Riyadh – Mubasher: The Head of Egypt’s Financial Regulatory Authority (FRA), Mohamed Farid, talked about the facilities granted by the FRA to attract foreign investments into the local market during a recent event held in Saudi Arabia and focused on investing in the Egyptian capital market.
Farid pinpointed the authority’s role in regulating the Egyptian Exchange (EGX) in addition to offering key reforms. He also talked about the total volume of non-banking financing as well as the turnover value and volume of the Egyptian financial market.
The event launched in Riyadh on 14 February, where the Chairman of Mubasher Financial Group, Mohamed Al Ballaa, addressed the attendees about the main role of financial markets in activating economic growth through the development of savings and providing liquidity, besides endorsing capital formation.
Global Trading Network (GTN)-Middle East organised the event, with the participation of a high-ranking delegation of the Egyptian capital market and stock exchange and under the sponsorship of the Saudi-Egyptian Business Council.
The FRA’s Chairman noted that Egypt has four regulatory authorities; the Central Bank of Egypt (CBE), the FRA, the Administrative Control Authority (ACA), and the Accountability State Authority (ASA).
Farid indicated that the high rate of population aligns with an increase in required job opportunities, adding that 800,000 vacancies should be provided on an annual basis. This process needs funding, which transactions begin in the financial-banking sector besides the non-banking segment, which includes stocks and bonds.
Economic growth must serve operation transactions, the official said, noting that issuing sustainable Islamic bonds will be in the near future. Farid referred to the EGP 20 billion bonds which were offered by the New Urban Communities Authority (NUCA) and guaranteed by future cash flows, adding that this instrument helps NUCA to grow and continue providing the citizens with their needs.