Dubai and Egyptian stock markets eye cooperation

AP, Sunday 15 May 2011

Exchanges agree on a framework to encourage dual listings of companies with operations in both countries

Dubai's main stock market is working with the Egyptian Exchange to make it easier for companies to list their shares on both trading boards.

The Dubai Financial Market and the Cairo exchange agreed Sunday to set up a framework to encourage dual listings, particularly for companies with operations in both Egypt and the United Arab Emirates.

Executives say closer cooperation will boost liquidity and offer investors more diversity.

Egypt's stock market has yet to recover from a steep plunge following uprisings that pushed longtime President Hosni Mubarak from office. Dubai has been spared the Arab world's unrest, but its stock market faces competition from rival exchanges in neighboring oil-rich Gulf cities.

Short link: