NASDAQ Dubai and MCDR sign collaboration agreement to support dual listings by Egyptian companies
- Share trading in Dubai as well as Cairo will give issuers greater access to international investors
NASDAQ Dubai and Misr for Central Clearing, Depository and Registry (MCDR) today signed a collaboration agreement to establish technical links, which would benefit companies wishing to dual list their shares on the Egyptian Exchange and NASDAQ Dubai.
The accord signed in Dubai aims to create operational connections that will support seamless trading of securities on both stock markets. MCDR and NASDAQ Dubai also intend under the agreement to promote broad capital markets cooperation between the UAE and Egypt.
Mohamed Soliman Abdel Salam, Chairman and Managing Director of MCDR, said: “This is an exciting development for Egyptian companies that have, or will have, a listing on the Egyptian Exchange and seek greater access to investors around the world through NASDAQ Dubai. As an international exchange, NASDAQ Dubai can provide businesses with unmatched global visibility and reach to underpin their expansion in the Middle East and beyond.”
MCDR is the sole provider of clearing and settlement services for the Egyptian Exchange. NASDAQ Dubai provides similar services for trading on its own market and has close ties to international central securities depositaries.
Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said: “Our accord with MCDR is a critical step in strengthening capital markets links in the region for the benefit of companies, investors and the wider economy. NASDAQ Dubai can provide Middle East issuers with all the benefits of the investor links provided by a major international exchange, together with close ties to regional investors.”
Hamed Ali, Chief Executive of NASDAQ Dubai, said: “Egypt is home to many first class companies that are well placed to take advantage of the international springboard that NASDAQ Dubai provides. We will build on our positive relationship with MCDR to create many new links with Egyptian businesses and capital markets participants."
About NASDAQ Dubai
NASDAQ Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds) and conventional bonds.
The majority shareholder of NASDAQ Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of NASDAQ Dubai is the Dubai Financial Services Authority (DFSA). NASDAQ Dubai is located in the Dubai International Financial Centre (DIFC).