2024-04-30 06:56:58
Morocco is represented at this Congress which addresses issues relating to sustainability, strengthening investor relations and artificial intelligence (AI) applications in Arab capital markets, by the Director General of the Casablanca Stock Exchange, Tarik Senhaji.
During this congress, 9 discussion sessions will be organized around the production of banknotes, the role of capital markets, digital changes in the markets and their new directions in the era of Data and AI, as well as the sustainability of the economies of countries in the region.
On this occasion, the Secretary General of the Arab League, Ahmed Aboul Gheit, indicated, in a speech at the opening of the Congress, that AI is a new technology used daily “which cannot be circumvented, but which needs to be used with trust and openness”, emphasizing the importance of regulating its use through standards.
He also highlighted the need to launch an Arab debate at the regional level in particular, with the involvement of financial institutions, experts, and partners to set Arab priorities capable of contributing to the development of a vision. regional framework to strengthen capacities, modernize legislation and realize investments likely to maximize the benefits for Arab capital markets from the advantages of AI and also avoid its risks.
Thus, he called on all Arab financial institutions and unions to take AI into consideration and place it at the top of the priorities of financial cooperation.
For his part, the Secretary General of the Arab Federation of Capital Markets (AFCM), Ramy El Dokany reported the increase in Arab stock market values by 12.2% in 2023, to reach 4.6 trillion dollars, adding that liquidity fell by 13.2% compared to 2022, to $663 billion, while the number of transactions increased by 15.2% to 129 million listing transactions .
Regarding the IPO, he said that the region saw 49 new IPOs, led by Saudi Arabia trading which dominated the listings (35), followed by the Abu Dhabi Stock Exchange , with 6 listings, noting however that many Arab markets saw a delisting of companies, while listed companies recorded an increase of 32 in 2023.
Regarding the attraction of foreign investors, Mr. El Dokany indicated that Arab stock exchanges attracted more than 900,000 foreign investors in 2023, with a total of 11.7 million investors, between individuals and institutions.
Furthermore, two cooperation agreements were signed, on the sidelines of the Congress, between the Arab Capital Markets Federation, the “Chicago Mercantile Exchange”, and the Association of African Stock Exchanges.
2024-04-30 06:56:58