EGX Chairman Delivers The Opening Speech At The AmCham Conference

Farid: The Capital market is ready to provide funding for the real estate sector expansions
Continuous communication with companies in various sectors to inform them wabout listing advantages and procedures
36 Listed real estate companies with LE 85 billion Market Cap.

Mohamed Farid, The Egyptian Exchange (EGX) chairman, delivered the opening speech at the U.S. Chamber of Commerce conference on Monday, which was titled "How to upgrade the real estate industry in Egypt" and how to help them expand and start.

Farid said the stock market is ready to provide funding for the expansions of real estate companies, stressing that he aspires to increase the number of real estate companies in the stock exchange, because this sector is important not only to support economic growth, but also by creating jobs and improving people's livelihoods.

In his speech, Farid stated that the number of real estate companies listed on the Egyptian Exchange reached 36 companies currently with a market capital of LE 85 billion until the last week of February.

He explained that the listed real estate companies have implemented about 109 operations to increase capital, between 35 operations with cash increases and 74 operations with increases through distributions.

"We are intensively managing the stock exchange to complete the overall stock market reform from the value-added chain perspective to enhance trading and liquidity, moreover raising knowledge and financial culture to increase the number of investors, savings and companies for listing." According to Farid.

"The value-added chain includes 3 axes, the first axis of supply, by improving all that is offered to investors, raising the disclosures’ efficiency and quality, and the demand axis by raising the knowledge levels and spreading the financial culture through promoting communication channels and mechanisms, and the third axis of improving the trading environment through the availability and activation of many new financial instruments and products to diversify the investment options for different investors categories.

Farid stated that there are a number of companies with different sectors of production that have shown a desire to be listed, and are being consulted differently by holding intensive meetings with them to define the listing steps, procedures, rules and benefits.