No plans to privatize Egypt stock market: Chairman

Speaking on Wednesday on the second and final day of the 2014 Euromoney Egypt Conference in Cairo, Chairman of the Egyptian Exchange (EGX) Mohamed Omran told delegates there were currently no plans to privatize the EGX, one of the region’s largest exchanges, adding that it was unlikely any such plans would materialize “in the next 25 years.”

“The EGX is a strong and stable government institution,” and one of the Arab world’s “most open” exchanges, with governing rules and regulations that were the “best in the region,” Omran said.

He did, however, stress the need for cooperation between the EGX and the country’s private sector, saying that partnerships with private institutions over the exchange and development of expertise “could possibly happen” in future.

He said the bourse had not yet reached “the level we want,” and that it was still reeling from the compounded effects of a global financial crisis and the ousting of two of the country’s presidents in less than three years.

Despite this, he said, the EGX had performed well during the previous 18 months due to the efforts of brokerage firms and the announcement of the government’s development plans for the country’s economy.