NILEX Attracts 3 IT Companies

Three companies operating the IT sector started required procedures to join NILEX, more companies are expected to start the registration procedures in stock starting next September. Government bears 80% of the registration costs as well as sponsoring newly listed companies in order to activate the registration’s process.
Information Technology Industry Development Authority “ITIDA” held an expanded meeting with companies wishing to be enrolled in Nile Stock Exchange for SMEs “NILEX” and a number of accredited sponsors (Companies responsible for assisting other companies in the process of listing their securities in NILEX, and also responsible for the company’s commitment to disclosure’s rules and standards for a period of not less than two years from the date of registration). The Information Technology Industry Development Authority ” ITIDA ” and The Egyptian Exchange ” EGX ” Signed a Memorandum of Understanding ” MOU ” as a mean of cooperation to support the IT industry companies, especially those interested in listing on SMEs market ” NILEX “. This MOU signed by Dr. Mohamed Omran, EGX Chairman and Eng. Yasser Qadi, ” ITIDA ” CEO aims to enhance cooperation between both parties to finance small and medium Egyptian enterprises specialized in telecommunications and information technology industry which are essential components of the economic and social development and also provides the opportunity for investors to diversify their investments in the stock market.
Eng. Yasser El Kadi, CEO of ITIDA, affirmed that supporting small and medium Egyptian IT companies comes within the priorities of the body because of its importance to the economy, adding that they are representing about 75% of economic growth and 80% of employment
El Kadi said despite the critical importance of small and medium companies, they still face funding difficulties when they try to expand into new markets.
It is worth mentioning that there are 22 medium and small companies from different sectors and industries currently restricted Nile Stock Exchange, and 3 companies which specializes in information and communication technology are: Company Pharaoh Tech for Control and Communication Systems and the index of the software, information dissemination and Egyptian cards.
Was established NILEX Nilex at the end of 2007 and began trading during the year 2010 and is the first market targeted support and development of small and medium enterprises in the Middle East and North Africa and to provide the necessary funding for them to expand and grow, allowing to raise their competitiveness and create more jobs.