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    AFCM Annual Conference Countdown
    Months Days Hours
    March 29 | March 30
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    About Bahrain Bourse

    Bahrain Bourse Company B S C C is a self-regulated multi-asset marketplace. Bahrain Bourse aims to offer to its investors, issuers, and intermediaries a comprehensive suite of exchange-related facilities including offering listing, trading, settlement, and depositary services for various financial instruments. 

    We aim to offer our stakeholders with the best investment and trading solutions, and pair it with creative insights and problem solving skills to provide our investors, issuers, and intermediaries with valuable resources to meet their every expectation. Our key growth pillars underpins our way of conducting business and how we interact with our stakeholders: Origination, Innovation, Collaboration, and Pioneering Spirit, and all of them working together is what enables us to offer you with an "Oasis of Investment Opportunities".

    Our history extends back to 1987, which marked the establishment of "Bahrain Stock Exchange (BSE)", the predecessor of "Bahrain Bourse (BHB)". Since then, Bahrain Stock Exchange has achieved milestone successes, largely attributed to the support of the Government of Kingdom of Bahrain and the collaboration provided by its stakeholders. In 2010, Bahrain Bourse was established as a shareholding company to replace Bahrain Stock Exchange. 

    Since its establishment, BHB has joined several regional and international organizations such as the Union of Arab Stock Exchanges, World Federation of Exchanges "WFE", Africa & Middle East Depositories Association "AMEDA", and Association of National Numbering Agencies "ANNA", which enables Bahrain Bourse to bolster its position within the global capital markets.

    About Arab Federation of Capital Markets

    The Arab Federation of Capital Markets was established in June 1978 to be the guiding body for the Arab stock exchanges, under the recommendation of the Arab Central Banks Conference, held under the auspices of the General Secretariat of the League of Arab States in the Hashemite Kingdom of Jordan.  The headquarters of the Arab Federation of Capital Markets is located in Beirut, Lebanon.

    The AFCM is the Arab industry group for 17 exchanges and 3 Clearing houses (CSD’s), and multiple of affiliate members (financial institutions, brokerage firms) from all around the Arab regions (GCC, Levant and Arab African countries). The Federation was set up to contribute to the “development of regulations and promoting harmonized and proactive legislations, and exchanging viewpoints and providing opportunities for cooperation among members”.

    AFCM has 4 different permanent committees: Financial Institutions committee, Fintech & Innovation committee, Business Development Committee, Sustainability Committee.

    Sh. Khalifa Bin Ebrahim Al Khalifa
    Chief Executive Officer

    Integrated Arab capital markets are at the heart of building resilience. Scale and depth matter, as does a common regulatory framework. Capital markets are vital to fund the transformation of our economies and infuse a healthy bounce back following recovery from Covid-19 impact. When technology, finance, integration, and sustainability unite around a common purpose, the consequences of an efficient and well-integrated Arab capital markets can be far-reaching.

    We look forward to welcoming our distinguished audience comprised of representatives from capital markets, fund and asset management industries, institutional investors, policy makers, and regulators across the region in the upcoming AFCM Annual Conference: Bahrain 2022 to be hosted in the Kingdom of Bahrain by Bahrain Bourse during the period 29-30 March 2022, as we take over the presidency from colleagues at Tadawul.

    We believe that whilst financial institutions can and should provide a good share of funding towards post Covid-19 recovery roadmap, capital markets can provide innovative tools to close the investment gap. Capital markets are better suited to financing projects with a defined purpose, directly linking investors to the impact they intend to achieve. And they are also better at drawing retail investors towards supporting transformative activities. During our presidency of the AFCM, we will continue to work closely with all members to promote the AFCM’s development and support its strategy in ensuring a well-connected and integrated Arab capital markets.

