Dec 06 2007 |
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Bahrain bourse to move to BFH
Marking a new dawn and a new leaf in the history of the Kingdom of Bahrain's financial sector, the Bahrain Stock Exchange (BSE) announced that it had signed a tenancy agreement with the Bahrain Financial Company to relocate its offices to BFH. As per the terms of the agreement, BSE has committed to occupying the entire 4th floor of the Financial Centre locating between the two towers on an approximate area of 6400 square metres.Fouad Rashid, Director of the BSE , said: "The Bahrain Stock Exchange has always aimed at offering investors an ideal as well as fair and well regulated trading platform. This also meant that we would need to be located within a technologically advanced environment that was at the heart of the Kingdom's business hub. However, with the setting up of BFH, which has been specifically designed to cater to the demanding needs of the financial services sector, we hope that the epicentre of the sector will over time move to BFH. Thus, given this background, our board of directors, took a strategic decision of moving the entire BSE to BFH."
The Bahrain Stock Exchange (BSE) , was established in 1987 by Amiri Decree No.(4) and officially commenced operations on June 17, 1989 with twenty-nine listed companies. Currently, there are 51 companies, 33 mutual funds, and 17 Sukuk issues listed on the exchange. The BSE operates as an autonomous institution supervised by a Board of Directors, chaired by the Governor of the Central Bank of Bahrain.
Stephen Rothel, Chief Executive Officer, Bahrain Financial Harbour, said: "BFH was designed with the aim of emerging as the leading fully-integrated financial district of the Middle East. Thus far banking and finance majors including BNP Paribas, Dexia, Bank Al Falah, Gulf Finance House, Khaleeji Commercial Bank, Gulf One Investment Bank, amongst many others have already signed tenancy agreements with BFH. On the other hand there has also been a flurry of signings with services and other support companies such as Servcorp, the Al Shaya Group, the Jawad Business Group , Aramex, DHL and KFH.
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