arab-exchanges.org · 13 Overview of the AFE 14 AFE Members 15 AFE Executive Committee Members 16...

Exchanges Members

Clearing Settlement & Depository Companies (CSDs) Members

Affiliated Members

AFE Annual Report 2017

Contents

08 AFE Chairman’s Message 10 AFE Secretary General’s Message

Federation’s Overview 13 Overview of the AFE 14 AFE Members 15 AFE Executive Committee Members 16 AFE Statistical Committee Members 17 AFE Activities 2017 18 World Federation of Exchanges (WFE) 57th Annual Meeting 18 Federation of Euro-Asian Stock Exchanges (FEAS) 24th Annual Meeting 18 African Securities Exchanges Association 21st Annual Conference 19 AFE Annual Conference 2017 20 AFE Statistical Table 21 Indices Performance 2017 22 SPAFE 40 – The Arab Federation of Exchanges Index

Directories 24 Directory of Stock Exchanges 29 Directory of Clearing Settlements and Depository Companies 30 Directory of Affiliated Members

Analysis of Stock Exchanges 36 Abu Dhabi Securities Exchange 38 Amman Stock Exchange 40 Bahrain Bourse 42 Beirut Stock Exchange 44 Casablanca Stock Exchange 46 Damascus Securities Exchange 48 Dubai Financial Market 50 Egyptian Exchange 52 Iraq Stock Exchange 54 Khartoum Stock Exchange 56 Boursa Kuwait 58 Muscat Stock Market 60 Palestine Exchange 62 Qatar Stock Exchange 64 Saudi Stock Exchange (Tadawul) 66 Tunis Stock Exchange 68 Sukuk and ETFs 69 Arab Exchanges IPOs list 2017

Dr. Ghaleb Mahmassani is the Acting President of the Beirut Stock Exchange (BSE) since September 2008. He first joined the Beirut Stock Exchange as a non-executive Board Member and Vise President in 1999.

Dr. Mahmassani is an Attorney at Law and Legal Counsel since 1962, an International Arbitrator since 1976 and a Member of the National Committee of the Permanent Court of Arbitration at The Hague (The Netherlands). He served as a member of the International Court of Arbitration at the International Chamber of Commerce (ICC) in Paris from 2000 to 2005.

Dr. Mahmassani is active academically and professionally in the legal and banking sectors at international level and has many publications, lecturers, conferences, seminars and colloquiums in law. He received his licenses in French and Lebanese law from Saint Joseph University – Beirut – in 1962, a Bachelor degree in political science from the American University of Beirut (AUB) in the same year and a PhD in Law from Lyon University in 1966 upon completion of his dissertation “BANKING ORGANIZATION IN LEBANON”.

About the AFE Chairman

Dr. GHALEB MAHMASSANI Chairman, Arab Federation of Exchanges (AFE) Acting President Beirut Stock Exchange (BSE)

8 Arab Federation of Exchanges (AFE) Annual Report 2017

First of all, I would like to express my pleasure for addressing the members of the Arab Federation of Exchanges (AFE) and other stakeholders through this annual report, which outlines the main accomplishments of the Federation in 2017, and the future activities, the Federation seeks to achieve in the coming years. I had the honor to chair the Federation for its forty-second session, after its presidency moved to the Beirut Stock Exchange during the meeting of the Federation’s Board held in Beirut. During this meeting several topics related to the Federation, its statute and the means of its development were discussed. The AFE Annual Conference 2017 that was hosted by the Beirut Stock Exchange at the end of April 2017 was attended by more than 300 professionals. Over 35 Arab and international experts, representing the main global institutions operating in the field of financial services, participated in its panel discussions. The conference was organized under the high patronage of the Prime Minister of Lebanon H.E Mr. Saad Al Hariri, represented by the Minister of Telecommunications H.E Mr. Jamal Al Jarrah and the Minister of Finance who was represented by the General Manager of the Ministry. We were also honored by the participation of H.E Dr. Riad Salameh, the Governor of the Central Bank of Lebanon, who delivered a keynote speech at the opening of the Conference. After the conference, a delegation of international financial institutions met with the Governor of the Central Bank / Chairman of the Capital Markets Authority of Lebanon and discussed the means of developing the Lebanese Capital Market. It is worth mentioning that the AFE reshaped during 2017 its publications which are disseminated on the AFE website and through Thomson Reuters, Eikon, Zawya, S&P Capital IQ, Mubasher, DirectFN, Decypha, Bloomberg, Factset and Arabourse platforms. In addition, the AFE published the Arab Brokerage Guide 2017 that includes the main contact information related to the Arab brokerage firms in order to facilitate the communication between investors and Arab financial institutions. The developments at the Federation in recent years in terms of services and expertise, in addition to the increased cooperation with the World Federation of Exchanges, elevated the Federation’s standing to an international level. The Federation is now one of the most preeminent regional federations and an important reference for all those interested in Arab financial markets. In conclusion, I would like to express my appreciation and gratitude to all members of the Federation, the stock markets, depository and clearing companies, and brokerage firms, for their cooperation in supporting the work of the Federation. I would also like to thank the efforts exerted by the Federation’s General Secretariat which significantly contributed to the development of the Federation to what it has become today.

Arab Federation of Exchanges (AFE) Annual Report 2017 9

Dr. Fadi Khalaf was appointed Secretary General of the Arab Federation of Exchanges since September 2009.

Prior to this appointment, Dr. Fadi Khalaf was the Chairman of the Beirut Stock Exchange for 10 years (1999-2009).

Before moving back to Beirut, Dr. Khalaf worked as a Financial Consultant in France for 6 years (from 1994 to 1999).

Previously, he worked at the credit department in Bank of Beirut and made several studies on the development of the Forex department.

He worked also as a Technical Analyst consultant for a brokerage Firm in Beirut. Dr. Khalaf has over 30 years of experience in the financial markets and banking fields.

He is one of the founder members of the French Association of Technical Analysts (AFATE) in Paris and a member since 1991.

Dr. Khalaf worked closely with the Lebanese Ministry of Finance on the draft of the Capital Market law and defended it in the Lebanese Parliament.

Dr. Fadi Khalaf holds a PhD in Economics from the University of Paris I - Sorbonne in France, a Masters Degree in Business Administration and the Diploma of Technical Analyst from the “Ecole d’Analyses Techniques” in Paris.

To his credit various research, publications and regional and international conferences in the field of financial markets, both in academic and professional level.

About the AFE Secretary General

DR. FADI KHALAF Secretary General, Arab Federation of Exchanges


Having to move forward to new responsibilities and after ending my second mandate at the Arab Federation of Exchanges (AFE), I would like in this last message to share with you the achievements accomplished by the AFE during those 8 years. I’m sure that many of you noticed that the AFE has been elevated from the regional to the international level. For that to happen, we had to build from scratch everything that this Federation stands for. For sure in order to communicate on international and regional levels, we had to start a website that became a reference for researching data as well as news related to the Arab Financial Markets. The Arab exchanges also have access to fill in their statistical figures for more accuracy. On the index level, the AFE, in cooperation with S&P Dow Jones Indices, created the index SPAFE40 to represent the performance of the 40 biggest and most liquid listed companies in the region. It is worth mentioning that the AFE disseminates its Reports, Newsletters and Secretary General Articles and Overviews on Thomson Reuters Eikon (300,000 screens) on Zawya website (7,000 users), S&P Capital IQ (5,000 companies using their platform globally), Mubasher, DirectFN, Decypha and Bloomberg, Arabourse platform, and Factset. The AFE affiliated members reached to 33 financial institutions which lead us to create The Financial Institutions Committee as well as several Working Committees treating subjects such as the KYC Issues, Omnibus Accounts and other topics related to the Arab Financial Markets and financial institutions. Knowing the importance of the regulatory side of any theme discussed, we had to gather at the time the AFE Financial Institutions members and the Arab Federation of Exchanges with the Union of Arab Securities Authorities. On the organizational and financial level, the AFE has increased its financial reserves since 2009 through the success of its annual conferences, attracting considerable number of affiliated members, and placing wisely its considerable reserves. This helped keeping the same level of annual membership fees during the whole period. It is worth mentioning that the AFE decreased its costs throughout the years by doing most of the duties internally without outsourcing and even without increasing the number of its staff. The AFE became one of the most preeminent regional federations in the Exchange industry. Its annual conference is well known internationally, attracting more than 40 C-Level of international and regional speakers and 400 to 600 attendees coming from all around the globe. Therefore, the international participation is mutual as the AFE participates actively in several distinguished international Conferences as speaker. The AFE is well known for being active at the World Federation of Exchanges (WFE), and was nominated as an inspecting member at the WFE for specific full membership applications. My position will remain in the Exchange industry, so we will most likely meet again in the near future. At the same time, I wish a good success to my successor who I believe will keep the AFE moving forward. Sincerely Yours, Fadi

Secretary General’s Message



Federation’s Overview Overview of the AFE 13

AFE Members 14

AFE Executive Committee Members 15

AFE Statistical Committee Members 16

AFE Activities 2017 17

World Federation of Exchanges 57th Annual Meeting (WFE) 18

Federation of Euro-Asian Stock Exchanges 24th Annual Meeting (FEAS) 18

African Securities Exchanges Association 21st Annual Conference 18

AFE Annual Conference 2017 19

AFE Statistical Table 20

Indices Performance 2017 21

SPAFE40 – The Arab Federation of Exchanges Index 22

AFE CHAIRMAN, Dr. Ghaleb Mahmassani

The President of the council is the Head of the Stock Exchange who hosted the latest annual council meeting. He is appointed until the next annual council meeting.

