The Dubai Financial Market (DFM) has signed an agreement with Egypt's securities clearing house to promote the dual listing of Egyptian companies.
Dubai’s agreement with Misr for Central Clearing, Depositary and Registry (MCCDR) follows a similar deal between Nasdaq Dubai and MCCDR last month.
“Pushing our relationship a step forward will benefit investors as well as companies, considering that Egypt is an important market for UAE businesses,” said Essa Kazim, the DFM’s chairman. “Similarly, many Egyptian companies are operating in the UAE. We believe that these companies provide perfect candidates for dual listing.”
The DFM has dual listings for 12 companies from Kuwait, Bahrain and Sudan.
Egypt’s Orascom Construction Industries, which is listed in Amsterdam, said last month that it was planning to spin off its construction and engineering business, and list it in Egypt and the UAE in the first quarter of next year, subject to shareholder and regulatory approval.
The DFM closed up 1.4 per cent yesterday.
dalsaadi@thenational.ae
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