New EGX head to take office August 6

CAIRO – 2 August 2017: Deputy head of the Egyptian Exchange (EGX) Mohsen Adel will take over the head’s position as of August 6, Minister of Investment Sahar Nasr said Wednesday.

Adel will replace EGX head Mohamed Omran, whose term will end Sunday as per law no. 274/2017, for an interim period until Prime Minister Sherif Ismail appoints new chairman for the stock market.

Serving in the period from 2013 to 2017, Nasr thanked Omran for his efforts, calling the new leadership to continue developing the stock market and improving the Egyptian economy.

Adel has 19 years of experience in stock markets and securities, in addition to his post in the EGX as a board member until June 30.

In May, the Cabinet approved amendments to some provisions of the law regulating EGX.

The Cabinet agreed on setting the duration of the EGX chairman post at four years, which can be extended to another term, in addition to granting a seat to the small- and medium-sized enterprises (SMEs) in the board.