Dr. Ghaleb Mahmassani is the Acting President of the Beirut Stock Exchange. AFE SECRETARY GENERAL, Dr. Fadi Khalaf

Dr. Fadi Khalaf was elected on the 8th of January, 2009. He served previously as Chairman of the Beirut Stock Exchange for 10 years.

THE ARAB FEDERATION OF EXCHANGES (AFE)

The Arab Federation of Exchanges (AFE) was established in June 1978 by the League of Arab States. The AFE is the official Regional Federation representing the Arab Exchanges and works in close cooperation with the World Federation of Exchanges (WFE) and the Federation of Euro-Asian Stock Exchanges (FEAS).

The Mission of the Arab Federation of Exchanges is to create a transparent and developed environment for the Arab Capital Markets, to reduce the barriers of securities trading across the countries, to enhance the communication among its members and to coordinate their activities with the Regional and International partners.

The Arab Federation of Exchanges regroups the 18 Arab Regulated Exchanges, 4 Clearing Settlement and Depository Companies as full members and 33 Financial Services Institutions as affiliated members covering the GCC, Levant and North Africa regions.

Organization Structure: Board Executive Committee Financial Services Institutions Committee (including Working Committees) Statistical Committee Secretariat

Contact Details: Headquarter: P.O. Box: Website: Emails: Phone: Fax:

Bechara El Khoury Street, Ghanaga Building, 5th Floor 11-9696 Riad El Solh, Beirut - Lebanon www.arab-exchanges.org [email protected] [email protected] +961 1 643749 +961 1 643436

Overview of the AFE


http://www.arab-exchanges.org/

mailto:[email protected]

Exchanges

Abu Dhabi Securities Exchange Iraq Stock Exchange Amman Stock Exchange Khartoum Stock Exchange Bahrain Bourse Boursa Kuwait Beirut Stock Exchange Libyan Stock Market Casablanca Stock Exchange Muscat Securities Market Damascus Securities Exchange Palestine Exchange Dubai Financial Market Qatar Stock Exchange Egyptian Exchange Saudi Stock Exchange (Tadawul) Erbil Stock Exchange Tunis Stock Exchange

Clearing Settlement and Depository Companies (CSDs)

Kuwait Clearing Company Maroclear (CSD Morocco) Misr for Central Clearing, Depository & Registry (MCDR) Muscat Clearing and Depository Co

Financial Services Institutions (AFE Affiliated Members)

ADIB Securities Dam Financial Investments Co Ltd Ahli Brokerage Dlala Brokerage Albilad Capital Dlala Islamic AlJazira Capital EFG-Hermes Al Karmal Securities Gulf Investments Group Al Mawared For Brokerage Menacorp Financial Services Al-Waseet Financial Business Co Mubasher Trade Ali-Tijari Financial Brokerage Co. FAB Securities Arqaam Capital NCB Capital Association of Stock Exchange Brokers Qatar Securities Co Bank Audi QNB Financial Services Bank of Beirut Rabee Securities BLOMINVEST Bank Sanabel Financial Securities Credit Libanais

AFE Members


Dr. GHALEB MAHMASSANI

Chairman, Arab Federation of Exchanges Acting President, Beirut Stock Exchange

Mr. RASHED ALBALOOSHI

Chief Executive Abu Dhabi Securities Exchange

Mr. NADER AZAR

Chief Executive Officer Amman Stock Exchange

Mr. KARIM HAJJI

Chief Executive Officer Casablanca Stock Exchange

Mr. MOHAMED ABDEL SALAM

Chairman Misr for Clearing Depository and Registry

(MCDR)

AFE Executive Committee Members

Arab Federation of Exchanges (AFE) Annual Report 2017

15

Saudi Stock Exchange (Tadawul):

Mr. Jafar Awad A. Ahmed

Head, Market Information Operations

Mr. Hamad Alshaye

Team Leader, Market Information Operations

Covering the following Exchanges: Bahrain Bourse, Erbil Stock Exchange, Iraq Stock Exchange, Boursa Kuwait, Saudi Stock Exchange (Tadawul).

Muscat Securities Market:

Mrs. Wafa Al Zadjali

Director of Information Center Department

Covering the following Exchanges: Abu Dhabi Securities Exchange, Dubai Financial Market, Khartoum Stock Exchange, Muscat Securities Market, Qatar Stock Exchange.

Casablanca Stock Exchange: Amman Stock Exchange:

Mr. Fassi-Fihri Mohammed Hassan

In Charge of Statistics and Indices

Mrs. Suzan Kashoqa

Chief of Statistics & Publication Division

Covering the following Exchanges: Casablanca Stock Exchange, The Egyptian Exchange, Libyan Stock Market, Tunis Stock Exchange.

Covering the following Exchanges: Amman Stock Exchange, Beirut Stock Exchange, Damascus Securities Exchange, Palestine Exchange.

AFE Statistical Committee Members


AFE New Affiliated Members (Financial Services Institutions) Al Mawared For Brokerage

Publications

4 Quarterly Figures and Statistical Reports covering all the AFE Exchanges Members 4 Quarterly Overviews (in Arabic and in English) written by the AFE Secretary General 4 Quarterly Newsletters (issued in Arabic & English) Annual Report (issued in Arabic & English) AFE Annual Conference 2017 Magazine The AFE publications are disseminated on the AFE website and through Thomson Reuters, Eikon, Zawya, S&P Capital IQ, Mubasher, DirectFN, Decypha, Bloomberg, Factset and Arabourse platforms.

AFE Conference & Meetings

AFE Annual Conference 2017, that took place on 26-27 April in Beirut, Lebanon AFE Executive Committee Meetings (April & July 2017) AFE Board & General Assembly Meetings (April & July 2017)

Participations

World Federation of Exchanges Working Committee, Annual Meeting and General Assembly Federation of Euro-Asian Stock Exchanges General Assembly Meetings Frontier Exchange MENA Roadshow World Exchange Congress UASA Annul Meeting Middle East Investor Relations Society Conference African Securities Exchange Association Annual Conference OECD-MENA Working Group on Corporate Governance Meeting Global Finance Forum - Dubai

AFE Activities 2017


The World Federation of Exchanges (WFE) Working Committee and 57th Annual Meeting

The Arab Federation of Exchanges (AFE), represented by its Secretary General Dr. Fadi Khalaf, participated in the World Federation of Exchanges (WFE) Working Committee Meeting held on the 24th of January in Frankfurt, Germany. Dr. Fadi Khalaf gave a presentation on Doing Business in the Arab Region: Market Structure, Trends, Opportunities, & Challenges that was highly appreciated by the Head International Exchanges around the globe. The Federation of Euro-Asian Stock Exchanges (FEAS) 24th Annual Meeting

The Arab Federation of Exchanges, represented by its Secretary General Dr. Fadi Khalaf, participated in the 24th Annual General Assembly of the Federation of Euro-Asian Stock Exchanges that took place in Yerevan, Armenia from 1 to 3 November. The FEAS Secretariat hosted over 40 participants from more than 20 countries. This GA was the first one after moving FEAS headquarter from Istanbul, Turkey to Yerevan, Armenia. During the Assembly a lot of important topics and future projects were discussed. Among the most important topics of the agenda was the approval of FEAS new Charter and Strategy. African Securities Exchanges Association 21st Annual Conference

The Arab Federation of Exchanges (AFE), represented by its Secretary General Dr. Fadi Khalaf, participated in the 21st Annual African Securities Exchanges Association (ASEA) Conference that was hosted by the Egyptian Exchange (EGX) on November 20 and 21 at the Nile Ritz Carlton Hotel in Cairo, Egypt. The theme of this year’s Conference was “Africa Mapping the Future”. Dr. Fadi Khalaf spoke in the panel “Form of Integration Among African Markets”. The speakers engaged the delegates in thought provoking discussions revolving around topical subjects such as integration of African Exchanges, feasible regulatory frameworks, green finance and encouraging SME participation in the capital markets.

