Muscat, Bahrain Clear and Muscat Clearing and Depository signed a Cooperation Agreement today at Muscat Clearing and Depository's premises in Muscat, Sultanate of Oman. The Cooperation Agreement was signed by Shaikh Khalifa Bin Ebrahim Al Khalifa Vice Chairman and Managing Director of Bahrain Clear, and Mr. Ahmed Bin Saleh Bin Ahmed Al Marhoon, Chairman of Muscat Clearing and Depository along with other officials from Bahrain Clear and Muscat Clearing and Depository.
The Cooperation Agreement aims at strengthening joint relations and encourages exchange of expertise between Bahrain Clear and Muscat Clearing and Depository, which aims to ease investor access and subscriptions in IPOs in both markets through the respective clearing houses. In addition, the Cooperation Agreement paves the way to establish a solid base to develop various aspects of cooperation between both companies, which in return will serve stakeholders and other relevant parties in the capital market of the Kingdom of Bahrain and Sultanate of Oman.
On this occasion, Shaikh Khalifa Bin Ebrahim Al Khalifa, Vice Chairman and Managing Director of Bahrain Clear was pleased to sign the Cooperation Agreement, and emphasized that this Agreement goes in line with the joints efforts to strengthen collaboration between Bahrain Clear and Muscat Clearing and Depository in particular, and both countries in general in a way that it will ease investor access during IPOs in both countries. Shaikh Khalifa added that the upcoming IPO of APM Terminals Bahrain ("APMT") will reap significant benefits of this Cooperation Agreement due to ease of subscription process.
On his part, Mr. Ahmed Bin Saleh Bin Ahmed Al Marhoon the Chairman of Muscat Clearing and Depository said: "Such agreements represent the cooperation between two entities in the capital markets of both countries in which Muscat Securities Market and Bahrain Bourse are considered two of the oldest markets in the region."
Mr. Ahmed Al Marhoon added that this Cooperation Agreement will enhance collaboration between both companies and enhance value-add services offered to investors to enable investor access in both markets which will ultimately impact investment inflow. "All Capital Market institutions in the Sultanate of Oman along with Muscat Securities Market and Muscat Clearing and Depository are working together to create new opportunities by collaborating with similar institutions in the region in order to serve investors in both markets and encourage exchange of investments between the financial markets in a way that will facilitate investor access and assist investors in making sound investment decisions," Mr. Al Marhoon added.
Mr. Haitham Bin Salem Al Salemy, the General Manager of Muscat Clearing and Depository emphasized the importance of such agreements to benefit from successful models implemented in other capital markets. "Muscat Clearing and Depository has inked MoUs with other exchanges and clearing houses including Egypt, UAE (represented by ADX), and Turkey," Mr. Haitham added.
On his part Mr. Abdulla Abdin, Senior Director of Operations at Bahrain Clear commented: "This Cooperation Agreement will contribute to the role played by both clearing houses in serving a wider range of investors in both markets, in which various mechanisms can be implemented following this Agreement to facilitate investments in Bahrain and Oman to serve both countries."
Source: Bahrain News Agency