The Union of Arab Bourses will move its offices from Cairo to Beirut, the city originally planned as the headquarters for the group when it was created 19 years ago, the official INA news agency said Thursday.
After signing an accord with the union's secretary-general, Saafaq al-Rukaibi, Lebanese Finance Minister Georges Corm said the deal "proves that Lebanon has recovered its natural role" as a financial center in the Arab world, INA said.
The minister said the move should also benefit the Beirut stock exchange, which reopened its doors to trading in 1996 after having closed down for 13 years following the outbreak of the 1975-1990 Lebanese civil war.
The Union of Arab Bourses, founded in 1981, had originally planned to set up its offices in Beirut but was prevented from doing so by the war - BEIRUT (AFP)
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