(MENAFN- Daily News Egypt) Mohamed Farid, chairperson of the Egyptian Exchange (EGX), met with representatives of ten British and American investment funds that manage $3.9tn, including Fidelity Investments, MetLife Investment, and Aberdeen Standard Investments, during a meeting organised by BNP Paribas in London.
Farid said that 2018 will be a strong year for the EGX, supported by several IPOs, where there are pharmaceutical, chemical and real estate companies lined up. During his meeting with investors, he pointed out that the Egyptian economic reform programme should be seen as a story of transformation more than a plan for stabilisation, especially with regard to fixing services and public utilities, such as electricity and fuel.
He noted that the programme has been able to reap rapid gains from investors in equity and debt markets in Egypt. In the next phase, Egypt should witness the return of foreign direct investment inflows by investors in the non-oil sector, which usually takes longer to understand the new economic landscape. He added that the next phase of Egyptian economic growth must be based on structural changes aimed at prolonging the economic cycle to achieve sustained high economic growth for more than five years.
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