Beltone Market Maker, a subsidiary of Beltone Financial Holding, one of Egypt’s leading investment banks, has begun providing market-making services in the shares of Orascom Construction on Nasdaq Dubai.
Market-making involves offering simultaneous bid and offer prices in a security, supporting liquidity, attractive pricing and trading activity.
Dr. Sameh EL-Torgoman, Chairman of Beltone Financial Holding, said: “Our market-making services benefit global as well as regional investors who wish to trade Orascom Construction shares on the Middle East’s international exchange. We look forward to market-making other Nasdaq Dubai securities as well as the exchange attracts new listings from Egypt and elsewhere.”
The move supports liquidity in the shares of Orascom Construction, which listed on Nasdaq Dubai in March 2015.
Orascom Construction Industries is a global engineering, procurement, and construction contractor and fertilizer producer based in Cairo, Egypt, and active in more than 25 countries.
According to Hamed Ali, CEO of Nasdaq Dubai, the growing capital markets links between the UAE and Egypt are playing an important role in the expanding financial and economic cooperation across the region.
“This trend benefits both issuers who wish to raise capital and investors seeking easy access to the shares of attractive companies on an exchange regulated to international standards,” he said.
Beltone Market Maker acquired a license to market-make on Nasdaq Dubai securities in August 2015.
Hazem Abdel-Mohsen, Managing Director of Beltone Market Maker, said that market making Orascom Construction shares on Nasdaq Dubai is just the beginning of cooperation between Beltone Market Maker and Nasdaq Dubai.
“We look forward to solid market activity on Orascom Construction shares so we can start exploring other opportunities to diversify the trading options for the entire MENA region,” he said.