Egypt's PM heads to Japan for TICAD 9 Africa development summit    National Council for Childhood reviews plan to combat child labour    Egypt's Supreme Organ Transplant Committee strengthens oversight, standards    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    African agribusiness market expected to reach $1tr by 2030    Price cuts underway across Egypt, says trade federation report    Zelenskyy seeks US security guarantees as Trump says he can 'end war now'    Israelis protest for hostage deal amid growing pressure on Netanyahu    Serbia's Vucic vows 'tough measures' against protesters after unrest    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt delivers over 30 million health services through public hospitals in H1 2025    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egyptian Exchange elects new board
Published in Daily News Egypt on 12 - 08 - 2009

CAIRO: The Egyptian Exchange elected a new board of directors Tuesday, after a fierce competition between candidates, comprising four members plus a representative of Misr for Clearing, Depository and Central Registry.
The board includes Aladdin Saba, chairman and CEO of investment bank Beltone Financial; Hisham Tawfik, chairman of Al-Arabia Online; Mahmoud Shaaban, chairman of Roots Brokerage; and Gamal Fawzi, vice chairman of Mena Touristic & Real Estate Investments, who represents all listed companies on the bourse.
There were a total 263 votes, 13 of which were void.
"It was a fierce election, particularly after the new regulations, Tawfik told Daily New Egypt.
The election is the first of its kind since new regulations set forth by a Presidential decree in June.
Topping the new board's agenda is "restoring confidence between regulators and professionals in the market, said Tawfik.
This past July, the three regulatory bodies overseeing Egypt's non-banking financial sector - the Capital Market Authority, the Egyptian Insurance Supervisory Authority and the Mortgage Finance Authority - were brought under one umbrella: the Egyptian Financial Supervisory Authority (EFSA), headed by Ziad Bahaa El-Din.
The EFSA supervises all non-banking financial transactions and markets including the capital markets, derivative markets on financial assets and commodities, insurance contracts and services, mortgage finance, financial leasing, factoring and securitization.
The new board also plans to form a federation for asset managers, brokers and investment bankers, said Tawfik.
Another item on the agenda for the new board will be to "minimize the cost of trading and [better] integrate the exchange and Misr for Clearing, Depository and Central Registry so the [financial] market has one database and one system, he added.
These are medium- to long-term agenda that will take between "six months to a year to achieve, Tawfik said.
The election took place this week in the presence of Maged Shawky, chairman of the Egypt Exchange, as well as representatives from the Ministry of Investment and the EFSA.
Among the candidates vying for the four seats were Sherif Cararah, head of brokerage at EFG-Hermes; Hussein El-Sherbiny, managing partner at Pharos Holding; as well as Khaled El-Tayeb, board member at Pioneers Holdings.
No date has been set for the first board meeting.


Clic here to read the story from its source.