Egypt wins Arab Federation of Exchanges' board of directors membership for North African markets

CAIRO - 2 November 2022: The Egyptian Exchange (EGX) won the membership of the Board of Directors of the Arab Federation of Exchanges, representing the North African markets, with 23 votes out of a total of 24 votes.

 

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

 

The previous period witnessed the development of the Federation’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 for 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 North African seats, which Egypt succeeded in resolving in its favour.

 

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

 

The Egyptian Central Clearing, Depository and Registry Company also won the membership of the Board of Directors, whose term extends for two years, along with the Saudi Securities Depository Center to represent the clearing and depository activity among the members of the Federation’s Board of Directors for the new term that ends during the last quarter of the year 2024.