Development of Capital Markets in Iraqi Kurdistan

It has long been an idea to establish a capital market in Erbil. The ball began rolling in 2007 when Prime Minister of Iraqi Kurdistan, Nechirvan Barazani, mandated to study the possibility of establishing another capital market besides the Iraq Stock Exchange. After countless meetings and conferences, a committee consisting of representatives & managers from the Central Bank, Chamber of Commerce, and counselors from the Minister of Trade and Minister of Planning, was formed to further study the matter.

It was concluded that Erbil Stock Exchange could and would be established. Abdullah Ahmad Abdul-Rahman, Chairman of Erbil Stock Exchange, declares then that “The company was established and it had its Board of Directors, and I represent the presidency of the board,” and he continues to explain the development of the capital market in Iraqi Kurdistan.

The company was founded and a Board of Directors was formed. Due to their experience, for the last six months and the next year and a half, consultancy services from Louis Berger Group will be used. Moreover, a deal was made with Nasdaq Omex to provide a system to work through. Nasdaq Omex provides an advanced system that should facilitate the operation of stock selling for both local and international companies.