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July 22, 2019
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The Egyptian Exchange

EGX Chairman presents the Capital Market’s Role in the Urban Developments at “Builders of Egypt” Forum
Egyptian Exchange
Posted: Wednesday, 19 Jun 2019

The Egyptian Exchange chairman, Mohamed Farid Saleh, participated in the "Builders of Egypt" Forum, attended by the Prime Minister and held under the patronage of H.E President Abdel Fattah Al Sisi. Mohamed Farid said that EGX is ready to assist real estate companies’ finance their growth. He said that the stock market work to increase the number of real estate companies listed on the stock exchange. This sector is very important not only to support economic growth but also to provide many vacancies needed. During his speech, EGX chairman mentioned that the real estate companies listed on the Egyptian Exchange reached 36 companies with EGP 80.2 billion market capitalization. This sector performed 109 transactions to increase capital between 35 cash transactions Cash 74 incremental distributions. EGX Chairman, said that what worries the real estate investment companies the most is the delay in getting their payments, while EGX provides a mechanism that enables them to securitize those benefits and to obtain liquidity. Farid added that the culture of the stock market as a platform for raising capital is still weak, especially in the real estate sector. The stock exchange seeks to increase the rate of dependence of real estate companies on the capital market in financing and developing its business. "We have launched a new system "CRM" enabling EGX to communicate easily with the potential companies to list to inform them of the benefits of listing and familiarize them with the procedures and rules of listed. This is done through a follow-up system. Farid mentioned that EGX is working intensively to complete the process of comprehensive reform of the stock market, to enhance trading and liquidity and the level of financial literacy in order to increase the number of investors, saving, as well as listed companies.
 
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