock Exchanges Initiative (SSE), International Finance Corporation (IFC), and Carbon Disclosure Project (CDP) hosted a training workshop on ‘Task Force on Climate-related Financial Disclosures (TCFD)’. The TCFD Recommendations provide a framework for companies to respond to the increasing demand for transparency on climate-related risks and opportunities from investors.

The training workshop is in line with Bahrain Bourse’s sustainability action plan to promote capacity building on sustainability and green finance products, as well as the importance of sustainability in the financial sector. The workshop featured experts from United Nations Sustainable Stock Exchanges Initiative (SSE) to shed light on climate-related financial disclosures for listed companies. The training workshop falls in line with the latest Guidance Note on Climate-related Risks issued by Central Bank of Bahrain on March 2022.

The two-day workshop provided participants with insights on adoption of the Task Force on Climate-related Financial Disclosure (TCFD) recommendations. The workshop consists of 2 modules covering the following key topics: the financial risks and opportunities associated with climate change, the importance of climate-related financial disclosure, key elements of climate-related financial disclosure, characteristics of good practice climate disclosures, and initial steps required by organizations to implement the recommendations of the TCFD.

The workshop was conducted by a team of climate-risk experts which included Tiffany Grabski, a senior specialist on climate reporting for the United Nations Sustainable Stock Exchanges Initiative, and Evan Guy, public policy professional on climate change and sustainability topics for the Carbon Disclosure Project (CDP).

Marwa Al-Maskati, Director of Marketing & Business Development at Bahrain Bourse commented, “We are delighted to have partnered with SSE to deliver a valuable and insightful workshop concerning climate-related financial risks. As responsible investors are demanding higher level of climate-related disclosures, listed companies are incorporating climate-related risks as part of their ongoing sustainability disclosure reporting. This is mainly being driven by a growing awareness of the scale of climate risk and opportunity in financial markets.”

"We aim to encourage financing a low-carbon and more inclusive economy, as well as support listed companies and market participants in their sustainable finance journey, as they seek to meet growing market expectations and demands in relations to climate-related financial disclosures,” added AlMaskati.

Anthony Miller, Coordinator of the United Nations Sustainable Stock Exchanges initiative (UN SSE) commented: “We are thrilled to combine forces with the IFC and CDP in order to provide high-quality training on climate disclosure and an overview of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations for our members and their markets. Our goal with this programme is to facilitate a multi-stakeholder dialogue on TCFD disclosure and provide an understanding of the importance of climate-related disclosure. We congratulate Bahrain Bourse for taking the step forward on the sustainable path and hosting the climate report training for their market participants.”

The Task Force on Climate-related Financial Disclosures (‘TCFD’) was formed in 2015 by the G20 Financial Stability Board to develop consistent climate-related financial risk disclosures for use by companies, banks, and investors in providing information to stakeholders. The TCFD recommendations provide guidance to all market participants on the disclosure of information on the financial implications of climate-related risks and opportunities in order to be integrated into business and investment decisions.

It is worth noting that Bahrain Bourse issued its Environmental, Social and Governance (ESG) Voluntary Reporting Guideline for listed companies in June 2020. In September 2021, Bahrain Bourse and HSBC Bahrain launched a thought leadership publication on Sustainable Finance titled “Evolving ESG Landscape & Capital Markets”, which focuses on the sustainable development agenda and green finance. Bahrain Bourse has been a voluntary signatory to the United Nations Sustainable Stock Exchanges (SSE) initiative since 2019 to demonstrate its voluntary commitment to promoting sustainable and transparent capital markets in cooperation with listed companies and other related stakeholders. Since 2019, Bahrain Bourse has been disclosing its annual sustainability reporting as part of its Annual Report, and is committed towards demonstrating best practices in ESG.

The Bahrain Institute for Banking and Finance (BIBF) and Bahrain Bourse have announced the launch of a series of free one-hour webinars for the public, under the umbrella of the Investment Academy, with the aim of spreading awareness about the importance of the financial and investment culture.

A selection of experts and specialists in the fields of finance, investment and sustainability will participate in the webinars, which will start on May 26, and registration will be available for interested investors of all categories, including beginners, women, youth, retirees and university students via https://www.bibf.com/capital-markets-talks.

The BIBF Director, Dr. Ahmed Abdulhameed Al Shaikh, has indicated that such webinars will be organised in cooperation with Bahrain Bourse under the umbrella of the Investment Academy with the aim of providing participants with basic information to develop their own financial plans, given the BIBF’s commitment to enhance the financial and investment culture among various segments of society.

He also added that these webinars are in line with the government's plans and programmes through the Bahrain Economic Vision 2030, which will contribute to strengthening the investment market in the Kingdom of Bahrain, creating real job and investment opportunities for stakeholders, including businessmen, women, retirees and youth, and enhancing the path and value of the distinguished investment market in Bahrain.

The CEO of Bahrain Bourse, Shaikh Khalifa bin Ebrahim Al-Khalifa has said, "This initiative is in line with the BHB’s strategy aimed at achieving its vision of enhancing financial awareness for various segments of society. The Investment Academy, which is offered in collaboration with the BIBF, is one of our main initiatives to promote investment awareness and to specifically target a wide range of stakeholders.

The programme includes six webinars, the first of which will deal with “How Can Women Start Their Investment Journey?”, presented by Dr. Chitra Suresh. This webinar will cover areas related to women empowerment in the capital market sector, and tackle the first steps that women can take to start their investment journey.

The theme of the second webinar will be "Personal Finances", and will be presented by Noorhan Al-Zan. This webinar will cover the main areas and concepts of personal finance: savings, investments, retirement, and tips and ideas about better personal finance management.

 

Savitha Raghavan will be the speaker of the third webinar, which will be "Importance of Know Your Customer in Capital Market” and will cover the importance of ensuring identification, provision, updating and verification of all relevant customer information in accordance with requirements and instructions.

In the webinar entitled "Introduction to Sustainability and Impacts on Investment", Noorhan Al-Zan will address the nature of sustainable development, the key investment concepts applicable to sustainability and their impact on decision-making. Regarding the fifth webinar, it will be entitled "How to be Fiscally Fit", wherein Dr. Chitra Suresh will explain what it means to be fiscally fit and what are the benefits of it. It will also shed a light on how to sustain being fiscally fit in the long term.

In the sixth and final webinar; Savitha Raghavan will speak about the "Capital Market Regulatory Environment in Bahrain". This webinar will define the legal framework, the capital market regulators in Bahrain, the importance of legislation, laws and regulations in the capital market to protect investors and traders, the explanation of the concepts of trading mechanisms to insiders, obligation to monitor the market and investigation of suspicious cases.

It is worth mentioning that the BIBF, in cooperation with Bahrain Bourse, launched the Investment Academy in 2017 to provide practical knowledge, targeting novice and professional investors to enhance their knowledge about capital markets through advanced and developed training methods and techniques. The Investment Academy also aims to build capabilities and enhance the Kingdom’s position as a financial centre for banking services, and positioning it as an intellectual centre for training and knowledge. The Academy provides general awareness-raising webinars and professional certifications, and delivers training workshops on the most important topics in the capital markets. Since its launch, the Investment Academy has provided more than 2,751 training hours to more than 2,673 professional trainees.

The Shura Council hosted Bahrain Bourse in a panel discussion on Tuesday, 17th May 2022 on “Bahrain Bourse’s Role in Developing the National Economy” as part of the Parliamentary Support Program of the Shura Council with the participation of Bahrain Bourse’s Chief Executive Officer Shaikh Khalifa bin Ebrahim Al Khalifa. During the panel discussion, a number of key topics in relation to Bahrain Bourse’s effective role in the National Economy were addressed, in addition to the economic recovery plan and the key services provided by Bahrain Bourse to the retail and institutional investors and listed companies with the aim of enhancing areas of mutual cooperation.

The panel discussion highlighted the key achievements of Bahrain Bourse during 2020-2021, as well as the operational plans and initiatives for the upcoming period, and addressed the Bourse’s role within the economic recovery plan. A number of inquiries and feedback received from the participating members were also addressed.

Shura Council Members praised Bahrain Bourse’s effective role in enhancing the capital market of Bahrain, locally, regionally and internationally, through providing various asset classes and innovative services to investors and listed companies, in addition to providing a number of value-added platforms to meet the financial and investment community aspirations and implementing various initiatives that are in line with global international developments.

The panel discussion also discussed the Bourse’s future plans, which include joining the emerging markets, the inclusion of the Capital Markets Apprenticeship program among the National Employment Program 2.0. In addition, liaison with the government to prepare listing pipeline for government-related entities, and automation of pidends distribution service by the end of this year.

Bahrain Bourse and Middle East Investor Relations Association (MEIRA) held an Investor Relations (IR) workshop in the Kingdom of Bahrain titled "How to create an award-winning IR programme” at the Harbour House, Bahrain Financial Harbour, which was hosted by GFH Financial Group. The workshop comes as part of MEIRA’s and Bahrain Bourse’s joint efforts to develop IR capabilities and advance listed companies investor relations programmes and promote best IR practices in the region.

The one-day event, attracted more than 40 IR practitioners and stakeholders from various listed companies attended the session, with several discussions on key implications regarding the best practices in annual reports and IR programmes from an investor relations perspective, followed by exclusive networking opportunities to converse with other IR professionals and market practitioners in the region.

During the workshop, panels and presentations, delegates discussed award-winning annual reports and improving awards submissions, creating and delivering an award-winning IR programme, and how to build and deploy an IR toolkit. Sessions highlighted the importance of addressing the key metrics that uniquely position the IR story of each issuer, and enabling it to attain significant IR awards. The workshop included presentations delivered by the Middle East Investor Relations Association (MEIRA) and international business communications consultancy; Instinctif Partners.

