Somalia starts a market for shares and sukuk trading early next year

Somalia will start sovereign stocks and bonds on a new stock exchange early next year, as part of its effort to integrate into regional and global financial markets. In the first phase, the National Stock Exchange in Somalia (NSES) intends to include shares of businesses from the sectors of communication, banking, real estate, energy and agriculture, with the aim of stimulating economic growth in the country, according to a statement issued by the stock exchange. Yassin Elfa has been appointed executive chairman of the stock exchange, and he previously held the position as CEO of the Somali Banker Association. “The Somalia’s national stock exchange offers opportunities for businesses to reach capital, and for investors to support the country’s growth, and the Somali economy to effectively integrate into regional and world markets,” eleven said in the statement. An alliance of investors and stock market experts is an alliance of local investors and financial experts, and will initially work as a special institution that has self -regulatory independence. A regulatory policy and a legal framework for securities will be scheduled, in collaboration with government institutions, including the Ministry of Finance. As a member of the East African Exchange Association, the Somalia National Stock Exchange plans to activate joint descriptions with Kenya, Rwanda, Tanzania and Uganda. Stock Exchange officials will launch a campaign to educate investors who include promotional tours that target Somali communities in Türkiye, Kenya, the United Kingdom, Norway and the United States. In April 2024, neighboring Ethiopia announced that its stock market intends to start the shares of traders, government security security security and money market products, reducing the number of large African countries that do not have only a stock exchange.