    Rami El Dokany
    Secretary General, Arab Federation of Capital Markets

    2021 was a very exciting year for the federation and we are looking forward for 2022. we have achieved major success in last year’s annual conference, and we are certain that this year’s annual conference will grow us bigger. What makes it super exciting that we can finally reunite in Bahrain both physically and virtually.
    During the conference, the AFCM presidency will be moved to Bahrain Bourse, the largest event for exchanges and financial markets in the Arab world.
    This year we will cover different topics from our diversified set of panels to discuss the different aspects of sustainability to technology and innovation, as well as trading and central depository activities among many others.

    Request Invitation

    Please fill the form below and our team will contact you soon.

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      Our Speakers
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      Dr. Mahmoud Mohieldin
      Executive Director - International Monetary Fund (IMF)

      Dr. Mohieldin, is an economist with more than 30 years of experience in international finance and development. He is an Executive Director at the International Monetary Fund. He has been the United Nations Special Envoy on Financing the 2030 Sustainable Development Agenda since February 2020.

      He was Minister of Investment of Egypt from 2004-2010, and most recently, served as the World Bank Group Senior Vice President for the 2030 Development Agenda, United Nations Relations and Partnerships. His roles at the World Bank also included Managing Director, responsible for Human Development, Sustainable Development, Poverty Reduction and Economic Management, Finance and Private Sector Development, and the World Bank Institute; World Bank President’s Special Envoy on the Millennium Development Goals (MDGs), the Post-2015 Development Agenda (later, the Sustainable Development Goals (SDGs)), and Financing for Development; and Corporate Secretary and Executive Secretary to the Development Committee of the World Bank Group’s Board of Governors.

      Global Head Capital Markets and Funds Services - Euroclear

      Stephan Pouyat is Global Head of Capital Markets and Funds Services at Euroclear. The Capital Markets business represents €33 trillion of assets under custody across the group, while the Funds Services business represents approximately €1 trillion.

      His unit’s role is to deliver operational excellence in all markets in which it operates, with a particular focus on 28 emerging economies where it works to support the expansion of local debt capital markets and their funds services requirements.

      Stephan is a trusted advisor to Ministers of Finance, Governors and Deputies, including the Heads of Debt Management and various regulatory bodies, and is a highly regarded speaker in the industry.

      He regularly engages in discussions with senior government officials in emerging markets aimed at increasing market liquidity, attracting additional capital flows and simplifying access to international investors for local issuers.

      The combination of financial market reform and access to Euroclear’s global network can play a major part in supporting development in the world’s emerging economies by helping them secure the capital flows required to fund investment in physical and social infrastructure.

      Stephan has also held a number of senior positions within Euroclear in product management, network management, as chief of staff to the UK and Dutch CEOs, and in corporate restructuring and corporate strategy.

      Prior to joining Euroclear, Stephan was employed by Federated Investors as vice president for e-commerce, where he developed a web-based settlement engine.   He has a Master’s degree from both Eurecom and Polytechnique Lausanne (Switzerland) and has completed an Executive Program at Harvard Business School.

      Deborah A. Fuhr
      Managing Partner & Founder - ETFGI

      Deborah Fuhr is the owner, managing partner and founder of ETFGI, an independent research events and consultancy firm launched in 2012 in London.  The firm offers paid for subscription research, consulting and events.   She is a partner and founder of ETF TV a show to provide a monthly insight into the ETF ecosystem across Europe, the Americas and Asia Pacific markets for ETFs professionals and investors.  Ms Fuhr is a founder and board member of Women in ETFs a non-profit in the United States.  She is a founder, board member and co-president of Women in ETFs EMEA a limited company in England.  

      Previously, she served as global head of ETF research and implementation strategy and as a managing director at BlackRock/Barclays Global Investors from 2008 – 2011.  Fuhr also worked as a managing director and head of the investment strategy team at Morgan Stanley in London from 1997 – 2008, and as an associate at Greenwich Associates.