Commenting on the event, Marwa Al Maskati, Director of Marketing & Business Development – Bahrain Bourse & Chapter Head, MEIRA-Bahrain Chapter, “Bahrain Bourse has always been at the forefront of highlighting the value of strong investor relations practices throughout Bahrain’s capital market. With the increase in number of cross-listed companies in other jurisdictions, there is growing emphasis on the importance of open and ongoing engagement with regional and international investors and analysts, and it is important for listed companies to equip themselves with the right IR tools to transform their IR story. We aspire to continuously expand Bahrain’s IR landscape, and collaborations such as these can provide professional growth possibilities for IR practitioners within the local market.”

John Gollifer: General Manager - MEIRA stated “The MEIRA Bahrain Chapter, led by the Bahrain Bourse, continues to chart an IR path for listed companies in the Kingdom of Bahrain. IR Workshops, like today’s that feature best practice, are an important way to enable open, yet instructive discussion among IR peers and experts. In this way, we can address the competition for the attention of the investment community and the roles that we can all play to differentiate our IR stories.”

It is worth noting that Bahrain Bourse and the Middle East Investor Relations Association (MEIRA) have officially launched the MEIRA chapter in Bahrain during April 2019 with the aim of developing and enhancing best practices in Investor Relations (IR) across the Kingdom of Bahrain.

The founding members of the MEIRA chapter in Bahrain include Aluminum Bahrain (‘ALBA’), Bank ABC, Bahrain Telecommunications Company (‘Batelco’), Bahrain Bourse, Ithmaar Holding, National Bank of Bahrain, and SICO BSC (c).

Bahrain Bourse (BHB), a self-regulated multi-asset marketplace, hosted a concluding awards ceremony for the Capital Markets Apprenticeship Program apprentices in its 2nd Edition, with the attendance of a number of Board Members and Bahrain Bourse’s executive management. The graduation ceremony honored a total of eight interns that have completed the six-month apprenticeship program.

The Capital Markets Apprenticeship programme, is a capacity-building initiative aimed at developing and nurturing young talent and capabilities within the capital markets sector, and is aligned with Bahrain Bourse's financial awareness strategy. During the ceremony, the apprentices were honored with certificates of program completion.

Shaikh Khalifa bin Ebrahim Al-Khalifa, CEO of Bahrain Bourse, commented on the occasion, "It is with great pride that we celebrate the conclusion of the second edition of the Capital Markets Apprenticeship program. The program aims to equip interns with the key professional and soft skills and enrich their knowledge within the Capital Market industry, which in turn contributes to the development of the growing pool of talents in the Kingdom, and goes in line with Bahrain Bourse’s awareness strategy pillars. We would like to congratulate the graduates for their accomplishments and for exhibiting dedication and merit during the six months tenure of the program, and we look forward to welcoming new cohorts in future editions.”

“We would also like to extend our gratitude to the Governor of the Central Bank of Bahrain, the Board Members and executive management of all the listed companies and the participating institutions whom have contributed to the success of the Capital Markets Apprenticeship Program through providing interns the opportunity to conduct roundtable discussions with key decision-makers within the capital market.” Shaikh Khalifa added.

The intensive six-months Capital Markets Apprenticeship Program has enabled participants to connect and engage with key decision makers within the capital market industry, gain capital market and investment knowledge, as well as benefit from hands-on experience by gaining a comprehensive understanding of Bahrain Bourse and Bahrain Clear operations, qualifying them to work in a range of disciplines within the capital market industry through the knowledge and expertise gained.

The Capital Markets Apprenticeship program supports Bahrain Bourse's awareness initiatives, which seeks to improve financial literacy, a key pillar in Bahrain Bourse’s strategy to reach a broader sector of society. Furthermore, the program seeks to raise investment awareness among the youth by bridging the academic and professional pides.

It is worth mentioning that the Capital Markets Apprenticeship program, which was launched in 2021, is one of Bahrain Bourse's capacity building initiative aimed at developing the capabilities of young Bahrainis within the capital markets industry. Other awareness initiatives include the TradeQuest Programme, Smart Investor, and Investment Academy.

Bahrain Bourse (BHB), a self-regulated multi-asset marketplace, in partnership with INJAZ Bahrain, has officially announced the kick-off of the 5th Edition of the Smart Investor Program, a national awareness program aimed at 4th grade elementary students in the Kingdom of Bahrain and is part of the Government Schools curriculum.

The program is one of Bahrain Bourse's key financial literacy and investor awareness programs and initiatives, with the aim of educating and empowering the next generation of smart investors. It is consistent with Bahrain Bourse's efforts to strengthen investment awareness and financial literacy across various age groups and categories.

Shaikh Khalifa bin Ebrahim Al-Khalifa, CEO of Bahrain Bourse commented, “Bahrain Bourse is committed towards enhancing financial literacy awareness targeting various age groups. We believe in building a generation of investors with sound understanding of financial markets to empower the next generation of smart investors, through the roll out of the Smart Investor program in its 5th Edition targeting 8,000 students from public and private schools."

“This program is also uniquely positioned to complement our other program offerings and initiatives, including TradeQuest Program, the Investment Academy, and the Capital Markets Apprenticeship Program and is well integrated with Bahrain Bourse's financial literacy and investor awareness strategy, which forms a fundamental pillar,” Shaikh Khalifa added.

H.H Sh. Hessa Bint Khalifa Al Khalifa, Chairperson at INJAZ Bahrain, commented, “We are thrilled to be collaborating with Bahrain Bourse for the 5th Edition of the Smart Investor Program. Based on our prior achievements and uptake level with this program offering, we have expanded the outreach to include more than 8000 participants. Our objective is to have young students apply financial fundamentals with confidence throughout their lives and we are honored to be able to contribute to the Kingdom of Bahrain's financial inclusion framework and economic landscape.”

The Smart Investor program, which was launched in 2018, is a national awareness initiative for elementary students in partnership with INJAZ Bahrain. Through engaging edutainment activities, the program seeks to provide young students with basic concepts linked to money management, savings, and financial planning in order to aid them in making sound financial decisions.

After participation in the program, students will be able to identify various financial payment methods, such as debit and credit cards, cash, and cheques, learn numerous financial literacy terms, as well as recognize the value of saving and gain information on several financial planning principles. The Program consists of seven-themed sessions designed to equip students with the following concepts: Thinking, Specifying, Planning, Execution, Saving, Progression, and Evaluation.

Bahrain Bourse offers a board range of awareness programs to ensure outreach to every age group, which begins with Smart Investor at elementary level, and TradeQuest at high school and university level. General financial education is also offered to the public through the Investment Academy in collaboration with the BIBF. In addition, the Capital Markets Apprenticeship Program is offered to graduates through on-the-job training and practical experience within the capital markets. Bahrain Bourse has been consistently participating in IOSCO’s World Investor Week along with 78 other global exchanges and World Federation of Exchanges' annual ‘Ring the Bell for Financial Literacy' to promote financial literacy.

It is worth mentioning that the Smart Investor Program has been carried out for 4 consecutive academic years. The 4th edition of the program introduced the Smart Investor National Challenge with the aim of seeking to enhance program participation in both public and private schools. The competition has successfully stimulated engagement and a competitive spirit, and encouraged students to implement their program learnings.

As part of Bahrain Bourse’s efforts to promote the Bahrain Investment Market (BIM), Bahrain Bourse (BHB) hosted a workshop for entrepreneurs participating at “Beban”, Bahrain’s first entrepreneurship-themed reality show produced by Hope Ventures. The workshop showcased the opportunities available for companies seeking growth capital by listing on the Bahrain Investment Market (BIM). More than 35 representatives from various companies attended the workshop.

During the workshop, attendees were introduced to the Bahrain Investment Market, a market that has been designed specifically to offer fast-growing companies an alternative cost and time-effective means for raising capital. The workshop highlighted the benefits of listing on the BIM and outlined the process of listing.

Director of Listing & Disclosure at Bahrain Bourse Shaikha AlZayani commented, “Many fast-growing entrepreneurial ventures are seeking to grow and expand in Bahrain’s market. Bahrain Investment Market provides an innovative financing option for growing companies, enabling them a faster way to raise capital and relatively at a low cost. Bahrain Investment Market does not only provide companies with the opportunity to expand and grow, but it also enhances their sustainability which is a key principle for businesses in today’s world.”

It is worth noting that Bahrain Investment Market is an innovative equity market designed for fast-growing companies seeking growth capital. As per BIM rules, companies must appoint and retain an authorized sponsor before and during the listing process. In return, the authorized sponsor provides support and guidance services to companies interested in listing on the BIM to ensure that listing, disclosure and ongoing requirements are met.

Bahrain Bourse, a self-regulated multi-asset marketplace, has announced Ahli United Bank (AUB) as a Gold Sponsor for the 5th Edition of the “Smart Investor” Program. The Smart Investor Program is a national awareness program organized in collaboration with INJAZ Bahrain, and part of the government school curriculum, aimed at promoting financial and investment literacy among 4th grade elementary school students in Bahrain.

Mrs Narjes Jamal, Chief Operating Officer of Bahrain Bourse, commented: “We are pleased to have AUB once again supporting the Smart Investor Program in its 5th edition. Such support allowed us to expand the program by reaching out to more than 8,000 students last year. I am confident that AUB’s ongoing support will assist in achieving the objectives of the program, and we look forward to witnessing the positive effect on students' financial confidence, basic monetary principles, and the long-term financial planning skills that they will establish.”

