BRVM, a stock exchange headquartered in Abidjan, Ivory Coast, is a member of the World Federation of Exchanges (WFE), apart from being a participant in the African Exchanges Linkage Project (AELP). It is also the world’s first fully integrated regional stock exchange, serving the eight member states of the West African Economic and Monetary Union (WAEMU): Benin, Burkina Faso, Cote d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.

According to BRVM, “As global capital looks beyond traditional markets, the West African Economic and Monetary Union (WAEMU) is fast emerging as a credible destination for diversified, growth-oriented investment. BRVM Investment Days brings together policymakers, issuers and investors, offering a clear view of capital markets and portfolio opportunities across the region. The BRVM enters 2026 on the back of sustained momentum. Over the past five years, the BRVM Composite Index has nearly doubled, rising by 99.15%, with a further 25.26% gain in 2025 despite global uncertainty. Market capitalisation has reached CFA 24,781 billion (approximately $40 billion), representing 18.37% of WAEMU GDP. Returns remain above 8% on equities and around 6% on bonds. WAEMU’s economic growth, estimated at 6.7% in 2025, combined with a reduction in budget deficits, creates a favourable macroeconomic environment. This stability, coupled with a dynamic and well-regulated financial market, offers US investors a unique opportunity to gain exposure to one of Africa’s most promising regions.”

“The BRVM is no longer a frontier story — it is a market delivering consistent performance with expanding access. For investors looking beyond traditional markets, WAEMU offers a rare combination of growth, returns and increasing liquidity,” said Dr. Edoh Kossi Amenounve, Chief Executive Officer (CEO) of the BRVM.

He listed out recent developments around BRVM, including new listings like the Banque Internationale pour l’Industrie et le Commerce du Benin (BIIC), enhanced disclosure standards and the rollout of new instruments such as derivatives, ETFs and ESG-linked indices, that have consolidated the stock exchange’s already dominated position further. Sustainable finance is also gaining traction, with five green bond issuances raising close to CFA 170 billion.

Dr. Amenounve continued, “At the same time, the BRVM is expanding access through its participation in the African Exchanges Linkage Project (AELP), improving cross-border market access and broadening investor reach across African markets. BRVM Investment Days offers investors direct access to the institutions and issuers shaping the region’s markets. It is an opportunity to gain a deeper understanding of the fundamentals and see where capital can be best deployed with confidence.”

BRVM Investment Days 2026 will bring together institutional investors, investment advisors, corporate advisors, bankers, policymakers and market participants from across WAEMU and the diaspora. The previous successful editions in London, Paris, New York, Dubai and Johannesburg attracted over 100 investors and financiers (in each city).

The New York chapter will host prominent events such as a panel discussion on ’WAEMU Economic Outlook — Integration, Industrialisation & Investment Opportunities,’ which will cover the West African region’s macroeconomic outlook, fiscal and monetary frameworks, and investment priorities.

Also, banking executives will discuss their approach to sourcing capital for regional issuers, apart from outlining the sectors and types of securities presenting investment opportunities, and sharing their perspectives on how local capital markets are developing and becoming increasingly attractive to international investors.

Another panel discussion, titled ’Capital Markets & Financial Innovation — Green Finance & Infrastructure Instruments’, will explore emerging asset classes and financial instruments supporting infrastructure and sustainable investment across WAEMU. Speakers will discuss opportunities for international investors, including infrastructure financing vehicles, green finance instruments, and cross-border investment structures.

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The entity has also issued Resolution No. 1 of 2026, amending its rulebook to incorporate provisions specific to bonds and sukuk, in addition to completing an integrated suite of operational and technical measures, including the introduction of a dedicated trading board for bonds and sukuk that is separate from equities.

“Trading sessions and price limits were structured to reflect the distinct nature of these instruments, differing from conventional equity trading mechanisms. Together, these measures represent a significant addition to the Kuwaiti capital market and constitute a pivotal step toward developing its investment environment and diversifying its instruments in line with international best practices,” said Boursa Kuwait.

