2 days ago
Somalia launches first national stock exchange
MOGADISHU, June 19 (Xinhua) -- The National Securities Exchange of Somalia (NSES) was officially launched on Thursday to spur the country's long-term economic growth and its integration into regional and global financial markets.
NSES will initially operate as a private and self-regulatory organization model, working closely with relevant public institutions to oversee and ensure market integrity and transparency, the bourse said in a statement issued in Mogadishu, the capital of Somalia.
Trading on the exchange is projected to begin early next year, targeting key sectors including telecoms, banking, real estate, and energy to drive national economic growth.
Yasin M. Ibar has been appointed as the first chief executive officer of NSES and will also serve as the exchange's primary spokesperson. He said the launch is an important milestone, not just for Somalia's financial sector but for the entire economy.
"NSES will create opportunities for companies to access capital, for investors to support Somalia's growth, and for our economy to integrate effectively into regional and global markets," he added.
Ali Yassin Sheikh, deputy governor of the Central Bank of Somalia, said a properly regulated and inclusive securities exchange can be transformative for Somalia. The Central Bank stands ready to provide technical support and policy coordination to ensure a stable, credible financial market architecture that benefits all Somalis, Yassin said.
It will provide a platform for issuing government-backed, Sharia-compliant Sukuk (bonds) to finance priority infrastructure and development projects across the nation, according to the statement.
As part of its preparation, the NSES team will conduct investor education campaigns and international roadshows targeting Somali diaspora communities in Turkey, Kenya, Britain, Norway and the United States.
As a member of the East African Stock Exchanges Association, NSES is expected to benefit from cross-listings with regional exchanges in Kenya, Rwanda, Tanzania and Uganda, enhancing Somalia's integration into the broader East African financial market.
