Egypt, Sydney bourses sign MoU

Egypt and Sydney bourses have signed Wednesday a memorandum of understanding that aims to exchange information across their business areas.

Through the MoU, the Egyptian Exchange (EGX) and Sydney Stock Exchange (SSX) shall create possibilities for a range of opportunities aimed to develop their businesses, products, and markets as well as to share knowledge and build on both bourses’ strategies of strengthening international connectivity.

“This memorandum of understanding further complements EGX’s strategy to cooperate with global exchanges beyond its traditional markets in Africa, the Middle East, and Europe.” Egyptian bourse chairman Mohamed Omran said.

“It is the first time ever that EGX has signed an MoU with an exchange located in Australia. We look forward to a fruitful collaboration with SSX for the benefit of both exchanges, and aim to cross list and trade securities that would provide new investment alternatives to investors in both markets,” he added.

“This collaboration will extend SSX’s reach beyond Asia Pacific to Africa and encourage trade and capital flows between Australia and Egypt.” said Tony Sacre, chief executive of Sydney Stock Exchange.

“Africa is a strong trade corridor for the Australian and Asian economies.” Sacre added.

The Australian official further said that the new partnership with the Egyptian bourse would focus on developing innovative companies and listings in sectors such as mining, oil and gas, real estate, technology, agribusiness, and consumer and business services.