Starting up the Arab stock exchange

Egypt's Prime Minister Ahmed Nazif this week witnessed the signing ceremony of setting up an Arab stock exchange and said that this agreement is a major step towards achieving Arab economic integration, stressing that it will boost multilateral investments.

"The headquarters of the new Arab Bourse will be located in Egypt's Smart Village, "Cabinet spokesman, Magdi Radi explained.

Nazif hailed the new agreement, noting that this step will help support setting up an integrated Arab economic system and facilitate move of Arab funds among the Arab countries instead of investing them abroad.

Meanwhile, Chairman of the Egyptian Stock Exchange, Abdel Hamid Ibrahim, said that Egypt has been calling for this agreement for more than three years, adding that a number of Arab companies and institution aswell as Swedish company, have signed the agreement.