Trading began in the shares of Orascom Construction on Nasdaq Dubai following its listing today on the region’s international exchange.
Osama Bishai, Chief Executive of Orascom Construction, rang the market-opening bell to celebrate the event. The ceremony took place in the presence of His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC), as well as senior representatives of Orascom Construction, Nasdaq Dubai and Dubai Financial Market.
HE Essa Kazim, Governor of DIFC and Chairman of Dubai Financial Market (DFM), said: “As one of the most prominent companies in Egypt and the region, Orascom Construction’s decision to choose Dubai for its primary listing reflects the rapid expansion of financial and capital markets synergies across the Middle East. We in Dubai are delighted to be playing a role in fostering regional and international cooperation and wealth creation.”
Orascom Construction, whose headquarters is in the DIFC, was created on March 7, 2015, by the demerger of the engineering and construction business of OCI NV, which is listed on Euronext Amsterdam.
Osama Bishai, Chief Executive of Orascom Construction commented: “We are excited to be part of Nasdaq Dubai and are pleased to announce the start of official trading of Orascom Construction shares as the company embarks on this new chapter of growth. Orascom Construction will continue to focus on delivering exceptional value to its shareholders as it has always done in the past. We believe that our dual listing on NASDAQ Dubai and the Egyptian Exchange will provide our current and future shareholders with accessibility to our stock.”
Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said: “Nasdaq Dubai is committed to maintaining and enhancing its excellent technical infrastructure as well as its global and regional investor links, for the benefit of Orascom Construction and all our issuer companies. We look forward to listing further regional and international companies in 2015 and beyond.”
Hamed Ali, Chief Executive of NASDAQ Dubai, said: “Nasdaq Dubai offers issuers all the advantages of an international listing, from a base in the business and finance hub of the Middle East, including unique global visibility, recognition, and investor accessibility. We are delighted to welcome Orascom Construction to NASDAQ Dubai. ”
Orascom Construction has obtained the Egyptian Exchange's approval for the listing of its shares there conditional on the completion of listing on Nasdaq Dubai. Shares on Nasdaq Dubai and the Egyptian Exchange will be fully fungible, following the creation in 2014 of clearing and other technical links between Nasdaq Dubai and Misr for Central Clearing, Depository and Registry (MCDR).
Nasdaq Dubai is the international financial exchange in the Middle East. It allows companies to benefit from a unique investor pool that combines regional and international wealth, making it a globally unique platform for companies to raise money and for investors to find exciting opportunities.