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(Bloomberg) — Somalia will begin trading equities and government-issued sukuk bonds on a new exchange early next year, as the Horn of Africa nation seeks integration into regional and global financial markets.
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The National Securities Exchange of Somalia initially will target stock listings from companies in telecommunications, banking, real estate, energy and agriculture to drive economic growth in the country, according to a statement by the bourse.
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Yasin Ibar has been appointed as the exchange’s chief executive officer. He previously served as CEO of the Somali Bankers’ Association.
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“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,” Ibar said in the statement.
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A coalition of local investors and financial experts established the exchange, which will initially operate as a private and self-regulatory organization. A securities policy and legal framework will be developed with government agencies including the Ministry of Finance.
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As a member of the East African Stock Exchanges Association, NSES plans to tap cross-listings with exchanges in Kenya, Rwanda, Tanzania, and Uganda. Officials of the bourse will conduct an investor education campaign and roadshows targeting Somali diaspora communities in Turkey, Kenya, the UK, Norway and the US.
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Read: Ethiopian Exchange Targets Equities, Debt Trading From September
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In April 2024, neighboring Ethiopia announced that its securities exchange planned to begin trading company shares, government-issued fixed income securities and money-market products, lowering the number of big African nations without a bourse to a handful.
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