الهيئة العامة للرقابة المالية

• The discussions focused on three key areas: strengthening regulatory collaboration, fostering financial innovation and aligning professional and sustainability standards across the region.

Dr. Mohamed Farid – FRA Chairman:

• Meetings with Saudi counterparts reflect a shared vision to build stronger, more resilient and interconnected financial markets across the Middle East and North Africa (MENA).
• To achieve this, there is an ongoing effort to align professional and regulatory standards with global frameworks, including IFRS, IFAC and UNCTAD.

Dr. Mohamed Farid, FRA Chairman and Vice Chair of the IOSCO Board, held high-level bilateral meetings with key Saudi financial leaders during the IFAC Connect: MENA 2025 in Riyadh (October 1–2). Organized by IFAC and SOCPA, the event drew wide participation from regional decision-makers.

The meetings aimed at enhancing cooperation across capital markets, professional development and regulatory alignment. These discussions reaffirmed Egypt’s commitment to deepening regional financial integration and strengthening the role of the Middle East and North Africa (MENA) markets within the global financial system. Specifically, the talks focused on enhancing regulatory cooperation, supporting financial innovation and aligning professional and sustainability standards regionally.

Dr. Farid conducted a series of high-level meetings with key Saudi financial leaders, including Eng. Khalid Abdullah Al-Hussan – CEO of Saudi Tadawul Group and Chairman of the Saudi Exchange, the Securities Depository Center Company (Edaa), the Securities Clearing Center Company (Muqassa) and Wamid, an applied technology services business and the innovation arm of Saudi Tadawul Group. In addition to Dr. Ahmed bin Abdullah Al-Meghames – CEO of SOCPA and His Excellency Mr. Mohammed Bin Abdullah El-Kuwaiz – Chairman of the Saudi Capital Market Authority.

The significance of these meetings extends far beyond mere institutional cooperation; they promise a direct, positive impact on citizens and investors in both Egypt and Saudi Arabia. By integrating their respective markets, both countries can foster wider investment opportunities and offer more diverse, innovative financial products. This will crucially support long-term savings and enhance funding access for entrepreneurs and startups. Ultimately, these meetings aim to create a more transparent and stable investment environment, boosting individual investor confidence and supporting essential economic development efforts that improve daily life and quality of living.

In his discussion with the CEO of Saudi Tadawul Group, Dr. Farid highlighted Egypt’s ongoing efforts to boost market efficiency and competitiveness. These efforts center on the progressive development of the financial derivatives market and the activation of crucial mechanisms like short selling and market making. These steps are essential for improving market liquidity and trading levels in Egypt.

On the other hand, the meeting with the CEO of the Saudi Organization for Chartered and Professional Accountants (SOCPA) focused on accounting, auditing, and sustainability disclosure. Both sides stressed the importance of aligning standards with major international frameworks, specifically IFRS, IFAC, and UNCTAD-ISAR. A strong emphasis was placed on accelerating progress in Environmental, Social, and Governance (ESG) disclosure standards, alongside discussing joint capacity-building initiatives. This collaboration reinforces both countries’ roles as regional pioneers in adopting responsible finance practices.

Dr. Farid reaffirmed the strong partnership between Egypt’s Financial Regulatory Authority (FRA) and the Saudi Capital Market Authority (CMA). Both leaders explored opportunities for greater regulatory alignment across core areas: licensing, supervision and investor protection. Furthermore, they designated Green Finance and the development of carbon markets as joint priorities. The two sides also agreed to coordinate their views within IOSCO to ensure that the MENA region’s priorities are effectively represented in shaping global regulatory standards.

Dr. Mohamed Farid commented on the positive outcomes, stating that the bilateral meetings with Saudi counterparts reflect a shared vision for building stronger, more resilient and interconnected financial markets across the Middle East and North Africa. He emphasized that the cooperation goes beyond technical alignment, aiming instead to directly create new opportunities for investors, entrepreneurs and citizens in both countries. By jointly focusing on innovation, governance and sustainability, the two countries are charting a course for regional markets to play a more influential role in the global financial system.

This strategic bilateral engagement marks a major step forward in Egypt and Saudi Arabia’s cooperation across capital markets and non-banking financial services. The core strategy involves exchanging expertise, facilitating regulatory alignment and jointly developing infrastructure to build lasting bridges of cooperation. This foundational effort will empower the launch of practical initiatives designed to serve investors, support companies, and establish broader channels for cross-border investment flows. This collaboration is strongly anticipated to reinforce both sides’ positions as regional financial hubs, thereby leading the Middle East and North Africa toward enhanced integration, innovation and financial stability.

These meetings are direct steps within FRA’s strategy to enhance international partnerships and establish Egypt’s position as a regional financial center connecting markets, investors, and ideas across Africa, the Middle East and beyond. By deepening ties with Saudi Arabia’s leading institutions, FRA seeks to boost cross-border investments, solidify financial stability, and drive the inclusive growth that will benefit both economies and the broader region.