WFE – FEAS – ASEA Meetings 2017


The Arab Federation of Exchanges (AFE) organized its “AFE Annual Conference 2017”, hosted by the Beirut Stock Exchange under the patronage of H.E Mr. Saad Al Hariri, Prime Minister of Lebanon, on the 26th and 27th of April at the Four Seasons Hotel in Beirut Lebanon, with the presence of H.E Dr. Riad Salameh, Governor of Banque du Liban, and Mr. Alain Bifani, Director General of the Ministry of Finance representing H.E Mr. Ali Hassan Khalil, the Minister of Finance. More than 300 participants attended the conference from local, regional, and international exchanges, regulatory bodies of the financial markets, brokerage firms, investment fund managers, investment banks, economic journalists, research firms, listed companies, rating agencies, technical associations, and banks… International speakers from The World Federation of Exchanges, Nasdaq, S&P Global, S&P Dow Jones Indices, MSCI, FTSE Russell, The Options Clearing Corporation (OCC), Bloomberg, Thomas Murray, Auerbach Grayson & Co, European Bank for Reconstruction and Development (EBRD), Bell Pottinger, Convergex, Lazard Asset Management, Saudi Capital Market Authority, The International Securities Consultancy, Al Fozan Holding Co, and several other institutions participated in the panels where they treated topics of high concern on the most important trends, challenges and opportunities fac ing the global financial markets.

AFE Annual Conference 2017


EXCHANGES

Million USD % Million USD % %

Market Cap. Market Cap.

Value of Shares Traded


Turnover Velocity

Saudi Stock Exchange (Tadawul) 450,560.800 39.26% 223,006.700 65.51% 49.50%

Qatar Stock Exchange 129,321.800 11.27% 18,149.600 5.33% 14.03%

Abu Dhabi Securities Exchange 124,516.000 10.85% 13,092.000 3.85% 10.51%

Dubai Financial Market 107,364.819 9.35% 31,259.527 9.18% 29.12%

Boursa Kuwait 92,746.660 8.08% 19,017.000 5.59% 20.50%

Casablanca Stock Exchange 67,025.852 5.84% 6,803.327 2.00% 10.15%

Muscat Securities Market 46,625.567 4.06% 2,578.297 0.76% 5.53%

The Egyptian Exchange 46,533.000 4.05% 18,738.000 5.50% 40.27%

Amman Stock Exchange 23,924.613 2.08% 4,127.268 1.21% 17.25%

Bahrain Bourse 21,608.312 1.88% 560.580 0.16% 2.59%

Beirut Stock Exchange 11,473.400 1.00% 762.100 0.22% 6.64%

Iraq Stock Exchange 8,934.263 0.78% 750.129 0.22% 8.40%

Tunis Stock Exchange 8,797.460 0.77% 969.443 0.28% 11.02%

Palestine Exchange 3,891.490 0.34% 469.070 0.14% 12.05%

Khartoum Stock Exchange 2,975.461 0.26% 126.076 0.04% 4.24%

Damascus Securities Exchange 1,475.220 0.13% 28.880 0.01% 1.96%

TOTAL USD 1,147,774.717 100 % USD 340,366.357 100 % 29.65%

Statistical Table 2017


Indices Performance 2017

Note: The percentage change of Damascus Securities Exchange index for 2017 is 269.87%. The AFE couldn’t reproduce it on the chart so it won’t affect the proportionality of the graph for remaining members.

Exchange Performance 2017

Khartoum 34.74%MSCI Emerg. 34.35%Egypt 22.00%MSCI World 21.62%Tunisia 14.45%Kuwait 11.48%Bahrain 9.12%Palestine 8.38%Casablanca 6.39%S&P AFE40 2.03%Saudi Arabia 0.22%Amman -2.00%Abu Dhabi -3.25%Dubai -4.56%Beirut -5.21%Iraq -10.61%Muscat -11.81%Qatar -18.33%


SP AFE 40 INDEX “The Arab Federation of Exchanges Index”

The S&P AFE 40 consists of 40 of the largest and most liquid securities from the MENA region. This index has been designed in partnership between the Arab Federation of Exchanges (AFE) and S&P Dow Jones Indices. This index can be found on Thomson Reuters and Bloomberg under .SPAFEUP

2017 SP AFE 40 Index

SP AFE 40 Breakdown (as of December 31, 2017)

SPAFE40 (The AFE Index)

Source: Thomson Reuters

Source: S&P Dow Jones Indices For more info: http://www.arab-exchanges.org/Statistics/S-P-AFE-40-Index.aspx



Directories Directory of Stock Exchanges 24

Directory of Clearing Settlement & Depository Companies (CSDs) 29

Directory of Financial Services Institutions (Affiliated Members) 30

Abu Dhabi Securities Exchange

Address Phone Fax P.O Box Email Website

Al Ghaith Tower, Hamdan Street, Abu Dhabi, United Arab Emirates +971 2 6277777 +971 2 6128728 54500 Abu Dhabi - United Arab Emirates [email protected] www.adx.ae

Amman Stock Exchange


Arjan Area, Near Ministry of Interior Amman, Jordan +962 6 5664109 / +962 6 5664081 +962 6 5664071 212466 Amman - Jordan [email protected] www.ase.com.jo

Bahrain Bourse


Bahrain Financial Harbour, Harbour Gate, 4th Floor Manama, Kingdom of Bahrain +973 17261260 +973 17256362 3203 Manama - Kingdom of Bahrain [email protected] www.bahrainbourse.net

Beirut Stock Exchange


Al Bachura, Azarieh Street, Azarieh Building, Block 01, 4th Floor Beirut, Lebanon +961 1 993 555 +961 1 993 444 11–3552 Beirut - Lebanon [email protected] www.bse.com.lb

Exchanges Directory



http://www.adx.ae/


http://www.ase.com.jo/


http://www.bahrainbourse.net/


http://www.bse.com.lb/

Casablanca Stock Exchange

Address Phone Fax Email Website

Angle Avenue des Forces Armées Royales et Rue Arrachid Mohamed Casablanca, Morocco +212 522 45 26 26 / +212 522 45 26 27 +212 522 45 26 25 [email protected] www.casablanca-bourse.com

Damascus Securities Exchange


Barzeh, Hamesh Street, Al-Manarah Street, Damascus, Syria +963 11 519 0000 / +963 11 519 6666 +963 11 519 0099 6564 Damascus, Barzeh - Syria [email protected] www.dse.sy

Dubai Financial Market


Mezzanine Floor, World Trade Centre (Rashid Tower) Sheikh Zayed Road Dubai, United Arab Emirates +971 4 305 5555 +971 4 305 5191 9700 Dubai, United Arab Emirates [email protected] www.dfm.ae

The Egyptian Exchange

Address Phone Address Phone Email Website

Headquarter: 4A, El Sherifien Street, Postal Code 11513 P.O. Box 358 Mohamed Farid, Downtown, Cairo - Egypt +202 23941900 / +202 23941901 Smart Village: Financial District, Building B 135, Smart Village, KM 28 Cairo - Alexandria Desert road, 6th of October, Egypt, P.O. Box 47 Smart Village +202 35316300 / +202 35316400 [email protected] www.egx.com.eg

Exchanges Directory



http://www.casablanca-bourse.com/


http://www.dse.sy/


http://www.dfm.ae/


http://www.egx.com.eg/

Erbil Stock Exchange

Address Phone Email Website

Erbil Stock Exchange, 100m Street, Dream City Building No. 595 Erbil, Iraq +964 750 975 6666 [email protected] www.erbil-esx.com

Iraq Stock Exchange


Al-Karada Al Sharqia, Al Alwiya, near Saidat Al-Nagat Church Baghdad, Iraq +964 1 7711211522 / +964 1 7270094594 +964 17174461 3607 Al-Alwiya, Baghdad - Iraq [email protected] www.isx-iq.net

Khartoum Stock Exchange


Albaraka Tower, 10th Floor Khartoum, Sudan +249 83 782450 +249 83 782225 10835 Khartoum - Sudan [email protected] www.kse.com.sd

Boursa Kuwait


Mubarak Al Kabeer Street Kuwait City, Kuwait +965 22 42 3130 / +965 22 99 2000 +965 22 41 3538 / +965 22 42 0779 22235 Safat, 13083 Kuwait [email protected] www.kse.com.kw

Exchanges Directory



http://www.erbil-esx.com/


http://www.isx-iq.net/


http://www.kse.com.sd/


http://www.kse.com.kw/

Libyan Stock Market


Beach Road, Next to the Hotel Holy Geleana Benghazi, Libya +218 61 909 6924 / +218 61 909 3067 +218 61 909 1097 1295 Benghazi Center, Omar Mukhtar Street - Libya [email protected] www.lsm.ly

