(MENAFN - Gulf Times) The Arab Federation of Exchanges (AFE), whose current chairman is from the Qatar Exchange, has signed a memorandum of understanding with the Federation of Euro-Asian Stock Exchanges (FEAS).
The agreement was signed by Hussein al-Abdullah, acting chairman of QE, on behalf of the AFE and Huseyin Erkan, chairman and CEO of Istanbul Stock Exchange and president of the FEAS.
It was signed during the annual conference of the AFE held in Abu Dhabi. The conference also saw the launch of the S&P AFE Index.
Al-Abdullah asked the AFE members to work together in order to provide a better environment for more integration and investment opportunities through partnership based on co-operation and exchange of ideas and experiences.
He stressed on the importance of fostering the common work efforts between Arab exchanges on the grounds that the exchange of ideas and experiences is a vital necessity in light of the current international developments dominated by powerful blocs and regional unstable conditions.
On the S&P AFE Index, he said: "It is a tool designed to shed more light on the Arab markets as they comprise a significant number of emerging and promising stock markets that are attractive to liquidity and investment."
The conference included a number of sessions, which tackled several issues that were important to the Arab exchanges such as the integration between the GCC markets, developing the regional role of Arab brokerage firms, management of Arab bourses in times of crises and the role of Arab exchanges in national and regional economies.
Rashid bin Ali al-Mansoori, deputy CEO of QE, participated in the sessions on integration between the GCC markets where he talked about strengthening the ties between the Gulf and Arab markets, which are devoted to their role in promoting the steady development in their countries and enhance their ability to attract more of investments.