Egypt’s Economy Still Enjoys Investors’ Trust: EGX Chairman

Dr. Mohamed Omran, the Chairman of Egyptian Exchange, spoke to CNBC Arabic noting that the EGX has challenged all the incidents incurred in 2012 as its benchmark, EGX30 has managed to achieve a growth of above 50%.

“The investors still trust in the Egyptian economy, there are grounds of cautious optimism towards the upcoming period.” Omran added

He also stressed the importance of the Egyptian Financial Supervisory Authority (EFSA)’s amendments on listing rules pointing out that the EGX needs new mechanisms, notably the exchange-traded funds (ETFs) so as to activate its traded volumes and values.

The EGX Chairman has called for amending the draft of the Islamic bonds (sukuks) mechanisms so as to enable investors and institutions to trade in them targeting the increase in the Egyptian market’s liquidity.

Meanwhile, Dr. Omran said the EGX of SMEs,NILEX, has managed to achieve significant achievements in 2012 as its volume of trades exceeded EGP 250 million at 2012-end.