Commercial International Bank (CIB) was established in 1975 as a joint venture between the National Bank of Egypt (51%) and the Chase Manhattan Bank (49%). Today, the bank is the biggest publicly traded stock on the EGX30, with an index weight of approximately 38%, and the biggest and only exposure to a large cap bank in the Egyptian market....
The Central Bank of Egypt (CBE) has battled to rein in an emerging parallel market in currency exchange since 2011, when political turbulence saw the Egyptian pound lose 13.4% of its value against the US dollar, an occurrence which, in turn, greatly effected the wider economy. Hisham Ezz Al Arab, chairman and managing director of Commercial...
Despite political and economic difficulties in the country in the past few years, Egypt has a growing and attractive insurance market. Penetration is low, and people are becoming increasingly aware of the need to cover risk. They are especially positive on insurance given the turmoil of 2011 and the fact that insurers made good on their policies despite the damage caused by the upheaval. The...
It has been an interesting year for the Egyptian Exchange (EGX). In 2015 the main board featured the highest number of listed companies since 2010, while products such as the nation’s first exchange-traded fund (ETF) provided a deeper market and new investment options. After years of crisis management in the wake of the 2011 revolution, the exchange authorities have re-established an outward-...
Benefitting from the nation’s increasing economic stability over the past year, Egypt’s banks have enjoyed both ratings upgrades and continued profitability. Thanks to an ambitious government development strategy and new investment legislation, the project finance pipeline is returning to form after a period of muted activity. Elsewhere on the aggregate loan book, competition is heating up to...
Located at a crossroads between Africa, Asia and Europe, Egypt remains one of the world’s most strategically important countries, as it has been for millennia. Egypt has the third-largest GDP in the Arab world, after oil-rich Saudi Arabia and the UAE. It is considerably more diversified than many economies in the region, with manufacturing and agriculture key contributors, making up 14.5% and 15.7% of GDP, respectively, according to the Central Bank of Egypt, as well as oil and gas extraction.
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