Ahmed Aboul Gheit, Secretary-General of the Arab League, has invited Arab Federation of Exchanges (AFE) leaders to integrate more into joint Arab action. He noted that this would take place through the Higher Coordination Committee for Joint Arab Action and Arab Federations Forums.
Aboul Gheit’s comments came during the AFE’s Ordinary General Assembly Meetings on Wednesday, which were chaired by the Egyptian Exchange (EGX).
The meeting took place electronically, in line with the precautionary measures adopted worldwide to limit the spread of the novel coronavirus (COVID-19) pandemic.
Mohamed Farid, Executive Chairperson at the EGX and President of the AFE, said that the coming period will witness the completion of efforts to build the capabilities at Arab stock exchanges that contributes to increasing their competitiveness.
The developments will also see the integration of their activities and services, whilst developing and coordinating regulations on registration and trading.
The efforts will also work towards simplifying and facilitating investment procedures.
As part of the continuation of previous efforts, the EGX is leading an initial coordination process on the possibility of developing financial technology systems used in stock exchanges and listed companies.
Known as Know Your Customer Remotely (KYC), the fin-tech solutions would facilitate investment process for any Arab citizen in any securities listed on any other Arab stock exchange. This would be in addition to providing an important mechanism that helps to expand the investor base in financial markets.
Farid shed light on the AFE’s efforts and activities, which included the development of a new strategy to attract new members. It also includes designing policies that contribute significantly to creating sustainable sources of revenue for the AFE.
AFE Secretary-General Rami Al-Dukkani said that he has coordinated with the AFE’s Board of Directors to change and amend the organisation’s articles of association, and to reconfigure its various organs to facilitate the decision-making process.
He highlighted the most important developments that have taken place at the AFE under Egypt’s chairing of the organisation. This includes a big jump in the total market value of Arab stock exchanges to register $3.1trn in 2019, up from the $3.1trn in 2018. This is largely thanks to the Aramco IPO worth $26m, along with the increase in the number of listed companies to 1662 after 15 IPOs were added in 2019.