On his part, Mr. David O’Loan, Deputy Group CEO, Treasury & Investments at AUB, stated: “Our continued support for Bahrain Bourse’s Smart Investor Program stems from a keen interest in empowering the next generations. The Program is designed to inculcate in them the seeds for financial competence and creativity. This also falls in line with our long-term sustainability goals, in which we hold human talent as a focal point. Through these CSR initiatives, we can ensure that Bahrain will never have a shortage of brilliant minds to drive its future growth.”

The Smart Investor program, launched in 2018, is a national awareness program in collaboration with INJAZ Bahrain targeting grade school students. The initiative aims to provide young students with basic financial concepts including money management, savings, and smart financial planning through interactive edutainment activities to empower them to make sound financial decisions. The program consists of seven themed sessions designed to equip students with the following concepts: Thinking, Specifying, Planning, Execution, Saving, Progression, and Evaluation.
Upon completing the program, students will be able to identify several financial payment methods, such as debit and credit cards, cash, and cheques, as well as recognize the value of saving and develop knowledge on basic financial planning concepts.

It is worth mentioning that the Smart Investor Program has been running for four consecutive academic years. In its 4th edition, the program introduced the Smart Investor National Challenge to increase program participation amongst students in both public and private schools. The competition successfully stimulated participation and a competitive spirit, as well as inspired students to effectively apply their program learnings.

Bahrain Bourse (BHB), a self-regulated multi-asset marketplace, has concluded its participation in the 11th Edition of the "Youth City 2030" program, hosted by the Ministry of Youth and Sport Affairs alongside Tamkeen as a strategic partner. The event was held in the Bahrain International Exhibition and Convention Centre from 24th July to 31st August, 2022, under the slogan "Let Us Connect Again" to educate the youth, nurture their talents and foster their creativity.

Bahrain Bourse’s participation in the “Youth City 2030” involved a series of awareness sessions covering basic concepts about money management, savings and financial planning to aid young students aged 9-12 to make sound financial decisions. Sessions were followed with various edutainment activities to instill the concepts learned during the sessions.

Shaikh Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer of Bahrain Bourse said, “Bahrain Bourse’s participation in the Youth City 2030 aims to further equip the youth with key financial knowledge and enhance financial inclusivity and goes in line with Bahrain Bourse’s awareness programs aimed at increasing financial literacy awareness across various age groups within society, particularly among the youth. Bahrain Bourse places a high value on youth awareness programs which are well aligned with Bahrain Bourse's own initiative, "The Smart Investor Program," a national awareness initiative for elementary students in partnership with INJAZ Bahrain.”

Commenting on the successful participation of INJAZ Bahrain at Youth City 2030, HH Shaikha Hessa Bint Khalifa Al Khalifa, Chairperson of INJAZ Bahrain said: “Youth City provides an essential platform for the Kingdom’s youth to share knowledge, elevate their skills, and participate in an engaging creativity-fueled environment among peers, mentors, and leaders. INJAZ Bahrain is proud to support students and the Kingdom’s youth as they develop into the leaders of tomorrow and gain crucial knowledge across key sectors via impact-driven valuable opportunities with key partners and platforms as they excel.”

Bahrain Bourse has run several awareness programs, including the "Smart Investor Program," in partnership with INJAZ Bahrain targeting elementary school students, and the "TradeQuest" program, which targets high school and university students and has been running for the past 23 years, as well as the "Capital Markets Apprenticeship" and the "Investment Academy," which is a joint initiative between Bahrain Bourse and the Bahrain Institute of Banking & Finance (BIBF) aimed at promoting training programs to support the local Capital Market and is targeted towards beginner, intermediate, and professional investors.

Bahrain Bourse (BHB), a self-regulated multi-asset marketplace and an affiliate member of the International Organization of Securities Commissions (IOSCO), has announced its participation in the sixth annual World Investor Week ("WIW"), which will take place from October 3rd to October 9th, 2022. This year, the key messages of the IOSCO WIW campaign will be focused on two themes: 1) Investor Resilience and 2) Sustainable Finance.

Alongside the IOSCO WIW, Bahrain Bourse joined 106 other global exchanges in the World Federation of Exchanges' annual 'Ring the Bell for Financial Literacy' initiative to promote financial literacy and raise awareness on the importance of financial inclusivity. As part of the week's events, Bahrain Bourse is hosting a virtual 'Ring the Bell for Financial Literacy' event through a video campaign, featuring key participants from various listed companies as well as other key stakeholders to highlight and showcase Bahrain Bourse's various awareness programs. During the week-long campaign, Bahrain Bourse will also launch an Educational Series campaign focused on capital markets for the general public.

Shaikh Khalifa bin Ebrahim Al-Khalifa, CEO of Bahrain Bourse, commented, “Promoting investor education is a top priority for Bahrain Bourse, as demonstrated by our various programs, and it is a privilege to be a part of this unique opportunity, where we collaborate with all investor education and protection stakeholders, both locally and globally. By participating in the initiatives throughout the week, Bahrain Bourse aims to bolster the Kingdom's image and status as the region's most mature financial center, in line with Bahrain's ambitions to become a globally competitive economy based on the guiding principles of sustainability, competitiveness, and fairness. We look forward to introducing our most recent developments and milestones, which will significantly increase performance, transparency, and the services provided to investors.”

On his part, Ashley Alder, Chair of the IOSCO Board and the Chief Executive Officer of the Hong Kong Securities and Futures Commission, commented, “I welcome this sixth edition of the IOSCO World Investor Week. During the last two years we have seen a growing number of retail investors participating in securities markets, in the context of the global pandemic. Those investors are facing new challenges, such as inflationary pressures and the uncertainties deriving from geopolitical tensions. Financial education and investor protection play a critical role in enhancing investor resilience and investor confidence to participate in financial markets on a properly informed basis.”

WIW is a global week-long campaign to raise awareness about the significance of investor education and protection. For the fourth year in a row, IOSCO and the WFE are collaborating on the "Ring the Bell for Financial Literacy'' campaign. During 2021, Bahrain Bourse supported the national campaign against fraud launched by Bahrain Association of Banks (BAB) to promote the awareness of several electronic fraud operations targeting financial services. The “Ring the Bell for Financial Literacy Initiative” complements Bahrain Bourse’s efforts in enhancing financial awareness among investors and other parties interested in capital markets. Bahrain Bourse collaborates with various stakeholders to enhance financial and investment awareness via various initiatives, including the Smart Investor Program that targets elementary students, the TradeQuest Program that targets high school and university students, along with the awareness programs offered to the public through the Investment Academy that has been launched in collaboration with BIBF and the Capital Markets Apprenticeship Program that offers on the job training and practical experience for fresh graduates.

Bahrain Bourse (BHB), a self-regulated multi-asset marketplace, has emerged as the leading stock exchange contributor to capital markets development at this year’s Global Business Outlook Awards. The award is a significant milestone that recognizes Bahrain Bourse's continuous dedication over the years to contribute to the Kingdom's capital markets development, marked investor relations focus, and remarkable support to the United Nations’ Sustainable Stock Exchanges Initiative (‘SSI’) & ESG agenda, whilst ensuring robustness of the capital market and market integrity.

The Global Business Outlook Awards strives to recognize and reward excellence in businesses around the world. It is designed to facilitate the outstanding work of businesses and business executives across sectors. The awards have an eye for industry mastery, leadership talents, industry value or net worth, impeccable strategies for success, and potential on an international forum.

Shaikh Khalifa bin Ebrahim Al-Khalifa, CEO of Bahrain Bourse, commented on the award, “Receiving this award is a great honor for Bahrain Bourse as it serves as a true testament to our steadfast dedication to further develop the capital market in the Kingdom. Over the years, Bahrain Bourse has strived to implement a plethora of initiatives aimed at developing the capital market, with the aim of enhancing liquidity, transparency, and sustainability within the market to further attract issuers as well as investors.

Shaikh Khalifa added, “Bahrain Bourse will continue to look for innovative methods to better serve market participants and ensure that the Kingdom's capital market robustness, while maintaining stakeholder engagement deepening investor relations, and ensuring alignment with Bahrain’s Economic Vision 2030 and the Kingdom’s net zero goals.”

Bahrain Bourse earlier this year has also been recognized by HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, for their Excellence in Customer Service via the National Suggestions & Complaints System 'Tawasul’, in addition to attaining 'Sustainable Stock Exchange of the Year - GCC 2022' award by Global Banking & Finance Review as well as 'Best Investor Awareness Financial Literacy Initiatives - Stock Exchange - Bahrain 2022' by International Finance in recognition of its endeavors to cultivate a financial literacy culture, bringing the total number of awards to four this year.

Shaikh Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer of Bahrain Bourse affirmed the importance of continuing to enhance the cooperation between the Kingdom of Bahrain and Sultanate of Oman in various areas to explore new and promising opportunities by enhancing the economic integration between the two countries, in line with the keenness of both countries to strengthen bilateral relations in order to further develop the economy under the leadership of His Majesty King Hamad bin Isa Al Khalifa and His Majesty Sultan Haitham bin Tarik of Oman to the Kingdom of Bahrain.

This came following the signing of an MoU by Shaikh Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer of Bahrain Bourse and Mr. Haitham Al Salmi, Chief Executive Officer of Muscat Stock Exchange. The MoU aims at enhancing cooperation between Bahrain Bourse and Muscat Stock Exchange and benefitting from the exchange of experience, on the sidelines of the official visit of His Majesty Sultan Haitham bin Tarik of Oman to the Kingdom of Bahrain.