“We are pleased to announce the completion of full operational and technical readiness for this phase, as system tests conducted by Boursa Kuwait and the capital market apparatus delivered successful results, confirming the trading infrastructure’s readiness. Boursa Kuwait is now fully equipped to receive listing applications and operate the bonds and sukuk trading platform, with instruments to be listed upon meeting the applicable regulatory requirements,” remarked the exchange’s CEO Mohammad Saud Al Osaimi.

Noting that investor confidence in Kuwait’s capital market is a trust the exchange is committed to upholding, Al Osaimi added, “What sets this phase apart is the introduction of new investment instruments at a time when the region is facing exceptional geopolitical challenges. This reflects the depth of investor confidence in Kuwait’s national economy and its capital market, underscoring the apparatus’s commitment to continued development despite these conditions.”

“We would also like to reassure all market participants that trading systems are operating at full efficiency, and that Boursa Kuwait is distinguished by a robust operational infrastructure that provides investors with the tools and environment needed to manage their portfolios with confidence,” he continued.

Resolution 38 establishes a comprehensive regulatory framework, covering the full lifecycle of bonds and sukuk in the Kuwaiti capital market, from listing and daily trading through to early redemption or maturity.

The new framework will further govern the listing of both domestic and foreign issuances, setting out ongoing obligations for issuers and obligors throughout the listing period and defining procedures for delisting and withdrawal, including mechanisms for the treatment of these instruments in relation to their exclusion from market indices.

The resolution’s regulatory amendments also align with five clear strategic objectives that reflect the long-term direction for the Kuwaiti capital market.

“These include aligning the Kuwaiti capital market’s regulatory framework with standards recognised in global capital markets, establishing a clear and structured approach to listing and trading that provides legal certainty for all stakeholders, and enhancing market liquidity through the introduction of a new class of tradable instruments. The amendments also aim to strengthen disclosure standards and transparency in a manner that serves investors’ interests and reinforces their confidence, while supporting greater diversification of investment instruments in the Kuwaiti market and reducing reliance on equities as the primary investment vehicle,” Boursa Kuwait added.

“For the first time ever, Kuwaiti and foreign companies can finance their operations and projects through the issuance of listed bonds or sukuk on Boursa Kuwait, benefiting from clear and viable financing advantages. The instruments allow issuers to secure funding at competitive costs compared to traditional bank borrowing and access a broader and more diversified investor base beyond conventional lenders,” it remarked.

Under the new framework, companies seeking listing in Boursa Kuwait must meet conditions designed to safeguard investor interests. These include obtaining a credit rating from a recognized rating agency, adhering to a minimum issuance value of no less than KD100,000 (USD 322,860) or its equivalent in foreign currencies, ensuring free tradability without restrictions and establishing a body to represent and protect the interests of bond or sukuk holders.

“Additionally, sukuk issuances must comply with the principles and rules of sharia,” Boursa Kuwait concluded.

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Nestle products include baby food, medicinal products, mineral water, breakfast cereals, coffee and tea, confectionery, dairy, ice cream, frozen food, pet food and snacks. Around 29 Nestle brands generate annual sales in excess of CHF 1 billion (approx. USD 1.1 billion dollars), those brands include Nespresso, Nescafe, Kit Kat, Smarties, Nesquik, Stouffers, Vittel and Maggi. Nestle has 447 factories, operates in 189 countries and employs around 339,000 people. It is one of the major shareholders of L’Oreal, the world’s largest cosmetics company.

Recently, the company said that they have hired London Stock Exchange Group’s (LSEG) finance chief Anna Manz as its new Chief Financial Officer. Anna Manz will replace Francois-Xavier Roger, who the company stated is stepping down to “pursue new professional challenges” after eight years in the position.

