The Egyptian Exchange (EGX) has handed over the presidency of the Arab Federation of Exchanges (AFE) to the Saudi Stock Exchange, Tadawul.
The hand-over took place during the AFE’s annual meeting, which was held online and hosted by Saudi Arabia.
EGX Chairperson Mohamed Farid said that the federation’s work strategy under the EGX’s chair, focused on several main axes, the most important of which was working to put the AFE on a stable long-term path.
This would take place by formulating policies that contribute to the development of its business and activities in order to enhance and facilitate inter-Arab investments in the field of securities. It would also develop a joint cooperation and coordination platform to exchange experiences and seek opinions among all relevant parties.
Ahmed Aboul Gheit, Secretary-General of the Arab League, said that the leaders of Arab stock exchanges and the AFE, under Egypt’s presidency, showed great flexibility in dealing with the consequences of the novel coronavirus (COVID-19) pandemic.
Arab markets did not witness violent fluctuations, with work largely continuing, as the region witnessed stability in trading.
Aboul Gheit stressed that the coming period requires concerted action. He also affirmed that the leaders of various financial institutions, especially stock exchanges, have a great role to play in achieving the required stability for Arab financial markets.
This will contribute to providing financing for the economic growth necessary to improve the living conditions of Arab citizens, with the speedy inclusion of various technological applications in the activities of Arab capital markets.
Farid explained that during the EGX’s presidency, significant inroads were made in coordination with all parties to discuss the possibility of integrating modern financial technology systems at stock exchanges and listed companies.
This particularly takes into account the KYC rules remotely, which would facilitate the process of any Arab citizen of investing in any securities listed in any other Arab stock exchange, if activated. This comes in addition to being an important mechanism that helps expand the investor base in the capital markets, and enhances liquidity and trading.
In the same context, Khalid Al-Hussan, Executive Director of the Saudi Financial Market, said that, during his country’s presidency of the AFE, he will work to take all the necessary steps to develop the federation.
This will occur in a way that meets the aspirations of the members, as well as raising the market capabilities at all levels, to ensure the achievement of further enhancement of liquidity and trading.