In addition, a cooperation agreement was signed between Bahrain Bourse and Muscat Stock Exchange, in which Muscat Stock Exchange will join “Tabadul” platform to link both markets and enable direct trading on Bahrain Bourse and Muscat Stock Exchange. The agreement aims to achieve synergies, enhance market liquidity and promote innovative products and services as well as facilitate trading of investors in both markets and support sustainable growth.

Commenting on the agreement, Shaikh Khalifa bin Ebrahim Al-Khalifa, CEO of Bahrain Bourse, “The signing of the agreement with Muscat Stock Exchange is in accordance with the GCC countries' collaborative efforts to strengthen the relationship between institutions and systems to strengthen collaborative efforts across GCC capital markets and comes in line with bolstering the goals and objectives set towards the Financial Services Sector Development Strategy 2022-2026 in terms of strengthening GCC linkages.”

“The agreement will pave the way for stronger cooperation between both exchanges, and enhance connectivity of regional capital markets through the ‘Tabadul’ platform, and serves to meet the broadened horizons of capital market operators across the region. We look forward to continuing working with our partners Abu Dhabi Securities Exchange and Muscat Securities Exchange to further enhance and broaden the market offering of Tabadul as we continue to enhance our mutual market connectivity and onboard other exchanges as well,” Shaikh Khalifa added.
Mr. Haitham bin Salim Al-Salmi, CEO of Muscat Stock Exchange (MSX), said: Such agreements embody the cooperation between the two institutions in the two brotherly countries, and this agreement is an extension of the distinguished relations that link the securities sector in both countries.
Al-Salmi explained that the signing of those agreements between the two markets seek to enhance investment opportunities in both markets, and the joining of MSX to “Tabadul” along with Bahrain Bourse is an important step to enhance liquidity and offer various products and services, and will also facilitate and develop trading mechanisms in both markets. This will allow investors in both markets to invest and trade easily which will support the development of both markets and achieve mutual benefits to support the economy in both countries.

“Tabadul” was launched in July 2022 as part of the strategic collaboration signed between Bahrain Bourse and Abu Dhabi Securities Exchange (ADX) to implement a cross-border plan in trading and post trading environments. The platform allows investments at Bahrain Bourse and ADX, and now Muscat Stock Exchange to enable investors to trade directly on both exchanges through licensed brokers in both markets.

“Tabadul” is the region’s first digital exchange hub, offering a comprehensive platform that allows investors to trade directly through licensed brokers on both markets, according to the laws and regulations applied in each market.

Bahrain Bourse (BHB), a self-regulated multi-asset marketplace, announced the kick off of the 24th Edition of the TradeQuest Program for high school and university students for the academic year 2022-2023. The program’s aim is to stimulate relevant learning through practical experience by grasping the rules and regulations implemented in financial markets, analyzing and selecting shares, and managing a portfolio of investment instruments listed on the New York Stock Exchange (NYSE) and Bahrain Bourse.

Kick-off of the 24th edition was attended by the participating students, along with their school and university representatives, in addition to the investment advisors who will be mentoring and coaching the students during the program. Following a rigorous six-months training and mentoring period, the top 3 finalists from each category, representing a total of 9 teams, will be provided with cash rewards totaling BHD 30,000.

The 2022-2023 TradeQuest Program includes a total of 27 participating teams broken down into 10 private schools, 10 Government schools, and 7 universities.

Private school teams include Abdul Rahman Kanoo International School, Bahrain Bayan School, British School of Bahrain, Al-Hekma International School, Ibn Khuldoon National School, Naseem International School, New Millennium School, Al Noor International School, St. Christopher's School, and Al Wisam School. Government School teams includes Sh. Abdulla bin Isa Al Khalifa Secondary Industrial Boys School, Ahmed Al Omran Secondary Boys School, Ghazi Al-Gosaibi Secondary Girls School, Al Hidd Secondary Girls School, Al Ma’arifa Secondary Girls School, Sh. Moza bint Hamad Al Khalifa Comprehensive Girls School, Al Noor Secondary Girls School, Saar Secondary Girls School, Sitra Secondary Girls School, Al Ta’awon Secondary Boys School. For the first time, the program witnesses participation from technical and vocational government schools.

University teams include Ahlia University, American University of Bahrain, Bahrain Polytechnic, Bahrain Institute of Banking & Finance (BIBF), British University of Bahrain, University of Bahrain, and University of Technology Bahrain.

Shaikh Khalifa bin Ebrahim Al-Khalifa, CEO of Bahrain Bourse, stated “Bahrain Bourse spearheads a number of flagship programs focused on financial literacy and aimed to achieve SDG Goal number 10, and is aligned with our ESG framework under the ‘Social’ element to ensure sufficient contribution towards ‘Community Investment and Financial Literacy’. Financial Literacy has been identified as part of our materiality matrix topics within the ESG framework, and hence significant emphasis and focus is placed on the full suite of financial literacy programs, of which TradeQuest is our flagship.”
Sh. Khalifa added, “The Trade Quest program complements other financial literacy program offerings including the Smart Investor Program, the Investment Academy, and Capital Markets Apprenticeship Program, which underlines our commitment to towards financial literacy. In addition, the full scale of programs also complements global initiatives that Bahrain Bourse participates in including the World Federation of Exchanges’ annual ‘Ring the Bell for Financial Literacy’ initiative.”

Strategic sponsors include the Labour Fund (Tamkeen) and Khaleeji Commercial Bank. Platinum sponsors include Ahli United Bank, Bank ABC, and National Bank of Bahrain. Gold sponsors of the program include Ithmaar Holding and SICO BSC (c). Silver sponsors include Aluminium Bahrain B.S.C. (Alba), BBK, Gulf International Bank (GIB), Kuwait Finance House - Bahrain, and United Gulf Bank and the Knowledge Partner, the Bahrain Institute of Banking & Finance (BIBF).

TradeQuest is a simulated business-education partnership program that focuses on investment trading in world financial markets, which operated for the first time in the Kingdom of Bahrain in 1997 in cooperation with financial institutions and educational parties. The program has been highly supported by various banks and financial institutions throughout the past years. The program is held over a duration of six months and includes three progressive stages. The program consisted of three trading periods where the teams were required to present their strategy, objectives, and performance to the Investment Review Committee at the end of each trading period. During the program, participants attend a practical workshop on the mechanism of trading in stock markets that is held at BIBF’s Dealing Room.

Bahrain Bourse participated in the meeting of the General Assembly of the Arab Federation of Capital Markets (AFCM), with the attendance of the Chief Executive Officer of Bahrain Bourse, Sh. Khalifa bin Ebrahim Al-Khalifa along with various CEOs of stock exchanges and Arab clearing and depository companies.

During the meeting, Bahrain Bourse was re-elected by the consensus of the members, as members of the Federation’s Board of Directors, and Saudi Exchange (Tadawul) representing the Arab Gulf Region. Amman Stock Exchange and Iraq Stock Exchange were elected to represent the Levant region, and The Egyptian Exchange and Tunis Stock Exchange to represent the Arab African countries. Misr for Central Clearing, Depository and Registry (MCDR) and The Securities Depository Center Company (Edaa) were elected to represent Arab clearing houses. In addition, Damascus Securities Exchange, Dubai Gold & Commodities Exchange, and the Khartoum Stock Exchange were elected as members of the Audit and Governance Committee.

Sh. Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer of Bahrain Bourse said, “We are pleased to be re-elected as a member in the Arab Federation of Capital Markets Board of Directors to represent the Gulf Region. Bahrain Bourse is keen to support the development of the capital markets sector by actively participating in regional and international federations. As an active member in the AFCM, we look forward to enhance the investment environment by promoting the various investment opportunities available in the region.”

It is worth mentioning that Bahrain Bourse has been elected in 2020 along with the Saudi Stock Exchange (Tadawul) as members of the Federation’s Board of Directors, representing the Arab Gulf Region, and has been chairing the Federation since March 2022. During its chairmanship, Bahrain Bourse hosted the AFCM Annual Conference titled ‘’AFCM Annual Conference: Bahrain 2022’’ under the patronage of His Excellency Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy on the 29th and 30th of March 2022.

The AFCM was established in June 1978 to be the guiding body for the Arab stock exchanges, under the recommendation of the Arab Central Banks Conference, held under the auspices of the General Secretariat of the League of Arab States in the Hashemite Kingdom of Jordan. The Federation aims to create a transparent environment for the Arab capital markets, develop market members and reduce the barriers of security trading across the countries through establishing harmony across the laws and regulations of the Arab countries, adopting new technologies and advanced trading and clearing settlements. The federation currently has 24 members representing around 17 stock exchanges and 7 clearing companies, in addition to a number of brokerage companies in the Arab region.  

Bahrain Bourse (BHB), a self-regulated multi-asset marketplace, has announced that it will be hosting the Middle East Investor Relations Association “MEIRA” 2023 Annual Conference which will be hosted on 13th November 2023, the biggest Investor Relations (IR) event in MENA, coinciding with MEIRA’s 15th anniversary in line with BHB’s strategic partnership with MEIRA. The announcement follows the signing of a Cooperation Agreement between BHB and MEIRA at Bahrain Bourse's premises.

The conference aims to provide delegates with a networking platform and to foster debate about market challenges and best practices, while also educating participants and stakeholders about the significance of IR, transparency, and corporate governance. The event will act as a knowledge hub for market professionals to network, discuss the latest industry trends, digital IR solutions, and gain access to a large network of IR industry partners, as well as develop a comprehensive IR ecosystem in the region. Furthermore, this will support the advancement of Bahrain Bourse's role in attracting investments, highlighting the importance of transparency and corporate governance, and boosting the Kingdom of Bahrain's economy.

