ANNUAL REPORT 2019...gust 2017 as per the Prime Ministerial Decree No.1759/2017. Prior to his appointment Farid served as the Chairman and CEO of Dcode EFC, a leading economic forecasting

ANNUAL REPORT

With the new day comes new strength and new thoughts.

2019

2019 was a remarkable year for AFE, members came together to agree on a clear path for changing the

federation and institutionalizing it, bringing in fresh management, fresh ideas. AFE is growing for you

TABLE OFCONTENTS

01 | AFE MEMBERS 4

02 | CHAIRMAN’S MESSAGE 6

03 | SECERTARY GENERAL’S MESSAGE 7

04 | AFE OVERVIEW 9

05 | IPO ACTIVITY 11

06 | TOP IPOS 14

07 | BONDS/SUKUK 2019 - 2018 16

08 | 2019 HIGHLIGHTS 20

09 | COMPARISON OF EXCHANGES 28

10 | ANALYSIS OF EXCHANGES 33

2019 ANNUAL REPORT

ARAB FEDERATION OF EXCHANGES4

AFE MEMBERSEXCHANGES

ARAB FEDERATION OF EXCHANGES 5

2019 ANNUAL REPORT

AFE MEMBERSCENTRAL SECURITIES DEPOSITORIES (CSDS)

AFFILIATED MEMBERS

2019 ANNUAL REPORT


CHAIRMAN’S MESSAGEEsteemed AFE Members,

It is my pleasure and honour to present the performance of the Arab Federation of Exchanges (AFE) for the year 2019 in this report. During 2019, AFE embarked on an aggressive reform plan for the federation aiming to create a robust sus-tainable federation with proper governance mechanisms.

Through the year 2019, AFE members met twice during its 44th annual meeting and the extraordinary meeting, both held in Cairo-Egypt deliberating on issues pertaining to the federation’s progress. During these meetings, a well-articu-lated strategy was discussed and adopted aiming to; attract new members, increase resources, reform AFE’s organiza-tional structure, embark on capacity building programs, and foster communication channels with global institutions.

A comprehensive amended bylaws for the AFE was adopted to attain the vision of its members. The bylaws ensured that AFE board consists of representatives from all its regions and Arab clearing houses. AFE members agreed to form committees for the benefit of its members in the areas of; Financial Technology & Innovation, Operations & Regulation, Financial Institutions, Audit & Governance and Sustainabili-ty. Modifications we consented regarding the membership rules allowing new members like Dubai Gold & Commodi-ties Exchange (DGCX), to join, marking the first commodi-ties exchange in the federation.

Expanding its outreach, the Arab Federation of Exchanges signed MoU with The African Securities Exchanges Associa-tion (ASEA) to collaborate in areas of information sharing, ca-pacity-building and the promotion of best practices for Arab and African Exchanges, seeking collaboration among mem-

bers to improve liquidity in the two regional markets. Anoth-er MoU was signed with MENA Fintech Association (MFTA) developing Fintech solutions for AFE stakeholders and ex-ploring the possible means of applying major technologies such as e-payments, Blockchain and distributed ledgers, big data analytics, and flexible platforms. Accordingly, MFTA and AFE jointly designed capacity building programs for AFE’s members and other players in Arabian exchanges markets conducted in December 2019.

It was agreed among AFE members to announce year 2020 as Sustainability year for Arab Federation of Exchanges. In the year 2020, AFE will be committed to enhancing sustain-ability ESG rules among its members, developing awareness on sustainability standards and mechanisms, as well as de-veloping a ranking system of companies listed on Arab stock exchanges in terms of sustainability indicators.

Finally, I would like to express my appreciation and gratitude to all members of the Federation, the stock markets, depos-itory and clearing companies, and brokerage firms, for their cooperation in supporting the work of the Federation. I would also like to thank the efforts of AFE’s active secretariat which significantly contributed to setting the path for the Federa-tion’s reform and development. Wishing The Arab Federa-tion of Exchanges and its members’ success and prosperity in the year 2020.

Mohamed Farid Saleh was appointed as the Executive Chairman of EGX since Au-

gust 2017 as per the Prime Ministerial Decree No.1759/2017. Prior to his appointment

Farid served as the Chairman and CEO of Dcode EFC, a leading economic forecasting

and advisory firm in Egypt. He is currently The Chairman of the Working Committees

of The Federation of Euro-Asian Stock Exchanges (FEAS), The Chairman of The Arab

Federation of Exchanges (AFE) & Chairman of The Emerging Market Working Group

(EMWG) of The World Federation of Exchanges (WFE).

Furthermore, between 2013 & 2016, he was an external consultant on Venture Capital

and Financial Leasing for the World Bank Group in Egypt, and was a Member of the

Capital Market Advisory Committee established by the Financial Regulatory Authority

Board & Investment committee member of the state owned Insurance Holding Com-

pany. Additionally, he was the Vice Chairman of the Egyptian Exchange in 2010-2011.

Farid holds a BSc in Foreign Trade and Economics from Helwan University, Egypt, he

also holds an MBA from the Arab Academy for Science, Technology & Maritime Trans-

port (ASST), an MSc in Economics, Finance & Investment from York University, UK, an

MSc in Quantitative Finance from CASS Business School, City University of London,

UK and a certificate in Venture Capital form UC Berkley, USA. He also served as a part

time lecturer on Financial Markets, International Finance, and Financial Derivatives at

the American University in Egypt (AUC) and at the Arab. (Academy for Science, Tech-

nology and Maritime Transport (ASST).

MOHAMED FARID SALEHExecutive Chairman, The Egyptian ExchangeChairman of Arab Federation of Exchanges


2019 ANNUAL REPORT

SECRETARY GENERAL’S MESSAGEJoining AFE as Secretary General was a great honour and a personal challenge, especially after being elected from the first round of voting, despite of running against three other strong candidates from Jordan, Tunisia & Oman.

The first challenge that I was facing – and still am – is to insti-tutionalize the federation to be at par with other prominent federations both globally and regionally. Thus, reinventing AFE was my main goal.

Problematic areas including rigid charter, not up to our members expectations, discontent of affiliate members, dis-engagement of most members, absence of technical work, I faced the fact that we need to identify AFE’s unique selling points.

At once, I started redrafting several changes to AFE’s charter, re-structuring its governance bodies, creating several tech-nical committees, creating an audit committee (which is im-portant for a not-for-profit organization like ours), pushed the agenda of modernization of exchanges to absorb tech-nological changes. As a result for all of that, and under the chairmanship of a revolutionary person like Mr. Mohamed Farid – Chairman of EGX and AFE for 2019-2020, we succeed-ed in bringing consensus by all members to the changes we suggested, and adopting AFE’s strategy going forward.

In a region where 50% of the population is below the age of 35, our exchanges are losing potential investors, for the sim-ple fact that investor’s expectations and user experience are changing, while we are not, as a result – and out of my per-sonal passion for technology – AFE has organized a two days workshop to the exchanges top executives around FINTECH in Capital Markets, which was an eye opener for many, and

start asking for strategies to digitize and embrace fintech.

