Omran had been heading FRA for the past 5 years, and was given a one-year extension on his term in office on 8 August 2021. Farid has been chairperson of the EGX since August 2017
The Egyptian Exchange’s (EGX) chairperson will now helm the Financial Regulatory Authority (FRA) as its acting head with its chairperson of many years Mohamed Omran stepping down after two consecutive terms.
EGX head Mohamed Farid has been announced as the FRA’s new chairperson for one year, effective today, after President Abdel Fattah El-Sisi issued Resolution No. 353 of 2022 which assigns Farid as acting Chairman of the Board of Directors of FRA.
Omran had been heading FRA for the past 5 years, and was given a one-year extension on his term in office on 8 August 2021. Farid has been chairperson of the EGX since August 2017.
In a farewell email to the authority’s employees, Omran expressed his thanks and appreciation for their efforts to enhance the authority’s stature and vital role in the national economy, and asked them to continue their efforts and show discipline to sustain the Authority’s achievements.
In the past 5 years, the FRA established the first comprehensive strategy for the development of non-banking financial activities (2018-2022), Omran pointed out. During this time, the authority has been eager to improve the the situation of international bodies with regional and international impact through its active and effective presence in international institutions and forums.