Index provider FTSE Russell announced on Tuesday evening that Egypt and the Egyptian capital market have officially been removed from its Watch List, after the market met the required international standards and criteria.

The development reflects the Egyptian market's ability to meet international requirements and to exceed the required minimum thresholds, backed by a strong and growing base of listed companies able to meet international standards and compete regionally and globally.

Omar Radwan, Chairman of the Egyptian Exchange (EGX), said the market's removal from the Watch List is a fresh vote of confidence that confirms its resilience and its ability to handle global challenges, pressures and changes. He noted that the strength of any financial market is measured not only by its performance in normal conditions, but by its ability to maintain its efficiency and attractiveness, and to recover and adapt, in challenging times.

The EGX chairman said the Egyptian market had faced a series of challenges and changes in recent years. In practice, these developments were a real test of the market's resilience and its ability to cope with pressure.

Radwan added that the challenges the Egyptian market faced can be seen as a real-life stress test. They showed the market's ability to adapt and deal with change, an important factor in how international investors assess a market's attractiveness, its capacity to absorb shocks, and how the market and its listed companies handle pressure and continue to adapt and grow.

Radwan stressed that Egypt has a strong and diverse base of listed companies of different sizes, sectors and business models, a growing number of which have met and exceeded international standards. These companies do not necessarily need to rebuild their capabilities; rather, they need more visibility and transparency in front of international investors and better promotion of the opportunities they offer.

In this context, the success of 3 major Egyptian companies in exceeding the requirements of the mid-cap category is an important development that reflects the market's growing depth and the strength of its listed companies. Talaat Moustafa Group joined first, followed by Telecom Egypt, in addition to Commercial International Bank (CIB), strengthening the presence of Egyptian companies in emerging-market indices and broadening the base of potential investors.

The EGX chairman said the goal is not only to increase the number of companies that meet international standards, but to build a market with a broader base of companies able to exceed them, while strengthening their competitiveness and access to global capital.

Radwan explained that leaving the Watch List is an important milestone in the development of Egypt's capital market, but not the end point. He said work will continue to deepen the market, boost its competitiveness, broaden the investor base and raise the international profile of Egyptian listed companies, as well as to develop financial products and services, technology infrastructure, and trading and disclosure mechanisms.

The EGX chairman concluded: "What has been achieved today confirms the strength of the foundation on which the Egyptian capital market rests. The market faced real challenges, dealt with them and proved its ability to withstand and adapt. Today, we are focused on turning this resilience into opportunities, and turning the strength of our listed companies into greater visibility and international investment. What has been achieved so far is only the beginning of what is to come."