In terms of cooperation with other organizations, AFE has signed MOUs with the MENA Fintech Association, and the African Securities Exchanges Association (ASEA). As well, AFE has renewed its ties with the closest partners includ-ing the Arab Monetary Fund, Union of Arab Banks, Union of Arab Securities Authorities, Federation of European Securi-ties Exchanges (FESE), and Federation of Euro-Asian Securi-ties (FEAS).

As for the team of AFE, since day one I have chosen to em-power AFE’s small team, and widen their responsibilities to-wards the organization, giving them the chance to be heard by members of the federation, and design for them proper trainings to enhance their capabilities.In the times of dry markets, 2019 was very challenging for all our members, low liquidity has pushed profitability of many exchanges and brokers down, thus, seeing this support from our members to enhance AFE is really a very positive thing.

I would like to end my word by personally thanking Mr. Mo-hamed Farid Saleh – chairman of EGX, for his outstanding cooperation with AFE during his chairmanship, as well as his team.

Rami El Dokany is the Secretary General of the Arab Federation of Exchanges. Mr.

El Dokany was elected on April 22nd, 2019. He was Co-founder & CEO of Pride Capital

in Cairo. Pride Capital is launching a fintech accelerator along with Startupbootcamp

and the Egyptian Banking Institute, to create an investable pipeline to allow raising a

specialized fund in 18-24 months.

Rami El Dokany is the Secretary General of the Arab Federation of Exchanges. More

than sixteen years of professional experience in the field of capital markets private eq-

uity, investments, corporate finance, strategic planning and business development,

accompanied by a strong educational background, from prominent local and inter-

national institutions.

In 2019, Rami was elected as Secretary General of the Arab Federation of Exchanges,

to formulate a common vision for the Arab Capital markets, and introduce fintech

ideas. Arab Federation of Exchanges is the home for 20 Arab exchanges and clearing

houses, as well as many prominent brokerage firms throughout the Arab World.

Rami co-found Pride Capital in 2017 to utilize his long experience in financial services

and investments and passion to technology, and recently launched a fintech accel-

erator with Startupbootcamp in Cairo – the program is supported by Alex Bank, Visa,

IFC, GIZ, Pharos Holding, Ayady & Exprot Development Bank of Egypt, and has invest-

ed in more than 11 startups in 1 year. Rami Holds an M.Sc. From Wales University &

B.Sc. From Cairo University. Rami’s passion to FinTech is continuing to grow, now he is

enrolled in the Oxford 10-weeks FinTech Program.

RAMI EL DOKANYSecretary General, Arab Federation of Exchanges

2019 ANNUAL REPORT


EXECUTIVE COMMITTEE MEMBERS

MOHAMEDFARID SALEH

CHAIRMAN OF EGXCHAIRMAN OF AFE

& EXECUTIVE COMMITTEE

MAZENEL WATHAIFI

CHIEF EXECUTIVE OFFICERAMMAN

STOCK EXCHANGE

KARIMHAJJI

CHIEF EXECUTIVE OFFICERCASABLANCA

STOCK EXCHANGE

MOHAMEDABDEL SALAM

CHAIRMAN - MANAGING DIRECTORMISR FOR CENTRAL CLEARING,

DEPOSITORY AND REGISTRY

KHALIFAAL MANSOORI

ACTING CHIEF EXECUTIVE ABU DHABI

SECURITIES EXCHANGE

AFE OVERVIEWAFE is the regional industry association with a market cap exceeding 3 trillion USD, under its umbrella there are 17 member exchanges, 4 CSDs and 11 affiliate members.

2019 ANNUAL REPORT


17Exchanges

4ClearingHouses

11AffiliatedMembers

1662ListedCompanies

3,170.47Exchanges Market Cap (Million USD)

15IPOsin 201912 IPOs, 3 Listings*

BAHRAIN BOURSE QATAR STOCK EXCHANGE

BOURSA KUWAIT TUNIS STOCK EXCHANGE

MUSCAT SECURITIES EXCHANGE AMMAN STOCK EXCHANGE

SAUDI STOCK EXCHANGE CASABLANCA STOCK EXCHANGE

THE EGYPTIAN EXCHANGE ABU DHABI SECURITIES EXCHANGE

BEIRUT STOCK EXCHANGE DUBAI FINANCIAL MARKET

The MSCI Arabian Markets Index captures large and mid cap representation:

11Arab MarketCountries

* Listings include: “Sprinkle Holding BSC” on Bahrain Bourse, “Al Manar Financing and Leasing Co.” on Boursa Kuwait, “AL Badia Cement (ABC)” on Damascus Securities Exchange.

IPO ACTIVITY2019 witnessed a slower year in IPOs in Arab

exchanges, almost half the number of 2018, however, 2019 witnessed the long awaited IPO of Saudi Aramco

exceeding 26 Billion USD on the Saudi Exchange Tadawul. Total IPO proceeds of 2019 recorded USD

27.8 Billion representing 14% of global IPO proceeds.

2019 ANNUAL REPORT


QUARTER IPO PROCEEDS (US$M) SECTOR EXCHANGE

Q1 2019 | 21 MAR AL MOAMMAR INFORMATION SYSTEMS COMPANY 58.3 SOFTWARE & SERVICES SAUDI STOCK EXCHANGE

Q2 2019 | 07 APR SHUAA REIT FUND 158 REIT FUND SAUDI STOCK EXCHANGE

Q2 2019 | 11 APR SPEED MEDICAL COMPANY 1.2 HEALTHCARE THE EGYPTIAN EXCHANGE (NILEX)

