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Farid: AFE to launch sustainability index
The Arab Federation of Exchanges (AFE) is working to launch a sustainability index as it considers 2020 as the year of sustainability, AFE Chairman and Board Chairman of the Egyptian Exchange (EGX) Mohamed Farid said.
He noted that the federation has established five new committees, including the sustainability committee and financial technology and innovation committee.
He made the remarks on Wednesday during the virtual meeting of the AFE general assembly.
He noted that the AFE’s strategy under Egypt is based on several axes, including developing the federation’s work in order to facilitate and boost inter-Arab securities investment in addition to a platform for exchanging views among the parties concerned.
He added that more efforts will be exerted in the coming period to enhance Arab bourses’ competitiveness and integrate their activities and services.
Moreover, the rules regulating listing and trading at Arab bourses will be upgraded in order to facilitate investment measures, he said.
Farid added that the executive leaderships of Arab bourses have shown a great deal of flexibility in dealing with market fluctuations over the past period, especially during the coronavirus crisis.
The crises have underlined the strength of the Arab capital markets, he said.
He added that the Egyptian bourse has been leading a coordination march with all bourses to see how far they can get a boon from up-to-date financial technology.
He added that two memorandums of understanding were inked between the AFE and the African Securities Exchanges Association (ASEA) with an aim to enhance competitiveness of bourses and giving momentum to capital markets in the region.
He added that the federation has also signed a cooperation memo with the MENA FINTECH Association (MFTA) to enhance the financial technological role in Arab capital markets.
Meanwhile, EFA Secretary General 4Rami el Dokany unveiled the achievements realized by the federation under Egypt’s chairmanship, referring to an unprecedented jump in the total market value of Arab bourses registering $ 3.1 trillion in 2019 against $ 1.1 trillion in 2018.
He attributed this boost to Saudi Aramco’s initial public offering at $26 billion, adding that the number of listed companies hit 1,662.
He noted that the technological and pharmaceutical sectors had the lion’s share.
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