UAE calls for updating mechanisms of Arab financial markets

DUBAI, Nov 25 (KUNA) -- UAE Minister of Economy Sultan bin Saeed Al Mansouri has called on the Arab Financial Markets to further update mechanisms and reform regulations to meet the needs of investors and market.
Speaking at the opening session of the First Arab Capital Markets Conference, Al Mansouri underlined the need to license new financial products and services.
He highlighted the importance of enhancing transparency, corporate governance and cooperation among Arab capital markets "Strong economic blocs require maximum cooperation in order to overcome the challenges and difficulties," he said.
Al Mansouri noted the trading in the Arab financial markets amounted to USD 711.61 billion since the start of the year up until November 19, with a total of 22.34 million deals.
The two-day First Arab Capital Markets Conference, which opened Tuesday, is organized by the Union of Arab Securities Authorities (UASA) in collaboration with the Securities and Commodity Authority, Thomson Reuters and Arab Monetary Fund. (end) hni.ibi