The Egyptian capital market is one of the fundamental pillars of the national economy, as it provides a platform for mobilizing and channeling savings toward productive investments through the issuance and trading of securities, such as equities, bonds, and sukuk, across various sectors, thereby contributing to the achievement of sustainable economic growth.
The Financial Regulatory Authority (FRA) is the competent body responsible for regulating and supervising non-bank financial markets in Egypt, foremost among them the capital market, which represents a key driver of economic development and investment attraction. The Authority performs a dual role that combines regulatory and service-oriented dimensions, reflecting its comprehensive vision of striking a balance between protecting the market and investors on one hand, and facilitating the growth and development of economic activity on the other.
From a regulatory perspective, the FRA is responsible for establishing the legislative and regulatory frameworks governing the capital market, monitoring the compliance of companies and market participants with applicable laws and standards, and combating violations and market abuses that may undermine market integrity or harm investors’ interests. This supervision covers disclosure and transparency, fair trading practices, trade surveillance, and corporate governance, with the objective of ensuring market efficiency and fairness.
From a services-oriented perspective, the Authority’s responsibilities extend to facilitating the business environment by providing a range of services to investors and companies, including simplifying licensing and listing procedures, offering electronic service platforms, enabling financial technology solutions, and promoting investor education and awareness. The FRA also supports innovation and the diversification of investment instruments, which enhances the attractiveness of the Egyptian market and strengthens its regional and international competitiveness.
The integration of the regulatory and services-oriented roles is central to the Authority’s performance. The FRA seeks to achieve effective oversight without imposing undue burdens on investors or institutions, offering instead a flexible and balanced regulatory model that supports sustainable growth and safeguards the rights of all market participants.
Capital Market Activities
The Egyptian capital market encompasses a range of key activities, most notably:
- Trading in securities (equities, bonds, and sukuk)
- Portfolio management and investment funds
- Promotion and underwriting of public offerings
- Financial valuation and the preparation of fair value studies
- Central depository and registry activities carried out by Misr for Central Clearing, Depository and Registry (MCDR), aimed at facilitating the transfer of ownership of securities and ensuring safe and efficient settlement
Governing Laws and Regulations
The capital market is governed by several laws and regulations, most notably:
- Capital Market Law No. 95 of 1992 and its Executive Regulations
- The Central Depository and Registry Law and its Executive Regulations
- Regulatory decisions issued by the FRA
For capital market legislation via the Legislative Portal, (click here)
Governance and Compliance
Corporate governance plays a vital role in enhancing the investment environment and delivering multiple benefits to companies and their shareholders. Through its mechanisms, governance contributes to improving the efficiency of financial markets, most notably through compliance with accounting and auditing standards, the establishment of audit committees, and the implementation of internal and external audit functions. The effective and integrated application of governance mechanisms enhances disclosure and transparency, providing useful financial information to all market stakeholders, strengthening stakeholder confidence, and improving the efficiency of the securities market.
In this regard, the FRA works to entrench the principles of transparency, disclosure, and sound corporate governance through:
- Requiring companies to make periodic disclosures of financial statements and material information
- Monitoring institutions’ compliance with professional rules and standards
- Combating fraud, market manipulation, and money laundering within the market
- Promoting a safe investment environment that protects investors’ rights.
This is in accordance with FRA Board of Directors Decision No. (100) of 2020 on the Corporate Governance Rules applicable to entities operating in non-bank financial activities.
Capital Market Professionals
The FRA grants licenses to practitioners and professionals in the capital market in accordance with specific requirements. These licenses include:
- Independent Financial Advisor
- Investment Manager
- Promoter and Underwriter
- Investor Relations Officer
- Internal Compliance Officer
- Custodian
- Accredited Financial Valuer
Obtaining these licenses is subject to passing approved professional examinations and complying with professional rules and ethical standards.
Capital Market Data According to the FRA Annual Report 2025
The value of securities issuances (stocks, bonds, and sukuk) in the primary market rose to EGP 830.1 billion in 2025, compared to EGP 560 billion in the previous year, an increase of 48%. The value of equity issuances rose to EGP 698.5 billion compared to EGP 504.1 billion in the previous year, an increase of 39%, while non-equity securities (securitization bonds, corporate bonds, and sukuk) recorded notable growth to reach EGP 131.5 billion compared to EGP 55.9 billion in the previous year, an increase of 135%.
Total trading value reached EGP 17,087 billion in 2025, compared to EGP 14,333 billion in 2024, an increase of 19.2%, driven by a significant surge in the trading value of government securities (including treasury bills) — following the commencement of treasury bill trading at the end of September 2023 — which recorded a rise of 19.8%, reaching EGP 15,736 billion in 2025 compared to EGP 13,135 billion in 2024. Equity trading value also rose to EGP 1,351 billion in 2025 compared to EGP 1,198 billion in 2024, an increase of 12.7%.
Compared to other global exchanges, the EGX70 EWI Index ranked first globally among indices, recording a rise of 2%, followed by the EGX100 EWI Index, which rose by 55.3%. Meanwhile, the EGX30 Index (in local currency terms) achieved a rise of 40.6%, placing it at the forefront of selected countries, second only to the Amman Stock Exchange.
The market capitalization of listed equities rose, driven by increases in the share prices of listed companies, reaching EGP 2,999 billion at the end of 2025, up from EGP 2,170 billion at the end of 2024, representing an annual growth rate of 38.2%.
The number of new investment funds approved during 2025 reached approximately 28 funds, in addition to 15 new issuances from existing multi-issuance funds, bringing the total number of operating investment funds in Egypt to approximately 172 by the end of 2025 (excluding funds that have been approved but are still undergoing subscription for their units), comprising 162 open-ended funds and 10 closed-ended funds.
The net market value of units issued by all investment funds reached approximately EGP 316 billion at the end of 2025 (excluding funds still undergoing subscription).
Last modified: September 14, 2026