Iraqi Stock Exchange Will Begin End 2014 and Complain About the Lack of Joint Stock Companies
|April 1, 2014||Filled under Iraqi Stock Exchange News|
Iraqi Stock Exchange News –
Iraqi Stock Exchange Announced that the market Arbil Securities will be opened in the last quarter of the year 2014, and confirmed that he would be a qualitative addition to the investment in the country, the show that the number of joint stock companies in the Kurdistan region of five out of 21 000 Company worker, expressed the hope that the growing number of start-up market in Arbil.
The head of the Securities Commission of Iraq Abdul Razzaq Saadi said in an interview to the (long-Presse), on the sidelines of an economic seminar held by the Council of the securities in the city of Arbil, in collaboration with the Securities Commission in Iraq and the Supreme Council of the economy in the Kurdistan region, The stock market is open to companies contribution that will gain some of the benefits when inserted and to facilitate their money in addition to access to rapid investment and evaluated by investors in the stock market.
Saadi added that “the stock market will start work soon in Arbil,” pointing out that “in addition will add quality to invest in the country.”
For his part, Chairman of Erbil market for securities Abdullah Ahmed Abdel-Rahim, in an interview with the (long-Presse), “The number of joint stock companies in the province of only five companies,” and expressed hope that “the number of joint stock companies in Kurdistan.”
He said Abdul Rahim that the infrastructure of the market Arbil Securities completed and contracted last year with Luis Barker U.S. authorities in the field of securities, pointing out that it “gives us advice and technical consultancy and legal,” likely at the same time that “launches market Arbil Securities In the fourth quarter of the current year 2014.”
In turn, the Director General of the registration of companies in the Kurdistan region Dlazar Ismael Ahmed said in an interview to the (long-Presse), explained through this seminar importance of transforming companies of limited companies into joint-stock companies because the market Arbil Securities needs to shareholding companies to begin its work, asserting that The Supreme Council of the economy in the region to pay special attention to this subject has formed a number of committees so special.
Ahmed continued that “the total number of companies operating in the region reached about 21 000 companies, including 17800 national company in 2730 and foreign,” he said, adding that “it was taking special measures to encourage companies to convert to joint stock companies.”
Ahmed stressed that “the future lies in their plans to encourage factories in the region to activate this important part of the economy.”
The Iraqi market for securities called, (January 31, 2014), banks and mobile phone companies operating in the country to put its shares from him, and called on the government to sell its shares in the mixed sector companies, to encourage capital formation and economic development is stable, indicating that the market Erbil Securities, will be opened during the year 2014 the current, which opens up new horizons for investors as they represent a market separate but Bnavztin trading companies themselves, while the view of financial expert that the market is suffering from the absence of institutions chock to reduce the unit price fluctuations and reduce the risks and increase the speed of trading.
It is noteworthy that the Iraqi market for securities was established in June 2004, operates under the supervision of the Securities Commission of Iraq, an independent body was established along the lines of the American Association for the Securities and Exchange Commission and was before the April 2003 launch on the market the current name of the Baghdad Stock Exchange operated by the Iraqi Ministry of Finance, either now They are self-regulatory body such as the New York Stock Exchange, and as of 2005 has become a market for securities Iraq is the only exchange in Iraq. When opened in 2004, there were only 15 companies listed therein, and in 2005 was traded stock in a single session nearly five million dollars and include large stocks, Bank of Baghdad, Baghdad Soft Drinks, Iraqi carpets and furnishings.
The Investment Authority in the province of Kurdistan announced, in (October 30, 2013), that the volume of investment in the region amounted to more than 31 billion dollars, and asserted that the number of investment projects reached 607 projects, while noting that the ratio of investment in the sectors of housing, industry and tourism amounted to 81%, “Ofattt that Turkey and the United Arab Emirates in the forefront of countries invested in the region.
Began 625 international companies belong to 27 countries, in the (October 29, 2013), introduced its various products within the gallery (Project) Iraq specialist matters of building and construction and energy in Erbil amid assertions on the importance of the Iraqi market and the need to open up to global industries in the next stage with a tribute to the facilities obtained by these companies currently in the Kurdistan region and the appropriate atmosphere in which to work.
It is noteworthy that the cities of the Kurdistan region, attracts a lot of Arab businessmen and foreign investment companies, and it has seen an economic upswing and large over the years that followed the fall of the former Iraqi regimes.
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