El Khatib thanked the outgoing board for their efforts in developing the exchange and congratulated the new board, noting their crucial role during a time of significant transformation for the Egyptian economy.
The Minister highlighted the EGX's central role in the
national economy for over 140 years, stating it reflects the country's economic
health and investor confidence. He pointed to the market's recent strong
performance, which he said was a direct result of improved economic indicators,
including a stable exchange rate, increased foreign reserves, and declining
inflation.
According to El Khatib, the EGX's robust performance was
driven by a comprehensive development strategy that included updating listing
rules, modernizing trading mechanisms, and introducing new financial tools.
El Khatib stated that the government is actively working to
improve the investment climate and enhance economic competitiveness through
fiscal, monetary, and trade reforms. A key goal is to ensure consistency and
clarity in economic policies to build long-term investor trust.
He announced that the government is accelerating its
privatization program through a new institutional approach that treats the
divestment of state-owned companies as an opportunity, either through strategic
investors or public offerings on the EGX.
El Khatib predicted an "unprecedented" period of
activity on the EGX, driven by new, attractive public offerings in diverse
sectors. He added that the General Authority for Investment is working with the
EGX to create a package of incentives for listed companies to encourage new
listings and use the exchange as a primary funding tool for growth.
The minister also mentioned ongoing legislative amendments
aimed at reducing financial burdens, expanding financial instruments, and
attracting foreign investment to increase the EGX's weight in international
indices.
In a separate statement, EGX Chairman Ahmed El Sheikh said the Minister's visit underscores the government's recognition of the EGX as a key tool for sustainable economic growth and attracting investment. He added that the government's support for the ongoing institutional and regulatory development of the stock market will help achieve national development goals.