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The Egyptian government is leading economic reform in the Middle East and intends to continue privatizing companies, focusing on the financial services sector, which is expected to add further impetus to CASE.

 

 

Egypt is leading reform in the Middle East. 2007 marked many firsts:

  • The Cairo and Alexandria (CASE) Stock Exchange topped the 10,000 mark, up more than 40% YoY and 450% for the past four years.
  • Market capitalization reached E₤ 700 billion
  • Monthly trading of securities exceeded E£ 29 billion.
  • Foreign investment surged to US$ 11 billion.
  • GDP rose more than 7 percent.
  • International reserves reached US$ 30 billion
  • 9,000 new companies were established
  • 1,750 companies expanded
On 4th December, 2007 The International Monetary Fund (IMF) commended Egypt's sound macroeconomic management and bold economic reforms “which increased market confidence, boosted investment and helped to sustain high pace of economic growth to a record 7.1% during FY 2006/2007.”
Another factor favoring investment is the use of IPOs to generate capital by large family-owned businesses that are growing rapidly as the region engages in global expansion.

Opportunities are emerging in land development, construction, agriculture, IT, petrochemicals and other key industries. M&A activity is vigorous.

The bond market is providing new opportunities for investment in fixed income products, with strong international demand.

The Private Equity Market is a relatively new phenomenon. Now it is attracting considerable interest, especially from wealthy Arab investors from Saudi Arabia and the Gulf States. Prominent investments have been made in tourism, land, textiles, retailing and the financial sector.

American investors are taking note and participating. US-based Ripplewood Holdings LLC took an 18.7% stake in CIB bank and Citigroup Venture Capital invested US$459 Million in Amoun Pharmaceuticals.

Egypt – 'Top Performer'

Egypt’s new economy is unleashing a torrent of foreign investment. The business climate has been transformed, offering exceptional opportunities for investors to tap into one of the world’s lucrative emerging markets.

The Egyptian government’s decision to direct the sale of publicly held companies through the Stock Exchange has ignited domestic and foreign investment in Egypt. Private sector production, productivity and profitability have risen sharply.

The sale of Telecom Egypt (TE) was 55 times oversubscribed attracting half a million new retail investors.

As well as delivering spectacular returns for investors, the turnover of shares traded has skyrocketed, making Egypt one of the most liquid stock exchanges in the Middle East and North Africa region (MENA).

There are no restrictions on capital repatriation by foreigners and foreigners can invest in lucrative stocks in oil-rich Gulf States and Saudi Arabia, previously closed to foreigners through Beltone’s unique MENA Equity Fund.

The Egyptian Capital Markets Authority (CMA) governing CASE has introduced stricter guidelines, which has reduced the number of listed companies by almost 40%, substantially improving the quality of share offerings.

 
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