Arab stock union to form unified Arab stock market

Secretary general of the union of Arab stock markets, Saafaq Al-Rukaibi said on Friday that the union agreed on establishing a unified stock exchange for all Arab states.

Al-Rukaibi told Kuwait news agency "KUNA" that the meeting of the union, being held in Sharm el-Sheikh, agreed on the formation of the market after two days of in-depth talks.

He said that the active and distinguished companies registered in the Arab stock markets are going to be registered in the new unified stock market which is going to be supervised by the union.

The board of the union asked the secretary general to study all the technicalities and mechanisms for establishing the market and to set up the standards for enlisting companies in the market.

"A pan-Arab stock exchange would be a magnet, not only attract Arab investors but foreign capital as well," said Al-Rukaibi.

It would overcome past difficulties to standardize investment practices in various Arab stock markets, and contribute to keeping Arab capital investments within Arab boundaries.

The board also discussed the final stages of electronically linking Arab stock markets and decided to launch the linkage in September.

It reelected Al-Rukaibi for another five-year term as secretary general.