“On behalf of our Board of Directors and our Executive Board, I would like to offer our sincere thanks to Francois. He has supported us in shaping and implementing our value creation strategy and has helped steer Nestle through a very turbulent macroeconomic environment over the last three years. We wish him all the best for his next endeavours. At the same time, we are thrilled to welcome Anna Manz to Nestle. Anna Manz has spent her career growing businesses and improving operational efficiencies. Her deep knowledge of the consumer goods industry, combined with her extensive experience across many corporate functions, make her uniquely positioned to help lead Nestlé into its next phase of value creation,” Mark Schneider, CEO of Nestle said.

Who is Anna Manz?
• Anna Manz was born and brought up in London, England, United Kingdom
• She completed her schooling at Withington Girls’ School and her bachelor’s and master’s in Chemistry from the University of Oxford
• According to her LinkedIn profile, in 1997, Anna Manz started working for Unilever Company as a Trainee
• In 2004, she joined Diageo, a British multinational alcoholic beverage company and spent 17 years handling a number of senior finance roles, including Chief Strategy Officer and member of the Executive Committee, Finance Director of Spirits North America, Group Treasurer, and Finance Director Asia Pacific
• From the year 2016 to 2020, Anna Manz was Chief Financial Officer and Executive Director of Johnson Matthey, leading its Finance, Procurement and IT functions
• She was appointed Chief Financial Officer of London Stock Exchange Group (LSEG) and joined the Board of LSEG plc. as a Director in November 2020, bringing significant consumer, financial and strategic experience to the Group
• Anna Manz is also a Non-Executive Director at ITV, a British media company that holds 13 of the 15 regional television licences
• In May 2023, Nestle appointed her as Chief Financial Officer
• In 2022, Anna Manz was shortlisted for the Women in Finance Awards as CFO of the Year
• According to the London Stock Exchange Group, as the CFO, Anna Manz received a salary of £650,000

Anna Manz has leadership responsibilities in AstraZeneca too

In April 2023, AstraZeneca PLC, a British-Swedish multinational pharmaceutical and biotechnology company announced that Anna Manz has been appointed as a Non-Executive Director and member of the Audit Committee which will be effective from September of this year.

AstraZeneca Chairman Michel Demare said, “We are delighted to welcome Anna to the AstraZeneca Board. She brings extensive cross-sector business skills and knowledge to the Board, having held international roles in North America and Asia Pacific and served as an executive and non-executive in large, listed companies. Anna’s significant financial and strategic leadership experience, including in areas such as risk, treasury and accounting, will enable her to fully contribute to the work of our Audit Committee.”

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ThinkSmart employes 100 people at its base in Old Trafford and also has an office in Australia. It has soled 90% of ClearPay’s share capital to fast-growing Australian company AfterPay Touch Group.

The company is being acquired in exchange for 1 million shares in AfterPay. Meanwhile, ThinkSmart is retaining the remaining 10% shareholding in the company—which will be made available to ClearPay employees under an employee share ownership plan.

Executive chairman Ned Montarello stated:  “The board is pleased to crystallise a significant return on investment for shareholders with the sale of 90% of ClearPay, while still retaining an ongoing investment in what, in our view is the leading player in this sector globally, having recently successfully entered the US market.

“AfterPay’s product, ongoing success and go to market strategy is compelling and we are delighted to now be a part of this story.” He added.

“In a market three times the size of Australia the acquisition of ClearPay will assist AfterPay in becoming the dominant player in the UK market with the potential for significant growth over the next five years.” He concluded.

AfterPay is acquiring ClearPay’s corporate identity—which includes its contracts with relevant service providers and key employees with local knowledge of the UK market. Existing retailers and customers who currently use ClearPay’s system will be given the chance to move to AfterPay’s global platform, which is expected to be launched in the UK within the next six months.

ThinkSmart Europe said it will continue to operate its existing core credit and leasing business, and to invest in its digital payments solution SmartCheck, in a statement on the London Stock Exchange.

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The transaction, which was initiated after market close on September 12, 2017, was the first-of-its-kind on the Saudi Stock Exchange.

