Mohamed Farid, Chairperson of Egypt’s Financial Regulatory Authority (FRA) and Vice Chairperson of the International Organisation of Securities Commissions (IOSCO) Board, held high-level bilateral meetings with senior Saudi financial institution leaders in Riyadh. The discussions, part of the International Federation of Accountants (IFAC) 2025 Middle East and North Africa Forum, focused on enhancing cooperation in capital markets, professional development, and regulatory alignment.
These engagements underscore Egypt’s commitment to deepening regional financial integration and strengthening the role of MENA markets in the global financial system. Discussions covered fostering regulatory collaboration, supporting financial innovation, and harmonising professional and sustainability standards across the region.
Farid met with Khalid Abdullah Al Hussan, Chief Executive Officer of Saudi Exchange Group and chairman of its constituent companies, including Saudi Exchange, Edaa, Muqassa, and Wamid. He also held separate meetings with Ahmed bin Abdullah Al Mughames, Chief Executive Officer of the Saudi Organisation for Certified Public Accountants (SOCPA), and Mohammed bin Abdullah El Kuwaiz, Chairman of the Saudi Capital Market Authority (CMA).
During his meeting with the Saudi Exchange Group CEO, Farid indicated Egypt’s progress in developing its financial derivatives market and activating mechanisms for securities lending and market making. This aims to boost the Egyptian market’s efficiency and competitiveness, and improve liquidity and trading levels.
Discussions with SOCPA’s CEO focused on accounting, auditing, and sustainability disclosure. Both parties stressed the importance of aligning standards with international frameworks such as IFRS and IFAC, exploring joint capacity-building initiatives. They emphasised advancing Environmental, Social, and Governance (ESG) disclosure standards, aiming to position both countries as regional leaders in responsible finance.
In his meeting with the CMA Chairman, Farid reaffirmed the strong partnership between the FRA and the Saudi CMA. The dialogue addressed opportunities for greater regulatory alignment in licensing, supervision, and investor protection. Green finance and the development of carbon markets were highlighted as priorities, alongside coordinating positions within IOSCO to ensure the region’s priorities are represented in global regulatory standard-setting.
Farid noted that these meetings reflect a shared vision for building stronger, more resilient, and interconnected financial markets in the MENA region. He explained that cooperation extends beyond technical alignment to creating new opportunities for investors, entrepreneurs, and citizens in both countries. By collaborating on innovation, governance, and sustainability, both nations aim to enable the region’s markets to play a more influential role in the global financial system.
The meetings are expected to bolster institutional cooperation and directly benefit citizens and investors in both countries. Integration between Egyptian and Saudi markets could unlock broader investment opportunities and diverse financial products, supporting long-term savings and enhancing financing access for entrepreneurs and startups. They also aim to foster a more transparent and stable investment environment, building individual investor confidence and supporting economic development.
This bilateral engagement complements existing cooperation efforts between Egypt and Saudi Arabia in the capital market and non-banking financial services sectors. By exchanging expertise, enhancing regulatory harmonisation, and developing shared infrastructure, the countries aim to build sustainable cooperation bridges. This will enable practical initiatives serving investors, supporting companies, and opening wider channels for cross-border investment flows, potentially solidifying both countries’ positions as regional financial hubs capable of leading towards greater integration, innovation, and financial stability.
These meetings align with the FRA’s strategy to foster international partnerships and reinforce Egypt’s position as a regional financial hub connecting markets, investors, and ideas across Africa and the Middle East. By deepening ties with leading Saudi institutions, the FRA seeks to promote cross-border investments, enhance financial stability, and driveinclusive growth beneficial to both economies and the entire region.