Q2 2019 | 09 MAY ARABIAN CENTRES CO. LTD. 659 REAL ESTATE MANAGEMENT SAUDI STOCK EXCHANGE

Q2 2019 | 14 MAY MAHARAH HUMAN RESOURCES COMPANY 207 PROFESSIONAL SERVICES SAUDI STOCK EXCHANGE

Q3 2019 | 18 JULY ATAA EDUCATIONAL COMPANY 93 PROFESSIONAL SERVICES SAUDI STOCK EXCHANGE

Q3 2019 | 15 AUGFAWRY FOR BANKING

TECHNOLOGY AND ELECTRONIC PAYMENTS97 TECHNOLOGY THE EGYPTIAN EXCHANGE

Q4 2019 | OCT BOURSA KUWAIT 33 FINANCIAL BOURSA KUWAIT

Q4 2019 | NOV MUSANDAM POWER COMPANY SAOG 23.1 ENERGY MUSCAT SECURITIES MARKET

Q4 2019 | 11 DEC BALADNA 396 DAIRY AND BEVERAGE QATAR STOCK EXCHANGE

Q4 2019 | 11 DEC RAMEDA 109 HEALTHCARE THE EGYPTIAN EXCHANGE

Q4 2019 | 05 DEC SAUDI ARAMCO 26,000 ENERGY SAUDI STOCK EXCHANGE

IPO ACTIVITY IN 2019


2019 ANNUAL REPORT

IPO ACTIVITY

0.6 0.6 0.3 1.10.1 1 0.2

26.6

0

5

10

15

20

25

30

Q1 Q2 Q3 Q4

2018 2019

Quarterly IPOs Proceeds

6

7

4

6

1

4

2

5

0

1

2

3

45

6

7

8

Q1 Q2 Q3 Q4

2018 2019

Number of IPOs

2.7 1.8

26

0

5

10

15

20

25

30

2018 2019

Proceeds without Aramco Aramco

Total IPOs Proceeds

12

4

2 21 1 1

6

3

1 1 1

0

2

4

6

8

10

12

14

Saudi S tockExchange

The EgyptianExchange

MuscatSecuri ties

Market

CasablancaStock

Exchange

Tunis StockExchange

Qatar S tockExchange

BahrainBourse

BoursaKuwait

2018 2019

IPOs by Market

IPOs Sector Breakdown

48%

4%13%

4%

4%

5%

22%REITs and Real Estate

Transportation & Logistics

FMCG

Mining

Utilities

Construction

Financial Services

16%

8%

17%

8%17%

17%

17% REITs and Real Estate

FMCG

Utilities

Financial Services

Professional Services

Healthcare & Pharma

Technology

2018

2019

Mill

ion

USD

Nu

mb

er o

f IP

Os

Nu

mb

er o

f IP

Os

Mill

ion

USD

2019 ANNUAL REPORT


TOP IPOS

Saudi Stock Exchange

Saudi Stock Exchange

The Egyptian Exchange

$26 BillionTotal Raised

$114 BillionMarket Cap Free Floating Percentage

1.5%

$747 MillionTotal Raised

$6 BillionMarket Cap Free Floating Percentage

20%


$228 MillionMarket Cap Free Floating Percentage

49%

Market Listed

Market Listed

Market Listed


2019 ANNUAL REPORT

TOP IPOS


Boursa Kuwait

Muscat Securities Market



36%



50%



40%

Market Listed

Market Listed

Market Listed

BONDS / SUKUK2019 experienced an uprise in the total value of DCM products, almost 90% growth rate, derived mainly by state backed bonds. however, the contribution of corporate bonds and sukuks had decreased. This should guide our policies in 2020.


