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On Thursday, March 20, 2024, Ahmed El-Sheikh, Chairman of The Egyptian Exchange (EGX), rang the opening bell of the trading session, accompanied by Heba El-Serafi, Vice Chairman of EGX, in celebration of International Women’s Day.
The event was attended by prominent figures, including Dr. Marian Kaldas, Executive Director of the Egyptian Center for Arbitration and Settlement Non-Banking Financial Disputes (ECAS) and a member of the National Council for Women in Egypt. Additionally, key leaders from international development institutions participated, such as Cheick-Oumar Sylla, IFC’s Director for North Africa and the Horn of Africa; Saad Sabra, IFC Country Head for Egypt; Marwa Alam El-Din, Officer-in-Charge, UN Women Egypt; and Walaa El-Husseiny, Country Director, UN Global Compact.
In collaboration with several development partners, including the International Finance Corporation (IFC) – a World Bank Group member, the World Federation of Exchanges, UN Women, the United Nations Sustainable Stock Exchanges Initiative, and the Egyptian Network of the UN Global Compact, EGX organized "Ring-the-Bell" for Gender Equality. This annual initiative, now in its eleventh year, aims to celebrate International Women's Day under the theme "For All Women and Girls: Rights, Equality, Empowerment."
Ahmed El-Sheikh, Chairman of the EGX, emphasized that celebrating International Women's Day reflects EGX’s commitment to supporting gender equality and economic empowerment of women, particularly within the financial markets. He highlighted the significant progress in financial regulations and workplace environments, which have enabled more highly qualified women to assume leadership positions within EGXlisted companies and brokerage firms.
"We are committed to fostering an environment of equality, bridging gender gaps, and enhancing women’s skills and capabilities to ensure their full rights and participation in the workforce. This aligns with the National Strategy for the Empowerment of Egyptian Women 2030, which aims for women to hold 30% of senior leadership positions by 2030," said El-Sheikh.
He also stressed on the importance of creating a workplace environment that caters to women’s needs and encourages their active participation in the labor market.
Heba El-Serafi, Vice Chairman of the EGX, reaffirmed EGX's belief in the importance of gender equality and women's empowerment, emphasizing that inclusion enhances institutional competitiveness and economic resilience.
"Integrating diverse expertise and qualifications from both genders within organizations enhances workplace efficiency, strengthens board governance, and leads to more well-informed decision-making," said ElSerafi.
She highlighted EGX’s past initiatives to improve corporate governance among listed companies and brokerage firms, reinforcing principles of equality and providing greater leadership opportunities for women. Additionally, EGX offers training and awareness programs to market participants, emphasizing the business benefits of gender diversity, particularly at the board level. Studies have shown that closing the gender gap positively impacts corporate performance and contributes to GDP growth.
El-Serafi also acknowledged the instrumental role of Ahmed El-Sheikh, EGX Chairman, in creating a supportive workplace environment for gender equality, which enhances women’s professional growth and leadership opportunities within the financial sector.
This initiative reaffirms EGX's role in advancing gender equality, women’s leadership, and economic inclusion, paving the way for a more sustainable and diverse financial sector.
Dr. Marian Kaldas, Executive Director of the ECAS and a member of the National Council for Women in Egypt said that this event reflects Egypt's steadfast political will to empower women, an effort championed by our esteemed President Abd El Fattah El Sissi. Under his visionary leadership, Egypt has made remarkable strides in advancing women's roles across all sectors, particularly in the economic and financial spheres.
Over the past few years, we have witnessed a series of transformative initiatives aimed at empowering women economically. The President has been a staunch advocate for women's rights, and his administration has implemented numerous policies to support this cause. Notably, the National Strategy for the Empowerment of Egyptian Women 2030, launched in 2017, has set ambitious targets to enhance women's participation in the workforce and leadership roles.
One of the most significant achievements is the increased representation of women on corporate boards. According to the Egypt Women on Boards Observatory, the percentage of women on boards of directors in Egypt's listed companies has risen to 23.3% in 2023, a significant improvement from previous figures. This progress is a testament to our collective efforts to promote gender diversity and inclusivity in corporate governance.
In the realm of women's empowerment, we have seen women assume ministerial positions, reflecting the progress we have made in enhancing women's roles in public and political life. This achievement highlights our commitment to equal opportunities and involving women in decisionmaking at the highest levels.
In the capital market and the non-banking financial sector, women have made remarkable contributions and continue to break new ground. Today, women hold key leadership positions in leading brokerage firms, investment banks, and financial institutions. Notably, the Deputy of EGX is a woman, which is a clear testament to the strides we are making in this sector. Their presence and influence are instrumental in driving innovation, fostering sustainable growth, and enhancing the overall performance of the sector.
Regarding studies and research highlighting the importance of diversity: A 2021 study by McKinsey & Company found that companies with greater gender diversity are 25% more likely to achieve higher profits.
On a national level, the Central Agency for Public Mobilization and Statistics (CAPMAS) reported that women's labor force participation increased to 16.9% in 2024, reflecting the success of economic policies.
Additionally, on an international level, the 2023 Global Gender Gap Report praised Egypt’s efforts in narrowing the gender gap in economic participation.
Gender equality supports a more dynamic, productive, and sustainable economy,” said Cheick-Oumar Sylla, IFC’s Director for North Africa and the Horn of Africa. “By focusing on increasing women's labor force participation and supporting the growth of women-owned businesses through financial and non-financial services, IFC is helping more women realize their economic potential, fostering a more equitable and inclusive future in Egypt.”
Nandini Sukumar, CEO of the World Federation of Exchanges, said: “We commend EGX for their leadership in championing gender equality. By taking part in the WFE's 11th 'Ring the Bell for Gender Equality' campaign, EGX is reaffirming its commitment to creating a more equitable future. EGX’s dedication to advancing gender equality is evident in its ongoing efforts to foster inclusivity, empower women in finance, and drive meaningful change within the capital markets.”
In her remarks, Marwa Alameldeen, Officer-in-Charge, UN Women Egypt, stated, “As we commemorate International Women’s Day this year, we also mark Beijing+30, reflecting on three decades of commitment to gender equality and the empowerment of women and girls, both globally and in Egypt”. She also added: “It is crucial to accelerate progress toward women’s economic empowerment by investing in their employability and leadership skills, which are key drivers for achieving sustainable development.”
Walaa El-Husseiny, Country Director, UN Global Compact said: Gender equality is a key driver of sustainable business growth. Our celebration today reaffirms the importance of teamwork in achieving our goals. In addition to the Gender Equality Accelerator, through our program, 'Bloom with Purpose" a new program from the UN Global compact we are working on empowering 100 private sector working women with the leadership skills and opportunities while preparing them for higher management positions. Ring the Bell event reaffirms our commitment to fostering inclusive workplaces and turning pledges into action for a more equitable future.
Now in its 11th year, the ‘Ring the Bell for Gender Equality’ initiative is a partnership between the International Finance Corporation (IFC), the Sustainable Stock Exchanges (UN SSE) initiative, the UN Global Compact, UN Women and the World Federation of Exchanges (WFE). This year, numerous stock exchanges around the world are participating in the «Ring the Bell for ALL Women and Girls: Rights, Equality, Empowerment» initiative.