      Deborah Fuhr was made a Fellow of CFA UK in January 2020, was the recipient of the 2018 lifetime achievement award, 100 Women in Finance’s 2017 European Industry Leadership Award, the 2014 William F. Sharpe Lifetime Achievement Award for outstanding and lasting contributions to the field of index investing, the Nate Most Greatest Contributor to the ETF industry award at the 11th annual awards dinner in 2015, the Lifetime achievement award in 2015.  She has been named as one of the “100 Most Influential Women in Finance” by Financial News over several years, most recently in 2016, and as one of the “10 to Watch in 2014” by Rep. magazine and Ms Fuhr won the award for the Greatest Overall Contribution to the development of the Global ETF industry in the survey in 2011 and 2008 and received an award for her contribution to the ETF sector at the annual closed end funds and ETF event in New York and was featured in the Investors Chronicle’s list of “150 people that can make you money” in 2010.

      Ms Fuhr frequently writes articles for various publications including: Financial News, ETFI Asia, CityWire, FT Advisor, Pensions and Investments, IPE: Investments and Pensions Europe, Focus -World Federation of Exchanges and the Financial Times.  She wrote the appendix on International ETFs in the CFA Research Foundation book the Comprehensive Guide to ETFs download for free at

      Ms Fuhr is one of the founders and on the board of Women in ETFs as well as Women in ETFs EMEA chapter, is on the board of Cancer Research UK’s ‘Women of Influence’ initiative to support female scientists.  Ms. Fuhr has served on the editorial board of the Journal of Indexes (United States), Journal of Indexes (Europe), and Money Management Executive; the advisory board for the Journal of Index Investing; and the investment panel of experts for Portfolio Adviser, the FTSE ICB Advisory Committee, the International Advisory Committee for the Egyptian Exchange, and the University of Connecticut School of Business International Advisory Board. She holds a BS degree from the University of Connecticut and an MBA from the Kellogg School of Management at Northwestern University.

      Ahmed Kouchouk
      Vice Minister Finance - Fiscal Policies & Institutional Reform Egypt

      Ahmed Kouchouk was appointed Vice Minister of Finance for Fiscal Policies & Institutional reform in March 2016. Since then, he has been playing a leading role in designing and implementing Egypt’s macroeconomic policies reforms especially fiscal and debt policies. Mr. Kouchouk served as the leading negotiator and focal point on behalf of the Government of Egypt with the IMF. Mr. Kouchouk in his capacity, supervises and oversees the work of various policy and strategy related units and departments at the ministry of Finance including Macro Fiscal Unit, Debt Management Unit, Public Private Partnership unit, Transparency and Citizen Engagement unit, Public Financial Management unit, and institutional reform unit.

      Mr. Kouchouk leads and supervises several work streams at the Ministry of Finance including engagement with international institutions, Rating agencies, Investment Banks, and portfolio investors. He also supervises and manage the process of setting and updating the Macro Fiscal Framework including setting fiscal debt & targets over the medium-term, preparing the annual budget, monitoring budget implementation, managing fiscal risks, and overseeing debt strategy and related policies.

      Mr. Kouchouk serves as a Director for Egypt and Constituency 6 at the Asian Infrastructure Investment Bank (AIIB) Board of Directors. In addition, he served as a Board Member at the Central Bank of Egypt from April 2016 to June 2018 and at Egypt Air Holding company from 2018-2019. He also leads Egypt’s inter-ministerial task force managing annual economic dialogue with the EU. Mr. Kouchouk is currently a board member at the Arab African Investment Bank, Egypt National Academy for Training, Misr Fertilizer Production Company (MOPCO), and Misr El Gadida for Housing and Development.

      Mr. Kouchouk is a professional economist and policy advisor with more than 20 years of applied experience. He worked as a senior economist for the World Bank from June 2013 to March 2016. He worked as an Economic Advisor to the Minister of Finance and Director of the Macro Fiscal Unit from 2012-2013 and served as the Executive manager of the Macro Fiscal Policy Unit at the Ministry of Finance from 2007-2008 and 2010-2012. He also worked for the Egypt Ministries of External Trade and Economy.

      Mr. Kouchouk earned his master’s degree in public policy from Harvard Kennedy School of Government in 2010 and earned a master’s degree in economics from the University of York in the United Kingdom in 2002. He has a B.S, in Economics in 1999 from the American University in Cairo.

