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.
