Egypt, Iraq stock exchanges sign protocol to boost investment

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The Egyptian Exchange (EGX) and the Iraqi Stock Exchange (ISX) signed a cooperation protocol on Tuesday to enhance investment ties between the two countries.

The protocol will focus on increasing cooperation and sharing expertise in areas including legislative updates, investment awareness, mutual investment, and transitioning to a digital economy, according to officials.

“We are working to provide the essential information needed by investors in both countries to increase mutual investments in the two stock markets,” said Ahmed El-Sheikh, Chairperson of the EGX.

The protocol also aims to develop joint training programs for brokerage firms and listed companies to enhance knowledge-sharing, said El-Sheikh.

The agreement is part of the EGX’s development strategy, specifically Article 58, which focuses on promoting financial literacy, training, and international relations, El-Sheikh added.

Faisal Al-Haimus, Chairperson of the Iraqi Securities Commission, emphasized that the agreement is a vital step toward strengthening economic ties between the two countries.

“We recognize that capital markets are the cornerstone of national economic development,” said Al-Haimus. “Therefore, strengthening the partnership between the two markets will directly contribute to achieving sustainable economic growth and attracting foreign investment.”

Al-Haimus added that the protocol will open opportunities for cooperation in areas like financial innovation and the development of new financial products.

The agreement will also work to enhance the financial market infrastructure in both countries by implementing global best practices and adopting the latest technologies, said Al-Haimus.

The Iraqi Securities Commission will provide a conducive regulatory environment to implement the provisions of the protocol, Al-Haimus said.

Thaer Adnan Hashim, Chairperson of the Iraqi Stock Exchange, said the agreement is an opportunity to develop the financial market infrastructure, increase investment awareness, and encourage capacity building and training among brokerage firms and listed companies.