Egypt Stock Exchange bid to attract Gulf investors

Mohammed Abdul Salam the President of the Egyptian Stock Exchange yesterday expected the increase of investments by Gulf institutions during the coming period. Salam said in a press conference at the conclusion of his visit to Kuwait that he found a more determined Kuwait and other GCC countries to invest in the Egyptian stock exchange. According to him, there have been financial institutions which entered the Egyptian market for the first time following the revolution of January 25.

Abdul Salam’s tour included also Qatar and United Arab Emirates as a delegation from the Egyptian Stock Exchange is trying to revitalize the trading levels after the average trading declined from 800 million pounds (approximately $ 136 million) to one billion Egyptian pounds to less than 500 million pounds a day. Salam and said that his visit was to dispel the fears among the Gulf institutions as a result of the changes taking place in Egypt.

He stressed that he came to convey to GCC investors a message that there has been no change in Egypt’s economic approach, indicating that 70% of Egypt’s GDP comes from the private sector.

He said there have been only changes in the legal rules aimed at cracking down on corruption. He stressed that the Egyptian market is now attracting more than ever; due to the low prices. Abdul Salam stated he had agreed with officials of the Kuwait Stock Exchange on the effective measures for linking the two bourses, after obtaining the consent of the Kuwaiti financial market.