CAIRO - 12 February 2024: Four new commodities will be introduced on the Egyptian commodities exchange (EGYCOMEX) during 2024, with petrochemical products leading the list, chairman of the EGYCOMEX, Ibrahim Ashmawy stated.
He added in statements during his visit to a commercial mall that the introduction of gold to the exchange will occur after ensuring the governance process and obtaining approval from the regulator, represented by the Stamp and Weights Authority.
He noted that the previously introduced gold and silver were done through the bidding system, according to the Middle East News Agency.
Regarding the incentives provided by the Egyptian Commodities Exchange to attract private sector participation, Ashmawy mentioned that registration and membership fees have been waived.
Additionally, the exchange offers tax benefits and assistance to companies in swiftly bringing their commodities through customs, and it obtains a small percentage of trading fees to avoid imposing additional burdens on sellers and buyers.
CEO of the Egyptian Commodities Exchange (EGYCOMEX), Hossam El Garrahi, recently disclosed that the exchange is looking to introduce petrochemicals, iron, cotton, and additional agricultural produce to the platform.
During the recent inaugural commodity exchange conference, the CEO explained that negotiations with the marble sector to include marble products for trading are in the advanced stage, noting that the exchange is in discussion with the General Petroleum Authority to include grease and oil products as well.
Regulations for membership are being finalized and expected to be approved at the first board meeting to be held soon, he added.
The EGYCOMEX is currently focused on its transition from auctions to actual trading, and is concentrating on preparing trading operation regulations, he added.