UAE and Egypt move towards more dual listings

DIFC 2A new exchange link between Nasdaq Dubai and Egypt could facilitate more dual listings and deepen financial ties in the region. Egyptian investors can now buy shares on Nasdaq Dubai, a stock exchange in the UAE that lists regional and international companies, directly and in Egyptian pounds, thanks to a connection with Misr for Central Clearing, Depository and Registry, which handles clearing and settlement in Egypt's capital markets. According to Hamed Ali, chief executive of Nasdaq Dubai, the initiative may encourage more Egyptian firms to pursue dual listings in Egypt and on Nasdaq Dubai. Such firms would follow the example of Orascom Construction, an Egyptian company whose March 2015 listing on Nasdaq Dubai included a dual listing link with Egypt. To support these cross-border ties, Beltone Market Maker, a subsidiary of Egyptian investment bank Beltone Financial Holding, recently joined Nasdaq Dubai as a member to provide market making services. Tarek Abdelbary, chairman of Misr for Central Clearing, Depository and Registry, says the new exchange link will help meet Egyptian investors' demand for overseas assets. ©2016 funds global mena

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