2019 ANNUAL REPORT

BONDS/SUKUK 2018 | 2019EX

CHAN

GE

2019 2018BONDS / SUKUK / TREASURY BILLS VALUE BONDS / SUKUK / TREASURY BILLS VALUE

ABU

DH

ABI S

ECU

RITI

ES E

XCH

ANG

E ABU DHABI GOVERNMENT BONDS $1.5 BILLION ALDAR SUKUK LTD $500 MILLION

EMIRATE OF ABU DHABI GLOBAL MEDIUM TERM

NOTE PROGRAMME XSADGMTN0924$3 BILLION GOVERNMENT OF THE REPUBLIC OF MALDIVES $100 MILLION


NOTE PROGRAMME XSADGMTN0929$3 BILLION SENAAT SUKUK LIMITED $300 MILLION


NOTE PROGRAMME XSADGMTN0949$4 BILLION

ALDAR SUKUK (NO.2) LTD $500 MILLION

ESIC SUKUK LTD $600 MILLION

AMM

AN S

TOCK

EXC

HAN

GE JOTF BONDS 05 $4.2 MILLION 21 TREASURY BONDS $4 BILLION

BIND BONDS 04 $7 MILLION

EXFB BONDS D02 $56 MILLION

64 TREASURY BONDS $6 BILLION

8 TREASURY BILLS $317 MILLION

DU

BAI

FIN

ANCI

AL

MAR

KET

GOVERNMENT OF DUBAI $136 MILLION

EXCH

ANG

E


BAH

RAIN

BO

URS

E

GOVERNMENT DEVELOPMENT BOND

ISSUE NO. 18$796 MILLION


ISSUE 15$534 MILLION


ISSUE NO. 19$491 MILLION

GOVERNMENT ISLAMIC LEASE (IJARAH) SUKUK


39 TREASURY BILLS ISSUES $6 BILLIONGOVERNMENT DEVELOPMENT BOND




21 TREASURY BILLS ISSUES $3 BILLION

CASA

BLAN

CA S

TOCK

EXC

HAN

GE

OCP $19 MILLION

CIH $8.6 MILLION

SGMB $5.3 MILLION

ATTIJARIWAFA BANK $1.9 MILLION

ATTIJARIWAFA BANK $6.3 MILLION

CREDIT AGRICOLE MA $18.4 MILLION

CDM $20.7 MILLION

2019 ANNUAL REPORT


BONDS/SUKUK 2018 | 2019EX

CHAN

GE


THE

EGYP

TIAN

EXC

HAN

GE

SARWA SECURITIZATION THE THIRTIETH ISSUE

TRAN C FEB 2024$19 MILLION

SARWA SECURITIZATION THE TWENTY-SEVEN ISSUE

TRA C MARCH 2023$17 MILLION

SARWA SECURITIZATION TWENTY NINE ISSUE

TRAN C FEB 2024$6.4 MILLION

SARWA SECURITIZATION THE TWENTY-FIVE ISSUE

TRAN C MARCH 2023$3 MILLION

TAWREEQ SECURITIZATION THE FIRST ISSUE

TRAN C DEC 2023$1 MILLION

SARWA SECURITIZATION THE TWENTY SEVEN ISSUE

TRAN B MAY2021$19 MILLION

SARWA SECURITIZATION TWENTY NINE ISSUE

TRAN B FEB 2022$19 MILLION

SARWA SECURITIZATION THE TWENTY-FIVE ISSUE

TRAN B APRIL 2021$3 MILLION

TAWREEQ SECURITIZATION THE FIRST ISSUE

TRAN B DEC 2021$6 MILLION TREASURY BONDS 11 DECEMBER 2021 $899 MILLION

SARWA SECURITIZATION THE THIRTIETH ISSUE

TRAN A APRIL 2020$6 MILLION

3 TREASURY BONDS $3.5 BILLION

MU

SCAT

SEC

URI

TIES

MAR

KET

AL OMANIYA FINANCIAL BONDS2019 (OB19) $4 MILLION NATIONAL FINANCE PERPETUA BOND (NFPB) $47 MILLION

SOHAR INT. BANK PERPETUAL BOND (SIBB) $261 MILLION OMAN ARAB BANK PERPETUAL SUB.B (OAPB) $111 MILLION

AHLI BANK PERPETUAL BONDS 2019 (ABBD) $52 MILLION AL OMANIYA FINANCIAL BONDS2018 (OB18) $2 MILLION

BANK DHOFAR PERPETUAL BONDS (BDPB) $104 MILLION OMINVEST PERPETUAL BONDS (OMIB) $158 MILLION

DIDIHC UNSEC. SUB. NON.CONVERT (DIDB) $65 MILLION TAGER FIN.UNSECURED N.CON BOND (TAGB) $16 MILLION

MEETHAQ SUKUK SERIES 2 (MSUK2) $119 MILLION AHLI BANK PERPETUAL BONDS 2018 (ABPD) $140 MILLION

3 GOVERNMENT BONDS $10 MILLION DHOFAR INS. MAND. CONV. BONDS (DICB) $13 MILLION

EXCH

ANG

E


MU

SCAT 2 SOVEREIGN SUKUK $8 MILLION GOLDEN SUKUK SERIES 1 (GSUK) $130 MILLION

4 GOVERNMENT BONDS $13 MILLION

SAU

DI S

TOCK

EXC

HAN

GE

SAUDI GOVERNMENT SAR SUKUK 2019-10-10 $2 BILLION SAUDI GOVERNMENT SAR SUKUK 2018-10-10 $714 MILLION

SAUDI GOVERNMENT SAR SUKUK 2019-10-05 $686 MILLION SAUDI GOVERNMENT SAR SUKUK 2018-10-7 $383 MILLION

SAUDI GOVERNMENT SAR SUKUK 2019-04-30 $6 BILLION SAUDI GOVERNMENT SAR SUKUK 2018-10-5 $728 MILLION

SAUDI GOVERNMENT SAR SUKUK 2019-03-15 $3 BILLION SAUDI GOVERNMENT SAR SUKUK 2018-07-10 $1 BILLION

SAUDI GOVERNMENT SAR SUKUK 2019-02-12 $3 BILLION Saudi Government SAR Sukuk 2018-07-7 $801 MILLION

SAUDI GOVERNMENT SAR SUKUK 2019-01-5 $1 BILLION Saudi Government SAR Sukuk 2018-07-5 $2 BILLION

SAUDI GOVERNMENT SAR SUKUK 2019-01-10 $2 BILLION Saudi Government SAR Sukuk 2018-04-10 $653 MILLION

SAUDI GOVERNMENT SAR SUKUK 2018-04-7 $400 MILLION

Saudi Government SAR Sukuk 2018-04-5 $2.5 BILLION

Saudi Government SAR Sukuk 2018-01-10 $721 MILLION

Saudi Government SAR Sukuk 2018-01-7 $1 BILLION

Saudi Government SAR Sukuk 2018-01-5 $3 BILLION


2019 ANNUAL REPORT

BONDS/ SUKUK ACTIVITY 2019 VS 201890

0

4,00

0

5,00

4

80 94

1

630

13,9

00

12,6

00

6,38

4

7,28

7

136

3,55

7

623

17,6

86

-

4,000

8,000

12,000

16,000

20,000

ADX ASE BHB CSE DFM EGX MSM Tad awul

2018 2019

Total Bonds Value

3

2125

7 512 12

6

75

41

19 11

7

0

20

40

60

80

ADX ASE BHB CSE DFM EGX MSM Tadawul

2018 2019

Total Number of Bonds Issued

25,455

48,274

-

10,000

20,000

30,000

40,000

50,000

60,000

2018 2019

Total Value of Bonds 2019 vs 2018

85

150

-

20

40

60

80

100

120

140

160

2018 2019

Total Number of Bonds 2019 vs 2018

Debt Instruments Breakdown

2%15%

74%

9%Corporate Bonds

Treasury Bil ls

Sukuk

Government Bonds

1%13%

39%

47%

Corporate Bonds

Treasury Bil ls

Sukuk

Government Bonds

2018

2019

Mill

ion

USD

Nu

mb

er o

f Bon

ds

Nu

mb

er o

f Bon

ds

/ Su

kuk

Mill

ion

USD

2019 HIGHLIGHTS2019 was a remarkable year, new Secretary

General was elected, new strategy was adopted, shifting the focus on innovation

and fintech, new MOUs with more partners, and more importantly welcoming our newest

member DGCX.


2019 ANNUAL REPORT

ELECTION OF NEW SECRETARY GENERALThe AFE Board held the SG elections on the 22nd of April 2019 during its annual meeting in Cairo. The Board interviewed four prominent candidates.

Mr. El Dokany was elected by 11 votes from the first round and was assigned as the AFE Sec-retary General.

In his word to the BOD, Mr. El-Dokany stressed on providing a new vision for AFE, new strat-egy to empower AFE as an institution.

2019 ANNUAL REPORT


d

Adopting a new charter for AFE, that restructured the composition

of the BOD, created several technical committees, and most

importantly an Audit & Governance Committee.

INSTITUTIONALREFORM01

AFE 2020 STRATEGY

For a long period of time, AFE lacked the technical role that

benefits the members, thus, AFE has created four technical

committees, allowing affiliate members and independent

members to join.

EMPOWER THE TECHNICALROLE OF AFE02

AFE targets to increase the number of members on both layers

affiliate and full members. AFE will now allow not only banks

and brokerage firms to become affiliate members, but asset

managers, listed corporates as well.

AFE MEMBERSHIPEXPANSION03

Creating a secondment plan for sharing resources between

members through hosting different teams for working groups,

also funding scholarships to employees of members. Partnering

with international institutions and federations to issue research

papers to guide and support AFE committees

CAPACITY BUILDING &RESEARCH PAPERS04

AFE has a different chairman every year from a different country,

AFE wishes that during this year, the chairman helps making it a

remarkable year for capital markets in his/her country. Through

more workshops, trainings, dialogues with regulators…etc.

REINVENTING AFE’SCHAIRMANSHIP05

Reduce the dependency on membership fees, and increase

revenues from other activities, including sponsorships, co-

branded activities, co-branded certifications... etc.

CREATING MOREREVENUE STREAMS06

Levereging the group power of AFE, while discussing with

vendors for decent discounts that would benefit all members.

LEVERAGING THE GROUPPOWER OF AFE07

AFE 2020 STRUCTUREREFORMING THE AFE’S GOVERNING BODIES

BOARD OF DIRECTORS

AFE GA – ALL MEMBERSAUDIT & GOVERNANCE

COMMITTEE

FINANCIAL INSTITUTIONS COMMITTEE

EXCLUSIVE TO AFFILIATE MEMBERS

FINTECH & INNOVATION COMMITTEE

MEMBERS ALLOWED FROM FULL MEMBERS,

AFFILIATE MEMBERS & INDEPENDENT

MEMBERS

BUSINESS DEVELOPMENT

COMMITTEE



MEMBERS

SUSTAINABILITYAND ESGS

COMMITTEE



MEMBERS

SECRETARY GENERAL

FULL MEMBERS – EXCHANGES & CLEARING

HOUSESAFFILIATE MEMBERS

DOWNSIZED

TO 8 MEMBERS

3-5 NON BOARD

MEMBERS


2019 ANNUAL REPORT

AFE SUSTAINABILITY 2020

THE ARAB FEDERATION

OF EXCHANGES (AFE)

ANNOUNCES 2020 THE YEAR

OF SUSTAINABILITY IN ARAB

EXCHANGES!

,,

2019 ANNUAL REPORT


AFE WORKSHOPThe Arab Federation of Exchanges Organizes a Workshop entitled:

“FINTECH IN CAPITAL MARKETS”The Arab Federation of Exchanges (AFE), in collaboration with MENA Fintech Association (MFTA),

organized two days workshop entitled “Fintech in Capital Markets” on the 1st and 2nd of December

2019 at the JW Marriott Hotel in Cairo, Egypt.