Muscat Securities Market


Information Center Department Ruwi, Sultanate of Oman +968 24823600 ext. 645/610/620 +968 24823706 3265 - 112 Ruwi - Sultanate of Oman [email protected] www.msm.gov.om

Palestine Exchange


Amman Street, Trust Building, 4th Floor Nablus, Palestine +970 9 239 0999 +970 9 239 0998 128 Nablus - Palestine [email protected] www.pex.ps

Qatar Stock Exchange


Al Dana Tower, West Bay Doha, Qatar +974 44 333666 +974 44 319233 22114 Doha - Qatar [email protected] www.qe.com.qa

Exchanges Directory



http://www.lsm.ly/


http://www.msm.gov.om/


http://www.pex.ps/


http://www.qe.com.qa/

Saudi Stock Exchange (Tadawul)


NCCI Building, North Tower King Fahd Road, Kingdom of Saudi Arabia +966 1 218-9999 / +966 1 218-9090 +966 11 218 9155 6897 King Fahd Road, Al Olaya Unit No. 15 Riyadh 12211 - 3388 Kingdom of Saudi Arabia [email protected] www.tadawul.com.sa

Tunis Stock Exchange


34 Avenue de la Bourse 1053 Les Berges du Lac ll, Tunis, Tunisie +216 71 197 910 +216 71 197 903 1053 [email protected] www.bvmt.com.tn

Exchanges Directory



http://www.tadawul.com.sa/


http://www.bvmt.com.tn/

Kuwait Clearing Company K.S.C


Safat, Kuwait, Kuwait +965 18 41 111 +965 22 46 9457 22077 Safat 13081 - Kuwait [email protected] www.maqasa.com

The Central Securities Depository – Maroclear

Address Phone Fax Email Website

Route d’El Jadida 18 Cite Laia, Casablanca 20 200, Morocco +212 5 22 23 90 00 +212 5 22 99 44 64 [email protected] www.maroclear.com

Misr for Central Clearing, Depository & Registry

Address Phone Fax P.O Box Website

70 elGamhouria Street, Cairo, Egypt +202 25971 581 +202 25971 523 1536 Cairo - Egypt www.mcsd.com.eg

Muscat Clearing and Depository Co.


Muscat, Sultanate of Oman +968 24822222 +968 24817491 952 Ruwi, P.C: 112 - Sultanate of Oman [email protected] www.csdoman.co.om

CSDs Directory



http://www.maqasa.com/


http://www.maroclear.com/

http://www.mcsd.com.eg/


http://www.csdoman.co.om/

ADIB Securities www.adibsecurities.ae

Ahli Brokerage Co. www.ahlibrokerage.com.qa

Al-Amal Financial Investments www.alamal.com.jo

Al Bilad Capital www.albilad-capital.com

Al Jazira Capital www.aljaziracapital.com.sa

Al Karmal Brokerage www.isx-karmal.com

Al Mawared For Brokerage www.almawaredbrokerage.com

Al-Tijari Financial Brokerage Company www.tijarifb.com

Al-Waseet Financial Business Co. www.waseetonline.com

Affiliated Directory


http://www.adibsecurities.ae/

http://www.ahlibrokerage.com.qa/

http://www.alamal.com.jo/

http://www.albilad-capital.com/

http://www.aljaziracapital.com.sa/

http://www.isx-karmal.com/

http://www.almawaredbrokerage.com/

http://www.tijarifb.com/

http://www.waseetonline.com/

http://www.arab-exchanges.org/Members/Brokerage-Firms.aspx



























Arqaam Capital www.arqaamcapital.com

Association of Stock Exchange Brokers

Bank Audi www.banqueaudi.com

Bank of Beirut www.bankofbeirut.com

Bayan Financial Investment Company www.albayaninvestments.com

BLOMINVEST Bank www.blominvestbank.com

Commercial International Brokerage Company etrade.cibc.com.eg

Credit Libanais www.creditlibanais.com.lb

Dam Financial Investment Co Ltd www.daminvest.com



http://www.arqaamcapital.com/

http://www.banqueaudi.com/

http://www.bankofbeirut.com/

http://www.albayaninvestments.com/

http://www.blominvestbank.com/

http://www.creditlibanais.com.lb/

http://www.daminvest.com/





































Derayah Financial Company www.derayah.com

Dlala Brokerage www.dlalaholding.com

Dlala Islamic www.dlalaholding.com

EFG-Hermes www.efghermes.com

Gulf Investments Group www.gig.com.qa

Jordan Investment Trust P.L.C (Jordinvest) www.jordinvest.com.jo

Mahfaza National Portfolio Securities www.mahfaza.com.jo

Menacorp www.menacorpfinance.com



http://www.derayah.com/

http://www.dlalaholding.com/

http://www.dlalaholding.com/

http://www.efghermes.com/

http://www.gig.com.qa/

http://www.jordinvest.com.jo/

http://www.mahfaza.com.jo/

http://www.menacorpfinance.com/

Mubasher Trade

www.mubashertrade.com

FAB Securities www.securitiesfab.com

NCB Capital www.ncbc.com

Qatar Securities Co. www.qatar-securities.com

QNB Financial Services www.qnbfs.com

Rabee Securities www.rs.iq

Sanabel for Financial Securities www.sanabelfs.com



http://www.mubashertrade.com/

http://www.securitiesfab.com/

http://www.ncbc.com/

http://www.qatar-securities.com/

http://www.qnbfs.com/

http://www.rs.iq/

http://www.sanabelfs.com/









Analysis of Stock Exchanges Analysis of AFE Exchanges 36

SUKUK/ Bonds & ETFs 68

* The Market Capitalization is the total market value of listed domestic companies.

Trading Times: Market State: Trading Days Sunday to Thursday Pre-opening 09:30 – 10:00 Trading Hours 10:00 – 13:50 Continuous Trading 10:00 – 13:50 Market Close 14:00

FINANCIAL INDICATORS 2016 2017

Market Capitalization* (Million USD) 120,947.000 124,516.000

Number of Shares Traded (Million Shares) 29,483.637 28,239.709

Value of Shares Traded (Million USD) 13,332.000 13,092.000

Number of Trades 388,887 347,327

Broad Stock Market Index (Point) 4,546.37 4,398.44

Percentage Change +5.55% -3.25%

Turnover Velocity 11.02% 10.51%

Price Earnings Ratio (PER) - -

Initial Public Offerings (Million USD)

Number of IPOs

-

-

-

-

Secondary Public Offerings (Million USD) - -

Number of Listed Companies 68 69

Number of Trading Days 248 250

Settlement Cycle Equity T+2 T+2

Name of the Broad Market Stock Index ADI ADI

Number of the Index Constituents 66 66

Exchange Rate USD/AED 3.673 3.673

Abu Dhabi Securities Exchange


STATISTICAL DATA



Trading Times: Market State: Trading Days Sunday to Thursday Pre-opening 10:00 – 10:30 Trading Hours 10:30 – 12:45 Continuous Trading 10:30 – 12:30

Block Trades Market Close

12:30 – 12:45 12:45







Percentage Change +1.59% -2%


Price Earnings Ratio (PER) 16.55 19.54


Number of IPOs

-

-

6.734

1

Secondary Public Offerings (Million USD) 251.399 109.282




Name of the Broad Market Stock Index ASE 100 ASE 100


Exchange Rate USD/JOD 0.709 0.709

Amman Stock Exchange


STATISTICAL DATA

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2013 2014 2015 2016 2017

27,183.02 26,997.88 25,717.21 24,456.11 23,924.61

Mill

ion

USD

Market Capitalization

0

5001,0001,5002,0002,5003,0003,5004,0004,5005,000

2013 2014 2015 2016 2017

4,020.10

3,192.40

4,819.58

3,285.57

4,127.27

Mill

ion

USD


0

1,000

2,000

3,000

2013 2014 2015 2016 2017

2,705.80 2,321.80

2,585.82

1,836.71 1,716.74

Mill

ion

Number of Shares Traded

0200,000400,000600,000800,000

1,000,0001,200,0001,400,000

2013 2014 2015 2016 2017

1,074,438 955,987 898,982

786,156 717,494

Number of Trades

1,500

1,700

1,900

2,100

2,300

2013 2014 2015 2016 2017

2,065.80 2,165.50 2,136.32 2,170.29 2,126.78

Index: ASE100






Number of Shares Traded (Million Shares) 734.391 1,129.827

Value of Shares Traded (Million USD) 330.116 560.58



Percentage Change +0.38% +9.12%




Number of IPOs

-

-

-

-





Name of the Broad Market Stock Index Bahrain All Share Index

Bahrain All Share Index


Exchange Rate USD/BHD 0.377 0.377

Bahrain Bourse


STATISTICAL DATA

0

3,000

6,000

9,000

12,000

15,000

18,000

21,000

24,000

2013 2014 2015 2016 2017

15,532.21

22,087.71

19,097.90 19,226.64 21,608.31

Mill

ion

USD


0

100200300400500600700800900

1,000

2013 2014 2015 2016 2017

599.13

714.41

714.41 291.71

560.58

Mill

ion

USD


0

400

800

1,200

1,600

2,000

2013 2014 2015 2016 2017

627.71

1,127.45

1,127.45 734.39

1,129.83

Mill

ion


0

5,000

10,000

15,000

20,000

2013 2014 2015 2016 2017

14,197 14,197

16,217 10,592

19,440

Number of Trades

800

1,000

1,200

1,400

1,600

2013 2014 2015 2016 2017

1,248.86

1,426.57

1,215.89 1,220.45 1,331.71

Index: Bahrain All Share Index



Trading Times: Market State: Trading Days Monday to Friday Pre-opening 09:00 – 09:30 Trading Hours 09:30 – 12:30 Continuous Trading 09:30 – 12:30 Market Close 12:30