      Adam Kostyál
      SVP, Corporate Client Group & Head - European Listings, Nasdaq, and Stockholm

      Mr. Kostyál has been with Nasdaq for the more than 10 years. He currently manages the Listing franchise for Nasdaq in the Nordics including the Nasdaq Stockholm, Nasdaq Copenhagen, and Nasdaq Helsinki listing offering. In addition he also manages the European listing offering for companies wanting to list or dual list in the US. There are more than 300 companies from the EMEA region listed or dual listed on Nasdaq in the US. Prior to his current role Adam held various positions within Nasdaq and prior to this with Cell Network and Bloomberg with Cell Network, Bloomberg and Enron. He holds a B.A in Economics and Marketing from Vrije Universiteit, Bruxelles, and speaks four languages including English, Swedish, Italian and French, and is also the proud father of five spectacular children!

      Rafael Plata
      Secretary General - European Association of CCP Clearing Houses

      Rafael is the Secretary General of the European Association of CCP Clearing Houses (EACH), the trade organisation that represents the interests of European CCPs. A government affairs professional with over 19 years of experience in the financial services industry, Rafael has also represented the interests of regulated market at FESE and worked for the European Parliament as well as in investment consulting.

      He is a Member of the Consultative Working Group for ESMA's CCP Policy Committee, an Editorial Board member of the Journal of Securities Operations & Custody, an Invited lecturer on CCP Clearing at the Solvay School of Economics and Management and Vice-President and Chair of Leadership Circle at the European Society for Association Executives.

      Rafael studied Business and Economics at ETEA, University of Córdoba (Spain) and The University of Birmingham (UK) and holds a master degree in European Economics from the Free University of Brussels (Belgium).

      Anna Theorin
      Head of Product - Nasdaq’s clearing technolog

      Anna Theorin serves as the Head of Product for Nasdaq’s clearing technology offering at Nasdaq Market Technology. Based in Umeå, Sweden, Anna is responsible for developing the long-term vision for Nasdaq’s clearing technology product portfolio, while leading a team of post-trade technology professionals in their work to ensure high-quality and efficient delivery of clearing solutions tailored for the needs of tomorrow. Prior to her current role at Nasdaq, Anna spent over 10 years in the fintech and insurance industries, working with multiple clients across the globe as a business analyst and product manager. She is passionate about identifying technical solutions that provide standardization while tailored to clients' unique selling points, and guiding her clients in their own innovation journeys to develop services and solutions for the financial ecosystem of the future.  

      Anna holds a Ph.D in Medicine and a Master’s Degree in Cognitive Science from Umeå University.

      Sherif Salem
      CIO - Public Markets Chimera Capital

      Sherif heads the Public Markets department at Chimera Capital, where he oversees Chimera’s ETF business.  Sherif was part of the team that established and launched the first UAE SCA-registered physical-in-kind ETF, and the first ETF in the region with two share classes. Sherif has over 20 years of investing experience covering equity markets in the Middle East and Africa.  Prior to joining Chimera Capital, he held senior fund manager positions at Invest AD and National Bank of Abu Dhabi, managing UAE, MENA and Africa mandates.  He began his career as a buy-side analyst in the Egypt-based investment bank, EFG-Hermes, in 1997.  Sherif has a MSc from Henley Business School and a BA in economics from the American University in Cairo.  

