The Clap
The FRA is aiming to resolve disputes with big investors as well as stimulate the EGX in order to develop the financial market in Egypt.
The Deets
Following the recent rebalance of the EGX30, the FRA wants to improve the relationships with the companies that were removed from the index like Orascom Development and ADIB.
In addition to that, more companies need to be added to the EGX to be able to compete with neighboring countries.
Why this Matters
The EGX lost a great bit of value since the devaluation of the EGP in 2016. Hassan Hussien, a financial expert, advised that the FRA exempts SMEs from commercial and industrial profit tax for 10 years to be listed on the EGX.
FRA’s agenda is looking busy 🗓
