Proposed creation of unified Arab stock exchange

Egyptian finance minister Youssouf Boutros, who is regarded as the chief promoter of economic liberalism in Egypt, has succeeded in turning the Cairo stock exchange as the most modern and most reliable financial institution in the Middle East over the past few years.

• Rejuvenated in the year 2000, the Cairo stock exchange garnered about 534% in late 2003 and in February 2008, that is, an annual hike of 136%.
• According to Mr Boutros, there is a project in the offing for an integrated Arab stock exchange, whereby, the infrastructure and the regulations, already existing in Cairo, will be used for that purpose.
• The Egyptian official said that he had offered certain countries, notably from the Gulf and North Africa as well as Syria, his provisions of service in the field of the conservation of registered securities and compensation.
• He indicated, in this respect, that if these Arab countries endorsed such a project, they would see their stock exchange efficiency increase “tenfold”, as he put it.
• The proposal is being studied by several Arab governments pending a final decision on the matter.