Considering the growing exposure of the financialization concept, the literature has shown the financialization of developing and emerging economies (DEEs) from different aspects. One of these aspects is the increasing capability of DEEs' governments to borrow and be heavily dependent on financial markets. Therefore, this study aim to explore the conceptual framework of financialization, to examines the relationship between financialization and external debts in the Middle East and North Africa region (MENA). The study likewise attempted to forecast the value of Egypt's external debt stocks as one of the DEEs' countries from 2020 to 2024; using the ARIMA model; to demonstrate financialization.   The study concludes that there is massive increase in external and government debts in the MENA region within the period from 2011 to 2019 as a feature of financialization and the amplified dependence on the financial markets. Furthermore, it has been concluded that Egypt's external debts are expected to rise from 2020 to 2024.