Casablanca and Bahrain stock exchanges sign memorandum of understanding

The Casablanca Stock Exchange and the Bahraini Financial Market concluded in Manama on Sunday a memorandum of understanding that provides for the consolidation of cooperation between the two states' financial markets and the encouragement of investments.

The memorandum also stipulates a number of measures meant to improve the two bourses' competitiveness in order to attract foreign investments and provides for the exchange of experience. Under the memorandum, the two sides pledge to coordinate their actions to attract foreign investments.

This accord, the first ever concluded by the Casablanca bourse with an Arab financial market, will contribute to sustaining Arab economy, as put by the chairman of the administrative board of the Casablanca bourse.

The Casablanca bourse posted during the past five years a growth rate of 25%. During 1998, capitalization neared $16 billion while the value of exchanges reached $6 billion, with a 20.4% rate profitability.