Palestine Stock Exchange Joins Global Sustainable Development Initiatives amid the annual conference of the Arab Federation of Capital Market

Palestine Stock Exchange Joins Global Sustainable Development Initiatives amid the annual conference of the Arab Federation of Capital Market

Monday, 6 May 2024

Palestine Stock Exchange, represented by its Chairman Mr. Samir Hulileh and its General Manager Mr. Nihad Kamal, participated in the Annual Conference of the Arab Federation of Capital Markets for the year 2024. The event is considered the most distinguished event for the securities industry in the region, providing a platform for financial market representatives, experts, and service providers to meet in one place. The conference sessions for this year were hosted by the Qatar Stock Exchange (which hosted the presidency of the federation) from April 29th to 30th, 2024. The conference was attended by more than 250 participants, in addition to experts from financial market regulatory bodies, brokerage firms, and investment fund managers in the Middle East and North Africa region. The conference featured more than 45 speakers across 9 discussion panels addressing important and developed topics in various sectors. Additionally, the conference included the announcement and honoring of institutions operating in the Arab financial markets according to an approved methodology.

This event hosts top speakers from around the world and the region to discuss pressing topics on the agenda of Arab and global financial markets, including modern trends in Artificial Intelligence, financial technology, digital assets, Islamic finance in the age of technology, sustainability principles, climate change, and the responsibility of all participating parties in preserving the ecosystem as a societal responsibility. Furthermore, it addresses risk management in stock exchange systems, shortening settlement times, and their impact.

The Chairman and General Manager of the stock exchange participated in the General Assembly of the Federation in its forty-ninth session, held on April 28th, 2024. They met with several executives of Arab stock exchanges and financial institutions' managers to discuss prospects and ways of cooperation.

The Palestine Exchange signed an agreement to join the Net Zero Financial Services Providers Alliance (NZFSPA) and its membership in the United Nations Sustainable Stock Exchanges Initiative (UN SSE)

Hulileh emphasized that Palestine Stock Exchange's participation in such an event holds great significance within the financial markets in the Arab region and the world, given the exceptional circumstances the PEX has been going through since October 7th last year and more than 200 days of continuous aggression on the beloved Gaza Strip. Despite the significant pressures on the national economy, this participation reaffirms the importance of the Palestinian financial market and its position among regional markets.

He pointed out that today, we stand on an equal footing with the most important and largest financial markets in the region, with competitive investment services, a modern trading environment, strong global infrastructure, to share our experiences with others and look forward to innovations in the world of financial markets. Cooperation among all members of the Federation is essential for growth, prosperity, and development. At the same time, he pointed out the importance of this conference in terms of timing and the topics it addresses, as it allowed all parties to be informed about the most significant developments in this industry in the Arab and global contexts, in addition to bridging expertise in various technological and professional fields. He pointed out that today, we stand on an equal footing with the most important and largest financial markets in the region, with competitive investment services, a modern trading environment, strong global infrastructure, to share our experiences with others and look forward to innovations in the world of financial markets. Cooperation among all members of the Federation is essential for growth, prosperity, and development.

In his comment, Hulileh affirmed that these agreements have significantly strengthened Palestine's and the Exchange's global presence, particularly in light of the sensitive phase they are currently undergoing. Taking into account global solidarity with our case and the right of our people to determine their destiny and build their institutions, these agreements represent an important step forward in our opinion on this path.

Joining the Net Zero Financial Services Providers Alliance (NZFSPA) and the United Nations Sustainable Stock Exchanges Initiative (UN SSE) reflects our commitment to building a sustainable financial and economic future characterized by social and environmental responsibility.

Global alignment with sustainable development goals is not just a duty but an opportunity to enhance economic growth in ways that meet the needs of current generations without compromising the ability of future generations to meet their needs. This is achieved through clear objectives and measures following the best practices, in collaboration with our partners with whom we have strong conceptual frameworks and bridges, including policymakers and regulators, especially the Palestinian Capital Market Authority, through which we seek to enhance innovation and development in financing areas and build a financial system that effectively contributes to achieving set goals and achieving the desired balance between the economy, the environment, and society.