Foreign investors will be able to register as importers in Egypt, according to a draft law approved by the cabinet Thursday.
Head of the Debt Management Unit at the Ministry of Finance Mohamed Hegazy said that recent financing agreements concluded by Egypt with the International Monetary Fund and other parties encouraged foreign investors to increase their investments in treasury bills and bonds offered by the Ministry of Finance.
“55 ADX-listed companies now accessible to foreign investors, representing 80 percent of the exchange,” it added.
The Egyptian Exchange’s market capitalization recorded a profit of LE 148.18 billion ($8.36 billion) since the beginning of 2018, amid foreign buying.
Market capitalization gained LE 3.6 billion ($204.75 million) by the end of the trading, totaling LE 853.32 billion, up from LE 849.68 billion.
Post-2011, Egyptian courts issued verdicts annulling business contracts of several foreign companies and projects.
The Saudi Capital Market Authority plans to give foreign investors complete access to Saudi Arabia's NOMU, the secondary market, starting from January 1.
Mohammed bin Salman pledged a "moderate, open" Saudi Arabia on Tuesday in favor of an image catering to foreign investors and Saudi youth.
Non-Arab foreign investors’ net purchases in the Egyptian Exchange (EGX) recorded LE 8.24 billion ($466.12 million) since the beginning of 2017.
Non-Arab foreign investors were net buyers in the Egyptian stock market since the beginning of the year, with a net equity of LE 7,072.14 million.
Net purchases of foreign investors in the Egyptian Exchange registered $ 309 million in the first nine months of fiscal year 2016/2017.
Non-Arab foreign investors’ net purchases amounted to LE 6.6 billion in the Egyptian Exchange (EGX) since the beginning of 2017, while the Arabs registered net purchase of LE 52.9 million
The Egyptian Exchange (EGX) indexes were all up at the close of Monday's trading amid sales by Egyptian.