The 39th Session of the Board of the Arab Federation of Exchanges (AFE) concluded its meetings in Dubai on Thursday evening, June 5th 2014. The meetings were attended by several heads and CEOs of the Arab stock exchanges and clearing companies which are members of the Union. The Qatari delegation was represented by Rashid bin Ali Al-Mansoori, CEO of Qatar Stock Exchange.
The Board discussed a number of items listed on its agenda, including the latest developments in the Arab financial markets. It also listened to the report of the Head of the Executive Committee on what has been achieved during the ended session and Secretariat proposals on the AFE plans and initiatives for the next session.
The AFE Board took a number of decisions such as the approval on the recommendations of the Executive Committee concerning the AFE budget for the year 2014 and the appointment of financial auditors. It also approved the request of the Erbil Stock Exchange to join the AFE and the transition of the AFE presidency to the Saudi Stock Exchange (Tadawul ) for one year.
During the council meetings, the Council’s Board Members were given a presentation by the Dubai Financial Market on their experience in entering the financial statements of listed companies using the Extensible Business Reporting Language (XBRL). The Board members also discussed the proposal of Mr Ahmed Saleh Al Marhoon, Director General of the Muscat Securities Market, on the establishment of a joint Arab company for securities clearing.
Mr. Rashid bin Ali Al-Mansoori, CEO of Qatar Stock Exchange, praised the spirit of brotherhood and cooperation which prevailed the conference and its discussion sessions. He also expressed his thanks and appreciation for the role played by the parties, which participated in organizing the conference and contributed to the realization of the desired outcomes.