As part of enhancing economic cooperation and attracting joint investments, Mr. Omar Radwan, EGX Executive Chairman, participated in a virtual seminar organized by the Commercial representative office at the Egyptian Embassy in Kuwait, in collaboration with the Union of Investment Companies in Kuwait (UIC), to discuss ways of enhancing investment in the Egyptian market and opening new horizons of cooperation between the two countries.
The seminar witnessed the participation of: Mr. Mohamed Sabry, Vice Chairman of the Egyptian Exchange; Ambassador Mohamed Jaber Abu Al?Wafa, Egypt’s Ambassador to Kuwait; Commercial Counsellor Nashwa Salah, Director of investment promotion representing Dr. Abdel Aziz Al-Sharif, Head of the Egyptian Commercial Service (ECS); Abdullah Hamad Al-Terkait, Chairman of Union of Investment Companies in Kuwait; Commercial Counsellor Essam Bureqa, Head of Commercial office in Kuwait; along with a number of Kuwaiti investors.
During his speech, EGX Executive Chairman reviewed the outstanding market’s performance during the previous period, highlighting the leap market capital witnessed that exceeded EGP4 trillion, which is approximately equivalent to US$83 billion. This reflects the trust of investors in the strength of the Egyptian economy. He also pointed to the indicators of trading volume, which registered outstanding levels, expressing his optimistic view of ongoing positive performance due to the structural reforms implemented by EGX management to make the market more attractive for both foreign and local investments.
EGX Executive Chairman also highlighted the tangible successes in the investors’ base, revealing that the number of new registered investors joining EGX since beginning of the current year till now exceeded 385 thousand new investors, while the daily transactions exceeded 300 thousand transactions, whereas the daily trading volume breaking EGP15 billion. He clarified that these historic numbers reflect increased investment awareness of both individuals and institutions, as well as the growing interest in the available investment tools in EGX.
The presentation reviewed by EGX during the seminar highlighted the available investment opportunities and sectors, in addition to the new financial products such as: derivatives, sukuk, bonds, ETFs, and carbon market, which aim at diversifying investment tools and meeting the needs of all categories of investors.
From his side, Abdullah Hamad Al-Terkait, Chairman of Union of Investment Companies in Kuwait, praised the efforts exerted by the Egyptian Exchange to develop trading mechanisms and enhance transparency. He emphasized the interest of Kuwaiti investors in exploring the promising opportunities in the different sectors of the Egyptian market. He confirmed that there are more than 1800 Kuwaiti company investing in Egypt, which reflect the trust of Kuwaiti investors in the Egyptian economy. He also pointed out that the upcoming period will witness a new phase of cooperation between the two countries in different fields.
This seminar is part of the ongoing and continuous coordination between the Egyptian Exchange, The Egyptian Commercial Service, and The Ministry of Investment and Foreign Trade, to increase capital flows as well as foreign and Arab investments to the Egyptian market, highlighting the recent package of decisions and taxes incentives that contribute to attracting more investments during the upcoming period, along with enhancing the commercial and investment relationships between the two sister countries and opening new horizons of joint cooperation.
