Nasdaq Dubai, the region’s international financial exchange, has created a new share link with Egypt’s Misr for Central Clearing, Depository and Registry (MCDR), to enable Egyptian investors to easily buy and sell shares on Nasdaq Dubai.
The new link is useful for individual investors, who can use their Egyptian broker to trade easily on Nasdaq Dubai through MCDR, using Egyptian pounds, according to a Monday statement.
“As the Middle East’s international exchange, Nasdaq Dubai opens a door to the global capital markets for investors based in the region,” Chairman and Managing Director of MCDR Mohamed Soliman Abdel Salam said.
Vice Chairman and Managing Director of MCDR Tarek Abdelbary said Nasdaq’s link with MCDR is a significant new step towards facilitating dual listings by issuers in Egypt and the UAE.
“Nasdaq Dubai equities offer Egyptian investors new opportunities that are regulated to international standards,” CEO of Nasdaq Dubai Hamed Ali said during his visit to Cairo over the past few days.
“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 Duba.”
The new link enables Egyptian brokers to trade Nasdaq Dubai securities through a member of Nasdaq Dubai.
As for MCDR, it acts 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, according to the statement.
In March 2015, Orascom Construction’s primary listing at Nasdaq Dubai took place, which included a dual listing with Egypt enabled by MCDR.
In August 2015 Beltone Market Maker, a subsidiary of Egyptian investment bank Beltone Financial Holding, joined Nasdaq Dubai as a member to provide market making services.
