Nasdaq Dubai strikes dual listings deal in Egypt



Nasdaq Dubai, the emirate’s international stock market, has struck a deal with Egyptian financial authorities that could lead to dual listings of companies on both markets.

The deal, announced in Dubai by Hamed Ali, the chief executive of Nasdaq Dubai, and Mohamed Salam, chairman of the Egyptian body Misr for Central Clearing, Depository and Registry (MCDR), is the first of its kind for a UAE exchange, and could herald similar deals with other exchanges.

The accord “aims to create operational connections that will support seamless trading of securities on both stock markets,” a joint statement said.

“MCDR and Nasdaq Dubai also intend under the agreement to promote broad capital markets cooperation between the UAE and Egypt.”

Mr Ali said: “This is a landmark event and major stepping stone for Dubai.” He added that Nasdaq Dubai was in early negotiations with other exchanges “within six hours’ flying time from Dubai” with a view to clinching similar deals.

“Nasdaq Dubai is important for Egypt because it is a window on the world to international markets,” said Mr Salam.

The Egyptian stock exchange – with a market capitalisation around US$72 billion – is bigger than Nasdaq Dubai, valued at $29bn. But Egypt is seeking greater liquidity and international exposure for its equity markets, Mr Salam said.

“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,” he added.

Mr Ali 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.”

Both executives stressed that the plans are at an early stage.

However, there was agreement that the new arrangement might be attractive to UAE companies like Emaar, which is in the process of assessing plans to float its Egyptian business via an initial public offering.

Arabtec, with a big Egyptian business to build $40bn worth of residential property, was also mentioned as a possible candidate for dual listing, although it is currently listed on the Dubai Financial Market.

“Arabtec? Why not? It would be welcome, as would any Emirati company,” said Mr Salam.

Dual listings would require the approval of the Dubai Financial Services Authority, the regulator for Nasdaq Dubai, and the Egyptian Financial Services Authority, the Cairo financial watchdog.

There are no Egyptian companies currently listed on UAE exchanges. One, the Commercial International Bank, was delisted from the Abu Dhabi Securities Exchange in 2010 because of lack of trading activity.

Mr Ali said that Nasdaq Dubai officials would be spending more time in Egypt in coming months assessing the practicalities of implementing the agreement. “We will be talking to a lot of organisations,” he added.

One challenge is the fact that stocks on Nasdaq are quoted in US dollars, whereas the Egyptian pound is standard in Cairo. “The currency risk will be managed by the client. There are lots of opportunities for arbitrage in the proposed plan,” added Mr Salam.

MCDR is the Egyptian body responsible for clearing and settlement of stock trades, and is linked to other international clearing organisations like Euroclear and Clearstream. It is owned by banks, brokers and the Egyptian stock exchange.

Nasdaq Dubai already shares a trading and settlement system with DFM.

fkane@thenational.ae

Follow The National's Business section on Twitter

Indika

Developer: 11 Bit Studios
Publisher: Odd Meter
Console: PlayStation 5, PC and Xbox series X/S
Rating: 4/5

MATCH INFO

Tottenham 4 (Alli 51', Kane 50', 77'. Aurier 73')

Olympiakos 2 (El-Arabi 06', Semedo')

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

Profile of Hala Insurance

Date Started: September 2018

Founders: Walid and Karim Dib

Based: Abu Dhabi

Employees: Nine

Amount raised: $1.2 million

Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers

 

Dengue fever symptoms
  • High fever
  • Intense pain behind your eyes
  • Severe headache
  • Muscle and joint pains
  • Nausea
  • Vomiting
  • Swollen glands
  • Rash

If symptoms occur, they usually last for two-seven days

Poacher

Director: Richie Mehta

Starring: Nimisha Sajayan, Roshan Mathew, Dibyendu Bhattacharya

Rating: 3/5

Chinese Grand Prix schedule (in UAE time)

Friday: First practice - 6am; Second practice - 10am

Saturday: Final practice - 7am; Qualifying - 10am

Sunday: Chinese Grand Prix - 10.10am

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

Yemen's Bahais and the charges they often face

The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.

The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran. 

Today, some 2,000 Baha'is reside in Yemen, according to Insaf. 

"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said. 

Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer. 

The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy. 

 

WHAT IS 'JUICE JACKING'?

• Juice jacking, in the simplest terms, is using a rogue USB cable to access a device and compromise its contents

• The exploit is taken advantage of by the fact that the data stream and power supply pass through the same cable. The most common example is connecting a smartphone to a PC to both transfer data and charge the former at the same time

• The term was first coined in 2011 after researchers created a compromised charging kiosk to bring awareness to the exploit; when users plugged in their devices, they received a security warning and discovered that their phones had paired to the kiosk, according to US cybersecurity company Norton

• While juice jacking is a real threat, there have been no known widespread instances. Apple and Google have also added security layers to prevent this on the iOS and Android devices, respectively

Scoreline:

Manchester City 1

Jesus 4'

Brighton 0

Inside Out 2

Director: Kelsey Mann

Starring: Amy Poehler, Maya Hawke, Ayo Edebiri

Rating: 4.5/5

SPECS: Polestar 3

Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September

The specs: 2017 Maserati Quattroporte

Price, base / as tested Dh389,000 / Dh559,000

Engine 3.0L twin-turbo V8

Transmission Eight-speed automatic

Power 530hp @ 6,800rpm

Torque 650Nm @ 2,000 rpm

Fuel economy, combined 10.7L / 100km

The specs

Engine: 1.8-litre 4-cyl turbo
Power: 190hp at 5,200rpm
Torque: 320Nm from 1,800-5,000rpm
Transmission: Seven-speed dual-clutch auto
Fuel consumption: 6.7L/100km
Price: From Dh111,195
On sale: Now


Energy This Week

Expert analysis on oil & gas renewables and clean energy

      By signing up, I agree to The National's privacy policy
      Energy This Week