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Mr. Rashid Al Baloushi, CEO of Abu Dhabi Securities Exchange, has been selected by the members of the Arab Federation of Exchanges to become a member in the Federation’s Executive Committee. The selection took place during the meeting of the Arab Federation of Exchanges’ annual conference in Amman, Jordan on the 26th of April, 2016.
The Executive Committee of the Arab Federation of Exchanges follows up on the implementation of the Federations’ Board’s strategies and offers consultancy regarding the Federation’s general policies. The Arab Federation of Exchanges generally aims to coordinate work among its members, facilitate the exchange of technical assistance between them, contribute to the coordination of the applicable laws and systems in this field, overcome the difficulties that Arab investment encounters, expand the Arab investment’s base and diversify its tools, encourage the inclusion and trading of Arab securities, encourage the employment of Arab capitals in the fields of joint development in the Arab world, especially joint projects.
The selection of Abu Dhabi Securities Exchange’s CEO to be a member in the Arab Federation of Exchanges’ Executive Committee shows that the Federation appreciates and acknowledges the achievements that the Exchange has made with respect to reinforcing the capital market’s capabilities in the country. It also shows appreciation of the Exchange’s contributions in developing the work of Arab exchanges through the exchange of technical expertise with the member exchanges, as well as through the technical assistance that the Exchange has provided to other Arab countries that desire to establish exchanges and settlement, clearing and depository centers.
The Arab Federation of Exchanges’ conference will be held between 27th and 28th of April 2016 and will shed light on the challenges that Arab financial markets face in the current stage and the possible opportunities to attract more foreign investments. Presidents and directors of the Arab financial markets and clearing houses as well as presidents of a number of international bodies and exchanges, such as the World Federation of Exchanges, will attend this event.
It is worth mentioning here that Abu Dhabi Securities Exchange’s performance was the best among all other exchanges that operate in the Gulf Cooperation Council’s countries in 2015 based on a report issued by the Arab Monetary Fund. The Exchange’s index reported a decline of 4.9% during 2015, whereas the foreigner transactions share in the Exchange reached its highest point among all other Arab exchanges. Furthermore, the Arab Monetary Fund’s report that was issued at the end of the first quarter of this year pointed out that Abu Dhabi Securities Exchange has achieved the biggest positive flow on Arab exchanges relative to net foreign investors’ transactions during the first quarter of this year which reached 1.7 billion Dirhams, indicating a 112% increase compared to the first quarter of 2015.
Regarding the performance of the companies listed in Abu Dhabi Securities Exchange, the profits of these companies exceeded 39.6 billion Dirhams by the end of 2015 whereby the real estate sector took the lead with respect to total profits as it achieved an increase of 44.3% in the same period of 2014, followed by the industries sector with an increase of 36.9% and finally the services sector with a 22.1% increase.
Mr. /Rashid Al Baloushi is the Vice Chairman of the Board of Directors of South Asian Federation of Exchanges, Member in the Membership Approval Committee of the World Federation of Exchanges, and also a Member in the Advisory Board of the Institute for Cultural Diplomacy in Berlin.
