FTSE Russell has officially removed Egypt and the Egyptian capital market from its Watch List after the market met the required international standards and criteria.The development reflects the Egyptian market's ability to meet international requirements and exceed the minimum thresholds, supported by a strong and growing base of listed companies capable of meeting international standards and competing at the regional and international levels.Chairman of the Egyptian Exchange Omar Radwan said Egypt's removal from the Watch List provides a new vote of confidence in the market's resilience and its ability to cope with global challenges, pressures and changes.He noted that the strength of any financial market is measured not only by its performance under normal conditions, but also by its ability to maintain efficiency and attractiveness and recover and adapt during challenging times.
Radwan said the Egyptian market had faced a range of challenges and changes in recent years, which had served as a real test of its resilience and ability to withstand pressure. He added that these challenges could be viewed as a real-world simulation of how markets respond to difficulties, demonstrating the market's ability to adapt and cope with changes.This is an important factor in international investors' assessment of the market's attractiveness, resilience to shocks, and the ability of the market and listed companies to withstand pressure, continue operating, adapt and grow, he said.Radwan said Egypt has a strong and diverse base of listed companies spanning different sizes, sectors and business models.
A growing number of these companies have succeeded in meeting and exceeding international standards, he said, adding that they do not necessarily need to build their capabilities from scratch, but rather need greater visibility and transparency among international investors and stronger exposure of the opportunities they offer.
In this context, the success of three major Egyptian companies in meeting the requirements for the mid-cap category represents a significant development that reflects the growing depth of the market and strength of its listed companies. Talaat Moustafa Group was followed by Telecom Egypt, in addition to Commercial International Bank (CIB), strengthening the presence of Egyptian companies in emerging-market indices and broadening the potential investor base.The chairman said the goal is not merely to increase the number of companies meeting international standards, but to build a market with a broader base of companies capable of exceeding those standards, while strengthening their competitiveness and access to global capital.
Radwan said Egypt's removal from the Watch List represents an important milestone in the development of the Egyptian capital market, but does not mark the end of the process. He stressed that work would continue to deepen the market, enhance its competitiveness, broaden the investor base and increase the international visibility of Egyptian listed companies, while developing financial products and services, technological infrastructure, trading mechanisms and disclosure practices.
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