Number of Shares Traded (Million Shares) 120.472 86.989








Number of IPOs

-

-

-

-

Secondary Public Offerings (Million USD) 257.366 525




Name of the Broad Market Stock Index BSI BSI


Exchange Rate USD/LBP 1 1


STATISTICAL DATA

0

5,000

10,000

15,000

2013 2014 2015 2016 2017

10,545.40 11,221.90 11,220.00

11,903.00 11,473.40

Mill

ion

USD


0

200

400

600

800

1,000

2013 2014 2015 2016 2017

375.20

661.40 629.00

972.00

762.1

Mill

ion

USD


0

20

40

60

80

100

120

140

2013 2014 2015 2016 2017

51.40

96.80

74.64

120.47

86.98

Mill

ion


8,500

9,000

9,500

10,000

10,500

11,000

11,500

2013 2014 2015 2016 2017

9,831

10,805

9,684

11,107

10,088

Number of Trades

800

900

1,000

1,100

1,200

1,300

2013 2014 2015 2016 2017

1,150.10 1,170.26 1,169.52 1,211.76

1,148.57

Index: BLOM














Number of IPOs

191.148

1

-

-





Name of the Broad Market Stock Index MASI Flottant MASI Flottant


Exchange Rate USD/MAD 10.0959 9.33195


STATISTICAL DATA



Trading Times: Market State:

Trading Days Sunday to Thursday Pre-opening 10:30 – 11:00 Trading Hours 11:00 – 13:15 Continuous Trading 11:00 – 13:00 Market Close 13:15


Market Capitalization* (Million USD) 351.200 1,475.22









Number of IPOs

-

-

-

-





Name of the Broad Market Stock Index DWX Damascus weighted index (DWX)


Exchange Rate USD/S.P. 500.06 438

Damascus Securities Exchange


STATISTICAL DATA

0

200

400

600

800

1,000

1,200

2013 2014 2015 2016 2017

836.31 729.49

427.23 351.20

1,475.22

Mill

ion

USD


0

5

10

15

20

25

30

35

2013 2014 2015 2016 2017

15.76 18.34

3.63 6.20

28.88

Mill

ion

USD


0

5,000

10,000

15,000

20,000

25,000

30,000

2013 2014 2015 2016 2017

18,880.00

25,313.99

8,364.73

20,000.50

28,833.58

Mill

ion


0

5,000

10,000

15,000

20,000

25,000

2013 2014 2015 2016 2017

11,346

6,854 4,202

8,809

23,660

Number of Trades

500

700

900

1,100

1,300

1,500

1,700

2013 2014 2015 2016 2017

1,249.49 1,271.25 1,227.86

1,617.52 5,982.74

Index: DWX


* The Market Capitalization is the total market value of all listed securities shares companies.

Trading Times: Market State: Trading Days Sunday to Thursday Pre-opening 09:30 – 10:00 Trading Hours 10:00 – 14:00 Continuous Trading 10:00 – 13:45 Pre-closing 13:45 – 13:55

Trading at Last (TAL) Session

13:55 – 14:00





Number of Trades 1,299,122 1,078,744

Broad Stock Market Index (Point) 3,531 3,370





Number of IPOs

54.496

1

1,089.918

1

Secondary Public Offerings (Million USD) 1297.395 422,343,333




Name of the Broad Market Stock Index DFMGI DFMGI


Exchange Rate USD/AED 3.67 3.67

Dubai Financial Market


STATISTICAL DATA

0

10,00020,00030,00040,00050,00060,00070,00080,00090,000

100,000

2013 2014 2015 2016 2017

70,743.64

87,930.52 83,953.59 92,002.71

107,364.82

Mill

ion

USD


0

20,000

40,000

60,000

80,000

100,000

120,000

2013 2014 2015 2016 2017

43,564.59

103,952.73

41,251.37 36,246.64 31,259.53

Mill

ion

USD


0

40,000

80,000

120,000

160,000

200,000

2013 2014 2015 2016 2017

127,180.36

160,532.69

98,231.15 105,848.32 82,154.40

Mill

ion


0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

2013 2014 2015 2016 2017

1,337,857

2,412,839

1,570,369 1,299,122

1,078,744

Number of Trades

500

1,500

2,500

3,500

4,500

2013 2014 2015 2016 2017

3,369.81 3,774.00

3,151.00 3,530.88 3,370.07

Index: DFMGI



PS: The Data for Market Capitalization, Value of Shares Traded, Number of Shares Traded and Number of Trades represents the data for companies listed on the Main Market & Nilex (SMEs Market). Additionally, PER represents the PE ratio for the Main Market only.

Trading Times: Market State: Trading Days Sunday to Thursday Pre-opening 09:50 – 10:00 Trading Hours 10:00 – 14:30 Continuous Trading 10:00 – 14:30





Number of Trades 5,975,028 7,033,782


Percentage Change +76.2% +22%




Number of IPOs

131.224

6

225.64

4





Name of the Broad Market Stock Index EGX 30 EGX 30


Exchange Rate USD/EGP 18.2665 17.7277

The Egyptian Exchange


STATISTICAL DATA

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2013 2014 2015 2016 2017

61,718.47

70,181.81

55,733.07

32,191.37

46,533.00

Mill

ion

USD


0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2013 2014 2015 2016 2017

17,019.21

27,742.31

17,772.33

10,312.42

17,772.33

Mill

ion

USD


0

10,000

20,000

30,000

40,000

50,000

60,000

2013 2014 2015 2016 2017

27,437.59

55,872.24

43,156.41

66,490.37 77,946.43

Mill

ion


0

2,000,000

4,000,000

6,000,000

8,000,000

2013 2014 2015 2016 2017

4,762,890

7,265,421

4,844,499

5,975,028 7,033,782

Number of Trades

1,000

3,000

5,000

7,000

9,000

2013 2014 2015 2016 2017

6,782.84

8,926.58

7,006.01

12,344.89 15,019.00

Index: EGX 30



Trading Times: Market State: Trading Days Sunday to Thursday Pre-opening 09:30 – 10:00 Trading Hours 10:00 – 12:00 Continuous Trading 10:00 – 12:00 Market Close 12:00 Note: If there’s a special order, it will be executed in an additional session time after 12:00 PM and in that case the Market closes at 12:30 PM.






Broad Stock Market Index (Point) 649.48 580.54

Percentage Change -11.10% -10.61%




Number of IPOs

-

-

496.278

6





Name of the Broad Market Stock Index ISX 60 ISX 60


Exchange Rate USD/IQD 1,200 1,200

Iraq Stock Exchange


STATISTICAL DATA

0

2,000

4,000

6,000

8,000

10,000

2013 2014 2015 2016 2017

9,563.34

7,957.40 7,720.68 7,795.58

8,934.26

Mill

ion

USD


0

500

1,000

1,500

2,000

2,500

2013 2014 2015 2016 2017

2,371.19

750.98

412.59 429.96

750.129 Mill

ion

USD


0

200

400

600

800

1,000

1,200

1,400

2013 2014 2015 2016 2017

875.57 746.21

618.73

1,038.23 1,215.08

Mill

ion


0

40,000

80,000

120,000

160,000

2013 2014 2015 2016 2017

126,904

104,938 120,978 112,230

95,806

Number of Trades

0

500

1,000

2014 2015 2016 2017

998.20

730.56 649.48 580.54

Index: ISX 60






Number of Shares Traded (Million Shares) 316.981 1,081.733








Number of IPOs

3,083.380

25

198,749

18





Name of the Broad Market Stock Index KSE 30 KSE 30


Exchange Rate USD/SDG 6.0923 6.6667

Khartoum Stock Exchange


STATISTICAL DATA

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2013 2014 2015 2016 2017

2,052.25 2,235.08 2,258.53 2,432.21

2,975.46

Mill

ion

USD


0

100

200

300

400

500

600

700

2013 2014 2015 2016 2017

235.28

514.32

271.01

663.48

126.07

Mill

ion

USD


0

200

400

600

800

1,000

1,200

2013 2014 2015 2016 2017

172.58 175.03 272.44 316.98

1,081.73

Mill

ion


0

10,000

20,000

30,000

40,000

50,000

2013 2014 2015 2016 2017

16,345 22,670

30,307

43,241 37,995

Number of Trades

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2013 2014 2015 2016 2017

3,178.07 3,161.61 2,858.53 3,118.93

4,202.42

Index: KSE30 Index



Trading Times: Market State: Trading Days Sunday to Thursday Opening Auction 08:50 – 09:00 Trading Hours 09:00 – 12:40 - Order Acceptance 08:50 – 08:59 - Pre-Auction 08:59 – 09:00 Continuous Trading 09:00 – 12:30 Closing Session 12:30 – 12:40


