DFM, Egyptian Clearing Company sign agreement to promote dual listing and share knowledge

DUBAI: UAE’s Dubai Financial Market (DFM) and Egypt’s Misr for Central Clearing, Depository and Registry (MCDR) on Thursday signed a cooperation agreement paving the way for listed companies on DFM and the Egyptian Exchange (EGX) to fully utilise the enormous and favorable features provided by the two sides.

A DFM press release said the agreement will also reinforce collaboration on various areas including dual and multi listing of securities and sharing of capital market expertise, particularly on training and improving skills and proficiency of capital market employees and participants in both countries.

The agreement was signed by Essa Kazim, Chairman of DFM, and Mohammed Abdulsalam, Chairman of MCDR.

“We are delighted to sign this agreement with MCDR, as we maintain strong and prolonged relationship with them for many years. We are confident that this agreement will play a crucial role in expanding collaboration between both sides and promoting dual listing,” said Kazim.

He added that pushing relationship between the two counties a step forward will benefit investors as well as companies considering that Egypt is an important market for UAE businesses including many DFM-listed companies and similarly, many Egyptian companies are operating in the UAE. “According to this agreement, we will create a favorable environment that encourages companies to list on both markets.” For his part, Chairman of MCDR said that, considering the Emirate of Dubai and DFM’s prominence internationally as well as MCDR leading position in Egypt and beyond, he believes that the two sides are well positioned to provide an ideal formula of collaboration in the Arab world and beyond.

SOURCE: WAM