CAIRO — The Saudi Stock Exchange (Tadawul) on Monday took over the presidency of the Arab Federation of Exchanges (AFE) from the Egyptian Stock Exchange, during the AFE’s annual meeting, hosted by Saudi Arabia via “video conference" technology.

Tadawul CEO Eng. Khaled Al-Hassan vowed in his speech during the meeting that he will work within his capacity as the new president of AFE to take all necessary efforts in cooperation with all members to develop the AFE in a way that meets the aspirations of the members and raises the market's capabilities at all levels to ensure further enhancement of liquidity and trading.

Meanwhile, Arab League Secretary-General Ahmed Aboul Gheit, underlined that the leaders of the various financial institutions, especially stock exchanges, have a great role to play in achieving the required stability for Arab financial markets that contribute to providing financing for economic growth necessary to improve the living conditions of the Arab people, stressing the importance of introducing various technological applications in the activities of Arab capital markets.

For his part, AFE Secretary-General Rami Al-Dukkani, said during his speech: “The coming period under the chairmanship of Tadawul will witness work in an integrated manner to continue the development of Arab stock exchanges, especially the inclusion of e-applications to accelerate the pace of development to achieve the desired goals, the most important of which, are enhancing liquidity and trading, increasing the number of dealers, especially the Arab youth, and encouraging more companies to list in the Arab exchanges.” —SPA