Egyptian Finance Minister Mohamed Maait said the government is looking forward to increasing investment by the Sultanate of Oman in Egypt and expanding trade exchanges between the two countries.
Maait added in a meeting with the head of the Omani Muscat stock exchange in the presence of Rami El Dokani, head of the Egyptian stock exchange, that “the time has come to deepen the Arab economic partnership and achieve integration between the Arab brothers.” , in a way that allows us all to have a greater ability to overcome the current global challenges, in which the effects of the Corona pandemic are intertwined with the effects of the war in Europe, including a very sharp inflationary wave that raised the prices of basic commodities, energy and the cost of financing until then until developing countries’ access to international markets for financing has become very difficult and expensive.
He continued: “Egypt is opening its doors to the Arab brothers with a more attractive investment climate based on a strong infrastructure network capable of absorbing the expansion of production and development.”
Maite added: “The Egyptian economy has become more resilient to external shocks thanks to the successes we have achieved under the economic reform agenda, which has provided us with the financial space to enable us to take proactive measures that increase support for economic activity in a way that encourages the continuation of the manufacturing wheel side on the side.” With the expansion of the social protection umbrella for the most needy groups, in order to mitigate the imported inflationary wave on citizens as much as possible.
Rami El Dokani, Chairman of the Egyptian Stock Exchange, emphasized the importance of the measures implemented within the framework of the economic reform program at the level of financial and monetary policy, pointing out the positive impact of these measures on the performance of the main indices of the Egyptian Stock Exchange. The stock market, especially the EGX30, EGX70 and EGX100 indices, and over £1.6 billion in daily trading averages.
The positive impact was also evidenced by the increase in the number of new investors in the current year compared to previous years.
Al Dokani noted that the increase in market capital has crossed the £840bn mark during the current week, pointing to the importance of quickly activating the government’s supply program to maximize the benefit of the current positive market situation and its ability to absorb new offerings.
For his part, Mohamed Mahfouz, chairman of the Muscat Stock Exchange, confirmed that Egyptian development projects are attractive to the Omani investor, explaining that strengthening bilateral economic cooperation and sharing experience with Egypt, as well as with the Arab world, has become more relevant. in confronting today’s global challenges that have cast a shadow on various industries.
Last Thursday, Egyptian Stock Exchange Chairman Rami Al-Dokani received a delegation from the Sultanate of Oman, which included executives from the Muscat Stock Exchange, led by Mohamed Mahfouz Al-Ardi, Chairman of the Board of Directors, and Haytham Salem Al-Salmi, CEO, as part of the expansion joint cooperation and development of human and technological potential, which will positively affect the efficiency of the financial markets of the two countries, according to the website of the Omani newspaper Al-Shabiba.
Source: Egyptian Stock Exchange website – website of the Omani newspaper Al-Shabiba.