The event will host sessions on a wide variety of topics, including IR best practice, evolving reporting standards, Environmental, Social and Governance (ESG) factors, digitization, regulation and other material IR topics. The conference aims to attract participants from listed companies locally and regionally, along with investors, research analysts, consultants, and officials from the region's regulatory bodies.

Shaikh Khalifa bin Ebrahim Al-Khalifa, CEO of Bahrain Bourse, commented on the initiative, “It is an honor to be hosting the MEIRA conference in 2023. This is a testament to Bahrain Bourse’s ongoing commitment to attain best IR practice and engage with the market strategically, as this comes in line with our commitment in playing an active role to develop IR practices and our sustainability strategy that aims to enhance financial awareness. As emphasized by the launch of our Investor Relations Best Practice Guide in 2021, Bahrain Bourse has consistently promoted the importance of good IR practices across Bahrain’s capital market, and to now be hosting the MEIRA conference is a monument to our efforts in the field of investor relations.”

Shaikh Khalifa added, “Hosting the MEIRA conference will further complement Bahrain Bourse's efforts to promote investor relations in Bahrain's capital market. This strategy, which is also consistent with the plan to boost capital markets as part of the Financial Services Sector Development Strategy 2022-2026, will strengthen Bahrain Bourse's role in attracting investments and broaden the investors and issuers base.”

Commenting on this occasion, Marwa Al Maskati, Director of Marketing & Business Development – Bahrain Bourse & MEIRA Board Member, “Bahrain Bourse has always been at the forefront of highlighting the value of strong investor relations practices throughout Bahrain’s capital market. We continuously seek to enhance a sustainable environment for capital markets as we work to adopt best international IR practices to build relations with various market participants. We look forward to hosting the first ever IR conference in Bahrain, which will witness the largest gathering of IR professionals and market participants under one roof.”

On his part, Andrew Tarbuck, Chair of MEIRA, commented, “We are delighted and eager to welcome attendees to the next MEIRA annual conference, hosted by Bahrain Bourse. At MEIRA, it is always a privilege to promote market-led initiatives as we collaboratively drive stakeholder value. We recognize the importance of having Bahrain Bourse at the forefront of current events that promote best practices in investor relations among listed businesses for capital market development. Hosting the conference in Bahrain will certainly broaden the Kingdom's IR ecosystem, and events like these can enable professional development opportunities for a perse community, including investors, issuers, advisors, practitioners, technology providers and other stakeholders.”

The MEIRA Annual Conference and Awards is the region's most anticipated IR event, attracting attendees from locally listed companies, international corporations, investors, research analysts and advisors, service providers, as well as officials from the region's regulatory bodies.

Bahrain Bourse and the Middle East Investor Relations Association (MEIRA) officially launched the MEIRA chapter in Bahrain in April 2019, with the aim of developing and enhancing best practices in IR across the Kingdom of Bahrain. Since launching, Bahrain Bourse has organized various workshops to encourage engagement of best IR practices across listed companies and issued the Investor Relations Best Practice Guide to highlight the importance of the function and the effect of implementing IR best practices on the valuation and competitiveness of listed companies in the market.

Founding members of the MEIRA chapter in Bahrain include Aluminium Bahrain (‘ALBA’), Bank ABC, Bahrain Telecommunications Company (‘Batelco’), Bahrain Bourse, Ithmaar Holding, National Bank of Bahrain, and SICO BSC (c).

Bahrain Bourse announced on Thursday, 1st December the implementation of the Issuers Violations Framework effective as of 2nd January 2023 following obtaining approval of the Central Bank of Bahrain and in accordance with Bahrain Bourse’s Listing Rules, which pertains to the powers of Bahrain Bourse to impose administrative fines on issuers in the event of non-compliance with the Listing Rules and any other applicable BHB business rules.

The Issuers Violations Framework stipulates the rules for imposing monetary fines and/or sanctions, and the violations framework that apply for non-compliance to the Listing Rules, and any other applicable BHB business rules, regulations and directives as deemed appropriate.

According to the framework, administrative fines will be imposed on issuers based on the impact and frequency of the violation under consideration, which can impose an administrative violation such as suspension of trading or a monetary fine ranging from BD 500 up to BD 10,000 on each violation. Violations can reach up to BD 100,000 for cross-listed companies exceeding 30% of the Issuer’s share capital traded outside of its main market jurisdiction.

All cases will be assessed and reviewed by the Violations Committee formed by Bahrain Bourse. The committee will be responsible for reviewing and evaluating high-frequency violations of BHB’s business rules and regulations and determining penalties to be imposed on issuers and members based on the impact and frequency of the violation in a timely and cost-effective manner. The Disciplinary Appeals Board was formed to review and handle appeals arising from the decisions passed by the BHB’s Disciplinary Board and the Violations Committee to ensure a high level of protection to all related parties.

Shaikha AlZayai, Director of Listing & Disclosure at Bahrain Bourse commented: “The issuance of the Issuers Violations Framework is a vital step towards the prevention of the violations and its associated risk in the market which aims to promote transparency and fairness and enhance issuer disclosure resulting in enhanced investor protection across the market and comes in line with Bahrain Bourse's commitment to position Bahrain’s capital market at the forefront of adopting global financial market standards.”

“The Administrative Fines framework falls in line with Bahrain Bourse’s role as an SRO, and falls in line with IOSCO’s Principles of Securities Regulation pertaining to self-regulation,” Shaikha added.

It is worth mentioning that Bahrain Bourse has issued a Consultation Paper on the proposed Issuers Violations, which was distributed to related parties and stakeholders to receive their views and comments prior to the implementation of the administrative fines. The Issuers Violations Framework has been circulated to all listed companies and other related parties as part of Bahrain Bourse’s efforts to enhance awareness on the implementation of the Framework.

Bahrain Clear participated in ASAR – Al Ruwayeh & Partners Seminar 2023 that was recently held in Bahrain. The seminar, which welcomed more than 50 attendees, addressed the transfer of the share registry for Closed Shareholding Companies from the Ministry of Industry and Commerce (MOIC) to the Bahrain Private Market - the modernized share registry platform operated by 'Bahrain Clear', as well as the most recent amendments to Kingdom of Bahrain's Corporate Governance Code.

At the Seminar, keynote speaker and Partner at ASAR, Steven Brown, discussed the rationale and benefits associated with the new efficient registry for Closed Shareholding Companies operated by Bahrain Clear through its 'Bahrain Private Market' platform. Senior Associate at ASAR, Sherif Saad Eldin shed light on the recent amendments to the Corporate Governance Code and provided clarity for businesses on the meaning of “comply or explain" as well as which governance obligations are 'mandatory' versus those applicable except where other justification is given. Sherif also touched on how a company can adjust their corporate governance policies accordingly to comply with the new amendments.

Commenting on the ASAR seminar, Steven Brown, Partner at ASAR – Al Ruwayeh & Partners said: “We are pleased to have hosted the seminar in Bahrain and to provide a resource for the various companies in Bahrain to efficiently manage their governance and corporate secretarial obligations."

Chief Operating Officer of Bahrain Clear, Mr. Abdulla Abdin commented: “The launch of the Bahrain Private Market provides a full suite of share registrar services for Closed Shareholding Companies. The platform aims to provide a more transparent and efficient offering for Closed Shareholding Companies, and subsequently their respective shareholders. With our long-standing experience in providing such services, we aim to provide an efficient and secure platform for Closed Shareholding Companies to encompass both public and private shareholding companies."

The seminar also welcomed Huda Albasri, Chief of Investor Relations & Guidance at the Registration Directorate at the MOIC, Abdulla Abdin, Chief Operating Officer of Bahrain Clear, and Simone Del Nevo, Head of Legal at SICO as part of a panel moderated by Steven Brown. The panel provided real life insight from the perspective of each different stakeholders: regulator, registrar and user, on the new share registry system and its multitude of benefits.

Bahrain Clear has implemented the new share registry through its Bahrain Private Market platform, which enables Closed Shareholding Companies to access, connect, manage and execute their transactions in an efficient and effective manner. The shares will be held in safe custody by Bahrain Clear to ensure the safe keeping and visibility to the company's shareholders.

It is worth noting that Bahrain Clear announced the launched of Bahrain Private Market at the beginning of August 2022. Following the announcement, various webinars were held to present the key benefits and services that will be provided through Bahrain Private Market as well as the process of accessing, connecting, managing and executing transactions on the platform. The platform can be accessed by visiting Bahrain Private Market page on Bahrain Bourse's website: https://www.bahrainbourse.com/bahrain-private-market

For further inquiries on services offered by Bahrain Clear in relation to Bahrain Private Market, interested parties can contact Bahrain Clear on: 17108841 or email: privatemarket@bahrainclear.com

Bahrain Bourse (BHB), a self-regulated multi-asset marketplace, has successfully participated in the Saudi Capital Market Forum (SCMF) 2023 in its second edition, which was represented by Shaikh Khalifa bin Ebrahim Al Khalifa, CEO of Bahrain Bourse and Chairman of the Arab Federation of Capital Markets (AFCM) and Narjes Jamal, Chief Operating Officer of Bahrain Bourse. The event took place on 12th to 13th February, 2023 in Riyadh, under the patronage of H.E Mohammed El Kuwaiz, Chairman of the Capital Market Authority of Saudi Arabia. In parallel to the forum, Shaikh Khalifa attended the 7th GCC Exchanges Committee Meeting to discuss recent developments in regional capital markets.
The conference brings together issuers, investors, and other market players for two days of dialogue and discussion aimed at advancing regional capital markets, and it is a significant calendar occurrence for issuers and investors both regionally and internationally.
Shaikh Khalifa bin Ebrahim Al Khalifa, CEO of Bahrain Bourse and Chairman of AFCM commented on the occasion, “I would like to thank the Saudi Tadawul Group and His Excellency Mr. Mohammed Elkuwaiz, the Chairman of the Capital Market Authority, for hosting this platform to debate fundamental subject matters related to developing regional capital markets. The platform fosters collaboration and defines the future of the regional capital markets by engaging professionals from around the region in workshops and panel discussions."
“There is no doubt that the region is embarking on a bold economic transition, and strengthening regional capital markets through this initiative is an important factor in integrating the region with a rising pool of global institutional investors, making Bahrain Bourse's participation more relevant," Shaikh Khalifa added.
With the support of financial sector thought leaders, the forum structured the content to be delivered across four tracks reflecting the past, present, and future of capital markets. The first topic discussed the Evolution of Global Capital Markets, followed by Reshaping Future Investments, Capital Structure, and lastly, the Impact of Innovation and Digitalization. Key speakers included H.E Mohammed El-Kuwaiz and executives from Nasdaq, HSBC, Morgan Stanley, Saudi Tadawul Group, Muqassa, Aramco, J.P. Morgan, Saudi Central Bank “SAMA", amongst others.
The Saudi Capital Market Forum is organized by the Saudi Tadawul Group, the parent company of Saudi Exchange, the Securities Clearing Center Company (Muqassa), the Securities Depository Center Company (Edaa), and Wamid, the innovation arm of the Group.

