Egyptian Exchange Board Suggests To Set Up An Optional Mechanism For Commercial Arbitration

EGX Board of Directors discussed in its latest meeting the proposal of optional mechanism for commercial arbitration in order to resolve commercial disputes.  The suggested mechanism is to be an available option to all parties to the market to enhance the speed and pace of resolving commercial disputes or private investment market parties optional.

The board recommended that EGX shows the proposed mechanism for community discussion between the parties to the various market and law firms specializing in commercial arbitration.

The proposal comes in the context of seeking to enhance the speed of dispute resolution, as time is always highly valued, and in this context Dr. Mohammed Omran, EGX chairman stressed that the existence of a mechanism for settling trade disputes or to take advantage of investment will make the better use of human cadres and legal calibers to enhance the development of the market system, including establishing the proposed mechanism to be a quick solution to all disputes in the Egyptian stock market.

In the same context, the Deputy Chairman of EGX, Dr. Wagih Mustafa, said the arbitration mechanism was one of the items included in the business strategy of the stock market for the year 2017 but it is adopted by EGX's board earlier. He stressed that the management of the market is keen to provide all of their expertise and qualified human resources for the success of the proposed mechanism, especially with what would be provided by flexible solutions to overcome problems or obstacles that may be faced by all parties of the market.