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RIYADH: Egypt is considering offering incentives for large-scale offerings on its stock exchange in an attempt to encourage companies to list in the county, the government’s finance minister revealed.

During a ministerial meeting, Ahmed Kouchouk said this will help deepen the market and boost its activity, demonstrating the government’s commitment to broadening ownership and drawing in more local and international investment, according to a statement. 

The move comes as Egypt seeks to boost its economic attractiveness, a goal helped by US-based credit rating agency Fitch affirming the country’s Long-Term Foreign-Currency Issuer Default Rating at “B” with a stable outlook in April.

“The minister added that work is also underway, in coordination with the Financial Regulatory Authority, to support the state’s plans to expand private sector participation by intensifying promotion and attracting new offerings from private and government companies. This will contribute to increasing liquidity and diversifying the investor base,” said a statement setting out the stock exchange plan. 

During the meeting, Prime Minister Mostafa Madbouly reaffirmed the government’s strong backing for initiatives to advance Egypt’s capital market, highlighting its crucial role in driving economic growth, boosting investment, and strengthening private sector involvement in the economy.

Mohamed Farid, chairman of the Financial Regulatory Authority, highlighted the ongoing close collaboration between his organization and the Egyptian Exchange to maintain market stability and enhance its role in financing businesses, as well as offering diverse investment options, ultimately benefiting the national economy.

Farid went on to note that this will also propel the activation and development of new financial and investment mechanisms and products that enhance efficiency and competitiveness altogether. 

Egyptian Exchange Chairman Islam Azzam said the bourse will move in the coming period along two parallel paths, including deepening the market and expanding its tools by introducing new financial products such as derivatives, and activating the market maker mechanism, which will provide greater opportunities for investors and enhance market efficiency and competitiveness.

Azzam also said trading will continue to be fully driven by supply and demand dynamics, highlighting that the administration is committed to ongoing dialogue with market stakeholders to develop more effective policies that enhance the Exchange’s competitiveness and appeal. 

Egypt’s economy is showing resilience despite global headwinds, with foreign investment and policy reforms helping offset volatile markets, Standard Chartered said in its latest outlook.

In its Global Focus – Economic Outlook H2-2025 report, the bank cited growing confidence in the Egyptian pound, underpinned by strong foreign exchange inflows from portfolio investments and official sector support. 

Egypt’s economic resilience comes at a critical time, as global markets face heightened volatility due to geopolitical tensions, fluctuating commodity prices, and the imposition of tariffs.

The country’s ability to attract foreign investment reflects growing confidence in its reform agenda, while its strategic location as a regional trade hub, coupled with large-scale infrastructure projects such as the Suez Canal Economic Zone, further enhances its appeal to investors.

NEW DELHI: Oil prices steadied on Wednesday, after falling in the previous session, as investors watched for fresh developments in the Ukraine war and weighed hefty new US tariffs on India, the world’s third-biggest crude consumer.
Brent crude futures fell 9 cents to $67.13 per barrel at 8:33 a.m. Saudi time, while West Texas Intermediate crude futures were down 8 cents at $63.17.
Both contracts fell more than 2 percent on Tuesday after beginning the week at a two-week high.
“(There is) a lot of uncertainty over how the Ukraine stalemate might be resolved, which portends volatility for crude but likely in a relatively small range,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.
“Over the past week or so, much of the Ukraine peace discount has been reversed, but the market is also not ready to price in a major supply risk premium,” Hari added.
US special envoy Steve Witkoff said on Tuesday he will meet Ukrainian representatives in New York this week, adding that Washington is also in talks with Russia as it seeks to end the war.
Additionally, US President Donald Trump’s doubling of tariffs on goods from India to as much as 50 percent took effect as scheduled on Wednesday.
Trump has said the higher charges are a result of India’s Russian oil buying, which increased following Moscow’s invasion of Ukraine as Western sanctions led Russia to discount its cargoes.
Indian refiners initially curbed their Russian crude purchases following the US tariff announcements and after stricter European Union sanctions on Russian-backed Indian refinery Nayara Energy.
However, state-owned refiners Indian Oil and Bharat Petroleum have resumed buying Russian supplies for September and October, company sources said last week. Indian Oil, the country’s biggest refiner, has said it will continue to buy Russian crude depending on the economics.
That has led some analysts to question how much impact the higher US tariffs will have on Indian purchases.
“The secondary tariff has not been enough to stop India from buying Russian oil. The market will be watching Russian oil flows to India closely going forward to gauge the impact, if any, of secondary tariffs,” Warren Patterson, head of commodity strategy at ING, said in a note.
Analysts estimate India has saved at least $17 billion by increasing oil imports from Russia since early 2022. Additional tariffs of up to 50 percent on Indian imports could slash exports by more than 40 percent, or nearly $37 billion, this April-March fiscal year alone, according to New Delhi think-tank Global Trade Research Initiative.
The war in Ukraine is influencing the oil market in other ways, as Ukrainian drone attacks on Russian refineries are cutting their operations, requiring them to export the crude they cannot process.
Russia has revised up its crude oil export plan from western ports by 200,000 barrels per day in August from the initial schedule after attacks last week, three people familiar with the matter said on Tuesday.