Mohamed Omran, the Chairperson of the Financial Regulatory Authority (FRA), has completed his tenure with the Authority after two consecutive terms. At the moment, the FRA prepares to name a new leader.
Sources told DNE that there is a possibility that Omran’s term would be renewed, especially that the decision has not been issued yet.
Other sources close to the Cabinet said that a decision is expected to be made on Sunday morning, followed by another decision to renew the tenure of the board of directors.
The sources pointed out that the Prime Minister has been holding interviews with the candidates for the position over the past few months, including Khaled Serry Siam, the former president of the Egyptian Exchange (EGX), and Ahmed Rostom, the Financial Sector Specialist at The World Bank’s East Asia and Pacific: Finance and Private Sector Development Department (EASFP).
The sources also suggested that Siam is the most likely candidate to the new position.
Mohamed Omran sent a farewell message to the employees of the Authority last Thursday via e-mail, expressing thanks and appreciation to them for their efforts to enhance the status of FRA with a vital role in the national economy, and asked them to continue exerting effort and showing discipline to sustain the Authority’s achievements.
Omran said in his message that over the past five years, the authority’s focus was largely on directing the compass of this growth to be peaceful and inclusive, to achieve the aspirations of the state.
He added that during these five years, for the first time in the history of the authority, the first comprehensive strategy for the development of non-banking financial activities (2018-2022) was formulated, during which the authority was keen on enhancing the situation of international bodies with regional and international impact through its active and effective presence in international institutions and forums.
The authority won the award for the most innovative and creative watchdog in Africa in 2018, in addition to choosing the United Nations for the authority to head the advisory group of the United Nations financial market regulators in the same year. It was awarded as the most innovative supervisory body in Africa in 2018. In addition, the authority was selected by the United Nations to head the Advisory Group for Capital Markets Regulatory Bodies. The authority also joined the Financial Stability Board of the Middle East for the first time in history.
