A SUPPLEMENT TO EUROMONEY/APRIL 1999: EGYPT
The rebirth of Egyptian securities
The eight years since the start of the Mubarak government’s economic structural adjustment programme have been patchy for Egypt’s capital markets. Although the Cairo stock exchange has a venerable past – it was founded in 1903 – it has struggled to re-establish itself after the end of president Nasser’s Arab socialist experiment. Stock market levels were hit first by the Asian and then by the Russian crisis (although Egypt has survived better than many other emerging markets), and have languished at pre-1997 prices.
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