Market Capitalization* (Million USD) 86,727 92,747

Number of Shares Traded (Million Shares) 30,505 50,623

Value of Shares Traded (Million USD) 9,412 19,017

Number of Trades 719,196 1,207,358






Number of IPOs

-

-

-

-





Name of the Broad Market Stock Index Market Price Index Market Price Index


Exchange Rate USD/KWD 0.30605 0.30125


STATISTICAL DATA

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2013 2014 2015 2016 2017

110,255 103,361

87,050 86,727 92,747

Mill

ion

USD


0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2013 2014 2015 2016 2017

40,306

21,141

13,217 9,412

9,411.78

Mill

ion

USD


0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2013 2014 2015 2016 2017

127,801

52,986 43,193

30,505 50,221

Mill

ion


0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

2013 2014 2015 2016 2017

2,252,744

1,226,739 988,073

719,196

1,207,358

Number of Trades

4,000

5,000

6,000

7,000

8,000

2013 2014 2015 2016 2017

7,549.52

6,535.72

5,615.12 5,748.09 6,408.01

Index: Market Price Index










Percentage Change 6.96% -11.81%




Number of IPOs -

-

95.455

4

Secondary Public Offerings (Million USD) - 112.004




Name of the Broad Market Stock Index MSM30 MSM30


Exchange Rate USD/OMR 0.385 0.385


STATISTICAL DATA



Trading Times: Market State: Trading Days Sunday to Thursday Pre-opening 09:45 – 10:00 Trading Hours 10:00 – 13:.00 Continuous Trading 10:00 – 13:00 Market Close 13:30






Broad Stock Market Index (Point) 530.16 574.58

Percentage Change -0.48% +8.38%


Price Earnings Ratio (PER) - 13.77


Number of IPOs 52.14

2

14.1

1





Name of the Broad Market Stock Index Al-Quds Index Al-Quds Index


Exchange Rate USD/USD 1 1

Palestine Exchange


STATISTICAL DATA

1

501

1,001

1,501

2,001

2,501

3,001

3,501

2013 2014 2015 2016 2017

3,247.48 3,187.26 3,339.20 3,390.12

3,891.49

Mill

ion

USD


0

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 2017

340.77 353.92 320.39

445.15 469.07

Mill

ion

USD


0

50

100

150

200

250

300

2013 2014 2015 2016 2017

202.97 181.54 175.23

232.82

271.16

Mill

ion


0

10,000

20,000

30,000

40,000

50,000

60,000

2013 2014 2015 2016 2017

44,425 41,257

31,014 34,010

53,205

Number of Trades

400

450

500

550

600

2013 2014 2015 2016 2017

541.45 511.77

532.73 530.16

574.58

Index: Al-Quds



Trading Times: Market State: Trading Days Sunday to Thursday Pre-opening 09:00 – 09:30 Trading Hours 09:30 – 13:15 Continuous Trading 09:30 – 13:15 Pre-closing phase 13:00 – 13:10 Trading at last price 13:10 – 13:15 Market Close 13:15 Note: from 13:10 till 13:15, the Market is on Trading at last period, where all shares are traded at the last traded price which is determined at 13:10.











Number of IPOs

559.450

1

227.4

1





Name of the Broad Market Stock Index QSE Index QSE Index


Exchange Rate USD/QAR 3.65 3.65


STATISTICAL DATA

0

50,000

100,000

150,000

200,000

2013 2014 2015 2016 2017

152,220.92

185,422.36

151,555.10 154,374.26

129,321.80

Mill

ion

USD


0

10,000

20,000

30,000

40,000

50,000

60,000

2013 2014 2015 2016 2017

20,516.73

54,600.76

25,676.73

18,901.12 18,149.60 Mill

ion

USD


0

1,000

2,000

3,000

4,000

5,000

2013 2014 2015 2016 2017

1,937.53

4,439.86

2,302.41 1,976.57

2,465.48

Mill

ion


0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

2013 2014 2015 2016 2017

961,811

2,058,604

1,190,807 997,482

834,394

Number of Trades

5,000

7,000

9,000

11,000

13,000

2013 2014 2015 2016 2017

10,379.59

12,285.78

10,429.36 10,436.76

8,523.38

Index: QSE








Number of Trades 27,273,685 21,895,281






Number of IPOs

744.900

3

846.50

10





Name of the Broad Market Stock Index Tadawul All Share Index (TASI)

Tadawul All Share Index (TASI)


Exchange Rate USD/SAR 3.75 3.75



STATISTICAL DATA

0

100,000

200,000

300,000

400,000

500,000

2013 2014 2015 2016 2017

467,428.10 483,437.59

421,083.00 448,519.90 450,560.80

Mill

ion

USD


0

100,000

200,000

300,000

400,000

500,000

600,000

2013 2014 2015 2016 2017

365,244.21

572,403.17

442,833.00

308,529.90

308,529.90

Mill

ion

USD


0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2013 2014 2015 2016 2017

78,047.25

50,706.21 66,527.83 63,617.75

64,481.20

Mill

ion


05,000,000

10,000,00015,000,00020,000,00025,000,00030,000,00035,000,00040,000,000

2013 2014 2015 2016 2017

28,967,694

35,761,091 30,444,203

27,273,685 21,895,281

Number of Trades

5,000

6,000

7,000

8,000

9,000

2013 2014 2015 2016 2017

8,535.60 8,333.30

6,911.76 7,210.43 7,226.32

Index: Tadawul All Share Index (TASI)














Number of IPOs

18.48

1

9.6

2





Name of the Broad Market Stock Index TUNINDEX TUNINDEX


Exchange Rate USD/TND 2.3389 2.4839

Tunis Stock Exchange


STATISTICAL DATA

0

2,000

4,000

6,000

8,000

10,000

2013 2014 2015 2016 2017

8,541.21 9,308.00

8,774.00 8,251.74

8,797.46

Mill

ion

USD


0

200

400

600

800

1,000

1,200

1,400

1,600

2013 2014 2015 2016 2017

883.03

1,389.00

981.90

886,94

969.443

Mill

ion

USD


0

100

200

300

2013 2014 2015 2016 2017

238.70 238.29 273.52 274.28 278.60

Mill

ion


0

100,000

200,000

300,000

400,000

500,000

600,000

2013 2014 2015 2016 2017

513,500 455,254 436,982 446,210

361,270

Number of Trades

0

2,000

4,000

6,000

8,000

2013 2014 2015 2016 2017

4,381.32 5,089.99 5,042.16 5,488.77 6,281.83

Index: TUNINDEX


SUKUK / Bonds

Exchanges 2017 Settlement Cycle

Number of Sukuk/Bonds

Issuers

Value of Sukuk/ Bonds Trades (Million USD)

Number of Listed Sukuk/

Bonds

Abu Dhabi Securities Exchange T+2 1 1.928 1

Amman Stock Exchange T+2 1 105.783 0

Bahrain Bourse T+2 2 5,885.405 13

Casablanca Stock Exchange T+3 18 881.709 48

Khartoum Stock Exchange T+0 4 1,559.448 38

Muscat Securities Market T+3 8 197.703 26

Saudi Stock Exchange (Tadawul) T+2 4 7.450 5

ETF

Exchanges 2017 Settlement Cycle

Number of Listed ETF

ETF Value Traded (Million USD)

Number of Trades in ETF

Abu Dhabi Securities Exchange T+2 1 0.620 1

Dubai Financial Market T+2 1 5.443 49

The Egyptian Exchange T+1 1 3.650 205

Saudi Stock Exchange (Tadawul) T+2 3 308.030 1566

SUKUK/ Bonds and ETFs


Details of 2017 IPOs

Exchange Name of the Company Sector Share Capital (USD)

