New share link enables Egyptian investors to trade easily on Nasdaq Dubai through MCDR
- Opportunity for Egyptians to diversify portfolios with overseas investments
- New link established as exchange plans further activities in Egypt
Egyptian investors can noweasily buy and sell shares on Nasdaq Dubai, the region’s international financial exchange, through a newly created link with Misr for Central Clearing, Depository and Registry (MCDR).
The new link is particularly useful for individual investors, who can use their Egyptian broker to trade quickly and seamlessly on Nasdaq Dubai through Cairo-based MCDR, using Egyptian pounds.
Mohamed Soliman Abdel Salam, Chairman and Managing Director of MCDR, said: “As the Middle East’s international exchange, Nasdaq Dubai opens a door to the global capital markets for investors based in the region. We are delighted to facilitate transactions on the exchange for Egypt’s huge investor base, which has a significant appetite for diversified overseas investments.”
Dr Tarek Abdelbary, the Vice Chairman and Managing Director of MCDR , said that the link between MCDR and Nasdaq Dubai is an important new step towards facilitating dual listings by issuers in both countries that would be of benefit for everyone.
Speaking during a visit to Cairo, Hamed Ali, Chief Executive of Nasdaq Dubai, said: “Nasdaq Dubai equities offer Egyptian investors new opportunities that are regulated to international standards. Our link with MCDR is a significant step forward in Dubai’s expanding capital markets ties with Egypt, which also include opportunities for Egyptian companies to dual list securities on Nasdaq Dubai.”
The new link enables Egyptian brokers to trade Nasdaq Dubai securities through a Nasdaq Dubai Member, making use of MCDR’s technical relationship with the exchange. MCDR acts as settlement agent and custodian through its connection with Nasdaq Dubai’s central securities depositary, to support the transfer of shares between Egypt and Dubai.
Nasdaq Dubai’s growing relationship with Egypt include the primary listing of Orascom Construction, which took place in March 2015 and involved a dual listing link with Egypt enabled by MCDR. Beltone Market Maker, a subsidiary of Beltone Financial Holding, one of Egypt’s leading investment banks, joined Nasdaq Dubai as a Member to provide market making services in August 2015.
Nasdaq Dubai Academy, the exchange’s training arm, is preparing a series of capital markets workshops for Egyptian financial professionals to be delivered in Cairo in 2016.