الهيئة العامة للرقابة المالية

Prime Minister Dr. Mostafa Madbouly holds a meeting today at the government headquarters in New Alamein with Dr. Mohamed Farid, FRA Chairman and Dr. Islam Azzam on his first day as the new Chairman of the Egyptian Exchange (EGX).

The meeting brought together key government officials, notably Mr. Ahmed Kouchouk, Minister of Finance and Ms. Ghada Nour, Assistant Minister of Investment for Promotion and Government IPOs.

The Prime Minister began by affirming the government’s unwavering support for developing Egypt’s capital market. He stressed its critical role as a key driver for achieving economic growth, boosting investment and increasing private sector participation in the economy.

Dr. Mohamed Farid, FRA Chairman highlighted the close and ongoing collaboration between FRA and EGX. He stated that this coordination is essential for ensuring market stability and expanding the market’s role in corporate finance while providing a wide array of investment options. Dr. Farid emphasized FRA’s core mission of safeguarding non-bank financial markets and institutions, protecting investors’ rights and ensuring the integrity and transparency of all market activities. He also noted that FRA and EGX are committed to develop new financial products and mechanisms to enhance efficiency and competitiveness.

Additionally, he underscored the importance of financial technology and sustainability as central pillars for strengthening the non-bank financial sector’s contribution to the national economy.

On the other hand, Dr. Islam Azzam, EGX Chairman outlined a dual-pronged strategy to enhance the market’s performance. He explained that EGX will focus on deepening the market and expanding its tools. This includes introducing new financial products, such as derivatives, and activating a market-making mechanism to offer greater opportunities for investors and improve the market’s efficiency and competitiveness.

Dr. Azzam also emphasized that all trading will remain entirely driven by supply and demand. He affirmed that his administration is committed to an open dialogue with all market participants to develop more effective policies that boost EGX’s attractiveness and competitiveness.

In the same context, Minister of Finance Mr. Ahmed Kouchouk confirmed that the government is studying incentives for large-scale public offerings. This initiative is designed to encourage companies to list and trade, which will increase market depth and activity. He highlighted that this move reflects the government’s serious commitment to expand the ownership base and attract more local and foreign investments.

He added that Ministry of Finance is working closely with FRA to support the government’s plans for wider private sector involvement. This is being done by intensifying promotional efforts and attracting new offerings from both private and state-owned companies, which will increase market liquidity and diversify investor base.