Somalia Stock Exchange
| Somalia Stock Exchange Somalia Stock Exchange Investment Corporation |
|
|---|---|
| Type | Stock exchange |
| Location | Garowe, Somalia |
| Founded | 2012 |
| Owner | Federal Government of Somalia |
| Key people | Idd Mohamed (Chairman) |
| Currency | Somali shilling |
| No. of listings | 7 (initial) |
| Website | somalistockexchange.so |
The Somalia Stock Exchange (SSE), officially known as the Somalia Stock Exchange Investment Corporation, is the national bourse of Somalia.
Overview
The Somalia Stock Exchange was founded in 2012 by the Somali diplomat Idd Mohamed, Ambassador extraordinary and deputy permanent representative to the United Nations. It was established to attract investment from both Somali-owned firms and global companies in order to accelerate the ongoing post-conflict reconstruction process in Somalia.[1]
In August 2012, the SSE signed a Memorandum of Understanding with the Nairobi Securities Exchange (NSE) to assist it in technical development. The agreement includes identifying appropriate expertise and support.[1][2] Sharia compliant sukuk bonds and halal equities are also envisioned as part of the deal as Somalia's nascent stock market develops.[1]
As of November 2014, the Somalia Stock Exchange has established administrative offices in Mogadishu,[3] Kismayo, and other urban centers in Somalia. It also maintains a bureau abroad in Nairobi, where qualified Somali stockbrokers and staff are being trained.[4]
According to the SSE Chairman Mohamed, the bourse is slated to officially open in 2015. Initially, seven Somali-owned firms from the financial services, telecommunications and transportation sectors are expected to list their shares therein for prospective global investment.[4]
