Egypt’s stock exchange hopes to launch derivatives market by mid-year: chairman

Egypt’s stock exchange (EGX), the Middle East’s best performer last year, plans to launch a derivatives market by mid-2023, its chairman said on Tuesday.

The market is expecting this year a slew of initial public offerings (IPOs) in the vicinity of 80 billion Egyptian pounds ($3 billion), Ramy El-Dokany added during a press conference held to highlight EGX’s achievements during 2022.

“There are around 23 state-run firms on the IPO list for this year, including 9 already-listed firms seeking to increase their shares,” El-Dokany said.

“Once the derivatives market becomes operational, it will serve the country’s commodity exchange. There are already negotiations with some investors to proceed with the establishment steps.”