Kurdistan establishes its own stock exchange
RodinRojhilat KURDISTAN
The Board of the Erbil Stock Exchange Meeting Photo by: Mihemed Eli
Zalla
By Mihemed Eli Zalla
04/02/2010
In a press conference, the establishment of Erbil Stock Exchange Co.
(ESX) was announced. The establishment committee of ESX held a press
conference today and announced that it has been working on
establishing this market for almost two years. This is expected to
play a key role in boosting the economy of Kurdistan and the region.
ESX Finally received a license from Baghdad. Ahmed Adul-Rahim the head
of Establishment Committee stated “our stock exchange market is
completely independent of that of Baghdad, and is licensed by
Baghdad”.
“We hope to advance Kurdistan economy, and link Kurdistan economy to
the outside world” said Rahim. Several big corporations have already
taken part in this market. KRG as for its part is the main participant
holding 20% of the market’s stocks.
Opening a stock exchange market here in Kurdistan is significant; due
to the security problems other parts of Iraq are not as valid as
Kurdistan for such a market said the head of the committee. Any
company holding 5% capacity of the overall ESX’s stocks can take part
in ESX, including foreign companies.