First Egyptian firm lists on Dubai Financial Market
Essa Kazim, Youssef El Far and other officials during the market-opening bell welcoming Naeem Holding's listing on the Dubai Financial Market on Sunday.
Dubai - Listing reinforces DFM's status as a favoured hub for leading local, regional companies
By Staff Report
Published: Sun 25 Mar 2018, 6:56 PM
Last updated: Sun 25 Mar 2018, 9:59 PM
The Dubai Financial Market (DFM) on Sunday announced the listing of Naeem Holding for Investment, in a first step of its kind from an Egyptian company.
Trading commenced on the company's shares under the trading symbol NAHO, which appears on DFM screens, trading system and publications within the investment and financial services sector.
Youssef El Far, Naeem Holding's vice-chairman and CEO, rang the market-opening bell in the presence of Essa Kazim, chairman of the DFM, and Hussein Shobokshi, chairman of Naeem Holding, as well as senior representatives from both sides. The listing strengthens the prominent position of DFM as the most favoured listing venue for leading local and regional companies with 16 dual listing companies, and lifts the total number of listed companies to 67.
"We are delighted to welcome the listing of Naeem Holding on DFM as the first dual listing from Egypt on DFM. This significant step underlines the strong ties between the UAE and Egypt in general and the collaboration between DFM and both the Egyptian Exchange, EGX, and Misr for Central Clearing in particular," Kazim said.
"Building on what has been achieved, we believe that there is a sizeable opportunity to further strengthen this relationship in order to diversify opportunities for investors and create value for issuers," he said.
He said there are many leading companies listed on the DFM or the Egyptian Exchange that actively operate in both countries and represent potential candidates for dual listing. This new listing underlines businesses' high level of confidence in our exchange due to its world-class infrastructure, enormous and diversified investor base and innovative issuer services.
"These factors further strengthened DFM's leading position as most favoured listing venue for companies from the UAE and across the region and fortifies Dubai's position as an international financial hub."