Dubai Financial Market 1 EMAAR DEVELOPMENT PJSC Real Estate & Construction 1,089,918,256


1 2 3 4 5 6 7 8 9 10

AlJazira Mawten REIT Fund REITs 31,466,666.67 JADWA REIT ALHARAMAIN FUND REITs 176,000,000.00 Taleem REIT Fund REITs 76,000,000.00 Al Maather REIT Fund REITs 163,653,333.33 Musharaka REIT Fund REITs 234,666,666.67 Zahrat Al Waha for Trading Co Materials 40,000,000.00 Mulkia Gulf Real Estate REIT REITs 160,000,000.00 Al Mashaar REIT REITs 152,640,000.00 AlAhli REIT Fund 1 REITs 366,666,666.67 Derayah REIT Fund REITs 286,685,426.67

Tunis Stock Exchange 1 2

SANIMED Industry 1,865,894.8 Ateliers du Meuble Intérieurs Industry 5,536,293.7

Arab Exchanges IPOs List 2017


۲۰۱۷ التقریر السنوي

المحتویاتدكتور غالب محمصانيال العربیة البورصات إتحاد مجلس رئیس كلمة 73

خلف فادي الدكتور العربیة البورصات إتحاد عام أمین كلمة 75

المالیة األسواق مؤشرات 76 عربیا وعالمیا

۲۰۱۷ للعام العربیة البورصات إتحاد نشاطات 77

الدكتور غالب محمصانيإتحاد البورصات العربیة رئیس

بیروتلبورصة باإلنابةالرئیس

، وكان قد إنضم 2009بیروت باإلنابة منذ شھر أیلول شغل الدكتور غالب محمصاني منصب رئیس لجنة بورصة .1999إلى بورصة بیروت كنائب رئیس لجنة البورصة وعضوغیر تنفیذي في العام

وعضو في اللجنة 1976، وھو محكم دولي منذ 1962الدكتور محمصاني ھو محام ومستشار قانوني منذ العام لندا). شغل منصب عضو في محكمة التحكیم الدولیة في غرفة التجارة الوطنیة لمحكمة التحكیم الدائمة في الھاي (ھو

.2005إلى العام 2000الدولیة في باریس من العام

الدكتور محمصاني ناشط أكادیمیا ومھنیا في القطاعین القانوني والمصرفي على الصعید الدولي، ولدیھ العدید من قانون. حاصل على إجازة في القانون الفرنسي والقانون المنشورات والمحاضرات والمؤتمرات والندوات في ال

، ودرجة البكالوریوس في العلوم السیاسیة من الجامعة 1962اللبناني من جامعة القدیس یوسف في بیروت عام وذلك عند نشر 1966فرنسا في عام –األمیركیة في بیروت في العام نفسھ، ودكتوراه في القانون من جامعة لیون

"التنظیم المصرفي في لبنان".إطروحتھ

إتحاد البورصات العربیة رئیسكلمة

72 ۲۰۱۷ التقریر السنوي إلتحاد البورصات العربیة

أود بدایة أن أعبر عن سعادتي بمخاطبة أعضاء اتحاد البورصات العربیة والمھتمین من خالل ھذا التقریر السنوي وما یسعى االتحاد لتحقیقھ خالل األعوام القادمة. لقد تشرفت 2017االتحاد خالل العام الذي یستعرض أھم انجازات

برئاسة ھذا االتحاد لدورتھ الثانیة واالربعین بعد أن إنتقلت الرئاسة إلى بورصة بیروت خالل إنعقاد إجتماع مجلس .ونظامھ األساسي وطرق تطویرهاإلتحاد الذي عقد في بیروت وتم خاللھ مناقشة مواضیع عدة تتعلق باإلتحاد

وعلى صعید متصل، تم خالل ھذا العام تنظیم المؤتمر السنوي التحاد البورصات العربیة الذي استضافتھ بورصة شخص یمثلون كافة الجھات ذات العالقة باالسواق 300وشارك فیھ أكثر من 2017بیروت بنھایة شھر نیسان

یرا عربیا ودولیا یمثلون أھم المؤسسات العاملة خب 35المالیة. وقد شارك في الجلسات النقاشیة للمؤتمر ما یزید على في مجال الخدمات المالیة. ھذا وتم تنظیم المؤتمر السنوي لإلتحاد تحت رعایة دولة رئیس مجلس الوزراء اللبناني

دة السید سعد الدین الحریري ممثال بمعالي وزیر اإلتصاالت السید جمال الجراح، كما تمثل معالي وزیر المالیة بسعا مدیر عام الوزارة.

كما تشرف اإلتحاد بمشاركة سعادة حاكم مصرف لبنان الدكتور ریاض سالمة الذي ألقى كلمة في إفتتاح المؤتمر تناول فیھا اھمیة األسواق المالیة في تطویر اإلقتصاد. ھذا وقام وفد یمثل كبار المشاركین الدولیین في المؤتمر من

بزیارة لحاكم مصرف لبنان/ رئیس ھیئة األسواق المالیة حیث تمت مناقشة بورصات ومؤسسات مالیة عالمیة .التنسیق والمساعدة التي یمكن لھذه المؤسسات ان تقدمھا لتطویر سوق رأس المال في لبنان

ومن الجدیر بالذكر بأن االتحاد تابع خالل العام إصدار منشوراتھ الدوریة التي تعكس نشاط البورصات االعضاء فیھ التي اصبحث مصدرا مھما للمعلومات لكافة المھتمین والتي یتم توزیعھا من خالل اكبر الشركات المتخصصة في و

باالضافة الى موقع االتحاد على شبكة Bloomberg وبلومبرغ Thomson Reuters نشر المعلومات مثل رویترزیضم اسماء ھذه الشركات 2017عربیة للعام االنترنت. كما قام االتحاد بإصدار دلیل لشركات الخدمات المالیة ال

.ومعلومات االتصال الخاصة بھا وذلك للتسھیل على المستثمرین التواصل مع ھذه الشركات

لقد ساھمت التطورات التي شھدھا االتحاد في السنوات االخیرة من حیث الخدمات والخبرات التي یقدمھا باالضافة في احداث نقلة نوعیة World Federation of Exchanges ولي للبورصاتالى التعاون المتزاید مع االتحاد الد

في مكانة االتحاد على المستوى الدولي حیث أصبح االتحاد في مصاف االتحادات الدولیة ومرجعا مھما لكافة .المھتمین في االسواق المالیة العربیة

اد من بورصات االوراق المالیة وشركات المقاصة وفي الختام أود أن اتوجھ بالشكر الجزیل الى جمیع أعضاء االتحواالیداع وشركات الوساطة على تعاونھم معنا في دعم مسیرة االتحاد كما وأثني على الجھود الحثیثة التي تبذلھا

االمانة العامة لألتحاد والتي ساھمت بشكل كبیر في تطویر اإلتحاد بالشكل الذي أصبح علیھ.

إتحاد البورصات العربیةرئیس كلمة

۲۰۱۷التقریر السنوي إلتحاد البورصات العربیة 73

الدكتور فادي خلف

أمین عام إتحاد البورصات العربیة

منصب رئیس شغل وكان قد 2009منذ العام تحاد البورصات العربیة إ عام نأمی منصب الدكتور فادي خلف یشغل ).2009-1999أعوام ( 10بورصة بیروت لمدة

مالی ا ، عمل الدكتور خلف مستشارذلكقبل ولدیھ خبرة ) 1999إلى 1994عام ال(من أعوام 6في فرنسا لمدة اقسم القطع دة لصالح المصرف بھدف تطویر وقام بدراسات ع في بنك بیروت حیث عمل في قسم التسلیفات ،مصرفیة

.والعمالت االجنبیة

ھذه الطریقة ولى إلعتمادألفي السنوات ا وساطة في بیروتال اتشركحدى إل فني في التحلیل ال عمل مستشارا أنھ كما .المنطقة العربیة في الثمانیات فيفي التحلیل

.ستشارات المالیةإلوا المصرفي لمن الخبرة في األسواق المالیة والمجا اعام 30 عنخلف ما یزید فادي لدكتور ل

منذ ھافی عضوھو التي ) في باریسAFATEھو واحد من األعضاء المؤسسین للجمعیة الفرنسیة للمحللین الفنیین ( .1991عام ال

في شاركو یةق المالاسواألمشروع قانون مسودة عمل الدكتور خلف عن كثب مع وزارة المالیة اللبنانیة على البرلمان اللبناني. أمام مناقشتھ

على درجة الماجستیر وقتصاد من جامعة السوربون في فرنسا، إلالدكتوراه في ا شھادةعلى ئزالدكتور فادي خلف حا معھد التحلیل الفني في باریس. في إدارة األعمال و دبلوم محلل فني من

