Cairo - Mubasher: The chairman of Mubasher Financial, Mohammed Al Ballaa, said that Egypt needs to integrate with the gulf countries in the financial services sector in order to achieve some requirements to stimulate investments.

Al Ballaa added in his speech during the Portfolio Egypt conference on Sunday that the gulf countries have been having an accumulation of wealth for the last five decades, which need technical expertise to grasp the best opportunities, something he said that Egypt enjoys with can lead the way to intergradation.

Some of the requirements that can be met by Egypt are legislative, he noted, adding that it is not enough to keep with others as we need to take the lead in the world.

The investor must be supported by legislation similar to advanced economies like in the United States or Britain.

Al Ballaa believes that a committee should be formed to continuously update legislations, especially since Egypt was a pioneer in establishing the Alexandria and Cairo stock exchanges on 1883 and 1903, while  bourses in the gulf countries other than Kuwait were established in the 2000’s.

The listing in the Egyptian Exchange (EGX) is in the Egyptian pound, despite that other markets do not impose barriers on the currencies or the countries of investors, the chairman of Mubasher indicated.

Al Ballaa also explained that the vision should be global rather than to only focus on the local of regional markets.