Wednesday 16 January 2019

Link to enable Egyptian investors to trade on Nasdaq Dubai

DUBAI, February 1, 2016

Egyptian investors can buy and sell shares on Nasdaq Dubai, a leading financial exchange in the region, through a newly created link with Misr for Central Clearing, Depository and Registry (MCDR).
The new link will be particularly useful for individual investors, who can use their Egyptian broker to trade quickly and seamlessly on Nasdaq Dubai through Cairo-based MCDR, using Egyptian pounds, said a statement.
Mohamed Soliman Abdel Salam, chairman and managing director of MCDR, said: “As the Middle East’s international exchange, Nasdaq Dubai opens a door to the global capital markets for investors based in the region. We are delighted to facilitate transactions on the exchange for Egypt’s huge investor base, which has a significant appetite for diversified overseas investments.”
Dr Tarek Abdelbary, the vice chairman and managing director of MCDR , said that the link between MCDR and Nasdaq Dubai is an important new step towards facilitating dual listings by issuers in both countries that would be of benefit for everyone.
Speaking during a visit to Cairo, Hamed Ali, chief executive of Nasdaq Dubai, said: “Nasdaq Dubai equities offer Egyptian investors new opportunities that are regulated to international standards. 
"Our link with MCDR is a significant step forward in Dubai’s expanding capital markets ties with Egypt, which also include opportunities for Egyptian companies to dual list securities on Nasdaq Dubai.”
The new link will enable Egyptian brokers to trade Nasdaq Dubai securities through a Nasdaq Dubai Member, making use of MCDR’s technical relationship with the exchange, said the statement.
MCDR will act as settlement agent and custodian through its connection with Nasdaq Dubai’s central securities depositary, to support the transfer of shares between Egypt and Dubai, it said.
Meanwhile, Nasdaq Dubai Academy, the exchange’s training arm, is preparing a series of capital markets workshops for Egyptian financial professionals to be delivered in Cairo this year, it added. - TradeArabia News Service

Tags: Egypt | Dubai | Nasdaq | Link | Share | investor |

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