      Mazen Wathaifi
      Chief Executive Officer (CEO) - Amman Stock Exchange (ASE)

      Mr. Wathaifi is the Chief Executive Officer (CEO) of the Amman Stock Exchange (ASE) since September 2019. He joined the Amman Financial Market (AFM) in1984 and became the Director of the Research and Studies Department at the AFM in 1997. He was appointed as the Director of the Research and International Affairs Department at the Jordan Securities Commission (JSC) in 1999. Among his main responsibilities were conducting researches on matters related to capital market regulation and activities, and following up the JSC's relations with related international organizations including the International Monetary Fund (IMF), the World Bank, the International Organization of Securities Commissions (IOSCO), Union of Arab of Securities Authorities (UASA), and International securities regulators. He took part in internal committees that drafted the Securities Law and legislations governing various activities in the national capital market. He headed the committee that drafted the Corporate Governance Code for Shareholding Companies Listed on Amman Stock Exchange. He is a member in several local, Arab, and international working groups and task forces. Mr. Wathaifi was appointed as the Executive Director of the JSC in July 2013. In July 2014 he was appointed by the Jordanian Council of Ministers as a commissioner on the JSC's Board of Commissioners in addition to the responsibilities of the Secretary General of the JSC. He holds the BA in Business and Economics in addition to High Diploma in banking studies and the Master's degree in finance/ financial markets. He received training in a number of international institutions and institutes including the US Securities and Exchange Commission (SEC), the British Financial Services Authority (FSA), the American University, and the Capital Market Research Center at the George Town University in Washington.  He participated, and represented the JSC in several conferences and seminars on Arab and international levels. 

      Maya Marissa Malek
      Managing Director/CEO - Amanie Advisors’ global office

      Maya Marissa Malek is the Managing Director/CEO of the Amanie Advisors’ global office, based in Dubai. Maya is a multiple award-winning Islamic finance expert and Executive Leader (also recognised as one of the “Top-50 Most Influential Women in Middle East Finance” by Financial News UK of Dow Jones Group) with extensive experience driving strategic planning and collaboration with key industry players – including regulators, corporates, banks, and standard-setting bodies. She skilfully bridges efforts of diverse regulatory and structural groups – identifying and targeting performance/operations gaps, equipped with history of success working closely with globally-renowned Shariah scholars while creating awareness of Islamic finance worldwide. Her profession in and passion for Islamic finance has taken her around the globe creating awareness on Islamic finance, innovating and creating demand for Islamic finance to take root. She is also an Associate Member of the Chartered Islamic Finance Professional association, a member of the Green Sukuk Working Group in UAE and Shariah consultant for the IFC, World Bank Group and a frequent Islamic finance speaker at Chatham House, the Royal Institute of International Affairs, UK, the world’ most influential think tank.

      Shaikh Khalifa bin Ebrahim Al Khalifa
      Chief Executive Officer - Bahrain Bourse

      Shaikh Khalifa bin Ebrahim Al Khalifa was appointed Chief Executive Officer of Bahrain Bourse in 2014. In this role, he is leading the development and execution of the Bourse’s overall strategy and has directed the creation and implementation of Bahrain Bourse’s business & functional strategies, including restructuring Bahrain Bourse to be in line with the organization’s vision, mission, and strategic goals, as well as initiating the Bahrain Investment Market, a unique stock market that targets companies in the growth and development stages.

      Sh. Khalifa has an extensive experience in business development consultancy & strategy development. He joined Bahrain Bourse in 2010 as Deputy Director for Central Securities Depository (CSD) and Information Technology. In 2013, he was promoted to Chief Operating Officer where he played a structural role in development of the Market Rules, implementation of a new trading engine powered by NASDAQ OMX's X-stream trading platform, and implementation of the Bourse’s 2016-2020 strategy. His previous experience covers the areas of structured products, business development, and strategy development and implementation.

      He graduated from King Fahad University of Petroleum and Minerals in Saudi Arabia with a Bachelor’s Degree in Science of Finance in 2000. He went on to earn an MBA from the CASS Business School – London in 2008.

      Mohamed Farid
      Executive Chairman - The Egyptian Exchange (EGX)

      Dr. Mohamed Farid Saleh was appointment as the Executive Chairman of EGX since August 2017 as per the Prime Ministerial Decree No. 1759/2017. Currently, Dr. Farid is the Chairman of the Federation of Euro‐Asian Stock Exchanges (FEAS), a board member of The Arab Federation of Capital Markets (AFCM), a Board member of the African Securities Exchanges Association (ASEA), and the Chairman of the Emerging Markets Working Group at the World Federation of Exchanges (WFE). Prior to his appointment as EGX Executive Chairman, Farid served as the Chairman and CEO of Dcode EFC, a leading economic forecasting and advisory firm in Egypt.

