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Morocco Participates in Doha's Annual Arab Capital Markets Federation Congress
In a stride towards fostering regional collaborations and embracing emerging technologies, Morocco has taken part in the Annual Congress of the Arab Capital Markets Federation held in Doha. The kingdom's representation at this pivotal event is spearheaded by Tarik Senhaji, the Director General of the Casablanca Stock Exchange.
The Congress delves into pertinent issues revolving around sustainability, strengthening investor relations, and the applications of artificial intelligence (AI) within the Arab capital markets. Attendees will engage in nine discussion sessions, exploring a wide array of topics, including banknote production, the pivotal role of capital markets, digital transformations sweeping across markets, and their newfound orientations in the era of Data and AI. Additionally, the sustainability of the economies of the region's nations will be thoroughly examined.
In his opening address, Ahmed Aboul Gheit, the Secretary-General of the Arab League, underscored the significance of AI as an indispensable and pervasive technology in our daily lives, emphasizing the imperative need for its confident and open utilization while simultaneously stressing the importance of regulating its application through established norms.
Furthermore, Aboul Gheit highlighted the necessity for initiating an Arab regional discourse, particularly involving financial institutions, experts, and partners, to determine Arab priorities that can contribute to the formulation of a regional vision aimed at enhancing capabilities, modernizing legislation, and realizing investments capable of maximizing the benefits of AI for Arab capital markets while mitigating potential risks.
In this vein, he called upon all Arab financial institutions and unions to acknowledge the pivotal role of AI and place it at the forefront of their financial cooperation priorities.
Meanwhile, Ramy El Dokany, the Secretary-General of the Arab Capital Markets Federation (AFCM), revealed that Arab stock market values surged by 12.2% in 2023, reaching $4.6 trillion. However, liquidity declined by 13.2% compared to 2022, settling at $663 billion, while the number of trading transactions increased by 15.2%, totaling 129 million listing operations. Regarding initial public offerings (IPOs), El Dokany noted that the region witnessed 49 new listings, led by the Saudi Arabian stock exchange, which dominated with 35 IPOs, followed by the Abu Dhabi Stock Exchange with six listings. Nonetheless, he acknowledged that numerous Arab markets experienced company delistings, while listed companies saw an increase of 32 in 2023.
Addressing the attraction of foreign investors, El Dokany stated that Arab stock exchanges drew more than 900,000 foreign investors in 2023, with a total of 11.7 million individual and institutional investors. Furthermore, two cooperation agreements were signed on the sidelines of the Congress, between the Arab Capital Markets Federation, the Chicago Mercantile Exchange, and the African Exchanges Association
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