Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

EGX Wins Membership of Arab Federation of Capital Markets

Tue 01 Nov 2022 | 11:37 PM
Taarek Refaat

The Egyptian Stock Exchange won the membership of the Board of Directors of the Arab Federation of Capital Markets, representing the North African markets, with 23 votes out of a total of 24 votes.

The elections for the current session are the first after the comprehensive restructuring process adopted by the union during the presidency of Egypt in 2019 to strengthen institutional work within the union.

The previous period witnessed the development of the union’s internal regulation, as well as the creation of a number of qualitative committees concerned with several matters such as financial technology and sustainability aimed at improving and enhancing the business environment and studying ways of interconnecting Arab stock exchanges in order to reach a platform of cooperation and coordination that allows the exchange of experiences and soliciting the views of all relevant parties.

The elections of the current session witnessed a competition between the stock exchanges of Egypt, Tunisia and Morocco for the two seats in North Africa, and Egypt succeeded in resolving them in its favour, after it won the highest votes for the participants in the electoral process for membership of the Union over the North African stock exchanges, along with the Tunis Stock Exchange.

In the same context, the Saudi Tadawul Stock Exchange and the Bahrain Stock Exchange won the seats in the Gulf region, while the Iraq Stock Exchange and the Amman Stock Exchange represented the membership of the Arab Mashreq region.