Skip to content Skip to Search
Skip navigation

Market cap of Egyptian bourse rises 79% in 2023

By Pramod Kumar
The benchmark EGX30 index closed at 24,894.26 points in 2023, up from 14,598.53 in 2022 Shutterstock
The benchmark EGX30 index closed at 24,894.26 points in 2023, up from 14,598.53 in 2022

The market capitalisation of the Egyptian stock exchange surged 79 percent in 2023, hitting EGP1.72 trillion ($55.47 billion) from EGP961.2 billion in 2022.

The benchmark EGX30 index closed at 24,894.26 points in 2023, compared to 14,598.53 points in 2022, Egypt Today newspaper reported. This was a rise of 71 percent.

Investor concerns over rising inflation and currency devaluation drove the stock market increases, according to the newspaper.

The Egyptian government plans to attract $191 billion yearly within three years to improve liquidity in the local market and address the foreign exchange shortage.

London-based consultancy Capital Economics suggested last month that the dollar exchange rate could fall to EGP35-40. Others are predicting a steeper drop. 

A devaluation is crucial to bringing more foreign currency into the system, but any spike in the exchange rate makes Egypt’s debt obligations a more daunting prospect. External debt has risen from $40 billion in 2015 to around $165 billion today.

Latest articles

Modern buildings in the city center of Riyadh, Saudi Arabia

Riyadh leads Saudi Arabia’s hot property market

Strong population and employment growth in Riyadh is driving a surge in real estate transactions as new properties cannot come on the market fast enough. A dramatic rise in the number of deals in the 12 months to the end of June was also visible in Jeddah and Dammam, according to a report this week […]

Adnoc LNG

Adnoc drops plan to upgrade UAE’s only LNG facility

An upgrade of the Das Island liquefied natural gas plant has been cancelled by Adnoc Gas, as it shifts priorities towards greenfield developments. “We have a funnel of exciting opportunities in which we can invest while at the same time exercising capital discipline,” Adnoc Gas said. Das Island’s liquefaction and export terminal, the only LNG […]

The new technology can help with tracking projects as contractors often have no idea how many workers are on site at one time and workers are frequently unsupervised

Saudi startup’s smart helmets upping safety on building sites

When Hassan AlBalawi first proposed a smart helmet that would track all employee movements on building sites, construction companies could not see the point.  “We were focusing on this problem of how to get technology into the construction field, measuring the drowsiness of construction workers. But it turned out the construction companies didn’t know or care,” […]

Aircraft, Airliner, Airplane

Kuwait Airways 2023 revenue soars 16% to $1bn

Increased passenger volume and flight operations increased revenues at Kuwait Airways by 16 percent in 2023. The topline reached KD335 million ($1.1 billion) last year, as the number of flights soared 26 percent year on year to 32,839, the state-run Kuwait News Agency reported, citing chairman Abdulmohsen Alfagaan. No details were shared on profit or […]