Ibrahim Ashmawy, Chairman of the Egyptian Commodities Exchange (EGYCOMEX), announced plans to introduce four new commodities in 2024, with a focus on leading with petrochemical products.
During a visit to a commercial mall, Ashmawy stated that the inclusion of gold on the exchange will proceed after ensuring proper governance processes and obtaining approval from the regulator, represented by the Stamp and Weights Authority. The previously introduced gold and silver were incorporated through the bidding system, as reported by the Middle East News Agency.
Addressing the incentives to attract private sector participation, Ashmawy highlighted that registration and membership fees have been waived. Additionally, the exchange offers tax benefits and aids companies in efficiently navigating their commodities through customs. To avoid imposing extra burdens on sellers and buyers, the exchange acquires a small percentage of trading fees.
The CEO of EGYCOMEX, Hossam El Garrahi, revealed plans to introduce petrochemicals, iron, cotton, and other agricultural produce to the platform. Discussions with the marble sector for trading marble products are in an advanced stage, and talks with the General Petroleum Authority about incorporating grease and oil products are ongoing.
Regulations for membership are in the finalization stage and expected to gain approval at the upcoming inaugural board meeting. EGYCOMEX is actively transitioning from auctions to actual trading and is focused on developing trading operation regulations.
