Source: Dubai Financial Market, Karachi Stock Exchange
The Dubai Financial Market (DFM) announced today that it has signed a memorandum of understanding (MoU) with the Karachi Stock Exchange (KSE).
The MoU will encourage listed companies in both stock markets to cross list their equities.
The MoU was signed by Essa Kazim, Chairman, DFM, and Adnan Afridi, Managing Director, KSE, in the presence of H. E. Abdul Hamid Chaudhry, the Consul General of Pakistan in Dubai and Dr. S. Qaiser Anis, President, Pakistan Business Council (PBC), UAE.
"This MoU signals the strengthening of ties between two of the wider region's premier bourses," said Kazim. "Just as Dubai is in the midst of a period of sustained economic growth, so too is the Pakistani economy experiencing strong upward momentum, with annual GDP growth approaching to eight per cent.
"This agreement will provide great opportunities for both the DFM and KSE to share best practices in technology, expertise and training. Further, it will benefit listed companies in both markets, along with individual and institutional investors. I am extremely pleased to announce the signing of this important agreement."
"On behalf of the Karachi Stock Exchange, I am delighted to announce the forging of this new partnership with the Dubai Financial Market, which will lead to the cross listing of equities said Afridi. "This agreement comes as further evidence of the strength of the historic links that bind Dubai and Pakistan, which continue to grow even stronger. This is a significant announcement for the KSE and DFM, and a clear sign of even greater things to come."
Dr. Qaiser Anis said: "The Pakistan Business Council in the UAE arranged the MoU between the KSE and DFM, playing a vital role in bringing the two organisations together with the objective of developing the capital markets of the UAE and Pakistan and encouraging cross listings, creating more investment opportunities for investors in both countries. Earlier, the PBC helped arrange an MoU between DFM and the Central Depository Company of Pakistan."