Egyptian Exchange (EGX) President Mohamed Farid Saleh announced at the Euromoney conference that about five companies will be listed on the Egyptian market by the end of the year.
The head of the Cairo Stock Exchange added that initial public offering (IPO) yields reached LE 2 billion in 2016 and increased in 2017 to LE 4 billion. This volume is 56% generated by foreign investors.
Egypt has undertaken a series of reforms to make its financial market more attractive. The country would like to float all major state-owned companies within three to five years. In March 2018, former Finance Minister Amr el-Garhy said that 23 Crown corporations were selected for the first phase of the national IPO program, with a total value of 80 billion pounds.
About Mohamed Farid Saleh
Prior to his appointment in August 2017 as Executive Chairman of the Exchange, Mr. Farid was President and CEO of Dcode EFC, a leading economic consulting and forecasting firm in Egypt. From 2013 to 2016, Mr. Farid was an external consultant on venture capital and leasing for the World Bank Group in Egypt and a member of the Financial Markets Advisory Committee established by the Egyptian Financial Supervisory Authority [ EFSA].
In addition, he was Vice President of the Egyptian Stock Exchange in 2010-2011.
Prior to being appointed Vice President of EGX, he was Senior Financial Economist and Head of the Capital Markets Unit at the Ministry of Investments. He participated in the formulation and implementation of the two phases of the non-bank financial sector reform plans. by the Egyptian government. During his tenure as Vice President of EGX, Mr. Farid was responsible for developing a detailed plan for the establishment of the derivatives market, as well as the preparation of the legislative rules governing the market.
Mr. Farid holds a Bachelor’s degree in Foreign Trade and Economics from Helwan University. He also holds an MBA from the Arab Academy for Science, Technology and Maritime Transport (ASST), a Master’s degree in Economics, Finance and Investment from York University (UK), A Masters in Quantitative Finance from CASS Business School Certificate in Venture Capital from UC Berkley, United States of America. He has also been a part-time lecturer in financial markets, international finance, financial derivatives at the American University of Egypt (AUC) and at the Arab Academy of Science, Technology and Maritime Transport. (ASST).