Bahrain Bourse (BHB), a self-regulated multi-asset marketplace, has announced the launch of the third edition of the Capital Markets Apprenticeship Program. The program welcomes the participation of 10 interns from a pool of more than 235 applicants. The entry requirements for this edition of the program has been expanded to accommodate graduates with IT backgrounds seeking a career in Digital Transformation within the Capital Markets Sector to support the Kingdom's digital transformation journey.
The Capital Markets Apprenticeship Program is an on-the-job training program aimed at Bahraini graduates seeking practical experience in the Capital Markets Sector, and it stems directly from Bahrain Bourse's belief in the importance of fostering investment awareness and instilling financial literacy across various age groups.
Shaikh Khalifa bin Ebrahim Al-Khalifa, CEO of Bahrain Bourse, commented “We are proud to empower Bahraini youth through the Capital Markets Apprenticeship Program in its third edition which aims to provide them with a unique opportunity within their careers in capital markets. This year, we expanded the entry requirements of the program to accommodate graduates with IT backgrounds seeking a career in Digital Transformation within the Capital Markets Sector, going in line with the Digital Transformation and innovation journey of the Kingdom of Bahrain, especially with the growing awareness of digital solutions and their importance in enhancing operational efficiency in institutions."
“This program is a continuation of our financial literacy programs and is consistent with our ongoing efforts to empower the younger generation with unique training opportunities, and is in line with the Economic Recovery Plan that aims to create quality jobs for Bahrainis to make them the employee of choice in the labor market as well as develop the various key sectors to support GDP growth," Shaikh Khalifa added.
During a six-month period, selected participants will be undergoing job rotations across Bahrain Bourse and Bahrain Clear. More specifically, the rotation will expose them to various specialization areas including Trading Operations, Marketing and Business Development, Risk & Compliance, Financial & Accounting Affairs, and Project Management. Interns will gain advanced training in trading skills and other workshops related to the Capital Markets Sector, including research methodologies, financial analysis, and digital transformation.
Furthermore, the interns will benefit from the opportunity to network with and learn from key capital market decision-makers to enhance their knowledge and enhance their practical experience by being exposed to Bahrain Bourse and Bahrain Clear operations. This will in return qualify them for career opportunities in the Capital Markets sector.
The program consists of 3 phases that analyze applicants and evaluate their performance through evaluation assessments, interviews, and presentations. Upon completion of the program, interns will be issued a certificate of participation and an evaluation letter highlighting their key attributes for potential employers to boost their employability for future employment prospects in disciplines relevant to the Capital Markets.

As part of Bahrain Clear's efforts to enhance awareness on Bahrain Private Market, Bahrain Clear conducted a workshop for Bahrain Chamber of Commerce and Industry (BCCI) Members, with the attendance of 40 members. The workshop presented the key benefits and services that Bahrain Private Market platform provides to Closed Shareholding Companies.
During the workshop, attendees were introduced to the Bahrain Private Market platform and the range of services offered by the platform for Closed Shareholding Companies. The workshop highlighted the benefits of joining the platform, as well as the process of joining Bahrain Private Market.
Chief Operating Officer of Bahrain Clear, Mr. Abdulla Abdin commented: “The Bahrain Private Market platform aims to ensure the safe keeping and visibility to the company's shareholders, thereby enhancing transparency and ensuring an efficient settlement process. Bahrain Private market also offers Closed Shareholding companies a range of add-on services including cash pidend distributions, AGM management, eAGM, share options and auctions, and eVoting."
It is worth noting that Bahrain Clear announced the launched of Bahrain Private Market at the beginning of August 2022. Following the announcement, various webinars were held to present the key benefits and services that will be provided through Bahrain Private Market as well as the process of accessing, connecting, managing and executing transactions on the platform. The platform can be accessed by visiting Bahrain Private Market page on Bahrain Bourse's website: https://www.bahrainbourse.com/bahrain-private-market
For further inquiries on services offered by Bahrain Clear in relation to Bahrain Private Market, interested parties can contact Bahrain Clear on: 17108841 or email: privatemarket@bahrainclear.com

Bahrain Bourse (BHB), a self-regulated multi-asset marketplace, has participated in the annual United Nations Ring the Bell for Gender Equality initiative in conjunction with the celebration of International Women's Day on Monday, March 13th, 2023. Bahrain Bourse joined 123 international exchanges & clearing houses to honor the occasion with a week of bell-ringing activities in partnership with the International Finance Corporation (IFC), the World Federation of Exchanges (WFE), the Sustainable Stock Exchanges (SSE) initiative, the UN Global Compact, and UN Women.
Such initiatives are consistent with Bahrain Bourse's commitment to the United Nations Sustainable Stock Exchanges (SSE) initiative, as well as reaching the UN Sustainable Development Goal 5 on gender equality. The event, which featured a "Ring the Bell" ceremony hosted by Bahrain Bourse, was attended by HE Mrs. Hala Al Ansari, Secretary General of the Supreme Council for Women, HE Mr. Abdulla bin Adel Fakhro Minister of Industry and Commerce and Minister in Charge of Bahrain Bourse, CEOs of listed companies, along with representatives of Central Bank of Bahrain, prominent executive females in leadership positions from various listed companies, as well as other key stakeholders.
The event is being held for the 9th year globally in a succession, with the theme "DigitAll: Innovation for Gender Equality" for International Women's Day 2023. The theme recognizes and celebrates the contributions of women and girls around the world who are championing the advancement of transformative technology and digital education, as well as leading the charge on climate change adaptation, mitigation, and response in order to ensure a more sustainable future for all.
Shaikh Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer of Bahrain Bourse commented, “As part of our continuous efforts to promote responsible sustainability practices and ESG disclosure within the capital market, Bahrain Bourse is a signatory to the United Nations Sustainable Stock Exchanges (SSE) initiative, as well as actively celebrating the WFE 'Ring the Bell for Gender Equality' to recognize the advancements made on gender equality within the capital markets. We are honored today to announce our commitment towards the UN Women Empowerment Principles."
On her part, HE Mrs. Hala Al Ansari, Secretary General of Supreme Council for Women said, “Bahrain Bourse's participation in the “Ring the Bell for Gender Equality" event on an annual basis demonstrates its commitment to the United Nations Sustainable Stock Exchanges (SSE) initiative and to celebrate International Women's Day that focuses this year on Innovation and Technology to build a more sustainable future for everyone. HE Mrs. Hala Al Ansari assured the importance of implementing more initiatives aimed at enhancing corporate awareness and paving the regulatory environment to enhance women's participation.
During a speech delivered during the event, HE Mrs. Hala Al Ansari said, “The Supreme Council for Women is keen to develop its strategic partnership with Bahrain Bourse in order to support the implementation of policies and initiatives initiated by capital markets to nurture human capital and gender equality across corporates which in return will have a positive impact on performance and competitiveness. HE Mrs. Hala Al Ansari highlighted the recently issued CBB Directives aimed at enhancing the participation levels of women in Boards of listed companies at Bahrain Bourse, represented by the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister which includes implementing gender balance on boards, empowering women and supporting their participation in leadership positions.
During the event, Bahrain Bourse announced its endorsement of the UN Women Empowerment Principles (WEP) alongside 7,000 other global signatories, whom have voluntarily expressed their commitment towards promoting the advancement of gender equality within the workplace and marketplace. The UN WEP initiative focuses on seven core principles which provide corporates with guidelines on delivering gender equality topics in alignment with the UN SDG goals.
In 2019, Bahrain Bourse announced its commitment to the United Nations Sustainable Stock Exchanges (SSE) initiative to further promote sustainable and transparent capital markets, as part of its sustainability journey. Bahrain Bourse's endorsement of the UN WEP is aimed to further strengthen its sustainability journey and roadmap on topics related to gender equality.

