MORE GOOD NEWS FOR EGYPT AS STOCKS RISE
Egypt’s stock index has risen for a third straight session closing at a near five month high as the country continues to solidify economic stability, encouraging more foreign investment.
Teymour El-Derini at Naeem Brokerage stated that President Mursi and his new cabinet were a major factor in the rise in stocks, which are currently bringing more foreign investors into the market. He commented: “On paper things are looking more neat and more comfortable for any kind of investor.” He added that things have not looked better for Egypt and everything is moving in a democratic manner.
Optimism remains in Egypt over the new cabinet that has been put together by President Mursi, which reinstated the position of investment minister and brought in a new trade minister. Both decisions were welcomed by investors and following the unveiling of the cabinet there was a distinct increase in buying and selling by foreign investors.
As more tourists visit the country there has started to be a noticeable change particularly in popular holiday destinations like the Red Sea areas, which are benefitting from the influx of foreign investment. Apartments in Red Sea resorts are now one of the most popular assets for investors especially in areas like Hurghada where there are thousands of visiting tourists every year.
With a new government in place the country is now looking stronger than ever and it is proving to be a great investment opportunity where many investors are reaping the rewards of owning a property in Egypt.
Source: Reuters, Daily Star