The memorandum of understanding (MoU) will allow cooperation between the two parties in terms of the development of financial instruments and mechanisms and form strategies to strengthen the position of both stock exchanges at the international level.
“This agreement comes in the framework of the EGX’s strategy to boost its presence on the international level, targeting to cooperate with new markets outside the traditional markets in Africa, the Middle East, and Europe,” said Mohammad Omran, chairperson of EGX.
He added that the EGX seeks, through cooperation with the Sydney Stock Exchange (SSX), to focus on creating opportunities for joint listing and enhance investment opportunities between the two markets.
Tony Saker, managing director of the SSX, expressed his delight about the cooperation with the EGX, adding that this cooperation will extend the work of the SSX beyond the Asia-Pacific and African markets and encourage capital flows between Australia and Egypt. He added that Africa is considered an important commercial corridor for Australian and Asian economies, noting that the new partnership will focus on the development of promising companies and list new companies in the mining, oil, gas, real estate, technology, agricultural, service, and commercial sectors.