The Workshop was attended by various representatives of Arab Exchanges which are:

Amman Stock Exchange

Beirut Stock Exchange

Dubai Financial Market

Damascus Securities Exchange


Muscat Securities Market

Palestine Exchange

Tunis Stock Exchange

Muscat Clearing and Depository

Misr for Clearing, Depository and Registry

Egypt for Information Dissemination (EGID)


2019 ANNUAL REPORT

MOUs SIGNED BY AFE

AFE & MENA FINTECH ASSOCIATION

AFE & AFRICAN SECURITIES EXCHANGES ASSOCIATION

2019 ANNUAL REPORT


AFE ANNUAL CONFERENCE 2019

Under the auspices of Dr. Mostafa Madbouly, Prime Minister of Egypt, the AFE held its 10th Annual Con-

ference in collaboration with the Egyptian Exchange (EGX) on the 23rd and 24th of April 2019 at the Four

Seasons Hotel in Cairo, Egypt.

The AFE welcomed during the opening ceremony the AFE Chairman Mr. Mohamed Farid, H.E. Mr. Hish-

am Tawfik, Minister of Public Business in Egypt, and H.E. Dr. Sahar Nasr, Minister of Investment and In-

ternational Cooperation in Egypt.

The AFE Annual Conference 2019 discussed several topics which are: Exchanges “Modus Operandi” & the

Future of Listings, Are Exchanges doing it right for SMEs?, Artificial Intelligence, FinTech, RegTech; is it

Reformulating the Future of Finance?, Technology and Fixed Income Securities: From Interbank to Plat-

forms, Impact investment; Just a trend or the Best Strategy for Sustainable Market and OCC.


2019 ANNUAL REPORT

The Arab Federation of Exchanges (AFE) welcomed its new member Dubai Gold & Commodities Exchange (DGCX) on the 1st of January 2020.

About DGCX: Established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing global participants to trade, clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives and financial infrastructure. DGCX is an electronic commodity and currency derivatives exchange with over 175 members from across the globe, offering futures and options contracts covering the precious metals, energy, equities and currency sectors. DGCX is a subsidiary of DMCC (Dubai Multi Commodities Centre), a Dubai Government Authority for trade, enterprise and commodities. For more information: www.dgcx.ae

DGCX also owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DCCC is federally regulated by the Securities & Commodities Authority (SCA) and is recognized as a Third-Country CCP by European Securities Markets Authority (ESMA) with over 60 clearers from across the globe. For more information: www.dccc.co.ae

DUBAI GOLD AND COMMODITIES EXCHANGE (DGCX)

http://www.dgcx.ae

http://www.dccc.co.ae

2019 ANNUAL REPORT


COMPARISON OF EXCHANGES2019 had many troubling events across several exchanges, regionally and globally, geopolitical tensions, trade wars and some local instabilities led the exchanges to witness some strong corrections. However, total market cap of member exchanges increased by 166%.


2019 ANNUAL REPORT

EXCHANGESMILLION USD % MILLION USD % %

MARKET CAP MARKET CAP VALUE OF SHARES TRADED

VALUE OF SHARES TRADED

TURNOVER VELOCITY

SAUDI STOCK EXCHANGE (TADAWUL) 2,406,780 75.91% 234,700 65.11% 9.75%

QATAR EXCHANGE 159,656 5.04% 18,549 5.15% 11.62%

ABU DHABI SECURITIES EXCHANGE 144,520 4.56% 15,461 4.29% 10.70%

BOURSA KUWAIT 116,515 3.67% 39,047 10.83% 33.51%

DUBAI FINANCIAL MARKET 102,521 3.23% 14,448 4.01% 14.09%

CASABLANCA STOCK EXCHANGE 65,327 2.06% 6,033 1.67% 9.24%

MUSCAT SECURITIES MARKET 48,744 1.54% 1,719 0.48% 3.53%

THE EGYPTIAN EXCHANGE 44,152 1.39% 25,541 7.09% 57.85%

BAHRAIN BOURSE 27,769 0.88% 760 0.21% 2.74%

AMMAN STOCK EXCHANGE 21,036 0.66% 2,236 0.62% 10.63%

IRAQ STOCK EXCHANGE 9,718 0.31% 237 0.07% 2.44%

TUNIS STOCK EXCHANGE 8,486 0.27% 475 0.13% 5.60%

BEIRUT STOCK EXCHANGE 7,759 0.24% 902 0.25% 11.63%

PALESTINE EXCHANGE 3,758 0.12% 274 0.08% 7.29%

DAMASCUS SECURITIES EXCHANGE 2,422 0.08% 75 0.02% 3.10%

KHARTOUM STOCK EXCHANGE 1,309 0.04% 29 0.01% 2.22%

TOTAL USD 3,170,471 100% USD 360,485 100% 11.37%

COMPARISON OF EXCHANGES AFE STATISTICAL TABLE

Market Capitalization

Value of Shares Traded

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

0 0

Tadawul QSE ADX BKA DFM CSE MSM EGX BHB ASE

2018 2019

Total: 321,170

Total: 358,49412%

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

0 0

Tadawul QSE ADX BKA DFM CSE MSM EGX BHB ASE

2018 2019

Total: 1,177,701

Total: 3,137,020

166%

Mill

ion

USD

Mill

ion

USD

2019 ANNUAL REPORT


24%20% 20%

9% 7% 7% 7% 7%3% 1%

-1% -2% -3% -5% -6% -8%

-20%-25%-20%-15%-10%-5%0%5%

10%15%

20%25%

BKABAX

KSE

DFMGITASI

MASI

EGX30

SPAFE40ADI

QE

Alquds

TUNINDEX

ISX60

AMGNRLX

DWX

MSM30

BLSI

60.97%

42.07%35.80%

11.66% 9.14% 7.23% 5.53% 3.96% 0.53%

-0.99%

-49.98%-60.00%

-40.00%

-20.00%

0.00%

20.00%

40.00%

60.00%

Bahrain Egypt Kuwait Morocco Tunisia SaudiArabia

Oman UAE Jordan Qatar Lebanon

MSC

I IN

DIC

ES P

ERFO

RM

AN

CE

IND

ICES

PER

FOR

MA

NC

E

EXCHANGE 2019 PERFORMANCE EXCHANGE 2019 PERFORMANCE

BKA 24% QE 1%

BAX 20% ALQUDS -1%

KSE 20% TUNINDEX -2%

DFMGI 9% ISX60 -3%

TASI 7% AMGNRLX -5%

MASI 7% DWX -6%

EGX30 7% MSM30 -8%

SPAFE40 7% BLSI -20%

ADI 3%

COUNTRY 2019 PERFORMANCE COUNTRY 2019 PERFORMANCE

BAHRAIN 60.97% OMAN 5.53%

EGYPT 42.07% UAE 3.96%

KUWAIT 35.80% JORDAN 0.53%

MOROCCO 11.66% QATAR -0.99%

TUNISIA 9.14% LEBANON -49.98%

SAUDI ARABIA 7.23%


2019 ANNUAL REPORT

SPAFE40 Index Breakdown

74.5%

9.5%

7.3%

4.1%2.4%

1.1%0.9%

0.2% Financials

Communication Services

Materials

Industrials

Real Estate

Energy

Utilities

Consumer Staples

34.0%

19.2%

18.9%

16.0%

3.6%3.1%

2.2% 1.6%0.8% 0.2% 0.2%

0.2%

Saudi Arabia

Qatar

United Arab Emirates

Kuwait

Morocco

Egypt

Bahrain

Jordan

Oman

BY SECTOR

BY COUNTRY

SPAFE40 INDEX

The S&P AFE 40 consists of 40 of the largest and most liquid securities from the MENA region. This index has been designed in partnership between the Arab Federation of Exchanges (AFE) and S&P Dow Jones Indices. This index can be found on Thomson Reuters and Bloomberg under SPAFEUP

