The Dubai Financial Market (DFM) has signed a memorandum of understanding (MoU) with the Karachi Stock Exchange (KSE).

The MoU will encourage listed companies in both stock markets to cross list their equities, said an official spokesman.

The MoU was signed by chairman, DFM, Essa Kazim and managing director, KSE, Adnan Afridi in presence of the Consul General of Pakistan in Dubai Abdul Hamid Chaudhry and president, Pakistan Business Council (PBC), UAE, Dr S Qaiser Anis.

“This MoU signals the strengthening of ties between two of the wider region’s premier bourses,” said Kazim. “Just as Dubai is in the midst of a period of sustained economic growth, so too is the Pakistani economy experiencing strong upward momentum, with annual GDP growth approaching to eight per cent.”

“The Pakistan Business Council in the UAE arranged the MoU between the KSE and DFM, playing a vital role in bringing the two organisations together with the objective of developing the capital markets of the UAE and Pakistan and encouraging cross listings, creating more investment opportunities for investors in both countries. Earlier, the PBC helped arrange an MoU between DFM and the Central Depository Company of Pakistan,” said Dr Anis. – TradeArabia News Service