Nasdaq OMX and Arab Common Exchange Holding (ACX) have signed a MoU to enter into a long-term strategic partnership to establish a pan-Arab network of exchanges owned and run by the private sector.

The MoU will create an initial taskforce to layout the framework of the partnership which will lead to establishing and operating a full-fledged exchange in Bahrain, reported the Gulf Daily News, our sister publication.

"ACX has embarked over the past year to develop a plan of action and preparation of necessary studies and business models appropriate for the development of the investment environment and the development of flexible mechanisms to ensure the flow of Arab capital, regional and foreign development projects of all sizes and sectors in the Arab world," ACX founder and chairman Safar Al Harthi said at the signing of the MoU which was held at the Capital Club.

Arab League's economic affairs assistant secretary general Dr Mohammad Al Twaijri was also present at the signing along with Bahrain-based capital markets expert Dr Fawzi Behzad, Nasdaq OMX senior vice-president Lars Ottersgerd and Middle East and Africa general manager James Martin.-TradeArabia News Service