Egyptian Exchange Chairman Participates in Middle East Investment Conference

Egyptian Exchange Chairman Participates in Middle East Investment Conference

Mr. Mohamed Farid, EGX Chairman, participated in the Middle East Investment Conference (MEI), organized by the (CFA) Society in collaboration with the Institute of Certified Financial Analysts (CFA Institute).

The conference is held for the first time in Cairo with the presence of experts from the United States, Europe and Asia.

Mr. Farid said that the Egyptian economy crossed a difficult stage after the government implemented an integrated package of unprecedented reforms that touched upon the fiscal, monetary, investment and legislative policies. This led to macroeconomic stability creating strong economic growth rates and advanced the participation of the private sector in the economic activity.

He added that the next phase will witness further implementation of economic reforms to ensure a sustainable economic growth. This requires continuous efforts to improve the business environment in order to attract more domestic and foreign investments.

Farid said that the Egyptian capital market has positively responded to economic reforms whereby the main index since the beginning of 2018 has mounted by 18.6%.  Adding that the daily turnover after November 2106 jumped to EGP 1.6 billion against an average of EGP 530 million before November 2016 a rise of 200%.

EGX Chairman stressed during the conference on the necessity of providing support and assistance for the various entrepreneurs. They are the ones who will be able to change the structure of the Egyptian economy for the best and to make it more competitive.

Farid said that the growth and development of the securities industry requires raising the financial awareness highlighting the role of the capital market in doing this. Adding that it is one of the important mechanisms of fair distribution of income in societies.

He affirmed that the current capital market’s management decided to work on raising the financial awareness in various activities namely; workshops organized for companies’ employees to raise awareness of the capital market as a tool for incremental savings, cooperation with the Ministry of Education, Ministry of Youth and Sports, in order to increase the investors’ base from various sectors as an initiative to raise the trading volumes to guarantee the success of the IPOs.

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