PM Madbouli appoints new head, deputy for Egyptian Stock Exchange

CAIRO – 25 August 2022: Egypt's Prime Minister Mostafa Madbouli issued a decree on Thursday appointing Ramy El-Dokany as head of the Egyptian Stock Exchange (EGX) board and Hebatallah El-Serafy as his deputy for a one-year term.

Dokani was the secretary-general of the Arab Federation of Exchanges and enjoys a long experience in the stock market. He worked in a number of financial sector companies and also served as the CEO of Pride Capital, a venture capital and early stage fund focusing on Fintech.

Madbouli's decision comes a day after Acting Governor of the Central Bank of Egypt (CBE) Hassan Abdullah appointed two senior bankers as his advisors; a decision that won a standing ovation in banking circles and financial markets.

Abdullah decided in his first meeting with heads of banks in the Egyptian market to choose both Hisham Ezz Al-Arab and Mohamed Naguib as his advisors.

Last Thursday, Egyptian President Abdel Fatah El-Sisi issued a republican decree appointing Hassan Abdullah as acting governor of the Central Bank, succeeding Tarek Amer, who resigned after serving in his position for seven years.

The decisions come while the Egyptian economy, as part of the global economy, is facing mounting pressures due to the global economic woes resulting from the Russia-Ukraine war and subsequent soaring inflation.

In mid-August, Egypt also saw a major Cabinet reshuffle in the government of Madbouli, who took office in 2018. The reshuffle included the 13 ministerial portfolios of education, irrigation, higher education, immigration, tourism, trade, civil aviation, manpower, culture, local development, public enterprise sector, and military production.

However, the ministries of the economic portfolios have maintained their posts.