المؤتمرات اإلقلیمیة والدولیة في مجال و من المحاضرات العدیدوكما . األبحاث والمنشوراتفي رصیده عدد من المھني. وأالمستوى األكادیمي على األسواق المالیة ، سواء

كلمة أمین عام إتحاد البورصات العربیة

۲۰۱۷ التقریر السنوي إلتحاد البورصات العربیة 74

أما وقد حان وقت إنتقالي الى مھام أخرى بعد تبوؤي منصب أمین عام إتحاد البورصات العربیة لوالیتین متتالیتین،

كلمتي األخیرة ھذه ما قام بھ اإلتحاد من إنجازات خالل السنوات الثمانیة الماضیة سیما بعدما وددت أن أشارككم في شھد العدید منكم على إرتقاء اإلتحاد من المستوى اإلقلیمي الى المستوى الدولي. إن ما تم إنجازه لم یكن بالسھل حیث

.فرتطلب إعادة بناء اإلتحاد على أسس جدیدة تشبھ اإلنطالقة من الص

لقد بدأت مسیرة التواصل مع المحیط اإلقلیمي والدولي إلطالق موقع جدید إلتحاد البورصات العربیة أصبح مرجع من حیث المعلومات لكل باحث یصبو الى دراسة األسواق المالیة العربیة. وقد فتح مجال للبورصات األعضاء في

.الحصائیات واألرقام المتوفرة لدیھا بدقة متناھیةاإلتحاد للولوج المباشر الى ھذا الموقع وتزیده بكافة

أما من ناحیة المؤشر الذي كان ال بد لإلتحاد من إطالقھ لیعكس أداء البورصات العربیة وذلك بالتعاون مع شركةS&P Dow Jones لتي إختارت أن تتمثل أربعون شركة عربیة مدرجة تم إختیارھا بحسب حجمھا وسیولتھا ا

.لكافة األقطار العربیةوتمثیلھا

یجدر الذكر أیضا بان التقاریر الفصلیة والسنویة ونشرات اإلتحاد إضافة الى التحالیل الصادرة عن األمین العام كانت تنشر عبر مؤسسات وقنوات دولیة وإقلیمیة ذات إنتشار عالمي نذكر منھا شركات تومسون رویترز، أیكون، الزاویة،

.یتال آي كیو، مباشر، دایركت أف أن، دیسیفا، بلومبرغ، أرابورص وفاكتستستاندارد أند بورز كاب

وھم البورصات والمقاصات قام اإلتحاد بتوسیع نطاق العضویة الى األعضاء 22باإلضافة الى األعضاء العاملون التحاد حتى وصل عدد المنتسبون من مؤسسات مالیة عربیة بعد أن أبدى العدید منھم إھتمامھم بالمشاركة بأعمال اإل

. تجاوبا مع ھذا اإلقبال قام اإلتحاد بإنشاء لجنة خاصة بالمؤسسات المالیة 33ھذه الشركات ومصارف اإلستثمار الى كما بإنشاء لجان عمل تعنى بالمواضیع المطروحة من قبل ھذه المؤسسات كموضوع "إعرف عمیلك" و"الحسابات

.ةالمجمعة" باإلضافة الى مواضیع أخرى ھامونظرا ألھمیة دور الجھات الرقابیة في تسھیل الوصول لنتائج ملموسة للمواضیع التي تمت مناقشتھا بین البورصات والمؤسسات المالیة وجد اإلتحاد ضرورة لعقد إجتماعات مشتركة مع ھیئات الرقابة على األسواق المالیة للسیر قدما

.ومحاولة ایجاد حلول للمواضیع العالقة

عبر نجاح مؤتمراتھ السنویة 2009الصعید المالي واإلداري، تمكن اإلتحاد من زیادة موارده المالیة منذ العام على وتوسیع شریحة أعضائھ الى المؤسسات المالیة، كما وتوظیفھ الوفر المتراكم من أموالھ بعوائد مرتفعة. ساعد ذلك

حتى الیوم. تجدر اإلشارة أیضا أن تخفیض األعباء عبر 2009على عدم زیادة اإلشتراك السنوي لألعضاء منذ العام إتمام أعمال اإلتحاد من قبل موظفیھ وخاصة بما یعود للمؤتمرات السنویة جنب اإلتحاد تحمل أعباء شركات خارجیة

.في كافة المجاالت وذلك دون زیادة عدد الموظفین في اإلتحاد

في مجال البورصات وذلك بشھادة المراجع بناء على ما سبق، أصبح اإلتحاد من أكثر اإل تحادات اإلقلیمیة نشاطاالمالیة العالمیة، حیث استقطب مؤتمره السنوي المتحدثون الدولیون من أعلى المستویات بما یزید عن أربعون متحدث

.مشارك من كافة أقطار العالم 600الى 400دولي وإقلیمي و

عربیة والمجتمع المالي الدولي لم یقتصر على المشاركة الدولیة في نشاطات إن التعاون بین إتحاد البورصات الاإلتحاد، إنما تمیز أیضا مشاركة فعالة لألمانة العامة بالنشاطات الدولیة فكان لألمین العام باعا طویلة بتعریف

ى إتحاد البورصات العالمیة بما المحافل الدولیة على دور ونشاطات إتحاد البورصات العربیة، فكان أن عین مدققا لد .یختص بعدد من طلبات اإلنتساب لھذا اإلتحاد الدولي

كون مھامي الجدیدة ستكون ضمن قطاع أسواق المال، سیكون لنا لقاءات قریبة ضمن ھذا المضمار. كما أنني أتمنى

.النجاح لخلفي في متابعة مسیرة اإلتحاد نحو التقدم والنجاح الدائم

واحترامي، مع صداقتي د. فادي

كلمة أمین عام إتحاد البورصات العربیة


MSCI World 31/12/2017 مؤشر أسواق العالم

MSCI Emerging 31/12/2017مؤشر األسواق الناشئة

SPAFE40 31/12/2017مؤشر إتحاد البورصات العربیة

مؤشرات األسواق المالیة عربیا وعالمیا

Thomson Reuters: المصدر۲۰۱۷التقریر السنوي إلتحاد البورصات العربیة 76

(شركات الخدمات المالیة)األعضاء الجدد المالیة للوساطة المواردشركة

المنشورات 4 لبورصات األعضاءعن اتقاریر فصلیة إحصائیة 4 ة ألمین عام إتحاد البورصات العربیة في اللغتین العربیة واإلنكلیزیةیكلمات تحلیل 4 (في اللغتین العربیة واإلنكلیزیة) نشرات فصلیة ألخبار إتحاد البورصات العربیة نكلیزیة)إلالتقریر السنوي (في اللغتین العربیة وا 2017كتیب المؤتمر السنوي إلتحاد البورصات العربیة

یكون، الزاویة، أیتم توزیع جمیع المنشورات على الموقع اإللكتروني لإلتحاد وعبر شركات تومسون رویترز، وفاكتست. أرابورص، دایركت أف أن، دیسیفا، بلومبرغ، آي كیو، مباشر ستاندارد أند بورز كابیتال

اإلتحاد ومؤتمره السنوي اتإجتماع المؤتمر السنوي إلتحاد البورصات العربیة"AFE Annual Conference 2017 27و 26" الذي عقد في

بیروتبالتعاون مع بورصة لبنان -بیروت أبریل في 2017 ویولیوإجتماعي اللجنة التنفیذیة (أبریل( 2017 ویولیو إجتماعي مجلس اإلتحاد والھیئة العامة (أبریل(

المشاركات للبورصات يلإلتحاد العالم لجنة العملإجتماع لإلتحاد العالمي للبورصات والھیئة العامة اإلجتماع السنوي آسیویة -إجتماع الھیئة العامة إلتحاد البورصات الیورو قرع جرس اإلفتتاح في بورصة لندن إتحاد ھیئات األوراق المالیة العربیة إجتماع المالیة في الدول العربیة" لصندوق النقد العربي منتدى "نعزیز حوكمة الشركات والمؤسسات World Exchange Congress لندن بالتعاون مع يلعدد من أعضاء اإلتحاد ف الحملة التروجیةFrontier Exchange للالمؤتمر السنوي التاسعMiddle East Investor Relations Society كشریك داعم األفریقیةالمؤتمر السنوي إلتحاد البورصات إجتماع لجنة العمل للOECD حول الحوكمة دبي -المنتدى المالي العالمي

۲۰۱۷ إتحاد البورصات العربیة نشاطات


Date post:	07-Aug-2020
Category:	Documents
Upload:	others
View:	7 times
Download:	0 times

arab-exchanges.org · 13 Overview of the AFE 14 AFE Members 15 AFE Executive Committee Members 16...

Documents