AFCM Annual Conference 2024 Kicks Off

Doha: Under the patronage of HE Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani, HE Minister of Commerce and Industry and Chairman of the Qatar Stock Exchange (QSE) Sheikh Mohammed bin Hamad bin Qassim Al-Thani opened the annual conference of the Arab Federation of Capital Markets (AFCM) 2024 today. Taking place over two days, the conference has drawn approximately 250 delegates representing a spectrum of entities integral to the Arab financial landscape. Among the participants are delegates from member Arab stock exchanges, accredited brokerage firms, settlement and clearing companies, asset management institutions, governmental financial bodies, central banks, investment banks, regulatory authorities, financial market data providers, regional federations, and research centers. In his opening address, HE Sheikh Mohammed bin Hamad bin Qassim Al-Thani emphasized the imperative for collaboration among Arab financial market institutions to fortify the investme nt environment and promote integration. Highlighting the significance of technological localization, he advocated for the leveraging of resources to enhance infrastructure and technology across institutions. Moreover, he underscored the interconnectedness of global economies and geopolitical shifts, urging Arab capital markets to forge partnership bridges and exchange experiences and ideas amidst international conditions marked by strong blocs and regional disturbances. His Excellency expressed optimism that the conference would shed light on pivotal topics supporting the AFCM's aspirations and its members. He stressed the importance of cultivating an advanced investment and financial environment conducive to facilitating transactions in regional and international financial markets. HE Secretary-General of the Arab League, Ahmed Aboul Gheit, hailed Doha's hosting of the conference as part of several important financial and economic events, noting that the conference agenda touches on important topics for A rab markets. He acknowledged the conference as a platform for enhancing cooperation among Arab financial markets and emphasized the importance of its agenda, particularly focusing on sustainability, investor relations, Islamic finance, financial technology, digital assets, and the latest applications of artificial intelligence in financial markets. Aboul Gheit stressed the need to launch a regional Arab discussion that includes financial institutions, experts, and partners to determine Arab priorities in order to help develop a regional vision that contributes to building capabilities, updating legislation, and implementing investments that will maximize Arab financial markets' benefits from artificial intelligence. He tackled the developments in the area of artificial intelligence and its role in shaping the future, emphasizing the importance of regulating its uses. Aboul Gheit called on all financial institutions, Arab unions and executive bodies in the Arab countries to pay attention to artificial intellig ence and place it on the list of financial cooperation priorities in the coming period, demanding the establishment of Arab spaces to exchange experiences and coordinate policies in this regard. He voiced hopes that the conference's work will be crowned with success and to come up with recommendations and results that serve joint efforts to enhance the integration of Arab financial markets. Abdulaziz Nasser Al Emadi, the newly appointed President of the Arab Federation of Capital Markets (AFCM) and Acting CEO of Qatar Stock Exchange, delivered a keynote address during the inauguration of the AFCM Annual Conference in Doha. In his address, Al Emadi expressed his gratitude to the Arab delegations in attendance. He underscored the significance of this year's conference, emphasizing its focus on addressing the opportunities and challenges confronting Arab capital markets. He highlighted the pivotal role of collaboration in fostering a conducive environment for investment and integration within the Arab financial landscape. Al Emadi reaffirmed Qatar Stock Exchange's commitment to working closely with AFCM members to advance the Union's objectives, aligning with the collective aspirations of its constituents. He emphasized the pivotal role of exchanges in elevating the capabilities of Arab capital markets, pledging concerted efforts towards their development and growth. AFCM Secretary-General Rami El Dokany confirmed that the market values of Arab stock exchanges increased by 12.2 percent during the year 2023 to record $4.6 trillion, while liquidity decreased by 13.2 percent compared to the year 2022 to record $663 billion, whereas the number of transactions increased by 15.2 percent to record 129 million. As for listings, the region witnessed 49 new listings, with the Saudi Tadawul leading the listings with 35, followed by the Abu Dhabi Securities Market with 6. He pointed out that the conference will witness the signing of the Net Zero Pledge, as four Arab stock exchanges will sign it for the first time outside of th e regular climate conferences, bringing the number of global stock exchanges signing this pledge to 15 global stock exchanges. The conference agenda comprises nine dialogue sessions over two days, focusing on critical topics relevant to the securities industry and the role of financial markets in its enhancement. These include digital transformations, sustainability of regional economies, shortening settlement periods, investor relations, Islamic finance, international sustainability standards, digital assets, and the integration of precious metals in investment portfolios. On the sidelines of the conference, two agreements have been signed between the AFCM and both the Chicago Mercantile Exchange and the African Securities Exchanges Association. Source: Qatar News Agency