HSBC Saudi Arabia acted as sole bookrunner and broker on the transaction. Abuhimed Alsheikh Alhagbani (AS&H) Law Firm in Saudi Arabia, in co-operation with Clifford Chance, advised the Savola Group.

The trade promotes the Kingdom’s objective of increasing international participation in the Saudi financial markets with the majority of the orders received for this transaction coming from international and regional investors.

Savola Group is one of the Kingdom’s largest food production companies and Almarai is the biggest dairy firm in the Arabian Gulf. They are both listed on the Saudi Stock Exchange (Tadawul). Savola intends to use the proceeds of the sale SAR1.12 billion for general corporate purposes. With a post-transaction holding of 34.52%, Savola will continue to be the largest shareholder in Almarai Company.

AS&H Law Firm Partner and Head of the AS&H Capital Markets Practice, Mansoor Al-Hagbani, who co-led the team with Clifford Chance Partner Omar Rashid, said, “Once again we have confirmed to the Saudi and international markets our leading edge expertise through our work on this first-of-its-kind accelerated book-built block trade. Congratulations to our client, Savola Group, the other advisers, and to our combined talented team of AS&H and Clifford Chance lawyers.”

Savola Group CEO Rayan Fayez said, “We are proud to pioneer the overnight accelerated block trade in the Kingdom and we believe that this transaction solidifies Tadawul’s position as a leading and world class regional exchange. We were delighted with the support we received from our team of advisors for this first-of-its-kind transaction.”

Huda Al Lawati, Chief Investment Officer for the Savola Group, said, “This sale is in line with the Group’s active capital reallocation and strategic investment mandate and, on completion, will generate total proceeds of SAR1.12 billion and a profit of SAR694 million for the Group. We were delighted to work with AS&H Law Firm in co-operation with Clifford Chance on this transaction given their Saudi law expertise and knowledge of market practice on such trades in international capital markets.”

Clifford Chance Partner Omar Rashid, who is seconded to AS&H in Riyadh and co-led the team on this transaction, said, “We are delighted to have supported Savola Group on an historic transaction of this kind. Accelerated book-built block trades are relatively common in international capital markets, so we are delighted to have worked on what we hope will also provide the blue print and benchmark for future block trades on the Saudi Stock Exchange. This deal also represents another step in promoting international investment in the capital markets in the Kingdom in accordance with Vision 2030.”

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“It is vitally important that Tadawul’s market participants, both domestic and foreign, have access to a transparent and exceptional trade environment that conforms to the highest international standards,” said Khalid Abdullah Al Hussan, Chief Executive Officer of Tadawul. “We have aggressively moved forward with a number of initiatives to strengthen corporate governance, improve investor relations capabilities of Saudi corporates, and bring Saudi Arabia’s trade settlement cycle into line with standard practice in a number of developed markets.”

Tadawul has implemented a number of significant changes, many of which are set to go into effect by the close of Q2 2017. Recent changes include:

• Adoption of new corporate governance rules issued by the Saudi Capital Markets Authority (CMA) in February. The rules enhance the rights of shareholders and board members and provide greater clarity and more transparency around determining commercial strategic planning, and roles, responsibilities and oversight of corporate entities and third parties.
• Adoption of the Global Industry Classification Standard (GICS) which enhances comparability of corporates across markets and enables easier analysis of sector performance. The standard was formally adopted in January.
• Investor relations training for Tadawul’s 24 corporates with the most international exposure and liquidity, to be conducted from mid-April through mid-May. The program will enhance transparency and disclosure and enhance investor relations capabilities within Saudi listed companies.
• Amending the settlement cycle to T+2 for all listed securities to increase the level of asset safety for investors and to unify the settlement duration for all types of listed securities across most international markets. The changes will go into effect on Sunday, April, 23 2017.
• Enabling foreign participation in Saudi IPOs. Through the Kingdom of Saudi Arabia’s Qualified Foreign Investor (QFI) program, registered QFIs will be able to participate in domestic IPOs.
• Introduction of Nomu, a parallel equity market for Qualified Investors that offers lighter listing requirements and serves as an alternative platform for companies to go public.
• Enhancements to the Independent Custody Model which enable custodians to reject the settlement of unconfirmed trades executed by the executing brokers.
• Introduction of a Delivery versus Payment Model (DvP) to comply with the principle of DvP, wherein the delivery of securities occurs only if the corresponding payment occurs.
• Introduction of securities borrowing and lending and covered short-selling
• Dropping the Exchange requirement of cash prefunding for specific investors, and leave the timing of cash availability to the contractual terms between Authorized Person and the investor, which will align trading practice with good international standards, and standardize institutional investors’ trading processes especially investment funds.

