Dr. Rania Al-Mashat – Minister of International Cooperation, Ambassador Soha Gendi – Minister of Immigration and Egyptian Expatriates’ affairs, Mr. Ahmed El-Sheikh – Executive Chairman of The Egyptian Exchange (EGX), opened the trading session at EGX to participate in the international events of International Women’s Day.
The event was attended by Dr. Hassan Mustafa – Assistant to Minister of Social Solidarity, representing Dr. Nevine Al-Kabbaj – Minister of Social Solidarity, and number of leaders from international development organizations, including Mr. Saad Sabrah, IFC Country Head for Egypt, Ms. Christine Arab, UN Women Egypt Country Representative, Ms. Walaa El-Husseini, Country Director of UN Global Compact Network Egypt, Members of Parliament Ms. Nevine El-Taheri and Dr. Ayat El-Haddad, Ms. Heba El-Serafy, Vice Chairman of EGX, along with several female leaders from EGX.
EGX, in cooperation with the International Finance Corporation (IFC), The World Federation of Exchanges (WFE), the United Nations Women (UN Women), the United Nations Sustainable Stock Exchanges Initiative (SSE), and UN Global Compact Egypt, held the “Ring-the-Bell” for Gender Equality Ceremony; an annual event that EGX is keen to host annually for the 10th sucessive year to participate in this worldwide celebration aiming at encouraging Egyptian private sector to create more opportunities for women.
Mr. Ahmed El-Sheikh, EGX’s Executive Chairman, honored number of active female professionals and leaders in EGX, in recognition and appreciation for their efforts and dedication. Also, He honored number of distinguished women from the Ataa Al-Samaa Association, which cooperated with EGX through its community arm, EGX Exchange Foundation for Sustainable Development.
Dr. Rania Al-Mashat, Minister of International Cooperation, praised the development in financial market legislation, which enabled more highly qualified women to hold leadership positions on the boards of EGX listed firms. She also highlighted that EGX Vice Chairman is a woman. She pointed out that the Egyptian government, under the leadership of President Abdel Fattah El-Sisi, is keen on launching strategies, initiatives, and social programs that support women and empower them economically and socially.
Ambassador Soha Gendi, Minister of Emigration and Egyptian Expatriates’ Affairs, affirmed that Egyptian women are living in a golden age, with the Egyptian political leadership’s focus on empowering women. She pointed out that the world celebrates International Women’s Day on March 8th, each year, but Egyptian women have always held a unique and unparalleled position. They were the queen leaders, wise philosophers, and the mothers of heroes, among other roles that ancient Egyptians skillfully portrayed on temple walls.
Mr. Ahmed El-Sheikh, EGX’s Executive Chairman, stated that celebrating International Women’s Day reflects our commitment to support the active participation and economic empowerment of women. This comes in line with the efforts to bridge the gender gap and develop women’s capacities to expand their employment alternatives and achieve equal employment opportunities. He added that the rules governing EGX listed companies have been developed to increase the representation of women on the boards of those companies. This contributes to enriching diversity, improving company performance, and positively affecting long-term performance and profitability. Having women represented on the boards of economic institutions achieves many national and international goals, including the implementation of the Egyptian National Strategy for the Empowerment of Egyptian Women 2030, which aims at having women occupying 30% of senior management positions by 2030.
Heba El-Serafi, EGX Vice Chairman, said “EGX is fully aware of the positive impact that could result from having diverse experiences and qualifications from both genders at the workplace, which helps building more competitive companies and thus more resilient and inclusive economies. In that respect, we at EGX, have collaborated with the AUC Women on Board Observatory to promote stronger board governance for listed companies and build a database for qualified board-ready women. We provide awareness and training programs to listed companies and market participants to highlight the benefits of board diversity and inclusivity. We also encourage EGX listed companies to submit their gender related data to be recognized in the global gender equality indices”. She also emphasized the great role played by EGX Chairman in creating a conducive work environment for women.
“Achieving gender equality means unlocking doors for women, creating equal opportunities and empowering them and their communities,” said Saad Sabrah, IFC Country Head for Egypt. “By providing access to more and better jobs, markets, and supporting women entrepreneurs with financial and non-financial tools, IFC is helping
more women reach their full potential, as well as contributing to a more equitable and prosperous future for Egypt.”
Nandini Sukumar, CEO of the World Federation of Exchanges “This year we celebrate the 10th anniversary of ‘Ring the Bell for Gender Equality’, and can reflect on a decade of progress and collective efforts that EGX has made to advance gender equality globally. In ringing the bell today, EGX is reaffirming its commitment to building a more equitable future. We congratulate them on being a champion for gender”
In her remarks, Ms. Christine Arab, UN Women Egypt Country Representative highlighted that empowering women is a smart economic investment, which helps ensure a company’s growth and its resilience. Ms. Arab urged private sector companies to take concrete action to give opportunities for women to both stay in the work force – through adopting family-friendly policies – and opportunities to advance in the company’s leadership. Women’s enhanced leadership, increasing women’s labor force participation and strengthening support to the care work in the home are national priorities enshrined in the National Strategy for the Empowerment of Egyptian Women 2030.
Ms. Walaa El Husseiny Country Director of UN Global Compact Network Egypt, The “Ring the Bell” event serves as a poignant reminder of the critical role the private sector plays in the global quest to achieve the Sustainable Development Goals. As a pivotal entity in corporate sustainability, the UN Global Compact Network Egypt is dedicated to empowering the private sector to embrace and promote gender equality principles. Through its Gender Equality Accelerator, now in its second year, the initiative supports 14 participants; half of them are listed companies, to foster positive change. This year’s program, will be conducted in collaboration with the Egyptian Exchange (EGX), aims to broaden its reach, offering more listed companies the opportunity to enhance their practices and commitment to gender equality.
The “Ring-the-Bell” events in 2024 mark the tenth year of partnership between the International Finance Corporation (IFC) and stock exchanges worldwide. Many exchanges from around the world are participating in the “Ring the Bell for Gender Equality” event this year. The IFC collaborates with regulatory bodies and financial markets in emerging market economies to promote increased gender diversity in leadership positions.
