Swedish technology group and exchange operator OMX is teaming with Egypt's Cairo & Alexandria Stock Exchange (CASE) to form a joint venture company that will provide IT services to financial institutions in the Middle East and Africa regions.
OMX says it has signed letter of intent with the Egyptian stock exchange operator to set up the JV, which will sell, develop and support IT systems for the financial markets in the two regions. This will include the systems currently being marketed by CASE technology subsidiary, Egypt for Information Dissemination (EGID).
OMX says it also expects to supply a new technology infrastructure for CASE, with support from the new, jointly owned, company.
Commenting on the move, Magnus Böcker, president and CEO of OMX, says: "The Middle East and Africa are important to us and the joint venture is an excellent way of strengthening our presence in these regions."
Maged Shawky Sourial, Chairman of CASE, adds that the JV will "provide markets in the Middle East and Africa with the latest and most sophisticated technologies".