62.00

64.00

66.00

68.00

70.00

72.00

Dec 16, 2

018

Dec 31, 2018

Jan 15, 2

019

Jan 30, 2019

Feb 14, 2

019

Mar 0

1, 2019

Mar 1

6, 2019

Mar 3

1, 2019

Apr 15, 2

019

Apr 30, 2

019

May 15

, 2019

May 30, 2

019

Jun 14, 2

019

Jun 29, 2019

Jul 14, 2

019

Jul 29, 2

019

Aug 13, 2

019

Aug 28, 2019

Sep 12, 2

019

Sep 27, 2019

Oct 12, 2

019

Oct 27 , 2

019

Nov 11, 2

019

Nov 26, 2019

Dec 11, 2

019

Dec 26, 2019

Friday, April 26, 2019Highest: 70.70

Tuesday, Oct 15, 2019Lowest: 62.57

2019 ANNUAL REPORT


12 COUNTRIES MARKET CAP IN USD

COUNTRY WEIGHT MARKET CAP (MM) COUNT

SAUDI ARABIA 35.015% 106,464.32 10

QATAR 19.605% 59,609.87 8

UAE 18.272% 55,557.95 8

KUWAIT 15.852% 48,198.61 4

MOROCCO 3.363% 10,244.56 3

EGYPT 2.936% 8,925.67 1

BAHRAIN 2.078% 6,316.72 1

JORDAN 1.496% 4,549.78 1

OMAN 0.679% 2,063.42 1

LEBANON 0.408% 1,241.46 1

TUNISIA 0.153% 465.47 1

PALESTINE 0.143% 434.43 1

8 SECTORS MARKET CAP IN USD

SECTOR WEIGHT MARKET CAP (MM) COUNT

FINANCIALS 73.366% 223,071.72 25

COMMUNICATION SERVCIES 9.740% 29,614.49 4

MATERIALS 8.209% 24,959.09 3

INDUSTRIALS 4.094% 12,447.98 3

REAL ESTATE 2.376% 7,222.87 2

ENERGY 1.192% 3,625.18 1

UTILITIES 0.870% 2,645.46 1

CONSUMER STAPLES 0.153% 465.47 1

SPAFE40 BREAKDOWN SPAFE40 INDEX VS. BEST INDEX 2019

50.00

55.00

60.00

65.00

70.00

75.00

80.00

85.00

90.00

95.00

100.00

01/01/2

019

16/0

1/2019

31/01/2

019

15/02/2

019

02/03/2019

17/0

3/2019

01/04/2019

16/0

4/2019

01/05/2019

16/0

5/2019

31/05/2

019

15/06/2019

30/06/2019

15/07/2019

30/07/2019

14/0

8/2019

29/08/2019

13/09/2019

28/09/2019

13/10

/2019

28/10/2019

12/11

/2019

27/11/2

019

12/12

/2019

27/12/2019

4,000.00

4,500.00

5,000.00

5,500.00

6,000.00

6,500.00

01/01/2

019

16/0

1/2019

31/01/2

019

15/02/2

019

02/03/2019

17/0

3/2019

01/04/2019

16/0

4/2019

01/05/2019

16/0

5/2019

31/05/2

019

15/06/2019

30/06/2019

15/07/2019

30/07/2019

14/0

8/2019

29/08/2019

13/09/2019

28/09/2019

13/10

/2019

28/10/2019

12/11

/2019

27/11/2

019

12/12

/2019

27/12/2019

22.9%

BKATOTAL RETURN

7.9%

SPAFE40TOTAL RETURN

VS On June 25, 2019, MSCI announced the inclusion of the MSCI Kuwait Index in the MSCI Emerging Markets Index

50.00

55.00

60.00

65.00

70.00

75.00

80.00

85.00

90.00

95.00

100.00

01/01/2

019

16/0

1/2019

31/01/2

019

15/02/2

019

02/03/2019

17/0

3/2019

01/04/2019

16/0

4/2019

01/05/2019

16/0

5/2019

31/05/2

019

15/06/2019

30/06/2019

15/07/2019

30/07/2019

14/0

8/2019

29/08/2019

13/09/2019

28/09/2019

13/10

/2019

28/10/2019

12/11

/2019

27/11/2

019

12/12

/2019

27/12/2019

SPAFE40

BKA

ANALYSIS OF EXCHANGESAFE is the house of different members

of different sizes, most of the members achieved positive results, fewer had more

challenging times.

2019 ANNUAL REPORT


SAUDI STOCK EXCHANGE (TADAWUL)

