Report
Reham ElDesoki
EUR 9.12 For Business Accounts Only

IMF Sees Egypt on Track


  • Foreign investment is expected to recover, reaching USD 9.4bn in FY 17, from USD 6.5bn in FY 16. The IMF expects net international reserves to increase by USD 5bn in FY 17, reaching USD 33bn by FY 19.
  • On economic growth, the IMF projects 4% in FY 17, as consumption growth is constrained by the tight fiscal and monetary policies, rising to 4.8% in FY 18 and above 6% in the medium term, coinciding with our estimates for growth.
  • We welcome confirmation the capital gain tax is delayed by a further 3 years (and hopefully into perpetuity), and replaced by a simpler stamp duty of limited magnitude, which should not deter foreign investors.
  • IMF Egypt Mission Chief says EGP weakness not justified by fundamentals, confirms short term overshooting and volatility should subside going forward.


Provider
Arqaam Capital
Arqaam Capital

Established in 2007, Arqaam Capital is a specialist emerging markets investment bank, bringing regional and international product offerings to the emerging markets. Arqaam Capital combines international best practice with expertise in the markets in which we operate. Our primary role is to provide financial intermediation and create investment opportunities for frontier and emerging markets investors looking to invest in their own markets and abroad, as well as international investors seeking opportunities in target frontier and emerging markets. Arqaam Capital is headquartered in the Dubai International Financial Centre (DIFC), with additional offices in Libya, Lebanon, Egypt, and South Africa. 

Arqaam Capital's research platform provides the largest coverage footprint of MENA equities and one of the largest on the African continent with a total of 300 stocks under coverage. Arqaam Capital is ranked as one of the leading research providers in the region - a reflection of its broad coverage universe, its in-depth and high quality research, as well the compelling investment ideas that the team generates. The analysts closely analyze their sectors and issue in-depth company and sector research while the strategy team connects the micro with the macro, focusing on index analysis, macroeconomics and strategy research. 

Analysts
Reham ElDesoki

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