Al-Araby: a plan to open commodity exchange branches in the Governorates

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Monday - 20 January 2020 - 1:49 PM


Engineer Ibrahim Al Araby, chairman of the General Federation of Chambers of Commerce, said that members of the board of directors of the General Federation agreed to participate in the launch of the company "Egyptian Commodity Exchange," which the government would contribute 50 per cent of its resources.



He continued that the company is expected to assume responsibility for launching multiple commodity exchanges in the governorates in accordance with the nature of each governorate and the commodities available therein, in addition to providing data on these commodities to minimize the large price variance.



The Council of Ministers ' Economic Committee announced its approval to start implementing the project for commodity exchanges, amid expectations that the project's technical and financial studies could be completed, to begin trading within a maximum one year.



Al-Araby also stated that the federation will present its vision on Egypt's business climate during the Economic Group's Regular Meeting for Improving the Investment Climate, which the prime minister seeks to organize monthly.



The Business Climate Improvement Group is composed of Consultant Mohamed Abdul Wahab, CEO of the General Investment and Free Zones Authority, Engineer Ibrahim El Araby, Chairman of FEDCOC, Engineer Mohammed Al Suwaidi, Chairman of FEI and a group of leading businessmen and investors.