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  "documentTitle": "2022: a record year for MENA IPOs",
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  "authorName": "EY",
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      "text": "Despite a lower number of IPOs and trading volumes compared to the GCC markets, gains on the EGX outperformed the largest GCC markets (Tadawul and ADX) by achieving a yearly gain of 22.2%.",
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      "text": "Sources: Refinitiv Eikon, Reuters, Stock exchange announcements and other secondary research. Notes: 1. The US$/EGP exchange rate has changed from 15.76 as of 1 January 2022 to 24.76 as of 31 December 2022. 2. Most GCC countries, including Saudi Arabia, the UAE and Qatar, have their currencies pegged to the US$.",
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      "text": "Other Non-GCC: 3 IPOs in 2022 (Tunisia/Morocco) raising US$107.1m.",
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      "text": "EGX performance during 2022: 22.2% gain, EGP30.2b capital increases in FY22 vs EGP18.4b in FY21. IPO outlook: resumption of state-owned program in 2023.",
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      "text": "Non-GCC capital market highlights: Egypt could witness the resurrection of the state-owned IPO program in 2023",
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