Dubai Financial Market (DFM) received a high level delegation from the Republic of Yemen as part of DFM’s firm commitment to supporting efforts aimed at developing financial markets across various Arab countries including knowledge transfer and extending technical support to set up an exchange in Yemen. The visiting delegation attended a two-day extensive and comprehensive orientation program on various characteristics of the financial market.
The 3-member delegation was headed by Dr. Yahia Salih Al-Anssi, Deputy Minister, External Financial Relations, Ministry of Finance, and was greeted by Essa Kazim, Chairman of DFM, in the presence of other DFM senior officials.
The program included various presentations such as an introduction about the key components of a financial market, managing and sustaining a trading engine, market control, clearing, settlement and depository, custodians and investor services. The program also covered listing activities and financial services in addition to a tour of DFM’s divisions.
The visit was concluded with the two sides signing a Memorandum of Understanding that creates the general frame work for the areas of cooperation and various aspects of DFM’s technical support to establish the capital market in Yemen.
Essa Kazim, Chairman of DFM (PJSC) said: “DFM is delighted to receive the delegation from the Republic of Yemen. We are always eager to strengthen relationships with Arab financial institutions and exchanges, and are committed to greater co-operation and transfer of our knowledge to them based on Dubai’s extensive experience as the financial center of the Middle East.”
“This visit represented an ideal opportunity to update the delegation on the key requirements to establish an exchange. This is clearly a significant step in preparing Yemen’s economy for a new era of development and enhancing its capabilities to attract foreign investment, which will ultimately lead to the development and growth of various economic sectors. To help achieve this objective, DFM is pleased to offer its substantial experience and rich history for the development of a capital market in Yemen. In the past, we have provided similar support to other Arab countries such as Sudan and Iraq and we hope that this visit represents a foundation for a longstanding collaboration with the Ministry of Finance and the financial market in Yemen when created.”
HE Sakher Ahmed Al Wajih, the Yemen Minister of Finance said: “We would like to extend our sincere gratitude to Dubai Financial Market for the warm reception and the spirit of cooperation in supporting the launch of the financial market in Yemen. It was essential for us as we prepare to establish an exchange to draw upon the rich experience of DFM as well as exploring the areas of cooperation and ways to support our country in this field taking into consideration the pioneering position of the UAE in general and the Emirate of Dubai in particular within the financial markets sector. We highly appreciate DFM’s support for us and its training of a team from our financial market unit, which reflects the deep-rooted collaboration between Yemen and the United Arab Emirates.”