Misr for Central Clearing (MCDR) signs a Memorandum of Understanding (MoU) with the Saudi Securities Clearing Center Company (Muqassa), Invest-Gate reports.

The MoU is based on the official efforts on both sides to support economic cooperation between Egypt and KSA through the exchange of experiences and information in the securities clearing field in order to reach a more credible service package.

Khaled Rashed, managing director of Egypt Clearing, expresses his pleasure to cooperate with one of the largest Arab clearing companies due to the huge impact of the Saudi Market on the Arab and international stock markets.

Rashed clarifies that this agreement refers to the company’s keenness to develop its role in promoting investment fields and energizing economic relations in the securities field. The company achieves this by adopting many expansionary policies that aim to increase the efficiency of cooperation means.

On the other hand, Wael AlHazzani, CEO of Muqassa, states, “We welcome the joint cooperation agreement with Misr Clearing, which comes within the framework of our non-stop efforts to develop financial markets in the region.”

AlHazzani adds that the company is proud to explore opportunities for cooperation on a regional scale in order to boost reliable and efficient clearing services, in line with the practices adopted in the most advanced financial markets in the world.