Erbil Stock Exchange
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ESX Conference for Kurdistan Prospective Issuers

Tuesday, 06 May 2014 08:34 AM ESX Conference for Kurdistan Prospective Issuers. 17th.December.2013 Ramada Hotel – Sulaimaniyah

December 23, 2013

ERBIL-Hewlêr, Kurdistan region 'Iraq',— Erbil Stock Exchange (ESX) holds another conference about the conversion of the privately owned companies to a public company.

After the successful conference that was held by ESX on 26th.November 2013 in Hawler, many companies showed their desire to list their companies on ESX. 

In order to facilitate aspiring additional companies to list, ESX decided to hold another conference in Sulaimaniyah at the Ramada Hotel, on 17th December 2013 with the participation of the local government officials and over 200 representatives of privately owned companies in Sulaimaniyah region.

In his opening remarks, Mr. Abdullah A. Abdulrahem, the Chairman of ESX noted “As you are aware, the Erbil Stock Exchange development program is an integral part of the Economic Council’s vision to position the Kurdistan region as a competitive economy and the gateway to Iraq and its growth-oriented companies. With the Economic Council’s backing and support, we are now moving closer to launching a modern market that parallels rules, institutions, technology, information and processing of other developed markets in the region.”
Listing companies on ESX is the process of converting a private organization to a publicly owned entity where shares of the company are traded on the stock exchange.

The highlight of the stakeholder reception was the announcement by ESX of its partnership with two leading global players to help it build and showcase the securities market In the Kurdistan region. NASDAQ OMX is the world’s largest exchange company that runs the world-renowned NASDAQ market in the United States and provides trading technology to more than 70 markets in 50 countries around the world. The Louis Berger Group is a global firm of 5,000 professional staff in more than 90 countries, and one of the world’s leading providers of development consulting and infrastructure services. NASDAQ OMX will provide trading technology to ESX and the Louis Berger Group is assisting in the training of staff as well as the development of rules and procedures for exchange operations.

Mr. Fakher Surji, the ESX Board member and financial expert of KRG Ministry of finance said “The Erbil Stock Exchange serves as a hub in the center of the economic system of a country” Capital providers earn a Return on Investments (ROI) through capital growth and profits, thus increasing the wealth of the nation. In addition, the organizations in which the capital providers invest also provide employment, thereby supporting the company's economic development. 

ESX offers an ideal trading platform for a company's shares. These companies also give their shareholders a great opportunity to realize the value of their shareholdings, which eventually, can help the company expand its shareholder base.

Dr. Mohamed Salman Mohamed, ESX Board Member, noted “I am delighted to be with you in Sulaimaniyah and discuss the real progress on the ESX development initiative as it has been in the planning stages for some time now. As we move towards creating more and more shareholding companies in our region, we expect to see ESX serve as an important catalyst for our efforts to further expand our enterprise sector”.

The reception concluded with a presentation by Mr. Abdullah A. Abdulrahem, the ESX Chairman, who updated the audience on the developments to-date with the ESX. He provided an account of the institutionalization process that is currently underway, including the development of rules and procedures for listing of companies; the process for admission of broker-dealers and the development of the technology platform in collaboration with ISX. He indicated that the ESX would provide regular updates on its progress, including the process for listing and membership in the coming months. 


ESX is a private sector led initiative with the commitment and support of the Kurdistan Regional Government (KRG). It positions Kurdistan as a gateway to invest in Iraq and its growth-oriented companies. ESX was set-up as a joint stock company with share-ownership from day 1 with majority ownership by the private sector. ESX has an initial capitalization of over IQD10 billion (US$8 million) with 56 shareholders comprising reputable companies, financial institutions, chambers of commerce as well as the Ministry of Finance of KRG among others. The ESX governance structure consists of a diversified 7-member Board of Directors. 

ESX is a modern market that parallel legislation, regulations, institutions, technology, information and processing of the developed markets in the region. ESX falls under the regulatory purview and oversight of the Iraq Securities Commission (ISC) and the Kurdistan Governance Committee (KGC). 

The ESX business model is designed to create a sustainable market with assured revenue streams from: 

Primary Market (To Include Any New/Additional Offerings) Issuance of Equity and Fixed Income Securities; 
Secondary Market Listing; 
Government Securities Market; and
Growth in Market Capitalization (From New Issues, Stock Price Increases and Secondary Offerings).

ESX business is set up to manage its own independent trading platform with the intent to share one common post-trade processing platform with other stock exchanges operating in Iraq under the regulatory oversight of the ISC. 

Among many other benefits, ESX will lower cost of capital to issuers; unlock the value of the region’s companies; serve as the basis for firms to eventually list in other established markets, increase awareness among investing public and enable better investment choices. 

Erbil Stock Exchange Media Contact:

Lukman Surji
Communication Manager
Mobile: +964 750 427 3663
Email : lsurji@erbil-esx.com