DUBAI, 1 September 2006 — The Dubai International Financial Exchange (DIFX) and the Bahrain Stock Exchange (BSE) have built a unique link to facilitate trading in the shares of Al Baraka Banking Group (ABG) on each other’s markets. ABG’s shares are due to dual list on both exchanges on Sept. 4, 2006. Nasser Alshaali, chief operating officer of the DIFX, said: “The link will enable investors who hold ABG shares on one market to easily trade them on the other, if they so wish. This benefits investors and will encourage liquidity on both the BSE and on the DIFX, the region’s international exchange.” The link involves a technical connection between the central securities depositaries of both exchanges. It is the first such connection to be created between any Gulf Cooperation Council stock exchange and an international exchange. Fouad Rashid, BSE’s director, said: “This link demonstrates the complementary nature of a listing on our two exchanges. It offers choice and flexibility to meet the needs of regional and international investors in ABG and facilitates trading six days a week.”
Basel Banking Official to Attend Dubai Forum
DUBAI, 1 September 2006 — Charles Freeland, deputy secretary-general of the Basel Committee on Banking Supervision at the Bank for International Settlements in Basel, Switzerland, acting as the principal secretary for the Basel Committee, will be a keynote speaker at IIR’s Risk Management Congress taking place in Dubai from the Sept. 16 to 20 giving a comprehensive update and assessment on Basel II. The event will present state-of-the-art results and latest advances in risk management from the top regulators including Naveed Siddiqi from the Central Bank of the UAE, Maisoon Shams from Bahrain Monetary Agency, Jan Bladen from Dubai Financial Services Authority and Jamie Orchard from QFC Regulatory Authority. A special summit day for managing investment banking risk will be amongst the highlights of the event especially as investment and corporate banks are venturing and investing huge capital into new instruments and territories.