421,083 448,520 450,561 496,340

2,406,780

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

2015 2016 2017 2018 2019


442,833

308,530

223,007 223,007 234,700

0

100,000

200,000

300,000

400,000

500,000

2015 2016 2017 2018 2019


66,528 63,618 64,481

43,298

33,060

0

10,000

20,000

30,000

40,000

50,000

60,00070,000

2015 2016 2017 2018 2019

Number of Shares Traded

3027

2225

28

0

5

10

15

20

25

3035

2015 2016 2017 2018 2019

Number of Trades

6,912 7,210 7,2267,827

8,389

0100020003000400050006000700080009000

2015 2016 2017 2018 2019

Index: TASI

Mill

ion

USD

Mill

ion

USD

Mill

ion

Tra

des

Poi

nts

Mill

ion

Sh

ares

4% 1% 8% 7%


2019 ANNUAL REPORT

QATARSTOCK EXCHANGE

151,555 154,374

129,322

161,292 159,656

020,00040,00060,00080,000

100,000120,000140,000160,000180,000

2015 2016 2017 2018 2019


25,677

18,901 18,150 18,767 18,549

0

5,000

10,000

15,000

20,000

25,000

30,000

2015 2016 2017 2018 2019


2,302 1,977 2,465 2,286

11,416

0

2,000

4,000

6,000

8,000

10,000

12,000

2015 2016 2017 2018 2019


1,190,807997,482

834,3941,042,985

1,529,017

0200,000400,000600,000800,000

1,000,0001,200,0001,400,0001,600,0001,800,000

2015 2016 2017 2018 2019

Number of Trades

10,429 10,437

8,523

10,299 10,426

0

2000

4000

6000

8000

10000

12000

2015 2016 2017 2018 2019

Index: QE

Mill

ion

USD

Mill

ion

USD

Trad

es

Poi

nts

Mill

ion

Sh

ares

1% -18% 20% 1%

2019 ANNUAL REPORT


ABU DHABISECURITIES MARKET

111,903120,947 124,516

137,524 144,520

020,00040,00060,00080,000

100,000120,000140,000160,000

2015 2016 2017 2018 2019


16,399

13,332 13,09210,773

15,461

02,0004,0006,0008,000

10,00012,00014,00016,00018,000

2015 2016 2017 2018 2019


27,823 29,484 28,240

15,371 15,526

0

5,000

10,000

15,000

20,000

25,000

30,00035,000

2015 2016 2017 2018 2019


456,366388,887

347,327

274,012

387,693

0

100,000

200,000

300,000

400,000

500,000

2015 2016 2017 2018 2019

Number of Trades

4,307 4,546 4,3984,915 5,076

0

1000

2000

3000

4000

5000

6000

2015 2016 2017 2018 2019

Index: ADI

Mill

ion

USD

Mill

ion

USD

Trad

es

Poi

nts

Mill

ion

Sh

ares

6% -3% 12% 3%


2019 ANNUAL REPORT

BOURSAKUWAIT

87,050 86,727 92,747 94,695

116,515

020,000

40,000

60,000

80,000

100,000

120,000

140,000

2015 2016 2017 2018 2019


13,2179,412

19,01713,650

39,047

05,000

10,00015,000

20,00025,00030,00035,00040,00045,000

2015 2016 2017 2018 2019


43,193

30,505

50,221

21,71125,905

0

10,000

20,000

30,000

40,000

50,000

60,000

2015 2016 2017 2018 2019


988,073

719,196

1,207,358

934,290

1,543,128

0200,000400,000600,000800,000

1,000,0001,200,0001,400,0001,600,0001,800,000

2015 2016 2017 2018 2019

Number of Trades

5,615 5,7486,408

5,080

6,282

0

1000

2000

3000

4000

50006000

7000

2015 2016 2017 2018 2019

Index: BKA

Mill

ion

USD

Mill

ion

USD

Trad

es

Poi

nts

Mill

ion

Sh

ares

2% 11% -20% 24%

2019 ANNUAL REPORT


DUBAIFINANCIAL MARKET

83,95492,003

107,36593,348

102,521

0

20,000

40,000

60,000

80,000

100,000

120,000

2015 2016 2017 2018 2019


41,25136,247

31,260

16,084 14,448

05,000

10,00015,000

20,00025,00030,00035,00040,00045,000

2015 2016 2017 2018 2019


98,231105,848

82,154

44,625 40,045

0

20,000

40,000

60,000

80,000

100,000

120,000

2015 2016 2017 2018 2019


1,570,369

1,299,1221,078,744

660,261 656,646

0200,000400,000600,000800,000

1,000,0001,200,0001,400,0001,600,0001,800,000

2015 2016 2017 2018 2019

Number of Trades

3,1513,531 3,370

2,5302,765

0500

10001500

20002500300035004000

2015 2016 2017 2018 2019

Index: DFMGI

Mill

ion

USD

Mill

ion

USD

Trad

es

Poi

nts

Mill

ion

Sh

ares

12% -5% -25% 9%


2019 ANNUAL REPORT

CASABLANCASTOCK EXCHANGE

45,645

57,61467,026

60,74265,327

010,00020,00030,00040,00050,00060,00070,00080,000

2015 2016 2017 2018 2019


4,0894,998

6,803

4,800

6,033

01,0002,0003,0004,0005,0006,0007,0008,000

2015 2016 2017 2018 2019


239282 283 259

404

050

100150

200250300350400450

2015 2016 2017 2018 2019


130,263

187,320

288,002

185,478146,411

0

50,000

100,000

150,000

200,000

250,000

300,000350,000

2015 2016 2017 2018 2019

Number of Trades

8,926

11,644 12,38911,364 12,172

0

2000

4000

6000

8000

1000012000

14000

2015 2016 2017 2018 2019

Index: MASI

Mill

ion

USD

Mill

ion

USD

Trad

es

Poi

nts

Mill

ion

Sh

ares

20% 6% -8% 7%

2019 ANNUAL REPORT


MUSCATSECURITIES MARKET

40,984

44,90446,673 47,202

48,744

36,00038,000

40,000

42,000

44,000

46,000

48,000

50,000

2015 2016 2017 2018 2019


5,893

3,548

2,491 2,3811,719

01,000

2,000

3,000

4,000

5,000

6,000

7,000

2015 2016 2017 2018 2019


5,642

4,633

6,633

4,015 3,863

0

1,000

2,000

3,000

4,000

5,000

6,0007,000

2015 2016 2017 2018 2019


413,723

260,878201,106

163,954118,105

050,000

100,000150,000

200,000250,000300,000350,000400,000450,000

2015 2016 2017 2018 2019

Number of Trades

5,406 5,7835,099

4,324 3,981

0

1000

2000

3000

4000

50006000

7000

2015 2016 2017 2018 2019

Index: MSM 30

Mill

ion

USD

Mill

ion

USD

Trad

es

Poi

nts

Mill

ion

Sh

ares

6% -11% -15% -8%


2019 ANNUAL REPORT

THE EGYPTIANEXCHANGE

55,733

32,191

46,53342,071 44,152

0

10,000

20,000

30,000

40,000

50,000

60,000

2015 2016 2017 2018 2019


17,772

10,312

18,738 18,706

25,541

0

5,000

10,000

15,000

20,000

25,000

30,000

2015 2016 2017 2018 2019


43,156

66,49077,946

59,71249,789

010,00020,00030,00040,00050,00060,00070,00080,00090,000

2015 2016 2017 2018 2019


4,844,499

5,975,0287,033,782

6,247,254

4,970,422

01,000,0002,000,0003,000,0004,000,0005,000,0006,000,0007,000,0008,000,000

2015 2016 2017 2018 2019

Number of Trades

7,006

12,345

15,01913,036

13,962

02000400060008000

10000120001400016000

2015 2016 2017 2018 2019

Index: EGX 30

Mill

ion

USD

Mill

ion

USD

Trad

es

Poi

nts

Mill

ion

Sh

ares

76% 21% -13% 7%

2019 ANNUAL REPORT


BAHRAINBOURSE

