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Subcustody market profiles: Middle East and Africa
05 January 2010
Recovery in the region may be driven by the resurgent oil price but developing the capital markets is not easy as the area's wealth would suggest.
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[Subcustody market profiles: Middle East and Africa]
EGYPT
A strategic gateway to three continents, with links to Africa, Asia and Europe, Egypt is one of the region’s most influential states, both economically and politically. And, as Africa’s largest city, Cairo – home to as many as 20 million people – is a natural contender to become the continent’s premier financial hub. An energy-rich country itself, Egypt’s proximity to the affluent Middle East region has helped drive growth in recent times. Luckily, the debt crisis in Dubai does not seem to have had so much of a reverse impact. Quite the opposite, in fact, with entrepreneurs shifting between the two, reinforcing Egypt’s credentials as an aspiring, high-growth emerging market. Some of the shine may have been taken off the recent robust economic growth rates of 7% in recent years but Egypt is still an upcoming country that has already been flagged up by institutional investors.Investment is supported by a...
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