A Memorandum of Understanding (MoU) was signed at the weekend between Bahrain Stock Exchange (BSE) and Dubai International Financial Exchange (DIFX) to develop and strengthen capital markets activity in the region.
The MoU was signed by Fouad Rashid, BSE's Director, and Nasser Alshaali, Chief Operating Officer of the DIFX
The MoU aims at strengthening and increasing cooperation between both parties in areas relating to exchange of expertise and information. The MoU will work by increasing awareness among both parties’ market participants regarding the legal framework and investment opportunities available in both bourses. It also encourages listed companies in both stock markets to cross-list their securities.
The MoU encourages both parties to jointly organize training programs and enhances relations and cooperation between market participants operating on both stock exchanges.
“This landmark agreement promotes the interests of issuers, brokers and investors as well as of both exchanges," commented Fouad Rashid.
"We are committed to working towards substantial ties that will promote enhance and develop the investment environment in both countries and make it more attractive and profitable," he added.
Nasser Alshaali observed that: “As the region’s international exchange, the DIFX welcomes cooperation with other exchanges to the benefit of all."
“Closer ties will facilitate international and regional investment, spurring capital markets activity and economic development.”
The DIFX and BSE will seek additional avenues of mutual interest in discussions in coming months.
Bahrain Stock Exchange was established in 1987 and started operation in 1989. The existence of the stock exchange has enhanced the investment environment of the capital market in the Kingdom and increased the quantity and quality of instruments listed on BSE.
BSE is managed by a Board of Directors chaired by the Governor of Bahrain Monetary Agency (BMA). The board consists of 8 members representing both government and private sectors.
Ownership regulations in the Kingdom of Bahrain allow GCC citizens to own up to 100% and non-GCC citizens up to 49% of Bahraini Shareholding Companies unless otherwise stated in the companies' articles of association.
To encourage long-term development of the region's capital markets, the BSE has signed several cross-listing agreements and memoranda of understanding with other exchanges in the region.
Non-Bahraini companies listed on BSE include three Kuwaiti companies, 2 Omani, one from Qatar and one from Sudan.
The number of Bahraini listed companies listed on BSE is 42, having market capitalization of BD6.53 billion (US$17.3 billion).
There are 19 Bonds & Sukuk listed with a total value of US$2.83 billion, and 36 mutual funds are listed on the BSE.
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