In an important step towards their mutual goals to build capital flows and communication channels, The Egyptian Exchange (EGX) and Sydney Stock Exchange (SSX) today signed a Memorandum of Understanding (MOU) that includes mutual cooperation and the exchange of information across both Exchanges' business areas.
Through this MOU the two exchanges have created possibilities for a range of opportunities to be studied and explored for the development of their businesses, products, and markets, and to share knowledge and build on both exchanges' strategies of strengthening international connectivity.
"This Memorandum of Understa nding further complements EGX's strategy to cooperate with global exchanges beyond its traditional markets in Africa, the Middle East and Europe. 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", said Dr. Mohamed Omran, Executive Chairman of EGX.
Mr Tony Sacre, CEO of SSX, said "We are delighted to be partnering with EGX in this initiative. This collaboration will extend SSX's reach beyond Asia Pacific to Africa and encourage trade and capital flows between Australia and Egypt. Africa is a strong trade corridor for the Australia n and Asian economies. Our new partnership will focus on developing innovative companies and listings in sectors such as mining, oil & gas, real estate, technology, agribusiness, and consumer and business services."