The Dubai Financial Market (DFM) has agree to collaborate with the Egyptian Exchange to set up a comprehensive framework that will pave the way for listed companies on both exchanges to dually list their shares.

This initial agreement between the two sides is the outcome of the Egyptian Exchange’s delegation visit to DFM as part of a GCC roadshow.

“We are considering a memorandum of understanding that will outline the areas of cooperation, the necessary mechanisms and the timeframe to achieve our goals in addition to sharing expertise in information technology and training,” said Essa Kazim, managing director and chief executive, DFM.

“Taking the relations between two of the major exchanges in this part of the world a step forward will further improve the liquidity and benefit both investors and companies. As we all know the Egyptian market is one of the main international markets for UAE companies including many DFM listed companies. Similarly, there are many Egyptian companies that have major operations in the UAE. Those companies are ideal for potential dual listings, and we are going to have the suitable framework to see this happening at the earliest,” Kazim concluded.

“There are promising opportunities for DFM and the Egyptian Exchange which complement each other’s strengths in light of their competitive advantages. Additionally, the dual listings we are considering will further diversify investment opportunities offered to investors,” added Mohammed Abdulsalam, chairman of the Egyptian Exchange.-TradeArabia News Service