The Egyptian Exchange (EGX) has a new chairperson, Ahmed El-Sheikh, who has revealed the main aspects of his business strategy for the near future. He emphasized the importance of developing the trading system in EGX and improving liquidity and trading in a scientific way. He also said that EGX will coordinate fully with the Financial Regulatory Authority (FRA) and support market efficiency, brokerage firms and their employees.
El-Sheikh said that he will work on developing financial tools and market mechanisms that suit the needs and growth of the market. He also stressed the need to increase awareness and financial knowledge among dealers and potential investors. He said that creating a suitable investment climate and strengthening investors’ confidence are among his top priorities.
He added that he will try to attract more successful companies to list on EGX and benefit from it as a platform to raise funds for expansion. He also said that he will seek to attract more local, regional and international institutions to invest in EGX, as well as increasing the number of individual investors.
El-Sheikh highlighted the role of technology in stimulating transactions on EGX and reaching new groups of investors, especially young people and those who prefer dealing through technological means. He also said that he will launch an index that is compatible with Islamic sharia (law) and develop sustainable financing operations through launching the carbon market.
He explained that the real estate stock exchange project is underway to complete its legislative and regulatory framework. He said that this project will help regulate the trading of real estate shares and enhance the capital market’s contribution to the growth of the real estate sector and other related sectors.
El-Sheikh thanked Rami El-Dokani, the former chairperson of EGX, for his efforts during his tenure. He also thanked Mohamed Farid, the chairperson of FRA, for his efforts to develop FRA and the capital market in general.
El-Sheikh also stressed that achieving the objectives of his vision requires the concerted efforts of all parties in the market, with an emphasis on the need for each institution and party to carry out its tasks in accordance with the requirements of the business strategy.
He expressed his appreciation for the remarkable development in the market, driven primarily by the high quality and good coordination between EGX and FRA over the past period. He stressed that the integration, cooperation and coordination with FRA will continue.
El-Sheikh expressed his desire to ensure the implementation of the business strategy whose development he was part of in 2018 when he held the position of Vice chairman of EGX for four years, and afterwards when he worked as the Vice chairperson of FRA and responsible for the money market since August 2022.
El-Sheikh started his work today, Sunday, by meeting the stock exchange employees, followed by a meeting with the managers and executive leaders, after he was appointed by the Prime Minister’s decision as Chairperson of the EGX for one year.
