Egyptian Financial Market Officials Meet with 20 Investment Firms in Saudi Arabia, UAE

Chairman of the EGX Rami El-Dokany. (Asharq Al-Awsat)
Chairman of the EGX Rami El-Dokany. (Asharq Al-Awsat)
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Egyptian Financial Market Officials Meet with 20 Investment Firms in Saudi Arabia, UAE

Chairman of the EGX Rami El-Dokany. (Asharq Al-Awsat)
Chairman of the EGX Rami El-Dokany. (Asharq Al-Awsat)

An Egyptian delegation including senior executives from the Financial Regulatory Authority, Central Bank of Egypt (CBE) and Egyptian Exchange (EGX), have met with 20 investment institutions with large solvencies in Riyadh, Dubai, and Abu Dhabi.

The delegation is spearheading a Gulf tour aimed at attracting new investments after the Egyptian government announced that it will be offering 32 different companies on the EGX in the coming period.

Riyadh was the first stop of the promotional tour, whereby the delegation met with seven Saudi investment institutions.

In Dubai and Abu Dhabi, the delegation met with 13 UAE investment companies.

During the meetings, presentations were made, and opinions, expertise and experiences were exchanged.

The delegation covered the latest developments in the Egyptian economy, and the policies adopted and implemented by the Egyptian government to create an environment for doing business and provide an attractive climate for investment.

They also discussed the government’s future plans to deal with economic variables such as inflation and exchange rates.

Chairman of the Board of Directors of the FRA Mohamed Farid revealed that the authority is working on the automation of all non-banking financial services, including granting and renewing practicing licenses for professionals, in addition to developing financial technology (FinTech) to enable non-bank financial companies to market and distribute their products more effectively.

These efforts aim to expand the base of individuals benefiting from non-banking financial services, including capital and insurance markets, as well as non-banking funding activities like real estate financing, financial leasing, factoring, micro-financing, and consumer financing.

According to Farid, the standards of Egyptian accountability are being developed to align with best global practices to ensure financial stability for non-banking financial companies and the markets.



Asian Shares, US Futures Gain as Investors Resume Buying Despite Uncertainty over Tariffs 

Women ride bicycles past monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Tuesday, April 8, 2025. (AP)
Women ride bicycles past monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Tuesday, April 8, 2025. (AP)
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Asian Shares, US Futures Gain as Investors Resume Buying Despite Uncertainty over Tariffs 

Women ride bicycles past monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Tuesday, April 8, 2025. (AP)
Women ride bicycles past monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Tuesday, April 8, 2025. (AP)

Asian markets advanced on Tuesday, with Japan’s Nikkei 225 share benchmark initially shooting up more than 6% after it fell nearly 8% a day earlier.

Markets in Thailand and Indonesia tumbled, however, as they reopened after holidays. Trading was suspended briefly in Jakarta when the JSX index fell more than 9%. It was down 7.5% by midday. Thailand's SET lost 5.7%.

In Taiwan, the Taiex lost 4.4%, pulled lower by losses for Taiwan Semiconductor Manufacturing Corp., or TSMC, the world's largest computer chip maker. Its shares fell 4% on Tuesday and are down 13.5% since Trump announced his “Liberation Day” tariffs on April 2.

The rebound for most other regional markets followed a wild day on Wall Street, where stocks careened after President Donald Trump threatened to crank his double-digit tariffs higher.

Early Tuesday, China's Commerce Ministry said it would “fight to the end” and take unspecified countermeasures against the United States to safeguard its own interests after Trump threatened an additional 50% tariff on Chinese imports.

By early afternoon Tokyo time, the Nikkei 225 was up 5% at 32,691.34.

Hong Kong also recovered some lost ground, but not anything close to the 13.2% dive Monday that gave the Hang Seng its worst day since 1997, during the Asian financial crisis.

The Hang Seng gained 1.6% to 20,140.78, while the Shanghai Composite index jumped 0.9% to 3,124.77.

South Korea’s Kospi edged 0.1% higher to 2,331.80, while the S&P/ASX 200 climbed 1.7% to 7,471.10.

Markets in New Zealand and Australia also were higher.

On Monday, the S&P 500 sagged 0.2% as shell-shocked investors watched to see what Trump will do next in his trade war. If other countries agree to trade deals, he could lower his tariffs and avoid a possible recession. But if he sticks with tariffs for the long haul, stock prices may fall further.

The Dow Jones Industrial Average fell 349 points, or 0.9%, and the Nasdaq composite edged up by 0.1%.

All three indexes started the day sharply lower, and the Dow plunged as many as 1,700 points following even worse losses elsewhere in the world. But it suddenly surged to a gain of nearly 900 points in the late morning. The S&P 500, meanwhile, went from a loss of 4.7% to a leap of 3.4%, which would have been its biggest jump in years.

The spike followed a false rumor that Trump was considering a 90-day pause on his tariffs, one that a White House account on X quickly labeled as “fake news.” That a rumor could move trillions of dollars’ worth of investments shows how much investors are hoping to see signs that Trump may let up on tariffs.

Stocks quickly turned lower. Shortly afterward, Trump dug in further and said he may raise tariffs more against China after the world’s second-largest economy retaliated last week with its own set of tariffs on US products.

Trump’s tariffs are an attack on the globalization that’s shaped today's world economy and helped bring down prices but also caused manufacturing jobs to leave for other countries.

He has said he wants to bring factory jobs back to the United States, a process that could take years. Trump also says he wants to narrow trade deficits with other countries, but it's unclear how much room for negotiation there is on the US side or among its trading partners.

Indexes swung between losses and gains Monday, partly because investors are still hoping negotiations may forestall actual implementation of the stiff duties on all imports.

All that seemed certain Monday was the financial pain hammering investments around the world.

Oil has also fallen, hurt by worries that a global economy weakened by trade barriers will burn less fuel. A barrel of benchmark US crude oil dipped below $60 on Monday for the first time since 2021. Early Tuesday, it was up 90 cents at $61.60 per barrel.

Brent crude, the international standard, gained 89 cents to $65.10 per barrel.

In currency trading, the US dollar fell to 147.78 Japanese yen from 147.85 yen. The euro fell to $1.0976 from $1.0905.

The price of gold rose $32 to about $3,006.00 an ounce.

Bitcoin gained 4.1% to $80,130.00. On Monday it sank below $79,000, down from its record above $100,000 set in January.