Cairo and Alexandria Stock Exchange

Below: The Cairo and Alexandria Stock Exchange is currently undergoing a massive facelift at its original downtown premises
With economies around the world alternatively heating up and cooling down, Egypt's stability makes it a star among emerging markets. Growth is steady at about 5.7% per year, inflation has been slashed to 4% from a staggering 21% in 1991, direct foreign investment is on the rise while infrastructure projects and the government's privatization program is proceeding on schedule. Industries like tourism and telecommunications are thriving. Their astonishing growth and inroads in the domestic market are rivaled only by their advances throughout the Middle Eastern region and the African continent. At the same time, a burgeoning middle class that barely existed a decade ago is developing into an eager market for consumer goods. Meanwhile, advances in their education are helping to prepare the younger members of Egypt's population of 62 million to compete handily on the world economic stage.

There are two Stock Exchanges: Cairo and Alexandria, and both are governed by the same chairman and board of directors. Founded in 1881, the Alexandria Exchange was ranked the fifth most important exchange in the world after Inverness, Amsterdam, London and Paris. The Cairo Exchange was founded in 1903, and both thrived until the government adopted a Socialization policy in the 1950s, and nationalized many of the listed companies. A turnaround began in 1991 when Egypt's president, Hosni Mubarak, begin instituting the economic reforms that set the country on its continuing cycle of growth and prosperity.

Its beautiful late-19th century headquarters currently being restored, the Exchange is perhaps the best symbol of Egypt's financial health and promising future. In September, it is switching over to a state-of-the-art order-driven automated trading system to help handle a remarkable increase in volume, which last year topped $11.64 billion, up from $6.86 billion in 1998.

Egypt's Top 15 Companies by Market Capitalization

Market Cap (US Dollars/Millions) 05 JUN 2000

1. The Egyptian Mobile Phone Company 4,098,507,463
2. Egyptian Media Production City 1,976,328,358
3. Orascom Construction Industries (OCI) 827,462,687
4. Commercial International Bank (CIB) 689,388,060
5. Suez Cement 627,331,642
6. Eastern Tobacco 581,716,418
7. Ameryah Cement 465,850,746
8. Abou Kir Fertilizers and Chemical Ind. 435,154,164
9. Alexandria National Iron and Steel (Dakheila) 425,373,134
10. Al Ahram Beverages 385,020,991
11. MIBank 355,970,149
12. Tourah Cement 335,416,472
13. Holding Company for Financial Investments (Lakah Group) 297,737,373
14. National Cement 282,593,433
15. Helwan Cement 281,664,974

Source: EFG Hermes Stockbrokers, Cairo