Cairo – Mubasher: Osool ESB Securities Brokerage signed a memorandum of understanding (MoU) with Dubai-based BH Mubasher Financial Services to establish a joint venture (JV) to enable its customers trade in stocks in the GCC bourses.

The two sides will sign a cooperation agreement to allow the JV deal with all international markets, Osool said in a statement to the Egyptian Exchange (EGX) on Sunday.

Last week, Osool’s board of directors approved in principle a decision to set up a new company in the UAE to enable its customers trade in the GCC bourses.

During the first nine months of 2020, the EGX-listed firm reported net profits of EGP 2.9 million, up from EGP 1.19 million in the corresponding period a year earlier.