By: Abdalla Beder

Cairo – Mubasher: The Egyptian Exchange (EGX) needs more listings to help with providing sufficient market liquidity, Naguib Sawiris said during Hapi Conference on Monday.

Investors are afraid to enter the market as it is relatively small in size. There isn’t enough liquidity, the billionaire businessman explained.

Countries like the UAE and Saudi Arabia allocate tens of millions to invest in Egypt, which could help grow the stock market, he added.

The businessman stated that Ora Developers is not against listing its shares on EGX, but will have to go through more procedures before taking this step.

Sawiris, meanwhile, said the government has to provide loans and offer integrated projects that are granted permits to be utilized and help attract foreign investors. Local banks can play a major role in financing, he said, adding that Egyptian banks are better than offshore banks.

Sawiris is currently in talks with an unnamed investor that owns a land plot in Sohag to implement a housing project that targets low- or medium-income segments.

He also noted that both Ora and Orascom are considering collaborations.