Chairman of EGX & AFE Discusses with Leaders of the Arab League Means for the Development of Arab Capital Markets

Egyptian Exchange Posted

Dr. Mohamed Farid, Executive Chairman of the Egyptian Exchange and Chairman of the Arab Federation of Exchanges, and Rami Al-Dakani, Secretary General of the Federation met with  Dr. Kamal Hassan Ali, Assistant Secretary General and Head of the Economic Sector, and Dr. Bahgat Mohammed Abu Al-Nasr, director of the Department of Economic Integration from the Arab League, to discuss means of cooperation between both entities for the development of Arab Exchanges and to achieving mutual goals of economic and social development plans.

Dr. Farid stressed the importance of a joint cooperation with the Arab League for the development of the Arab capital market, highlighting the history of the Arab League in supporting the development plans of the economies of various Arab countries.

He illustrated that this cooperation through the participation of AFE in the Arab League’s qualitative investment committees will help communicate the Arab market exchanges views for the development will be of substantial value as well as studying the possibility of establishing a unified code for the Arab investor, using the applications and systems of financial technology used in this regard.

Farid highlighted the importance of AFE’s participation in the Economic and Social Council of the Arab League meetings to review developments taking place in the Arab capital markets and to highlight the files that require support to increase inter-investment, as a mean of accelerating the pace of the development of Arab exchanges.

Dr. Kamal Hassan, Assistant Secretary General for Economic Affairs of the Arab League, praised the role played by the AFE chaired by Egypt in an attempt to formulate strategies that will contribute significantly on the global presence of Arab markets, stressing that the involvement of the AFE in the activities of the League will contribute significantly to achieving the goals of the Arab League.

Dr. Hassan acknowledged the significance of AFE joining the High Coordination Committee for Joint Arab Economic Action, and the Forum of Specialized Quality Arab Federations, as well as its participation in the development of the Unified Arab Investments laws and hence the importance of the participation of the Arab Federation of Exchanges in the development of this law to take into account Arab indirect and direct investment.

The Arab Federation of Exchanges was established in June 1978 to be the guiding body for the Arab stock exchanges, under the recommendation of the Arab Central Banks Conference, held under the auspices of the General Secretariat of the League of Arab States in the Hashemite Kingdom of Jordan to facilitate the exchange of technical aid among members, coordinate existing laws and regulations and overcome the difficulties facing Arab investment.