The Egyptian Exchange (EGX),

Egypt Egypt ( , ), officially the Arab Republic of Egypt, is a country spanning the Northeast Africa, northeast corner of Africa and Western Asia, southwest corner of Asia via the Sinai Peninsula. It is bordered by the Mediterranean Sea to northe ...

stock exchange A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for ...

, comprises two exchanges,

Cairo Cairo ( ; , ) is the Capital city, capital and largest city of Egypt and the Cairo Governorate, being home to more than 10 million people. It is also part of the List of urban agglomerations in Africa, largest urban agglomeration in Africa, L ...

and

Alexandria Alexandria ( ; ) is the List of cities and towns in Egypt#Largest cities, second largest city in Egypt and the List of coastal settlements of the Mediterranean Sea, largest city on the Mediterranean coast. It lies at the western edge of the Nile ...

, both governed by the same board of directors and sharing the same trading, clearing and settlement systems. Presently, the

chairman The chair, also chairman, chairwoman, or chairperson, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the gro ...

of the Egyptian Exchange is Ahmed Abdelrahman. Transactions taking place in the stock exchange are not subject to capital gains tax. Dividends distributed by companies listed on the exchange to shareholders are also not subject to income tax. However, in 2013, a 0.001 percent tax on all stock market transactions was imposed. In 2013, the Ministry of Finance announced that the government intended to repeal a 10 percent capital gains tax imposed on mergers and acquisitions the year earlier, as well as a planned tax on cash dividends, and refund investors who paid it. The Egyptian Exchange is a member of the

Federation of Euro-Asian Stock Exchanges The Federation of Euro-Asian Stock Exchanges (FEAS) is a non-profit international organization comprising the main stock exchanges in Eastern Europe, the Middle East, and Central Asia. The purpose of the Federation is to contribute to the coopera ...

History

The origins of Egypt's stock exchange can be traced back to 1883 with the establishment of the first futures market in

. By 1899, under the rule of Khedive Abbas II, the exchange relocated to a new premises on Muhammad Ali Square, today known as

El Manshiyya EL, El or el may refer to: Arts and entertainment Fictional entities * El, a character from the manga series ''Shugo Chara!'' by Peach-Pit * Eleven (''Stranger Things'') (El), a fictional character in the TV series ''Stranger Things'' * El, fami ...

. In 1902, the Brokers' Syndicate was formed, setting the initial regulations for stock market activities. In 1903, the Egyptian Company for Banking and Stock Exchange was founded in

as a limited liability company by a group of investors and brokers. They selected the former

Ottoman Bank The Ottoman Bank (), known from 1863 to 1925 as the Imperial Ottoman Bank (, ) and correspondingly referred to by its French acronym BIO, was a bank that played a major role in the financial history of the Ottoman Empire. By the early 20th cent ...

building, now known as the Groppi Building, on Maghrabi Street as the company's headquarters. The Brokers' Syndicate established market conditions, including listing criteria, trading rules, and mechanisms for resolving disputes among brokers and handling public complaints. By 1908, a proper trading platform had emerged in Cairo, located opposite the French Consulate, where investors could watch market activities. The first legislation governing stock exchanges was enacted on November 8, 1909. In 1928, the exchange moved to its current location on El Sharifin Street. This new headquarters was financed by a company founded by brokers, following the conclusion of the old company's operations. The Egyptian stock exchange plummeted 6.25% following the beginning of the

Egyptian revolution of 2011 The 2011 Egyptian revolution, also known as the 25 January Revolution (;), began on 25 January 2011 and spread across Egypt. The date was set by various youth groups to coincide with the annual Egyptian "Police holiday" as a statement against ...

on 25 January. It closed at the end of trading on 27 January after the benchmark EGX 30 Index (EGX30) plunged 16 percent that week amid the uprising. The exchange reopened on the 23rd of March after being closed for almost 8 weeks. The market fell by a further 8.9% on reopening.Egyptian Market's Reopening.
Wall Street Journal. March 24, 2011.

References

External links

* {{Egypt topics Financial services companies established in 1883 Stock exchanges in the Middle East Stock exchanges in Africa Finance in Egypt Organisations based in Cairo Economy of Cairo Economy of Alexandria 1883 establishments in Egypt Government-owned companies of Egypt

History

See also

References

External links