The reforms undertaken by Tadawul play an important role in the development of the Saudi capital market and reinforce the Exchange’s active role in supporting the Kingdom of Saudi Arabia’s (KSA) Vision 2030 plan, and efforts to diversify the Kingdom’s reliance on oil and make its equity market more attractive to foreign investors. Since opening the markets to QFIs in June 2015 and introducing updates to the program in August of last year, Tadawul has registered a total of 56 international financial institutions.

The reforms and outreach to investors are also helping Tadawul prepare for anticipated inclusion in emerging market indices such as Morgan Stanley Capital International (MSCI). Continued Al Hussan, “As part of the Kingdom’s efforts to achieve Emerging Markets status and demonstrate genuine engagement with institutions, Tadawul has conducted three road shows to date in the U.S., Europe, and Asia with more than 250 participating investors, which together represent at least USD $18.05 Trillion in investable assets. Based on the positive feedback and interest received to date, we hope to see a continued rise in QFI applications and registrations through year end.”

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Tadawul (the Saudi Arabia stock exchange) is the sole entity authorised in the Kingdom of Saudi Arabia to act as the kingdom’s securities exchange (the Exchange), listing and trading in securities, as well as deposit, transfer, clearing, settlement, and registry of ownership of securities traded on the Exchange.

The Tadawul is currently the largest equity market in the GCC and MENA regions, with a market cap exceeding $400 billion, and has historically enjoyed high levels of liquidity, ranked 4th relative to its emerging market peers in terms of value of shares traded.

HRH Prince Mohammed Bin Nawaf Al Saud, the Saudi ambassador in the UK, along with His Excellency Minister of Finance Mohammed Al-Jadaan were present at the meeting.

The UK delegation included CEO of the London Stock Exchange Group Xavier Rolet, and UK ambassador in Saudi Arabia Simon Collis. CEO of Tadawul Engineer Khalid Al-Hussan received the Prime Minister at the media centre of Tadawul.

Following the visit, Prime Minister May and the UK delegation attended a meeting organised by Tadawul with representatives from key government sectors, including Governor of the Saudi Arabian Monetary Agency (SAMA), Chairman of the Capital Market Authority (CMA), and Governor of the Saudi Arabian General Investment Authority (SAGIA), in addition to representatives from the private sector. The meeting focused on enhancing economic relations and exploring possible future areas of cooperation between KSA and the UK.

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August 1, 2016: Telecom Egypt (TE), the state-owned landline company, said its board had tentatively approved plans to buy a fourth-generation mobile license and a company official said it would offer the services within a year of obtaining frequencies.

Egypt is selling four 4G licenses as part of a long-awaited plan to reform the telecom sector.

The reforms will allow Telecom Egypt to enter the market directly and clear the road ahead for Egypt’s three mobile operators – Orange Egypt EMOB.CA, Vodafone Egypt, and Etisalat — to offer fixed-line services.   This will end the Telecom Egypt’s monopoly.

TE said in a statement on the stock exchange website that its board of directors had given its preliminary approval on July 28 and a full study of the 4G license plan would now be presented to the investment committee.

The operators have until the first week of August to submit responses.

The company’s shares were traded on the Egyptian Stock Exchange at 9.25 pounds, up by 1.3 per cent.

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