The Financial Regulatory Authority (FRA) extended the founding period of the Federation for Securities for six months ending 18 September, therefore postponing the first general assembly of the federation to choose its board of directors, which was previously scheduled for 18 March. The postponement aims to give room for the constituent committee to complete the procedures for holding the elections online, in the framework of the state's decision to suspend public events and gatherings to hedge against the Coronavirus outbreak. The final list included 20 candidates competing for 9 seats, including 6 competing for two brokerage seats, namely; Rania Yacoub, Chairperson of 3Way Finance; Mostafa Fawzy, Managing Director of Pioneers Securities; Mohamed Abdullah, Chairperson of Acumen Securities Brokerage; Wael Enaba, Chairperson of Royal Brokerage; Mohamed Kamal, head of Corporates Department in Al Rowad for Securities Brokerage; and Ahmed Omara, Chairperson of Saudi Egyptian Company for Securities Brokerage. Meanwhile, Aladdin Saba , Co-Founder of BPE Partners; Khalil Al-Bawab, Co-CEO of Misr Financial Investments; Dalia Shafik, Managing Director of Beltone Asset Management; and Amr Aboul Enein, Managing Director of CI Capital Asset Management are competing for the two seats of fund management, portfolios, direct investment, and other activities. And on the seat of establishing companies and promoting IPOs, Mostafa Gad, Co-Head of EFG Hermes' Investment Banking Division is competing with Ayman El-Sawy, Group CFO of Sarwa Capital; Mohamed Maher, CEO of Prime Holding; Mahmoud Shaaban, Chairperson and Managing Director of The Roots Holding; and Sherif Heshmat, CEO of Arqaam Capital. Ahmed Ekram, Deputy General Manager of Securities and Custody Department at EG Bank, has secured his seat for the deposit and clearing companies as he ran for uncontested election. Essam Khalifa also won the seat of the experienced independents and will be voted by the fund management, portfolios, and direct investment members. Ahmed Abu Hindiyah also joined the experienced independents as a legal member (consultant). Ashraf Salman, a former investment minister, and Mohamed Tarek Youssef, an auditing partner at Grant Thornton Accounting Office, are competing for the last seat of those with independent experience in corporate formation, promotion, and underwriting activity.
