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Thu 31 Aug 2006 08:00 PM

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Hawkamah works with Yemen

Hawkamah Institute for Corporate Governance (Hawkamah), a subsidiary of DIFC, will work with the Yemeni Ministry of Finance to promote better corporate governance practices in Yemen. Hawkamah will also provide advice on the establishment of the country’s first stock market and capital market authority. Hawkamah and the Yemeni Ministry of Finance says they aim to improve the corporate governance practices of firms in Yemen, including state-owned enterprises (SOEs), listed companies, family-owned enterprises (FOEs) and small and medium enterprises (SMEs).

Legal and regulatory frameworks will be developed in line with international best practice. “The DIFC welcomes this initiative, whereby our expertise is being used to promote international corporate governance standards within the framework of Yemen’s first stock market,” said His Excellency, Dr. Omar Bin Sulaiman, governor of the DIFC. “The Hawkamah Institute for Corporate Governance is well-positioned to advise the Yemeni Authorities on this important step towards developing their economy.”

Hawkamah was set up by DIFC to promote the cause of corporate governance across the Arab region. It is working with organisations in several countries, including the Emirates Securities and Commodities Authority (ESCA) and the Institute of International Finance.

DIFC will work with the IIF to launch of one of the first-ever corporate governance surveys of the GCC countries. The joint Hawkamah-IIF team intends to interview interested parties in order to compile a report that will advise regulators and companies on how to improve corporate governance.

Hawkamah’s work with Emirates Securities and Commodities Authority (ESCA) will focus on development of a first ever corporate governance code for listed companies in the UAE.

A memorandum of understanding (MoU) also exists with the Egyptian Banking Institute. The objectives of the MoU are to improve corporate governance in Egypt’s public and private entities; to develop a regulatory framework for the banking sector in line with international best practices; and to encourage the creation of Companies Houses in Egypt and the MENA region.

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