Riyadh – Mubasher: The Egyptian Exchange (EGX) is working on having an index that is aligning with the Islamic Sharia, Chairman of the EGX, Rami El-Dokany, stated during an event hosted by Global Trading Network (GTN)-Middle East in Saudi Arabia.
El-Dokany also referred to setting up the Commodities Exchange (EGYCOMEX) in cooperation with the Ministry of Supply and Internal Trade.
He noted that the government’s decision to offer 32 companies for direct sale or public subscription in the EGX will contribute to improving the market performance, given that the firms are in various sectors such as banks, petrochemicals, fertilisers, and insurance.
There are big economic entities in the Egyptian market that will be offered for public subscription or sale to strategic investors; a step that will boost the profitability of Egyptian stocks, according to El-Dokany.
He added that the average of dividends announced by the firms listed on the EGX is considered the highest among the regional markets.
The EGX’s indices registered the highest growth rate of 22.20% in 2022.
Former head of the EGX, Mohamed Farid, who currently serves as the Chairman of the Financial Regulatory Authority (FRA), took part in the Riyadh-Based event on 14 February.
Chairman of Mubasher Financial Group, Mohamed Al Ballaa, was also part of the event where he talked about the main role of financial markets in activating economic growth through the development of savings and providing liquidity, besides endorsing capital formation.
Focusing on investing in the Egyptian capital market, the event was held 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.