(JUBA) – Somalia’s new National Securities Exchange is exploring opportunities with Kenyan companies to allow cross listing on the Mogadishu stockmarket, in a move that could expand investment options for Somali investors.
The exchange launched in June is planning to begin trading in early 2026. Its chief executive, Yasin Ibar, said discussions are underway with four Kenyan firms from the financial services, real estate, and logistics sectors. The aim is to allow these companies to sell shares to Somali investors, potentially offering both capital gains and dividend income. Mr Ibar did not disclose the names of the companies, citing the sensitivity of ongoing negotiations.
The NSES hopes to attract around $2 billion (14.2 billion SSP) annually from Somalis living abroad, a source of funding that has already strengthened the market’s foundation. Over the next five years, the exchange plans to sell up to 20 per cent of its shares to the public through an initial public offering, opening up ownership beyond private investors.
East Africa has a growing history of cross listing. Eight Kenyan firms, including Nation Media Group, KCB Group, East African Breweries, Kenya Airways, and Jubilee Holdings, are listed on multiple regional exchanges such as the Uganda Securities Exchange and the Dar es Salaam Stock Exchange. Some, like Equity Bank, NMG, and KCB, are also cross-listed on the Rwanda Stock Exchange.
Only two companies from East African Community partners have listed on the Nairobi Securities Exchange: Uganda’s utility Umeme in 2012 and Rwanda’s Bank of Kigali in 2018.
The Mogadishu exchange is initially targeting companies in energy, telecommunications, banking, real estate, and agriculture. It also intends to introduce government-backed Shariah-compliant bonds, known as Sukkuk, and Real Estate Investment Trusts to fund development projects and infrastructure.
Several telecommunications and energy companies have already expressed interest in listing, with the first IPO expected in January or February 2026. NSES executives have engaged stakeholders and potential candidates, indicating strong demand from these sectors.
The establishment of the NSES is considered a major step in Somalia’s financial evolution that provides a structured platform for local and regional investment while tapping into the country’s diaspora resources.
Selected Cross Listed East African Companies
| Company Name | Home Exchange | Other Listings | Sector |
|---|---|---|---|
| Nation Media Group | NSE Kenya | USE Uganda, DSE Tanzania, RSE Rwanda | Media |
| KCB Group | NSE Kenya | USE Uganda, DSE Tanzania, RSE Rwanda | Banking |
| East African Breweries | NSE Kenya | USE Uganda, DSE Tanzania | Beverages |
| Kenya Airways | NSE Kenya | USE Uganda, DSE Tanzania | Aviation |
| Jubilee Holdings | NSE Kenya | USE Uganda, DSE Tanzania | Insurance |
| Equity Bank | NSE Kenya | USE Uganda, RSE Rwanda | Banking |
| Centum Investments | NSE Kenya | USE Uganda | Investments |