CAIRO: Egyptian Exchange (EGX) Chairman Mohamed Omran headed to London Monday to participate in the two-day Middle East Congress conference, where he will showcase the EGX’s role in bolstering Egypt’s economy, according to a Tuesday statement.
The Middle East Congress will consider investment opportunities in the region in light of the current political challenges. Egypt’s ministers of investment and finance, along with other top ME officials, will take part in the conference as well.
Omran will be a keynote speaker on the first day of the conference in a session that will discuss the stock market’s role in development and creating job opportunities, the statement read.
During his speech, Omran will showcase the EGX role in bolstering Egypt’s economy and how companies capitalized on available financing opportunities through the stock market, the statement read.
Omran, whose participation is as a part of preparations for Egypt’s upcoming economic summit scheduled in March, said in the statement he would focus on available investment opportunities in Egypt’s stock market and the whole economy in general.
“We understand how a foreign investor thinks,” said Omran, adding that a clear vision for the future and government’s commitment to support serious investors are key messages while addressing foreign investors.
In an interview with Youm7 and The Cairo Post published Sunday, Omran predicted a rosy outlook for economic growth, predicting a “big leap” in the coming few years.
The top official forecasted a growth rate ranging between 3.8 to 4 percent at the end of the current FY, compared to a 2.1 percent growth over the past four years, according to Central Bank data.
However, Egypt needs to achieve growth rate of 6-7 percent in a sustainable manner, in order to slash a growing unemployment rate which amounts to 13-14 percent, said Omran.
Omran said Egypt is the largest market in the region with more than 90 million consumers, and “its economy is diversified and does not depend on a single sector like oil in the Gulf States or tourism in other countries.”
Direct meetings with foreign investors will give an adequate opportunity to showcase how the economy is recovering, said Omran, adding “I think the EGX will be a key for promoting the Egyptian economy in the coming period.
In 2014, the EGX played its “real” role in mobilizing people’s savings, and providing needed finance for businesses of all sizes, as roughly 71 companies -a third of listed companies – increased capitals with a total of 10 billion EGP.
For Omran, the stock market is a “sensor” of economic outlook, which explains investors’ interest in taking advance steps like capital increases or listing requests in a certain market where they expect a big turnout and growth.