Agreement to be concluded in September
Nasdaq Dubai is set to sign an agreement with Egypts Central Clearing, Depository and Registry (MCDR) in early September that will see listed companies on both stock exchanges able to dually list shares.
The aim of the tie-up is to diversify investment opportunities available to investors. The MCDR has already signed similar agreements with other regional exchanges including Kuwait Stock Exchange and Abu Dhabi Securities Exchange.
The tie-up with Nasdaq Dubai reflects the strengthening of political and economic ties between the UAE and Egypt.
Following the ousting of former Egyptian president Mohamed Mursi last July, the UAE, along with other Gulf states, provided billions of dollars of financial aid to the country.
UAE-based companies have also begun investing in Egypt, with construction and property developers Arabtec Construction and Majid al-Futtaim Group (MAF Group) planning large-scale investments in the North African country.