Egypt and Saudi Arabia have both emerged as the top Middle East choices for equity investors، according to Bloomberg.
In Egypt، the EGX 30 has gained more than 17 percent as investors applaud economic reforms and government plans to offer stakes in public-owned companies.
Saudi Arabian stocks have climbed more than 10 percent this year، with foreign investors net buyers for 15 straight weeks، as local companies and the government benefit from rising prices for oil، the country’s biggest export. Expectations of billions in inflows to follow classification as an emerging market are adding to the buzz.
“The two Middle East stars are very interesting markets to look at now،” said Issam Kassabieh، senior financial analyst at Mena Corp. Financial Services in Dubai.
FTSE Russell said last month it will classify Saudi Arabia as an emerging market starting next year.