This year, 2018, will witness private placements across different sectors, along with the initial public offerings (IPOs) of state-owned companies, due to begin sometime this year, Mohamed Farid, head of the Egyptian Exchange (EGX), said.

The capital market is a key player in stimulating sustainable economic growth, said Farid at the In Search of Egypt Alpha investor conference held by Pharos Holding on Monday.

“Any advanced economy that seeks to achieve sustainable growth rates across different segments of its population requires an efficient and sophisticated capital market that will increase long-term savings and investment, while providing the necessary financing for the expansion of companies that want to grow and embark,” he noted.

Elwy Taymour, chairperson and chief executive officer at Pharos Holding, said that the investment climate in Egypt is witnessing a remarkable development after the comprehensive development of infrastructure and the implementation of the economic and legislative reform programme.

Through its conference, he added, Pharos is creating investment opportunities, shedding light on leading companies, and providing a platform for meetings between investors, corporate representatives, and fund managers to reach new investment opportunities that are well qualified to become major and outstanding investments.

The two-day conference will discuss the investment climate in Egypt and the interest of foreign investments in the circulation of Egyptian shares.

About 45 companies from various sectors, including consumer goods and services, telecommunications, pharmaceuticals, tourism, chemicals and petrochemicals, shipping and logistics, construction and construction materials, banks, investment banks, and financial institutions, are all taking part in the conference.