Bahrain Bourse (BHB), a self-regulated multi-asset marketplace, and Bahrain Clear have successfully participated in the HSBC MENA Markets & Securities Services Forum 2023, which took place from the 8th- 9th March, 2023, in Dubai, UAE. The delegation included representation from Central Bank of Bahrain, Bahrain Bourse, and Bahrain Clear. This comes as part of part of its endeavor to further attract international investments and strengthen linkages with international fund and asset managers, to further showcase key regulatory and market developments and measures to regional and international investors.
The two-day conference connected attendees to a global custodial network, investors, and served as a platform for leading a regional digital presence for securities services. On the sidelines of the forum, the Bahrain Bourse delegation met one-on-one with representatives of leading international fund and asset managers interested in gaining insights on Bahrain's capital markets, highlighting key regulatory and market advances that are currently underway, as well as the opportunities offered by its listed companies, with the aim of developing corporate partnerships that align with the Kingdom's Economic Vision 2030.
Sh. Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer of Bahrain Bourse commented, “The HSBC MENA Markets & Securities Services Forum 2023 provided an excellent platform for professionals and entities from across the MENA region and beyond, as well as regulators and stakeholders, to discuss notable foreign investment related issues and critical topics relating to securities services. This has undoubtedly served to enhance the market's position and allows it to contribute to Bahrain's economic progress through global quality standards."
“Bahrain Bourse is dedicated to making every opportunity and challenge worthwhile. Participating in such efforts in collaboration with HSBC throughout the years is part of our continued commitment to establishing and supporting a robust and efficient financial market focused on liquidity and transparency," Sh. Khalifa added.
Abeer Al Saad, Director of the Capital Markets Supervision Directorate at the Central Bank of Bahrain highlighted, “The HSBC MENA Markets & Securities Services Forum 2023 provided an invaluable platform allowing the region's markets and regulators alike to showcase key regulatory developments and discuss prevalent capital market development matters. The Central Bank of Bahrain is happy to have participated in this year's event, as it serves to build on multiple facets of the Kingdom of Bahrain's Financial Sector Development Strategy and specifically the ambition to enhance and transform the Kingdom's capital markets by establishing the necessary dialogue with market participants and various institutional investors for insights on onwards market development."
The forum welcomed key speakers from Central Bank of Bahrain, HSBC, Abu Dhabi Securities Exchange (ADX), Nasdaq Dubai, Securities Depository Center Company (EDAA), Dubai Central Clearing & Holdings LLC, and others to discuss key topics such as the region's securities borrowing and lending landscape, initial public offerings, evolving geopolitical developments and their impact on financial services in 2023, tokenization, and much more.

Bahrain Bourse announced conducting its second roundtable discussion with the CEOs of listed companies. The discussion addressed various topics including Bahrain Bourse’s performance during 2018 and its recent plans and projects. The discussion also highlighted the recent developments in the capital market in the region along with the opportunities and challenges occurring in light of the current economic changes.

It is worth to mention that Bahrain Bourse began the Roundtable discussions last year, where the first session was held on the 22nd of October 2018. The discussions are part of a series of discussions conducted with CEOs of other listed companies. The discussions aim at offering a platform of open discussion and encourages exchange of ideas, recommendations and opinions on developing the capital market in the Kingdom of Bahrain in a way that serves and benefits listed companies on one hand, and contributes to enhancing investors’ confidence in the market on the other hand. 

In line with Bahrain Bourse’s efforts to enhance investment awareness, Bahrain Bourse (BHB) in collaboration with the Bahrain Institute of Banking and Finance (BIBF) held the seventh “Investments and Saving Seminar”.

The seminar that was being offered on a monthly basis covered various topics including types of investment products, concepts of risk and return, and how to build an investment portfolio. The seminar concludes with a brief about Bahrain Bourse and the different sectors of the market.

The Investment and Saving Seminar is one of the investment awareness initiatives offered by the Investment Academy targeting a broad spectrum of audiences from students to inpiduals and small business investors providing them with the knowledge of financial products and investment strategies.

It is worth mentioning that Bahrain Bourse (BHB) in collaboration with Bahrain Institute of Banking and Finance (BIBF) launched “The Investment Academy”, an investor education training provider within the Capital Markets, in November 2017 with the aim of offering technical market know-how targeted towards beginner, intermediate, and professional investors to enhance their capital markets knowledge with innovative teaching methods and technologies.

Bahrain Bourse (BHB) & INJAZ Bahrain signed a Memorandum of Understanding (MoU) to enhance joint cooperation between the two parties, and to specifically deliver a specialized business-educational program “Smart Investor” targeted towards elementary-level students to educate and empower them with basic financial literacy concepts.

Based on the MoU, Bahrain Bourse in cooperation with INJAZ Bahrain will deliver and implement the Smart Investor Program by penetrating all primary government schools, to have approximately 5,000 students benefiting from the program on an annual basis.”

The Smart Investor program aims to introduce to students the concept of smart investing, saving, and planning for their financial future through hands on learning & interactive activities. Some of the topics covered during the sessions include: how to use ATM machines, earning money from various resources, financial services offered through banks, and how to be empowered for financial decision making.   

Bahrain Clear, a wholly-owned subsidiary of Bahrain Bourse, announced the issuance of 140,000 “myShare” cards at no additional charge to all Bahrain Bourse’s registered investors with a valid Investor Number (NIN) (an account at Bahrain Clear) and with updated Know Your Customer (KYC) requirements.

With “myShare” card, Bahrain Clear will now be able to automatically transfer future cash pidends instantly to the shareholder’s card balance within 10 days from the announcement of the cash pidends distribution by the listed companies. The card features an easy-to-use, secured with EMV chip-enabled and widely accepted at over 35 million outlets and over 2 million ATMs across the globe, wherever the “Visa” sign is displayed. Besides the value-added benefits of “myShare” card, investors will also receive free SMS alerts, monthly electronic statements sent to their registered email address to manage their financial accounts and keep track of their card transactions in addition to a secured online shopping features through “Verified by Visa”.

Bahrain Bourse (BHB) and the Bahrain Institute of Banking and Finance (BIBF) have collaborated to jointly launch the “Investments and Saving Seminar” to build and expand on fundamental knowledge of financial products, investment selection techniques, and investment strategies available to inpiduals and their companies. This informative seminar is to be held monthly at the Auditorium of Bahrain Bourse.

This Public Awareness Seminar Series aims to target a broad spectrum of audiences from Students to Inpidual Investors and Small Business Investors providing them with the basic knowledge of financial products and investment strategies.

Khaleeji Commercial Bank (KHCB) and Mubasher signed an agreement to launch “Bahrain Trade”, an innovative trading solution that enables investors to trade on Bahrain Bourse (BHB) online via this service platform. The solution is being powered by Mubasher, endorsed by Bahrain Bourse and KHCB is the first participating financial institution to offer this unique service to their client base.

 

Bahrain Bourse (BHB) in collaboration with Bahrain Institute of Banking and Finance (BIBF) announced the official launch of “The Investment Academy” which is an investor education training provider within the Capital Markets (www.bibf.com/bahrainbourse) aims at offering technical market know-how targeted towards beginner, intermediate, and professional investors to enhance their capital markets knowledge with innovative teaching methods and technologies.

The Investment Academy aims at capacity building and further bolstering Bahrain’s position as a financial center for banking. This milestone aims at further expanding Bahrain’s horizon and market positioning to also become an intellectual hub for capital markets training and knowledge. The Investment Academy’s offering mandate will cover public awareness sessions, professional certifications as well as key trending topics in capital markets.
The Investment Academy targets a broad spectrum of audiences from students to inpidual investors and small business investors providing them with the basic knowledge of financial products and investment strategies. The Investment Academy will cover both professional certifications (including Series 7, Series 79) as well as general Capital Markets focused programmes.
The Investment Academy will help develop the critical skills and capacity of the investment industry to harness the potential of the capital markets. With this, the BIBF aims to train an immense number of participants and become a trusted partner with delivering a range of programmes that meet various levels of investing and trading knowledge to broaden the range of investment awareness and know-how across the Kingdom for seasoned and amateur investors.

Bahrain Bourse (BHB) has unveiled its new Mobile App “Bahrain Bourse” available for both iOS and Android operating systems. The aim of the app is to offer investors an easily accessible platform in their pocket to assist them in making investment decisions according to the latest market news & company disclosure.
The newly launched app offers a number of features that enables investors to: monitor real-time stock prices, view depth and volume information, time & sales, view company announcement & market messages, and a summary of the daily transactions.
The mobile application has been built to facilitate easy and informed stock trading information and deliver unique market insights for informed trading decisions for the investors community at large. The App can be found on Apple Store or Google Play by searching the keyword "Bahrain Bourse.”

 

 

Bahrain Bourse (BHB) held the official opening ceremony of Bahrain Clear at the Bourse’s premises, Bahrain Clear has been recently licensed by the Central Bank of Bahrain. It is worth mentioning that Bahrain Clear is a fully owned subsidiary of Bahrain Bourse with a disclosed capital of 5 million Dinars, and a paid up capital of 1 million Dinars.

 

 

 

Bahrain Bourse and the Ministry of Education signed a cooperation agreement that aims at enhancing the areas of joint cooperation between Bahrain Bourse and the Ministry of Education in areas related to spreading investment awareness among students such as the launch of a new initiative called the Smart Investor Program. The Smart Investor Program aims at raising awareness on the concepts of saving and investment among students.

The Smart Investor is an awareness program targeted towards elementary and secondary school students with the objective of introducing the concept of saving & investment among students by using various tools to emphasize the importance of the concept to them as inpiduals, their families, and their country in a very simple module that suits their respective age group.

The program is also meant to prepare students to interact positively with the environment when it comes to understanding financial matters and the fundamentals of saving, investment, and the foundations of money management. In addition, the program introduces students to financial institutions and other parties related to financial matters and develops their skills in buying, selling, and consuming.

 

The Board of Directors of Bahrain Bourse issued a resolution to establish Bahrain Clear Company with an issued capital of BD 5 million and paid-up capital of BD1 million. The Board also nominated the Board Members and Executive Management of the company.
Bahrain Clear will provide services in the areas of settlement, depository of securities, custodians, and other services to companies, investors, and other related parties.

