Recovering headline stability and new listings should both help to invigorate Egypt’s capital markets in the medium term, with investor appetite for assets across the region providing an additional boost.
Egypt
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Economic update | Egypt’s IPOs fuel market momentum
31 Jul 2015
A $9bn deal inked in Egypt will give a substantial boost to the country's electricity generation capacity, helping the government address power shortages and support a growing population and economy.
Egypt has long been a cost-competitive destination for offshore services, such as business process outsourcing (BPO), but a spate of new agreements with a number of large investors has given the ICT sector a further boost, with thousands of potential new jobs in the offing.
A series of moves by the Central Bank of Egypt (CBE) to devalue the pound and limit dollar activity are expected to help shore up foreign reserves and eliminate black-market currency trading.
Garnering more investment, loans and assistance packages than had been widely expected, Egypt’s Economic Development Conference (EEDC) secured investment contracts worth $36.2bn, an additional $18.6bn in infrastructure contracts to set up power plants, and $5.2bn in loans from international financial institutions.
Construction is soon to begin on the first phase of a long-awaited government plan in Egypt to develop one million new homes, adding to a building boom and infrastructure projects already under way across the country to spur economic growth.