Erbil Poised to Launch Its International Stock Exchange
The Kurdistan Regional Government (KRG), five major banks, and regional Chambers of Commerce have invested in the new stock exchange, with 57 companies and individual investors also buying shares.
Jan 9, 2025
ERBIL (Kurdistan24) – The much-anticipated Erbil International Stock Market is set to open its doors soon, according to Yasser Saboor, the Executive Director of the Erbil Stock Market, in an exclusive interview with Kurdistan 24 on Wednesday.
Saboor revealed that the Kurdistan Regional Government (KRG), alongside five major banks and all regional Chambers of Commerce, has invested in the new exchange by purchasing shares. "To date, 57 companies have also bought shares in the Erbil stock market," Saboor added, noting that individual investors are encouraged to participate as well.
The initiative to establish a stock market in Erbil was first proposed in 2008, with the necessary licenses granted in 2014. Initially scheduled to open in 2015, the launch was postponed due to the conflict with ISIS and subsequent delays brought on by the global pandemic.
Economic Implications for the Kurdistan Region
The inauguration of the Erbil International Stock Market represents a significant milestone for the economic development of the Kurdistan Region. By facilitating easier access to capital for businesses and offering investment opportunities for local and international investors, the stock market is poised to bolster the economic infrastructure of the region.
For the citizens of the Kurdistan Region, the new market could mean increased job opportunities, enhanced financial services, and broader economic diversification. As local companies gain the ability to raise capital through public offerings, they can expand and innovate, driving economic growth and stability.
Furthermore, the presence of an international stock market in Erbil could attract foreign investment, improving the region's global economic integration. This, in turn, would lead to more competitive industries and potentially higher standards of living for its residents.
Overall, the establishment of the Erbil International Stock Market is expected to create a more dynamic economic environment in the Kurdistan Region, fostering growth, innovation, and prosperity for its citizens.