There are, however, drawbacks. The run-up in Egyptian equities has EGPT trading at P/E ratio of 14.4, a premium to the MSCI Emerging Markets Index. Investors have also been subjected to above-average volatility with Egyptian stocks as highlighted by EGPT’s three-year standard deviation of 33.7%, according to Market Vectors data.

Still, there are signs Egyptian financial markets are evolving for the better. Those signs include the debut of the country’s first domestically-listed ETF, courtesy of Beltone Financial. The fund is expecte to debut late this month or in early June, according to the Financial Times.

Market Vectors Egypt Index ETF

ETF Trends editorial team contributed to this post.