      Furthermore, between 2013 & 2016, Mr. Farid 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 [FRA]. Additionally, he was the Vice Chairman of the Egyptian Exchange in 2010‐2011.

      Farid holds a PhD in Financial Economics from Cardiff Metropolitan University, an MSc in Quantitative Finance from CASS Business School in the United Kingdom, an MSc in Economics, Finance & Investment from York University, an MBA from the Arab Academy for Science, Technology & Maritime Transport (ASST), a certificate in Venture Capital form UC Berkley, the United States of America, a certificate in Time‐Series Analysis from Timberlakes Cambridge, and BSc in Foreign Trade and Economics from Helwan University.

      He also served as a part time lecturer in Financial Markets, International Finance, Financial Derivatives at the American University in Egypt (AUC) and at the Arab Academy for Science, Technology and Maritime Transport (ASST).

      Sara Abdul Samad
      Director of Data Services - Boursa Kuwait Securities Company.

        Sara Abdul Samad is the Director of Data Services at Boursa Kuwait Securities Company. She has joined the exchange since 2005, and has been working in the market data for around 14 years.  

      Sara is responsible for developing the data services strategy and directing its implementation in alignment with the company’s overall strategy. She leads the development of business plans, budgets, policies and procedures of the data department, and all data related product development.  

      Prior to joining Boursa Kuwait, Sara was the head of the Research Department at an investment company where she was responsible for conducting analysis of the international financial markets including FOREX, Indices and commodities, producing daily market reports based on fundamental and technical analysis including forecasts and recommendations, as well as conducting trainings and presentations on the financial market.

      She was also in charge of writing a weekly full-page market analysis in an economic newspaper.

        Sara is a Chartered Financial Analyst (CFAÒ) Charterholder and a holder of an Executive Master in Business Administration (EMBA) from the American University of Beirut.

      Martin Janzen
      Managing Partner, Consultancy at Ntsal
      • 14+ years of Strategy Consultancy experience

      • Board Member of the German Arab chamber of commerce

      • Specialized in corporate strategy and monetization, in particular data monetization

      • Worked with clients across industries in Europe, North America, Middle East and Africa

      • Speaker in conferences across Europe, Middle East and Africa

      • Previous head of Financial Services in the MEA region for a global consultancy
      Les Male
      Chief Executive Officer(CEO) - Dubai Gold & Commodities Exchange (DGCX) and the Dubai Commodities Clearing Corporation (DCCC)

      Les is the Chief Executive Officer of both the Dubai Gold & Commodities Exchange (DGCX) and the Dubai Commodities Clearing Corporation (DCCC) - the largest and most diversified derivatives Exchange group in the Middle East. In 2019 the DGCX Group traded and cleared USD $866 billion, across four major asset classes; FX, Metals, Equities and Hydrocarbons. The DGCX Group enjoys a global membership base and several International accreditations for the Exchange (DGCX) and Clearing House (DCCC).

      Les Male has nearly 30 years’ experience in the Global Commodities industry with particular expertise across Exchanges, risk management and trading systems. As an extensively networked and award-winning business leader with a consistent track record of driving new business and growth, he builds outstanding customer relationships, whilst protecting and growing shareholder returns.

      Les joined DGCX in 2018 from Nasdaq where he was responsible for EU/UK client facing activities on the Global Commodities product suite. He started his career managing strategic projects for the UK Network Code, culminating in leading the development of Europe’s first gas spot market (the OCM), he later became Commercial Director at EnMO and then continued in that role for APX-Endex. In 2010 he became the European Managing Director for the Green Exchange, a US backed venture for global carbon trading. After acquisition by the CME Group, his role took on the European gas and Global LNG strategy for Nymex, prior to joining Nasdaq in 2014.

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