Ramy El-Dokany — Chairperson of the Egyptian Exchange (EGX) — expected that trading in carbon certificates would start by the middle of next year, pointing out that the EGX is currently negotiating with a group of investors inside and outside Egypt.
Last November, the EGX took the first steps to establish the first market for trading carbon certificates to motivate companies to reduce carbon emissions and adopt sustainable plans to reduce air pollution while encouraging green investment and diversifying investment options for investors.
In a related context, El-Dokany said that the EGX is seeking to acquire a controlling stake in the Futures Exchange, explaining that there are current discussions taking place with a number of financial institutions and that the ownership structure of the Futures Exchange will be cleared by the first quarter (1Q) of 2022.
He also pointed out that the Commodity Exchange has already started its work, explaining the recent decision of the Minister of Supply to trade in supply commodities will cause a movement in it.
He added that work is underway to register a government company in the local stock market, provided that its shares will be offered for trading soon, pointing out that the EGX is ready to receive about five offerings in the coming period.
Furthermore, El-Dokany said that the EGX is conducting promotional rounds during the current time to increase the number of companies listed in the stock market — particularly large ones — suggesting that foreigners will return to invest in the stock market based on the improvement of economic indicators and the size of expected reforms during the coming period.