World Federation of Exchanges (WFE) Board of Directors announced recently that it has approved upgrading the Palestine Exchange (PEX) status to “Affiliate”. This announcement has come to recognize the progress PEX made in its business development over the last few years.
“This step will encourage PEX to deepen its local significance in the capital formation process and the development of the region” said Mr. Thomas Krantz, Secretary General of the WFE.
Dr. Rami Al-Hamdallah, Chairman of PEX Board of Directors welcomed this significant recognition by the WFE. “This demonstrates PEX commitment to global best practice and international market standards as far as legislative, regulatory and technical infrastructure are concerned.” Al-Hamdallah stated. “It also came as a result of PEX commitment to practices of good cooperate governance, transparency, disclosure and investor protection standards”. Al-Hamdallah concluded.
Mr. Ahmad Aweidah, Chief Executive Officer of PEX sees this an important achievement that will back PEX efforts towards attracting global and international investors particularly institutional ones. “We are only a few steps away from attaining WFE full membership. This will position PEX on regional and international investors’ radar.” Aweidah acknowledged.
In view of this upgrade, PEX will be able to attend the Federation’s forthcoming Annual Meeting which will be held in Johannesburg on 12-13m October 2011.