Egypt's Prime Minister Sherif Ismail appointed on Sunday Mohamed Farid as the new head of the Egyptian stock exchange (bourse) for a four-year term, state-run news agency MENA reported. 

Farid, who is succeeding Mohamed Omran as head of the stock exchange, served as the vice president of the bourse from July 2010 until October 2011, and worked on launching the first specific weight index in the Egyptian stock exchange.

During his time as vice president of the bourse, Farid contributed to the development of a detailed plan to establish a derivatives market. He also served as an external consultant for capital and finance leasing activities at the World Bank in Egypt.