In a ceremony attended by over 100 senior executives from across Africa and the rest of the world, the Egyptian Exchange (EGX) won the award of the most innovative African Exchange during the annual Summit organized by Africa Investor (Ai) in collaboration with NYSE Euronext. The “Ai Index Series Awards” was launched as a set of awards that recognize stock markets, regulators, listed companies, IPO’s, fund managers and stockbrokers in the African region.
Choosing EGX as the most innovative Exchange was based on objective criterion, including the initiatives and programs implemented by the exchange in improving the Exchange’s regulatory framework and products as well as the technical and technological infrastructure.
Commenting on the award, Mr. Maged Shawky, Chairman of EGX, asserted that “the Egyptian Exchange is continuously working to keep abreast with the rapid development in the global markets, stressing that this award is considered as a recognition from the international investment community for the achievements attained by the Egyptian Exchange, in particular, and by the Egyptian economy in general”.
“However”, he added, “the ambition is still beyond what has been achieved so far, as the coming period is expected to witness further developments on various fronts, such as launching the new Next Generation Trading system that is up to international standards, as well as the introduction of new financial instruments and products such as ETFs, derivatives and other mechanisms that support the Exchange’s growth and enable it to compete in the domestic and international markets.
The award ceremony, was preceded by the Ai Index Series Summit in association with NYSE, which addressed the investment opportunities in the continent and the future of African exchanges in view of the current global challenges in the Exchange industry.
From another perspective, Mr. Shawky has also participated in a high level roundtable meeting, that was hosted by the United Nations on the 16th of September, in preparation for the United Nations General Assembly meeting scheduled on the 22nd of September 2008.
The meeting mainly discussed means of attracting investments to the African continent and the possibilities to channel part of the Sovereign Wealth investment Funds, worth approximately US$ 3 trillion to the African market. Other topics that have been addressed in the meeting included the necessary steps to establish stable and responsible investment in Africa and how to attract global Social Responsible Investments (SRI) to the continent.
Mr. Shawky stressed that this meeting aimed to shed the light on the continent and the African equities, which represent a vastly underutilized option for international investors. EGX Chairman also confirmed that Egypt's strategic location and its international relations as well as its internal strengths qualify the country to act as the engine of growth and the main gateway for investment in this promising continent.