19,098 19,22721,608 21,747

27,769

0

5,000

10,000

15,000

20,000

25,000

30,000

2015 2016 2017 2018 2019


292 330

561

859760

0

200

400

600

800

1000

2015 2016 2017 2018 2019


516734

1,130

1,441

1,157

0200400600800

1000120014001600

2015 2016 2017 2018 2019


14,19716,217

19,440 19,22520,712

0

5,000

10,000

15,000

20,000

25,000

2015 2016 2017 2018 2019

Number of Trades

1,216 1,2201,332 1,337

1,610

0200400600800

10001200140016001800

2015 2016 2017 2018 2019

Index: BAX

Mill

ion

USD

Mill

ion

USD

Trad

es

Poi

nts

Mill

ion

Sh

ares

0.3% 9% 0.4% 20%


2019 ANNUAL REPORT

AMMANSTOCK EXCHANGE

25,366 24,456 23,925 22,74021,036

0

5,000

10,000

15,000

20,000

25,000

30,000

2015 2016 2017 2018 2019


4,820

3,286

4,127

3,271

2,236

0

1,000

2,000

3,000

4,000

5,000

6,000

2015 2016 2017 2018 2019


2,586

1,837 1,717

1,246 1,247

0

500

1,000

1,500

2,000

2,500

3,000

2015 2016 2017 2018 2019


955,987 898,982786,156

717,494

511,754

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

2015 2016 2017 2018 2019

Number of Trades

2,136 2,170 2,1271,909 1,815

0

500

1000

1500

2000

2500

2015 2016 2017 2018 2019

Index: AMGNRLX

Mill

ion

USD

Mill

ion

USD

Trad

es

Poi

nts

Mill

ion

Sh

ares

2% -2% -10% -5%

2019 ANNUAL REPORT


IRAQSTOCK EXCHANGE

7,721 7,7968,934 9,458 9,718

0

2,000

4,000

6,000

8,000

10,000

12,000

2015 2016 2017 2018 2019


413 430

750

389

237

0100200300400500600700800

2015 2016 2017 2018 2019


618,726

1,038,2291,215,082

832,631

460,097

0

200,000

400,000

600,000

800,000

1,000,000

1,200,0001,400,000

2015 2016 2017 2018 2019


120,978112,230

95,806 91,06781,973

0

20,000

40,000

60,000

80,000

100,000

120,000140,000

2015 2016 2017 2018 2019

Number of Trades

731649

581510 494

0100200300400500600700800

2015 2016 2017 2018 2019

Index: ISX 60

Mill

ion

USD

Mill

ion

USD

Trad

es

Poi

nts

Mill

ion

Sh

ares

-11% -10% -12% -3%


2019 ANNUAL REPORT

TUNISSTOCK EXCHANGE

8,774

8,252

8,797

8,142

8,486

7,800

8,000

8,200

8,400

8,600

8,800

9,000

2015 2016 2017 2018 2019


982

744

969842

475

0

200

400

600

800

1000

1200

2015 2016 2017 2018 2019


274 274 279250

172

0

50

100

150

200

250

300

2015 2016 2017 2018 2019


436,982 438,327 446,210495,967

360,733

0

100,000

200,000

300,000

400,000

500,000

600,000

2015 2016 2017 2018 2019

Number of Trades

5,0425,489

6,2827,272 7,122

010002000300040005000600070008000

2015 2016 2017 2018 2019

Index: TUNINDEX

Mill

ion

USD

Mill

ion

USD

Trad

es

Poi

nts

Mill

ion

Sh

ares

8% 14% 15% -2%

2019 ANNUAL REPORT


BEIRUTSTOCK EXCHANGE

11,220 11,903 11,4739,675

7,759

02,000

4,000

6,000

8,000

10,000

12,000

14,000

2015 2016 2017 2018 2019


629

972

762634

902

0

200

400

600

800

1000

1200

2015 2016 2017 2018 2019


75

12087 90

200

0

50

100

150

200

250

2015 2016 2017 2018 2019


9,68411,107

10,0888,640

6,000

0

2,000

4,000

6,000

8,000

10,000

12,000

2015 2016 2017 2018 2019

Number of Trades

1,170 1,212 1,149977

786

0

200

400

600

800

10001200

1400

2015 2016 2017 2018 2019

Index: BLSI

Mill

ion

USD

Mill

ion

USD

Trad

es

Poi

nts

Mill

ion

Sh

ares

4% -5% -15% -20%


2019 ANNUAL REPORT

PALESTINEEXCHANGE

3,339 3,390

3,891

3,735 3,758

3,0003,1003,2003,3003,4003,5003,6003,7003,8003,9004,000

2015 2016 2017 2018 2019


320

445 469

353

274

0

100

200

300

400

500

2015 2016 2017 2018 2019


175

233271

185

143

0

50

100

150

200

250

300

2015 2016 2017 2018 2019


31,014 34,010

53,205

35,03029,276

0

10,000

20,000

30,000

40,000

50,000

60,000

2015 2016 2017 2018 2019

Number of Trades

533 530575

529 526

0

100

200

300

400

500600

700

2015 2016 2017 2018 2019

Index: Alquds

Mill

ion

USD

Mill

ion

USD

Trad

es

Poi

nts

Mill

ion

Sh

ares

-1% 8% -8% -1%

2019 ANNUAL REPORT


DAMASCUS SECURITIES EXCHANGE

427 351

1,475 1,524

2,422

0

500

1000

1500

2000

2500

3000

2015 2016 2017 2018 2019


4 6

29

59

75

01020304050607080

2015 2016 2017 2018 2019


8,36520,001

28,834 30,749

84,765

010,00020,00030,00040,00050,00060,00070,00080,00090,000

2015 2016 2017 2018 2019


4,202

8,809

23,66021,778

17,865

0

5,000

10,000

15,000

20,000

25,000

2015 2016 2017 2018 2019

Number of Trades

1,228 1,618

5,983 6,190 5,837

0

1000

2000

3000

4000

50006000

7000

2015 2016 2017 2018 2019

Index: DWX

Mill

ion

USD

Mill

ion

USD

Trad

es

Poi

nts

Mill

ion

Sh

ares

32% 270% 3% -6%


2019 ANNUAL REPORT

KHARTOUMSTOCK EXCHANGE

2,259 2,432

2,975

1,0091,309

0500

1,000

1,500

2,000

2,500

3,000

3,500

2015 2016 2017 2018 2019


271

663

126

29 290

100

200

300

400

500

600

700

2015 2016 2017 2018 2019


272 317

1,082

1,371

465

0200400600800

1000120014001600

2015 2016 2017 2018 2019


30,307

43,24137,995

22,112 22,334

0

10,000

20,000

30,000

40,000

50,000

2015 2016 2017 2018 2019

Number of Trades

2,859 3,1194,202

13,317

15,964

02000400060008000

1000012000140001600018000

2015 2016 2017 2018 2019

Index: KSE

Mill

ion

USD

Mill

ion

USD

Trad

es

Poi

nts

Mill

ion

Sh

ares

9% 34% 216% 19%

Closing 2019, and looking forward to 2020 where turbulence is still the name of the game, we hope to increase AFE’s memberships, refocusing on a different value proposition to affiliate members, and introducing fresh products.

Address:

Bechara El Khoury Street, facing the Ministry of Finance Ghanaga Building,

Fifth Floor Beirut – Lebanon

P.O. Box: 11-9696 Riad El-Solh Beirut – Lebanon

Telephone/Fax: +961-1-643749 +961-1-643436

General Contact: [email protected]

Statistics & Reports: [email protected]

OFFICE

Monday - Friday: 8:00 am to 4:00 pm

Saturday - Sunday: Closed

BUSINESS HOURS

Documents

ANNUAL REPORT 2019...gust 2017 as per the Prime Ministerial Decree No.1759/2017. Prior to his appointment Farid served as the Chairman and CEO of Dcode EFC, a leading economic forecasting