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Kurdistan establishes its own stock
exchange
4.2.2010
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February 4, 2010
ERBIL-Hewlêr,
Kurdistan region 'Iraq', —
A stock exchange has been inaugurated in Erbil, the
capital city of Iraq’s Kurdistan region, the
market’s director said on Thursday,reported by Aswat
Al-Iraq website.
“The Kurdistan Stock Exchange has been opened
following the approval of the central government,”
Abdullah Abdulrahman said in a press conference held
at the Sheraton, Erbil, which was attended by Aswat
al-Iraq news agency.
“Twenty percent of the shares will go to the
regional government, 13 percent to traders and the
rest to private sector companies,” Abdulrahman
pointed out.
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. |
The Board of the Erbil Stock Exchange Meeting Photo
by: Mihemed Eli Zalla |
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,www.ekurd.netincluding
foreign companies.
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