Misr Central Clearing, Depository, and Registry signed a memorandum of understanding (MoU) with the Saudi Securities Clearing Centre (Muqassa) to bolster relations and enhance economic cooperation between the two countries.

The agreement aims to foster the exchange of experiences and information in the field of securities clearing to come up with a more reliable package of services.

Khaled Rashid — Managing Director of Misr Clearing — said that the agreement came out of the company’s keenness to develop its role in promoting investment and activating economic relations in the field of securities by adopting a set of expansion policies that aim to increase and raise the efficiency of cooperation between Egypt and the rest of the Arab world to enhance economic cooperation.

Rashid also expressed his happiness to sign an agreement with one of the largest Arab clearing companies in the region due to the size of the Saudi market having an impact on the Arab and international stock market.

For his part, CEO of Muqassa Wael bin Abdullah Al-Hazani said: “We welcome the agreement with Misr Central Clearing, Depository and Registry, which falls within the framework of our continuous efforts to develop financial markets in the region and enhance its attractiveness.”

“Based on our pivotal role in the Saudi market — which is one of the largest financial markets in the world — we are pleased to explore opportunities for cooperation and exchange of information and skills on a regional scale with the aim of stimulating more reliable and effective clearing services in line with the practices adopted in the most advanced financial markets around the world,” he added.