NASDAQ Dubai Delays Dual Listing Deal with Egypt’s Clearing House till Oct

NASDAQ Dubai decided to deter dual listing plans with Egypt’s Central Securities Depository (MCDR) till end of next October, said MCDR chairman Mohamed Abdel-Salam.

The dual listing agreement between NASDAQ Dubai and Egypt’s MCDR was scheduled for early September.

The UAE bourse’s postponement decision was due to its preparations for a huge initial public offering.

MCDR’s deal with NASDAQ Dubai will allow listed companies on both stock markets to dually list their shares in a bid to diversify investment opportunities offered to investors.

Abdel Salam said earlier that MCDR is keen on dual listing with all bourses in the region in order to facilitate dealings for companies wishing to trade in more than one stock market.
The agreement also includes exchange of technical expertise and skills between Egypt and UAE’s bourses.
MCDR had concluded several link-ups in preparation for dual listing with Kuwait Stock Exchange (KSE), Abu Dhabi Securities Exchange (ADX) and other markets in the region. Abdel Salam also said that MCDR has recently completed a study of the DVP mechanism and will submit it to the Egyptian Financial Supervisory Authority (EFSA) for endorsement.