The Market Vectors Egypt Index ETF (NYSEArca: EGPT), the lone ETF exclusively devoted to North Africa’s largest economy, is locked in a tight battle with the Market Vectors India Small-Cap Index ETF (NYSEArca: SCIF) for the honor of this year’s top-performing single-country emerging markets ETF.

Although there have been obvious, well-documented reasons for SCIF’s ascent, EGPT could maintain its edge over the India ETF and other emerging markets funds as foreign investors, including those from the West, continue embracing Egyptian equities. [Will Investors Finally Return to India ETFs?]

Egyptian financial markets are preparing for the first initial public offering there since 2011’s Arab Spring. “Arabian Cement Company’s IPO was 18.5 times oversubscribed on the retail side and covered 11 times on the institutional side, including by US and UK investors, according to CI Capital, co-bookrunners on the float along with EFG Hermes,” reports Financial News.

EGPT and Egyptian equities have soared this year after a military coup ousted a government with deep ties to the Muslim Brotherhood 10 months ago. The perception of a more sanguine environment and favorable political change has helped EGPT soar more than 33% this year. [Infrastructure Plan Could Boost Egypt ETF]

EGPT has gained $13.2 million of its almost $75 million in assets under management this year. Solid inflows, on a percentage basis, and stellar capital appreciation have been realized by EGPT despite Russell Investments demoting Egypt to frontier market status from the emerging classification in early March. Since that demotion, EGPT is up nearly 7%. [Egypt ETF in Focus on Russell Demotion]