Bahrain Bourse recently launched its electronic services on Bahrain eGovernment portal to all investors and stakeholders, allowing registered investors to view their investment portfolios and details of their securities’ transactions in a timely and easy manner.
The electronic services also provide the registered investors with the details of the ownership resulting from buying or selling their securities which include but are not limited to shares, bonds, Sukuk and REITs through brokerage firms. Details such as the number of owned shares, the number of available shares and the number of pledged shares, if any, can be displayed in addition to details of all types of securities transactions that include, but are not limited to, ownership entitlements such as bonus shares details.
In addition, the electronic services, page on the eGovernment portal includes the contact details of the Bourse, a location map, addresses of the different social media channels of the bourse and the bourse’s website.

After FTSE Russell had improved in September 2017 the classification of Tunisia on basis of two criteria, it is the case of MSCI to improve in June 2018 its appreciation on two criteria too.
FTSE improved its appreciation of the criterion of efficiency of the mechanism of negotiation which passes from “restricted” to “respected” as from the criterion of liquidity which passes from “not respected” to “restricted”. The passage of this last criterion with “respected” would make the Tunisian market eligible to the higher statute of “Secondary Emerging”. What would more reinforce the attraction of Tunisia near the international investors.
In his last report on accessibility of markets, published in June 2018, MSCI compares the regulation and practices by countries to international standards, and indicates the tracks of improvement likely to be appreciated by the foreign institutional investors.
This report, which reflects the perceptions and the experiences lived by foreign institutional investors, provides a detailed evaluation of the 5 criteria of accessibility to the market :
1.Access of the foreign participation (restrictions on the foreign investment, equal rights for the foreign investors…)
2.Facility of exchange of the entering/outgoing capital (gone of exchanges developed…)
3.Efficiency of the operational framework (accessibility of the foreign investors to the market, infrastructure and market organisation…)
4. Competitiveness (access of investors to the derived stock market information, the data and the products of investment…)
5.Stability of the institutional framework (stability of the economic system of the country…).
MSCI, like FTSE Russell, maintained the Frontier statute of the Tunisian market, mainly because of a capitalization considered to be insufficient, but was based on the coming into effect of the new law of investment 2016-71 to improve its appreciation of two criteria which pass from “Improvement necessary (-/?)” to “Any problem (++)”. These criteria are “Restrictions on the foreign investment” and “Problems related to the limitation of the foreign participation”.
It is to be announced that a working group was created at the start of 2018 under the support of Finance Minister and the collaboration of many official representatives from the Financial Council Market, the Tunisia Central Bank, the Investment Tunisian Authority (foreign promote Agency), Tunisia Clearing Company, Brokerage Association, the Tunisian Banks and Financial institutions Association and the Tunis Stock exchange. This working group has treated the impediments with the respect of quality market criteria required by the providers of international indices, like MSCI, Standard and Poors (S&P) or FTSE Russell, in order to improve the visibility of Tunisia to foreign investors.

The Tunis Stock Exchange celebrates, today, the introduction on the main market of the Official List, the company "Smart Tunisia". This introduction brings to 80 the number of listed companies.



On this occasion, the Tunis Stock Exchange organized a ceremony to celebrate the start of trading of the shares "Smart Tunisia", in the presence of the Chairman of the Financial Market Council, the executives, the Tunis Stock Exchange, Tunisie Clearing, the Association of brokerage firms, the brokers in the stock market and the media.



At 9 o'clock, Mr Abdelwaheb ESSAFI, CEO of the company, and the shareholders rang the bell, announcing the beginning of the quotation of the share on the stock exchange.



The listing of the company "Smart Tunisie" was carried out through a Firm Price Offer of 1 568 616 shares and a Global Placement of 627 480 shares, that is to say 2 196 096 shares representing 30.37% of the share capital. The price of the share is 25.5 dinars. The operation concerned a total amount of 56MD.



The result of the placement of shares through the Firm Price Offer has shown a demand representing 1.25 times the quantity offered, attracting 1 879 new shareholders, while the Global Placement has been fully subscribed by 35 investors.



Through this introduction, "Smart Tunisie" aims at reinforcing its equity and rebalancing its financial structure, increasing its notoriety and benefiting from the tax advantage.



On the day of its introduction, the market capitalization of the company "Smart Tunisie" is 184.4MD. The security is negotiated in the quotation group “11”according to the continuous mode, under the ISIN Code “TNQPQXRODTH8 " and the Mnemonic " SMART ".

The Tunis Stock Exchange is pleased to announce that it is taking part in the World Investor Week 2022, launched in 2017 by the International Organization of Securities Commissions (IOSCO), which takes place this year from 03 to 09 October 2022. The objective of this week is to promote financial education of savers to strengthen their capacity for self-protection, in particular.
To this end, the Tunis Stock Exchange organized today in collaboration with the World Federation of Exchanges (WFE), a ceremony of ringing the bell for financial literacy, and this following the example of other members of the WFE.
This event saw the participation of students from the “Ecole Supérieure de Commerce de Sfax” and the four winners of the 9th edition of the challenge Myinvestia, and who took part in a session of popularization of the principles of the financial market and the conduct of the quotation session.
It should be noted that the Tunis Stock Exchange is among the most innovative and active in terms of stock market education thanks to its initiative Investia, intended to promote the culture of financial investment among investors via its platform of stock market challenge Myinvestia and especially its e-learning platform Investia-Academy, the 1st of its kind in the Arab world and in Africa.

Become a tradition, the annual ceremony "Ring the Bell for Gender Equality", was organized this year on March 08, 2023 in honor and in the presence of students of the International School of Business of Sfax.

This ceremony, which is organized by Stock Exchanges in the World, in close coordination with the International Federation of Stock Exchanges (WFE) and the United Nations SSE Initiative, aims to promote the principle of gender equality and women's rights with stakeholders in the entrepreneurial ecosystem, and to help achieve, in particular, the 5th Sustainable Development Goal (SDG).

It is noted that according to a study prepared by the Tunis Stock Exchange, the representation of women in the Boards of Directors of listed companies reached 13.9% in 2022, against 11.3% during the year 2021, a number equal to 103 women out of a total number of 742 members of boards.

The Tunis Stock Exchange joined the United Nations SSE Exchanges initiative in September 2015, which focuses on promoting and strengthening skills with actors in the entrepreneurial ecosystem, with a view to achieving the following SDGs:
- SDG 5: Gender equality
- SDG 8: Decent work and Economic growth
- SDG 10: Reduced inequalities
- SDG 12: Responsible consumption and production
- SDG 13: Climate action
- SDG 17: Partnerships for the goals.

On the sidelines of this visit, the students learned about the various stock market mechanisms as well as the sustainable development objectives that the Tunis Stock Exchange promoted as part of its membership of the aforementioned initiative.

The Ministry of Industry and Small and Medium Enterprises and the Tunis Stock Exchange signed a partnership agreement to promote and facilitate SME access to direct financing by the financial market to improve their competitiveness and ensure their sustainability.

The two parties have set the main lines of cooperation, including support and support measures for SMEs with significant potential for growth and job creation to enable them to strengthen their own funds and benefit in general. benefits of the use of the market.

The agreement also covers an exchange of information promoting the establishment of common databases to identify candidates eligible for financing by the market.

The Tunis Stock Exchange organized a stock market training session for Chartered Accountants. More than 70 experts participated in this training cycle. This action is part of the partnership agreement concluded between the Tunis Stock Exchange (BVMT) and the Association of Chartered Accountants of Tunisia in September 2017.
The training sessions focused on the regulatory framework governing the stock market, the procedures for introducing companies on the stock market, stock market transactions, investor protection mechanisms, etc. 

The performance and sustainability of the activities of the companies are more and more dependent on their information systems. This dependence requires the implementation of an effective management device that guarantees the continuity of the activity of the company and the control of the risks by the permanent respect for the basic principles of information security: the availability, confidentiality, integrity and traceability of the information.
The Tunis stock exchange in collaboration with its partner - the Konrad-Adenauer-Stiftung Foundation - organized a meeting on that matter for listed companies, stock brokers, various stakeholders from the place of Tunis.
On This occasion, experts in the information security audit chain addressed the various facets of the management of the WSIS and three business representatives who have implemented the systems of information security management systems -certified ISO 27001 presented their experiences.
The main recommendations for obtaining an acceptable level of control of the security of the information of the company:
(i) positioning of the safety requirements of the company in relation to security measures available to it, (ii) the systematic use of a security audit, (iii) the implementation of the recommendations of the audit allowing the implementation of policies of risk management and information security management.
In addition to this meeting, the Tunis Stock Exchange rewarded, the winners of the 5th edition of the "my investia" challenge.

The ministry of justice and Tunis Stock Exchange concluded a partnership agreement aiming at reinforcing competences of the various professional bodies attached to the ministry in the field of the financial market.
After a first training cycle carried out with the profit of the judges members of the Legal and Judicial Studies Center (CEJJ), Tunis Stock Exchange launched a second formation for submission to the judges. These training courses will relate to the legal framework of the financial market, the legal and technical aspects of listing of the companies in stock market, the various stock exchange transactions and the characteristics of the stock exchange products and of their taxation.

The General manager of Khartoum Stock Exchange D.Azahari AlTayeb AlFaki Ahmed has announced that the market had entered in full electronic trading stage and said that now it is possible to trade from a distance, also revealed that the opening of the new headquarter of Khartoum Stock Exchange and the launch of electronic trading by the Presidency will be in the twenty-eighth of this month, praising the great support provided by the Ministry of Finance and economic planning.