Saudi, Emirati investors show interest in investing in Egyptian market

Updated 2/21/2023 9:11:00 AM

Arab Finance: Saudi Arabian and Emirati investors expressed their interest in tapping investment into the Egyptian market as it enjoys various investment opportunities that they explore to seize them, according to a statement by the Financial Regulatory Authority (FRA) on February 20^th.

This came during a the roadshow by an Egyptian delegation comprising officials from the Financial Regulatory Authority (FRA), the Egyptian Exchange (EGX), and the Central Bank of Egypt (CBE).

The Egyptian delegation held a series of meetings with 20 high-net-worth investment institutions in Riyadh, Dubai, and Abu Dhabi, in order to review the latest developments of the Egyptian economy.

The roadshow coincides with the Egyptian government's announcement of the anticipated offering of 32 state-owned firms.

FRA’s Chairman Mohamed Farid indicated that the Egyptian government has adopted a plan to achieve strong and sustainable growth rates that ensure the stability of macroeconomic indicators and enhance the participation of the private sector.

Farid added that the authority's is working to automate all non-banking financial services, including granting and renewing professional licenses, as well as developing the use of fintech that enables the non-banking financial sector companies to quickly market and distribute their products.

For his part, Deputy Governor of the CBE Rami Aboul Naga said that the Egyptian monetary policies are currently characterized by a high degree of clarity and aim to control inflation.

He added that economic policymakers are coordinating to implement plans to achieve strong economic growth rates, explaining that the indicators of the Egyptian banking sector enjoy financial soundness and capital adequacy.

Meanwhile, the EGX’s chairperson Rami El-Dokany said that the Egyptian stock market is ready to receive new offerings as one of the most important mechanisms for implementing the State Ownership Policy Document.

The performance indicators of the stock market are witnessing a significant improvement in terms of the values, volumes, and turnover of shares, which is considered an ideal timing for new public and private offerings, El-Dokany highlighted.

Additionally, the Egyptian delegation participated in an investment forum held by Mubasher Holding Group in Riyadh, as well as an investment forum organized by HSBC Investment Bank in Dubai, attended by officials of the Sovereign Fund of Egypt (TSFE) and the Ministry of Finance.