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Arab Finance: The new city of El Alamein witnessed an important meeting chaired by Dr. Mustafa Madbouly, Prime Minister, with a selection of the most prominent financial officials in the country, such as Dr. Mohamed Farid, Chairman of the Egyptian Financial Supervisory Authority, and Dr. Islam Azzam, Chairman of the Egyptian Exchange. This meeting was a new start for these financial leaders, as it comes as their first meeting after taking office.
During the meeting, Madbouly stressed the importance of government support for the development of the Egyptian capital market, explaining that this sector is one of the main pillars to achieve economic growth and stimulate investment. He also stressed the need to strengthen the role of the private sector in the economic system.
In his speech, Dr. Farid pointed out that there is close cooperation between the Authority and the Stock Exchange aimed at stabilizing the market and enhancing its role in corporate finance. He pointed out that the Authority is working to innovate new financial products, which contributes to raising the efficiency of the market and enhancing its integrity and protecting the rights of customers.
He also noted the importance of fintech and sustainability practices as key pillars to support the non-banking financial sector and enhance its role in the national economy.
For his part, Dr. Azzam said that the Egyptian Exchange is moving towards implementing two parallel strategies aimed at expanding the market. Strategies include introducing new investment instruments such as derivatives, as well as activating the market maker mechanism to increase investor opportunities and enhance market competitiveness.
He stressed that the movement of trading will continue to rely on the forces of supply and demand, pointing out the importance of continuous dialogue with all parties concerned to ensure more effective and attractive market policies.
In a similar vein, Finance Minister Ahmed Kajok said the government was considering granting special incentives for major offerings on the exchange, pushing companies toward listing and trading. In doing so, the government is seeking greater market depth and attracting investment from home and abroad.
He added that his ministry is working in coordination with the Financial Supervisory Authority to support efforts to expand private sector participation by continuously promoting new market opportunities and enhancing liquidity.
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