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The Egyptian Exchange (EGX) passed the chairmanship of the Arab Federation of Exchanges (AFE) to Saudi Arabia Stock Market "Tadawul" for the year 2021, during the AFE’s annual meeting hosted virtually by Saudi Arabia.
Dr. Mohammed Farid, Executive Chairman of the Egyptian Exchange (EGX), said, "I am honored to announce the transfer of the chairmanship of AFE to the Saudi financial market "Tadawul", wishing them all success in continuing the development plan of the Federation to meet the needs of its members as well as contribute actively to support the plans of Arab economic development."
He added; “EGX was honored to chair the AFE from April 2019. The federation currently comprising 21 full members representing 17 securities, commodities exchanges and 4 clearing houses, in addition to affiliate members with total listed companies reaching 1,662 with a capital of $3.1 trillion in 2019.
Dr. Farid thanked all AFE members for their sincere efforts and hard work for the development of the federation to achieve a qualitative shift on the institutional and technical level of the federation, ensuring its efficient role in supporting its members and strengthening its capabilities and competitive position and promoting the interArab trade.
During his speech, EGX’s chairman presented AFE’s strategy under the chairmanship of the Egyptian Exchange was based on vital pillars, most important of which is positioning the Federation on a long term sustainable path, through the formulation of policies that contribute to the development of its business and activities in order to promote and facilitate inter-Arab investments, as well as to develop a joint cooperation platform to exchange experiences and explore opinions among all relevant parties.
Dr. Ahmed Abul Gheit, Secretary General of the Arab League, praised the role of the Egyptian Exchange headed by Dr. Mohamed Farid in the development of the federation, through allowing Arab exchanges to play an active role in supporting the goals of Arab economic and social development plans. He added that Arab Exchanges leaders and the Federation showed great flexibility in dealing with the consequences of the pandemic, where the Arab markets did not witness violent fluctuations and witnessed stable trading till now. He stressing that the coming period requires collateral efforts in light of the repercussions of the Corona pandemic.
Dr. Farid explained, that during the presidency of the Egyptian Exchange, steps were taken for the integration of financial technology to stock exchanges and listed companies, especially in what is related to KYC, which would facilitate the investment of any Arab citizen in any securities listed in any other Arab stock exchange if activated, as well as being an important mechanism to help expand the base of investors in the capital markets, and promote of liquidity and trades.
He concluded his word by expressing his deep appreciation and thanks to the members of the Federation, the Board of Directors and the General Secretariat for their constant and sincere efforts to strengthen the capabilities of members of Arab exchanges, clearinghouses and companies in a way that contributes to increasing the competitiveness of the Federation.
In the same context, Eng. Khalid Al-Horse, Executive Director of the Saudi Financial Market "Tadawer", thanked Dr. Mohammed Farid for all his efforts during his presidency during difficult circumstance due to the repercussions of the pandemic, stressing that he will work during his presidency to meet the aspirations of the members as well as raise the capacity of the market at all levels, in order to ensure further enhancement of liquidity And trading.
From his part, Rami Al-Dakani, Secretary General of the Federation of Arab Stock Exchanges, thanked Dr. Mohammed Farid for all the efforts during Egypt’s presidency of through addressing all the negative impact of the pandemic, stressing that the next period under the presidency of Saudi Arabia "Tadawul" will witness integrated efforts for the development of AFE.
