MENA Asset Management Survey 2012 - National Bank of Abu Dhabi

Egypt
Egyptian officials to ask for a deferment of the presentation of the request to the IMF
board. The currency came under pressure and Central Bank took steps to conserve its
foreign exchange reserves.
Growth is forecast to pick up further in 2012/2013 to over +3% y-o-y. It is expected
to be led by investment and consumption expenditures, while austerity measures will act
as a drag on the recovery.
Overview
As of June 2011, there were 39 banks and 27 representative offices of foreign banks in
Egypt. As of November 2012, there were 140 securities firms and 85 locally incorporated
funds (12 were sharia compliant funds with assets of US$ 122 million). There were also
offshore funds being sponsored by domestic firms.
Locally Incorporated Funds
(US$ million where relevant, end of period)
End of Number of Fund Assets
Period Domestic Funds
1994 3 -
1995 8 -
1996 11 -
1997 16 -
1998 18 -
1999 20 -
2000 21 -
2001 21 -
2002 21 -
2003 22 -
2004 24 -
2005 27 -
2006 36 -
2007 40 -
2008 46 -
2009 57 -
2010 71 9,808
2011 80 9,031
Jun-12 85 9,893
Source: Egyptian Stock Exchange, Lipper, a Thomson Reuters company
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