Cairo:According to State Information Service Egypt, FTSE Russell has officially taken Egypt and its capital market off the Watch List after the country fulfilled the necessary international standards and criteria. This achievement demonstrates the Egyptian market's capability to meet and even surpass these international requirements, bolstered by a robust and expanding base of listed companies that can compete on both regional and international stages.
Chairman of the Egyptian Exchange, Omar Radwan, commented that Egypt's removal from the Watch List signifies a renewed confidence in the market's resilience and its ability to manage global challenges and changes. He emphasized that the strength of a financial market is not just measured by its performance in stable conditions but also by its efficiency and adaptability during difficult times.
Radwan noted that the Egyptian market has encountered various challenges in recent years, acting as a significant test of its resilience. These challenges have proven the market's capability to adapt and recover, which is a critical factor for international investors assessing its attractiveness and robustness. He highlighted that a growing number of Egyptian companies have succeeded in meeting international standards, emphasizing the need for greater visibility and transparency among global investors.
The success of three major Egyptian companies, Talaat Moustafa Group, Telecom Egypt, and Commercial International Bank (CIB), in meeting the mid-cap category requirements marks a significant step forward. This development underscores the depth and strength of Egypt's listed companies and their potential to attract a broader investor base.
Radwan also stated that Egypt's removal from the Watch List is an important milestone in the ongoing development of the Egyptian capital market. The focus will remain on enhancing market competitiveness, expanding the investor base, and increasing international visibility, alongside improving financial products, technological infrastructure, and trading mechanisms.