2017 could see the highest number IPOs since 1998, says Omran

Mohamed Omran thinks 2017 could be the best year for IPOs in Egypt since 1998, telling participants at an event in Dubai that companies should raise a record amount through equity sales. The Egyptian Exchange chairman added that as many as 10 companies could tap the market this year. The economy is expected to stabilize, partly because the government allowed the EGP to float last year, a move that has increased the attractiveness of local stocks to foreign investors, Omran said. In its comparative report on regional equities markets, Bloomberg notes in the chart above that Egypt’s stocks have outperformed other MENA markets, rising 3.3% this year, while those of Saudi Arabia, Abu Dhabi, Dubai, Oman, and Qatar have retreated.