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Dubai Financial Market, Egyptian Clearing Company Sign Agreement to Promote Dual Listing and Share Knowledge
Dec 25, 2014
Dubai Financial Market (DFM) and Misr for Central Clearing, Depository and Registry (MCDR), signed cooperation agreement on Thursday, 25th, December 2014, paving the way for listed companies on DFM and the Egyptian Exchange to fully utilize the enormous and favorable features provided by the two sides. 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.

His Excellency Essa Kazim, Chairman of DFM, signed the agreement with Mr. Mohammed Abdulsalam, Chairman of MCDR. It aims to build upon the leading position of the UAE, and Dubai in particular, as a center of innovation and economic development regionally and internationally as well as MCDR’s position as a leading central depository company in the region and beyond, particularly regarding electronic systems of trading, clearing and settlement, central depositary, electronic signature and other related services.

Commenting on this development, His Excellency Essa Kazim said; “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. Certainly, pushing our relationship 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. We believe that these companies provide perfect candidates for dual listing. According to this agreement, we will create a favorable environment that encourages companies to list on both markets.”

Mr. Mohammed Abdulsalam, Chairman of MCDR said; “Considering the Emirate of Dubai and DFM’s prominence internationally as well as MCDR leading position in Egypt and beyond, we believe that the two sides are well positioned to provide an ideal formula of collaboration in the Arab world and beyond. This agreement represents the core for broader cooperation supported by the constructive strategic partnership between the two countries.”

DFM is the leading dual listing venue for regional companies, with 12 listed securities from Kuwait, Bahrain and Sudan and the agreement is greatly expected to drive dual listings from Egypt considering the robust and rapidly developing relations between the UAE and Egypt.

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