Baghdad: Prime Minister Mohammed Shia Al-Sudani received today, Monday, the CEO of Abu Dhabi Securities Market, Abdullah Salem Al-Nuaimi. A statement from the Prime Minister’s Office stated that during the meeting, ways of joint cooperation were discussed in the field of exchanging expertise and developing mechanisms for expanding private sector activities to achieve economic growth.

According to National Iraqi News Agency, the Prime Minister sponsored the signing ceremony of a memorandum of understanding between the Securities and Exchange Commission and Abu Dhabi Securities. Faisal Wissam Al-Haimus, Chairman of the Securities and Exchange Commission, signed on the Iraqi side, and Abdullah Al-Nuaimi signed on the Emirati side.

The memorandum of understanding includes several areas of cooperation, primarily enhancing and developing control operations over daily trading in Abu Dhabi Securities and brokerage firms. It also covers cooperation in the field of dual listing conditions and mechanisms, development and usage of technological applications for subscriptions and initial listings, and protocols for suspending and resuming trading on shares. Additionally, it outlines the requirements for licensing REIT funds.

Furthermore, the memorandum emphasized the exchange of expertise in training, particularly in supervision and information technology, trading and clearing, digital transformation, financial analysis, and the management and supervision of funds and portfolios. It also highlighted cooperation in Islamic bonds and sukuk, deposit and settlement of independent financial services, and the mechanisms for opening accounts for foreign investors.

In alignment with the memorandum, there will be an encouragement of Emirati investments in establishing Iraqi companies with joint capital and exploring their trading opportunities in both markets.